The Norwegian company Freyr is taking the first steps towards the construction of another battery cell factory - this time in Finland. For this, Freyr has signed two non-binding letters of intent with the Finnish Minerals Group and the Finnish city of Vaasa. The letter of intent with the city of
The Auto Industry Bets Its Future on Batteries
Carmakers, government agencies and investors are pouring money into battery research in a global race to profit from emission-free electric cars.
The lab at QuantumScape, a Silicon Valley start-up whose investors include Volkswagen and Bill Gates, is working on a technology that could make batteries cheaper, more reliable and quicker to recharge.Credit.Gabriela Hasbun for The New York Times
Feb. 16, 2021
As automakers like General Motors, Volkswagen and Ford Motor make bold promises about transitioning to an electrified, emission-free future, one thing is becoming obvious: They will need a lot of batteries.
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Norway’s Freyr merges to list on NYSE
Norway’s battery cell start-up Freyr is about to go public on the US stock exchange, again through merging with an already listed investment firm, Alussa Energy Acquisition Corporation (think SPAC).
Upon closing, the combined company will be renamed Freyr Battery and listed on NYSE under the new ticker symbol ‘FREY’. Following the Swedish company Northvolt, the start-up Freyr, is another Nordic company planning to build battery cell factories in the gigawatt range.
They expect to receive equity proceeds of approximately $850 million as part of the merger. This includes a $600 million PIPE at $10.00 per share of the Company with Koch Strategic Platforms and Glencore having already joined the investment. Koch Strategic Platforms is Koch Industries’ attempt to buy into new technology. Glencore too can be counted among the gas and oil industry. At the same time, the connection already reaped benefits for Freyr. The company announced on