FREYR Stock Surges On Offtake Agreement With Undisclosed Customer

FREYR Battery SA FREY executed an inaugural offtake agreement for at least 31 GWh of low-carbon battery cells with an undisclosed, global publicly listed manufacturer and provider of energy storage systems (ESS). Financial terms were not disclosed.
The companies have agreed to jointly develop technology solutions for the global ESS market based on battery cells manufactured by FREYR.
FREYR has to deliver at least 31 GWh of battery cells from 2023 to 2028 from its Norwegian manufacturing facilities.
FREYR estimates total potential revenues from this agreement could equate to ~$3 billion from 2023 – 2028 based on its current price forecasts.
"This development advances us towards a final investment decision, the start of construction on our initial Gigafactories, and industrial-scale commercialization of FREYR's clean battery cells," commented CEO Tom Jensen.
Price Action: FREY shares are trading higher by 6.28% at $12.02 during the market session on Thursday.