FREYR Battery Acquires Trina Solar's U.S. Assets In $340 Million Deal, Projects Strong EBITDA Growth By 2025

FREYR Battery Inc. (NYSE:FREY) shares are trading higher on Wednesday. The company agreed to acquire U.S. solar manufacturing assets from Trina Solar Co Ltd. for a total consideration of $340 million.

The consideration to Trina Solar includes $100 million in cash, a $50 million loan repayment, a $150 million loan note, 9.9% of FREYR common stock, and a convertible note for an additional 11.5% equity stake, subject to conditions.

FREYR has also secured $100 million from Encompass Capital in preferred stock and raised $14.8 million through a private stock placement.

As part of the agreement, FREYR will acquire Trina Solar’s 5 GW, 1.35 million square foot solar module manufacturing facility in ...