FREYR Battery Ascends After Deal With Leading Energy Storage Systems Provider

(RTTNews) - Shares of FREYR Battery (FREY) are rising more than 7% in the morning trade on Thursday after the battery cells developer announced inaugural offtake agreement for at least 31 GWh of low-carbon battery cells with a leading energy storage systems (ESS) provider.

As per the deal, FREYR is expected to deliver at least 31 GWh of battery cells from 2023 to 2028.

FREYR's total potential revenues from this agreement is estimated to be about $3 billion from 2023 - 2028 based on its current price forecasts.

"Announcing our first significant offtake agreement is a major milestone. This development advances us towards a final investment decision, the start of construction on our initial Gigafactories, and industrial-scale commercialization of FREYR's clean battery cells," said Tom Jensen, the CEO of FREYR.

FREY is at $12.12 currently. It has traded in the range of $7.71- $15.28 in the last one year.