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

FREYR Battery Inc FREY shares are trading higher. The company on Monday provided an operations update for its Customer Qualification Plant in Norway.

What Happened: Freyr on Monday said it achieved its most significant technical achievement to date by producing unit cells in a continuous process with its Casting and Unit Cell Assembly machine.

Freyr said it hit the milestone after synchronizing its anode and cathode casting machines, improving the quality of its electrodes cast and automating the operation of its production line equipment. The achievement now positions the company to improve material composition, increase production speeds and produce multi-layer battery sample cells. 

“By demonstrating production of unit cells in a continuous process on the SemiSolid platform, our team is now one of the few companies to produce cells with a novel, U.S.-based battery technology, which strengthens our credentials as an industrialization partner,” said Mike Brose, Head of Freyr’s Customer Qualification Plant team.

Following the successful production trial, Freyr said it’s focused on reaching nominal production speeds and surge speeds for short periods of time, producing multi-layer, in-spec pouch battery sample cells, enhancing competitiveness of the SemiSolid technology, evaluating further industrialization of the existing platform and accelerating work to source additional third-party development capital for specific use cases of the technology.

“I am very pleased to observe that the interest in partnering with FREYR is stronger than ever from technology providers through customers across the value chain,” said Tom Einar Jensen, co-founder and CEO of Freyr. 

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FREY Price Action: Freyr Battery shares were up 7.74% at $1.81 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Freyr Battery.