FREYR Battery Announces Acquisition of Trina Solar's U.S. Solar Manufacturing Assets and Leadership Changes

Summary

On November 6, 2024, FREYR Battery, Inc. announced its entry into a Transaction Agreement to acquire Trina Solar's U.S. solar manufacturing assets for a total consideration of $340 million. The transaction includes cash, stock, and convertible notes, contingent upon CFIUS approval. Simultaneously, FREYR secured $114.8 million in financing through preferred stock and a private placement. Leadership changes include Daniel Barcelo assuming the role of CEO, Tom Einar Jensen becoming CEO of FREYR Europe, and the appointment of Mingxing Lin as Chief Strategy Officer and Dave Gustafson as Chief Operating Officer. W. Richard Anderson was also appointed to the Board of Directors. The transaction is expected to close by year-end 2024.