Shares of FREYR Battery (NYSE:FREY) broke higher in early trading on Monday after the company reported Q3 earnings and issued a strategy update.
FREYR reported a net loss for Q3 of $93.9M. The net loss attributed in part to a non-cash $70.3M loss on the fair value adjustment to our warrant liability.
FREYR updated on the selection and purchase of the Georgia site for the company’s Giga America clean battery manufacturing project. The project is expected to be developed in multiple phases beginning with an initial battery cell production module of approximately 34 GWh at a preliminarily estimated capital investment of $1.7B. Giga America is supported by a combined state and local incentive package of more than $410M over the multiple phase life of the project.
Looking ahead, FREYR said it is looking to finalize production equipment deliveries and acceptance tests and meet the targeted start and ramp of sample cell production at the CQP in Q1 of 2023. Key objectives include forging new strategic and financial partnerships that advance the company’s industrialization plan and capital formation.
As part of its earnings presentation, FREYR Battery (FREY) confirmed discussions are ongoing on capital formation. That followed a weekend Bloomberg report that KKR is in talks to invest $500M in the company. That amount is significant with FREYR's market cap standing at only at $1.61B.
Shares of FREY rose 4.93% premarket to $14.47 following the earnings update.