FREYR Battery (NYSE:FREY) stock is soaring higher on Thursday thanks to a 31 GWh deal for its low-carbon battery cells.
Here’s everything investors in FREY stock need to know about the deal.
- First off, the deal is for a minimum of 31 GWh and could surpass that.
- We’ve also got to mention that the other partner in this deal is still unnamed.
- Even so, FREYR Battery notes they are a “leading global publicly listed manufacturer and provider of energy storage systems.”
- This will have the two companies working together to develop a global ESS market based on FREY’s batter platform.
- This will have FREYR Battery delivering at least 31 GWh of batteries to the company from 2023 to 2028.
- These batteries will come from its Norwegian manufacturing facilities and are estimated to take up roughly half their production capability.
- According to the company, this could have it generating some $3 billion in revenue over the five-year period of the deal.
Tom Jensen, cofounder and CEO of FREYR Battery, said the following about the news boosting FREY stock higher today.
“The combination of FREYR’s next-generation clean battery production and our new partner’s deep ESS project expertise should provide industrial and utility customers with differentiated, integrated solutions in the battery storage markets globally.”
FREY stock is also seeing heavy trading on today’s news. As a result, some 2 million shares are on the move as of this writing. That’s a jump from its daily average trading volume of about 1.2 million shares.
FREY stock is up 4.3% as of Thursday morning and is up 24.9% since the start of the year.
There’s more stock market news for traders to take a look at below!
We’ve got all the most recent stock news that investors need to know about for Thursday. That includes what’s happening with shares of Kaixin Auto (NASDAQ:KXIN), software stocks that may rebound, as well as FDA news sending Calliditas Therapeutics (NASDAQ:CALT) stock higher. You can find all that info at the following links!
More Thursday Stock Market News
- KXIN Stock Alert: What Is the EV News Sending Kaixin Auto Soaring Today?
- SPLK, PLAN, RAMP: Analyst Names 3 Software Stocks Ready to Rebound
- CALT Stock Pops on Major FDA News. What to Know.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.