FREYR Battery Completes Acquisition of US Solar Manufacturing Assets from Trina Solar
FREYR Battery announced the closing of the Company’s acquisition of the US solar manufacturing assets of Trina Solar in accordance with the previously communicated timeline.
December 24, 2024. By News Bureau
Under the terms of the finalized agreement, FREYR has acquired Trina Solar’s 5 GW solar module manufacturing facility in Wilmer, Texas. The facility commenced production on November 1, 2024, and is expected to ramp up to full production by H2 2025 with 30 percent of estimated production volumes backed by firm offtake contracts with US customers.
FREYR is progressing with the implementation of a multi-phase strategic plan to establish a vertically integrated US solar manufacturing footprint. With site selection for the planned 5 GW US solar cell manufacturing plant underway, the Company is evaluating and pursuing debt and equity solutions to fund construction. FREYR is still targeting a start of construction in Q2 2025 with anticipated first solar cell production in H2 2026.
The creation of a US-owned and operated company that can provide a turnkey solar technology solution is expected to solve a bottleneck for developers, create up to 1,800 direct jobs, satisfy local content requirements for U.S. solar projects, and competitively differentiate FREYR.
“Today is an exciting day for FREYR. The closing of this transaction marks the start of a new chapter for the Company as we execute our strategic plan to build a US-based leader in the solar and storage markets,” remarked Daniel Barcelo, FREYR’s Chairman of the Board and CEO. “We are grateful for the continued support of our shareholders, and we look forward to advancing our key objectives to create meaningful shareholder value and to enhance our competitive position in 2025, highlighted by the planned start of construction of our solar cell manufacturing facility and other project development opportunities that are emerging for FREYR and Trina to mutually pursue.”
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