Freyr Battery Stock Is Moving Higher Monday: What's Going On?

FREYR Battery FREY shares are trading higher Monday after the company released a shareholder letter outlining plans to generate long-term shareholder value.

What Happened: In a new letter to shareholders, Freyr Battery encouraged shareholders to participate and vote at its upcoming shareholder meeting related to the company's previously announced plans to redomicile from Luxembourg to the U.S.

The company also reiterated its commitment to creating value for shareholders by taking select minority positions throughout the value chain and diversifying its technology footprint to unlock new commercial opportunities and funding avenues. 

The company said it continues to pursue a conventional technology partnership to accelerate its timeline to achieving first production, diversification and revenues. 

Freyr also confirmed that its partners are committed to the company's approach and recognize the value the company can bring to the industry. Freyr said it plans to implement changes aimed at strengthening its ability to execute on its vision. 

Freyr also said multiple members of its management team and board plan to buy more of the company's common stock in the open market in order to demonstrate the confidence they have in building Freyr into a global producer of clean battery solutions.

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FREY Price Action: Freyr Battery shares were up 14.7% at $1.72 at the time of publication, according to Benzinga Pro.

Photo: courtesy of FREYR Battery.