What's Going On With Freyr Battery Stock Wednesday?

FREYR Battery FREY shares are rising Wednesday. The stock appears to be getting a boost after the company provided an operations update.

What Happened: Freyr Battery said teams at its Customer Qualification Plant commenced automated cathode casting runs at a minimum nozzle distance of 0.26 mm, and subsequently conducted successful cathode casting runs using the cathode web and solvent slurry at fixed nozzle distances of 0.5 mm and 1.0 mm.

Freyr noted that these successful automated cathode casting runs were an important precursor to completing the Casting and Unit Cell Assembly commissioning packages, as well as the eventual start of automated production at the company's plant.

"As we look forward to 2024, FREYR's top priority is to finalize commissioning at the CQP and to begin automated production of in-spec, customer-testable batteries. With this latest milestone behind us, we will continue to apply unwavering focus to the remaining tasks that are necessary to achieve that goal," said Mike Brose, head of the Asset Mo team at Freyr Battery.

The update comes days after the company announced organizational structure and leadership changes aimed at generating long-term value for shareholders in accordance with the company's top strategic priorities. 

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FREY Price Action: Freyr Battery shares were up 5.59% at $1.51 at the time of writing, according to Benzinga Pro.

Photo: courtesy of Freyr Battery.