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Benzinga
Benzinga
Business
Akanksha Bakshi

FREYR Stock Surges On Offtake Agreement With Undisclosed Customer

  • FREYR Battery SA (NYSE:FREY) executed an inaugural offtake agreement for at least 31 GWh of low-carbon battery cells with an undisclosed, global publicly listed manufacturer and provider of energy storage systems (ESS). Financial terms were not disclosed.
  • The companies have agreed to jointly develop technology solutions for the global ESS market based on battery cells manufactured by FREYR.
  • FREYR has to deliver at least 31 GWh of battery cells from 2023 to 2028 from its Norwegian manufacturing facilities.
  • FREYR estimates total potential revenues from this agreement could equate to ~$3 billion from 2023 – 2028 based on its current price forecasts.
  • "This development advances us towards a final investment decision, the start of construction on our initial Gigafactories, and industrial-scale commercialization of FREYR's clean battery cells," commented CEO Tom Jensen.
  • Price Action: FREY shares are trading higher by 6.28% at $12.02 during the market session on Thursday.
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