FREYR Battery Closes Acquisition of Trina Solar's U.S. Solar Manufacturing Assets

Summary

On December 23, 2024, FREYR Battery, Inc. completed the acquisition of Trina Solar's U.S. solar manufacturing assets, including a 5 GW solar module manufacturing facility in Wilmer, Texas. The acquisition was financed through a combination of cash, repayment of an intercompany loan, issuance of common and preferred stock, and convertible notes. FREYR expects the facility to reach full production in H2 2025 and aims to start construction on a solar cell manufacturing facility in Q2 2025. The transaction is expected to position FREYR as a leading U.S.-owned solar and battery storage company.