What's Going On With Freyr Battery Stock Monday?

FREYR Battery FREY shares are trading higher Monday. Here's a look at what's going on.

What To Know: Freyr on Monday announced that it received all required votes to approve the proposals at its Extraordinary General Meeting ("EGM") on Dec. 15, including approval to redomicile from Luxembourg to the United States by the end of 2023.

Freyr's board believes that redomiciling to the U.S. will enhance shareholder value over the long term by exposing the company to potential strategic opportunities and benefits. 

Freyr Battery also announced that the U.S. Department of Energy (DOE) invited it to submit the Part II loan application for the company's Giga America project.

"The Part II DOE loan application invitation is an important next step in FREYR's journey to fund our Giga America project. With our redomiciliation to the U.S. now approved by our shareholders, FREYR is uniquely positioned to establish the Company as the U.S.-based industrialization partner of choice for clean battery technology solutions," said Birger Steen, CEO of Freyr Battery.

Freyr said it will continue to work on advancing the DOE Title 17 process during 2024. The company noted that it will provide further details as appropriate.

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FREY Price Action: Freyr Battery shares were up 2.13% at $1.920 at the time of writing, according to Benzinga Pro.

Photo: 3844328 from Pixabay.