Freyr Battery, a U.S.-based battery manufacturer has entered into an agreement to acquire the U.S. solar manufacturing assets of Trina Solar for $340 million.
The manufacturing assets include a 5 GW, 1.35 million square foot solar module manufacturing facility in Wilmer, Texas, that started production this month. The facility is expected to ramp up to full production in 2025 with 30% of capacity already contracted with U.S. customers.
Freyr reports that this is the first step in its plan to build out a vertically integrated domestic manufacturing footprint that will next include a 5 GW solar cell facility. The company is currently selecting a site and is targeting 2Q 2025 for the start of construction, anticipating that the first Freyr cells would roll off the line in the second half of 2026.
The company said it plans to create up to 1,800 direct jobs with this build out, in addition to providing the U.S. solar industry with domestic content.
“We are pleased to announce this transformative transaction, which will immediately position the Company as one of the leading solar manufacturing companies in the U.S. We are proud to be partnered with Trina Solar, a global manufacturing and solar technology leader.” commented Daniel Barcelo, FREYR’s newly appointed chief executive officer. “Domestic manufacturing capacity for solar and batteries is essential for energy transition and job creation. The U.S. was once the global leader in solar, and it can be again.”
In addition to the new CEO, Tom Einar Jensen, Freyr’s co-founder, will assume the role of CEO of Freyr Europe and will oversee the optimization and monetization of Freyr’s European portfolio.
Since going public in July 2021, Freyr set up a giga-factory in Georgia with a $1.7 billion initial capital investment with plans to produce 34 GWh of batteries in 2025 and scaling up to 100 GWh by 2028. The Georgia facility will bring more than 720 jobs and invest more than $2.6 billion in the battery facility through 2029.
In anticipation of the closing of the transaction at the end of 2024 and the start of solar module production at the Texas facility in Q4 2024, Freyr is initiating 2025 EBITDA guidance of $75 to $125 million and expects to exit 2025 at full-year run rate EBIDTA of $175 to $225 million.
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