FREYR Battery (NYSE: FREY) has announced Austin, Texas as its new global headquarters location, strategically aligning with its U.S. operations and solar module production strategy. The company plans to create over 1,000 new American jobs in the Texas economy as part of its integrated solar + battery storage manufacturing network. Additionally, FREYR has entered into an agreement to sell its 368-acre site in Coweta County, Georgia, for $50 million, with expected net proceeds of $22.5 million after repayment of grants.
The headquarters relocation to Austin signifies FREYR’s commitment to expanding its U.S.-based manufacturing ecosystem and tapping into the talent pool in Texas. The move positions the company closer to its operational facilities in Wilmer, Texas, enabling tighter operational control and facilitating growth. The sale of the Georgia site represents a strategic move to streamline assets and strengthen the balance sheet.
FREYR’s Chairman and CEO, Daniel Barcelo, expressed excitement about establishing the global headquarters in Austin, highlighting the city’s renewable energy hub status and its support for business development. The company’s vision includes building a strong American workforce and investing in critical U.S. infrastructure, in alignment with the trend of reshoring clean energy manufacturing capabilities to the United States.
The sale of the Georgia site is expected to close on February 15, 2024, providing FREYR with liquidity as it navigates the capital-intensive clean energy manufacturing sector. With a focus on integrating solar and battery solutions, FREYR aims to leverage federal incentives while reducing operational complexity. Investors are encouraged to monitor the company’s progress in building a sustainable energy supply chain in the U.S. with a focus on solar and battery technologies.
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