Shares of the FREYR Battery (FREY) stock were popping high in the current market today on December 16, 2021. FREY stock price saw a push of 14.68% to reach $12.97 a share at the time of this writing. In the previous trade, FREY stock went high by 3.86% and closed with an $11.31 per share price. Let’s take a closer look at this stock to understand the bullish sentiment.
What’s Happening?
Investors are responding positively to the FREY stock after the recent news of the FREYR Battery related to the execution of an inaugural offtake agreement with an undisclosed, leading global publicly listed manufacturer and provider of energy storage systems for a minimum of 31 GWh of low-carbon battery cells. The global energy storage system is growing at a fast pace with the evolving technology. In order to meet the industry standards, both companies will work together for the development of innovative technology solutions on the battery cells of FREYR.
According to the agreement, FREYR will deliver at least 31 GWh of battery cells from its Norwegian manufacturing facilities in the tenure between 2023 to 2028. The potential revenue from this agreement is expected to be $3 billion. The agreement is the major milestone of the company and will have a positive long-term effect on FREY stock.
Previous News of FREY stock:
On December 8, 2021, FREY partner, 24M Technologies signed the partnership agreement with Volkswagen Group. The agreement concerned the manufacturing of next-generation lithium-ion EV batteries using 24M’s SemiSolid™ platform. The main goal of both companies is to develop a production technology SemiSolid™ battery cells. These cells will be used in VWAG electric vehicles. Furthermore, 24M will cooperate with VWAG in establishing the wholly-owned subsidiary. The motive behind this is the development of SemiSolid™ battery cell production technology for automotive applications.
Financial View of FREY stock:
On November 15, 2021, FREY announced third quarter 2021 financial results according to which
Net loss of the FREY stock was $45.4 million or $0.42 per share in the third quarter of 2021. In the same quarter of last year, the net loss of the FREY was $2.5 million or $0.07 per share. The company ended the third quarter of 2021 with $623.5 million in cash and cash equivalents and restricted cash.
Wrap Up:
FREY Battery is progressing with respect to its operations which is a positive sign for the company. The management is striving hard to initiate the construction of initial Gigafactories as well as the industrial-scale commercialization of FREY’s clean battery cells.
