FREYR Battery (FREY): History, Ownership, Mission, How It Works & Makes Money

Interested in the future of clean energy and battery technology? Have you heard of FREYR Battery (FREY)? This company is making waves in the industry, but how exactly does it operate and generate revenue, and what's its story? Keep reading to discover its history, ownership structure, mission, and the innovative processes that set it apart in the competitive landscape, including their recent achievement of completing its first production trial of chargeable unit cells using automated processes in June 2024.

FREYR Battery (FREY) History

FREYR Battery Founding Timeline

Year established

The company was established in 2018.

Original location

The company is based in Norway.

Founding team members

The founding team included Torstein Dale Sjøtveit, Ryuta Sato, and Tom Einar Jensen.

Initial capital/funding

Initially, the company secured private placements to fund its early stages and has since then attracted significant investments to support its ambitious growth plans. For instance, in January 2021, the company announced it would go public via a merger with Alussa Energy Acquisition Corp., a special purpose acquisition company (SPAC), which was expected to provide up to $850 million in gross proceeds.

FREYR Battery Evolution Milestones

FREYR Battery Transformative Moments

• Going Public via SPAC Merger: The merger with Alussa Energy Acquisition Corp. in 2021 was a transformative moment, providing substantial capital to accelerate FREYR's development plans.
• Strategic Partnerships: Forming key alliances with companies like Siemens and Glencore has enhanced FREYR’s technological capabilities and secured its supply of critical raw materials.
• Focus on Sustainability: FREYR's commitment to producing battery cells with a minimal carbon footprint has set it apart in the industry and attracted environmentally conscious investors and customers.
• Customer Qualification Plant (CQP) Development: The construction and operation of the CQP are crucial for validating FREYR's technology and production processes, paving the way for large-scale manufacturing.

To gain more insights into the investors and motivations behind supporting FREYR Battery, check out: Exploring FREYR Battery (FREY) Investor Profile: Who’s Buying and Why?

FREYR Battery (FREY) Ownership Structure

The ownership structure of FREYR Battery involves a mix of institutional investors, company insiders, and retail shareholders, influencing the strategic direction and governance of the company.

FREYR Battery's Current Status

FREYR Battery is a publicly traded company, listed on the New York Stock Exchange (NYSE) under the ticker symbol FREY. This allows the public to invest in the company, providing FREYR with access to capital markets for funding its operations and expansion plans.

FREYR Battery's Ownership Breakdown

The ownership of FREYR Battery is distributed among various types of shareholders. While precise, up-to-the-minute ownership percentages can fluctuate due to ongoing market activities, recent data provides a general overview. Keep in mind that institutional holdings can change frequently.

FREYR Battery's Leadership

FREYR Battery's leadership team is responsible for the strategic direction and operational management of the company. As of April 2025, key figures include:

• CEO: Tom Einar Jensen continues to lead the company, focusing on strategic partnerships and overall company growth.
• CFO: Torstein Dale Sjøtveit remains the Chief Financial Officer, overseeing financial operations and investor relations.
• Board of Directors: The Board includes experienced professionals from various industries, providing guidance and oversight to the management team.

These individuals, along with other key executives, play a crucial role in executing FREYR Battery's strategy and achieving its business objectives. For more insights into the company's goals, explore the Mission Statement, Vision, & Core Values of FREYR Battery (FREY).

FREYR Battery (FREY) Mission and Values

FREYR Battery aims to provide sustainable, low-carbon battery solutions. The company's core values revolve around sustainability, innovation, and integrity, guiding its operations and long-term goals.

FREYR Battery's Core Purpose

Official mission statement

FREYR Battery's mission statement is to accelerate the decarbonization of energy and transportation systems by producing clean, next-generation battery cells.

• FREYR is committed to producing battery cells with a significantly lower carbon footprint compared to conventional technologies.
• The company focuses on developing and manufacturing high-energy density and high-power battery cells.
• FREYR aims to contribute to a more sustainable and electrified future.

Vision statement

FREYR Battery envisions becoming a leading global provider of sustainable battery solutions, transforming the energy and transportation sectors.

• FREYR aims to establish a strong presence in the battery market by leveraging its innovative technology and sustainable practices.
• The company plans to expand its production capacity to meet the growing demand for battery solutions across various applications.
• FREYR seeks to drive the transition towards a cleaner and more efficient energy ecosystem.

Company slogan/tagline

While FREYR Battery does not have a single, official slogan or tagline widely promoted, their communications emphasize:

• Sustainability
• Innovation
• High Performance

These elements reflect FREYR's commitment to environmentally responsible battery production and technological advancement. Learn more about FREYR Battery: Exploring FREYR Battery (FREY) Investor Profile: Who’s Buying and Why?

FREYR Battery (FREY) How It Works

FREYR Battery aims to produce clean, next-generation battery cells, initially focusing on stationary energy storage systems (ESS), electric mobility, and marine applications.

FREYR Battery's Product/Service Portfolio

FREYR Battery's Operational Framework

FREYR's operational framework is built around the following key elements:

• Technology Licensing and Development: FREYR licenses the 24M SemiSolid™ technology, which offers a simplified manufacturing process, reducing capital and operating costs.
• Giga Factories: FREYR plans to establish multiple giga factories. The first factory, FREYR Battery Mo i Rana, is planned in Norway, aiming for a capacity of 29 GWh by 2025.
• Sourcing of Raw Materials: FREYR focuses on securing sustainable and responsible sourcing of raw materials like lithium, nickel, and graphite.
• Manufacturing Process: Utilizes the 24M SemiSolid™ platform in its manufacturing, which reduces the number of steps, lowers capital expenditures, and improves energy efficiency.
• Partnerships and Collaborations: Collaborates with various technology partners and suppliers to enhance its production capabilities and product offerings.

FREYR is dedicated to sustainable practices throughout its operations, aiming to minimize its environmental footprint and promote a circular economy.

FREYR Battery's Strategic Advantages

FREYR's strategic advantages include:

• Innovative Technology: The 24M SemiSolid™ technology provides a competitive edge through lower production costs and higher energy density.
• Strategic Location: Norway offers access to renewable energy sources, a skilled workforce, and proximity to key European markets.
• Sustainability Focus: Emphasis on sustainable sourcing and production aligns with increasing demand for environmentally friendly battery solutions.
• Scalability: Planned giga factories enable rapid scaling of production capacity to meet growing market demand.
• Strong Partnerships: Collaborations with leading technology providers and customers enhance FREYR's market position and innovation capabilities.

To gain more insights into the company's financial standing, consider exploring: Breaking Down FREYR Battery (FREY) Financial Health: Key Insights for Investors

FREYR Battery (FREY) How It Makes Money

FREYR Battery aims to generate revenue through the sale of its lithium-ion battery cells to various sectors, including electric vehicles (EVs), energy storage systems (ESS), and marine applications.

FREYR Battery's Revenue Breakdown

As of April 2025, FREYR Battery is in the development and construction phase of its battery cell production facilities and has not yet generated substantial revenue from sales. Therefore, a detailed revenue breakdown by stream is not currently available. Once production commences, revenue streams are expected to include:

FREYR Battery's Business Economics

FREYR Battery's business economics are predicated on achieving economies of scale in battery cell production, leveraging strategic partnerships, and securing long-term supply agreements for raw materials. Key aspects include:

• Pricing Strategy: FREYR intends to offer competitive pricing based on advanced manufacturing techniques and optimized supply chains.
• Raw Material Sourcing: The company focuses on securing sustainable and cost-effective sources of raw materials like lithium, nickel, and cobalt.
• Production Costs: Emphasis is placed on minimizing production costs through automation and efficient facility operations at giga factories.
• Strategic Partnerships: Collaborations with technology providers and equipment suppliers aim to enhance production efficiency and product quality.

FREYR Battery's Financial Performance

FREYR Battery's financial performance, as of April 2025, primarily reflects its ongoing investments in facility construction and technology development. Key observations include:

• Capital Expenditure: Significant investments are being made in constructing giga factories in Norway and the United States.
• Operating Expenses: These mainly consist of research and development, administrative costs, and pre-production operational expenses.
• Funding and Liquidity: FREYR relies on a combination of equity, debt financing, and potential government grants to fund its operations.
• Future Revenue Projections: Revenue is projected to increase substantially once production ramps up, driven by growing demand for lithium-ion batteries.

For more detailed insights into FREYR Battery's financial health, you can refer to this analysis: Breaking Down FREYR Battery (FREY) Financial Health: Key Insights for Investors

FREYR Battery (FREY) Market Position & Future Outlook

The company is strategically positioned to capitalize on the growing demand for sustainable battery solutions, focusing on the electric vehicle (EV) and energy storage systems (ESS) markets. The future outlook involves scaling up production capacity and securing key partnerships to strengthen its market presence.

Competitive Landscape

Opportunities & Challenges

Industry Position

The company is emerging as a player in the lithium-ion battery industry, aiming to differentiate itself through:

• Next-generation battery technology: Focusing on semi-solid and solid-state batteries to improve energy density, safety, and performance.
• Sustainable Manufacturing: Emphasizing eco-friendly production processes to reduce carbon footprint and appeal to environmentally conscious customers.
• Strategic Partnerships: Collaborating with key players in the EV and ESS sectors to secure supply agreements and accelerate market penetration.

For more detailed insights into the company's financial standing, explore: Breaking Down FREYR Battery (FREY) Financial Health: Key Insights for Investors