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

FREYR Battery (FREY) was founded to create sustainable, next-generation battery cells, but are you defintely aware of the dramatic strategic pivot that has redefined its entire 2025 outlook?

The company, which has transitioned its focus to an integrated U.S. solar and battery storage model, is projecting a significant financial ramp-up, with its 2025 EBITDA guidance set between $25 million and $50 million as it commercializes its new direction.

This critical shift is anchored by the G1 Dallas facility, which is on track to produce 2.6-3 GW of solar modules this year, and it's a story largely controlled by individual investors, who hold a commanding 37% of the company's shares.

Understanding this new business model-from its Norwegian origins to its current US-centric operations-is crucial for assessing its true value and navigating the near-term risks and opportunities in the rapidly evolving clean energy sector.

FREYR Battery (FREY) History

You need a clear, unvarnished look at how FREYR Battery evolved from a Norwegian startup to its current form. The direct takeaway is this: the company's trajectory was defined by a rapid public listing and a sharp, recent pivot away from pure-play battery manufacturing in Europe toward an integrated U.S. solar and storage strategy, culminating in a rebrand in early 2025.

FREYR Battery's Founding Timeline

FREYR Battery, initially known as FREYR AS, was born from a vision to establish large-scale, sustainable battery cell manufacturing in Europe, leveraging Norway's abundant, low-cost renewable energy, mostly hydropower. That initial focus has shifted dramatically, but the founding principles set the stage for its aggressive growth.

Year established

The company was established in 2018.

Original location

The original operational base was Mo i Rana, Norway, chosen for its access to renewable energy. The corporate headquarters later moved to Luxembourg, and then, in February 2025, to Austin, Texas, to align with its new U.S.-centric strategy.

Founding team members

The core founding team included Tom Einar Jensen, who served as CEO, Tore Ivar Slettemoen, and Torstein Dale Sjøtveit.

Initial capital/funding

Initial funding was secured through private placements. The company's first major capital injection came in January 2021 when it announced plans to go public via a merger with a special purpose acquisition company (SPAC), Alussa Energy Acquisition Corp.

FREYR Battery's Evolution Milestones

The company's history is a series of high-speed strategic moves, from licensing technology to a massive shift in core business. This wasn't a slow build; it was a sprint to scale.

FREYR Battery's Transformative Moments

Two major, irreversible decisions reshaped FREYR Battery. The first was the decision to bypass a traditional Initial Public Offering (IPO) and use a SPAC merger, which provided quick access to capital but also introduced market volatility risk.

The second, and most transformative, was the strategic pivot in late 2024 and early 2025. Honestly, this was a survival move. A surplus of cheap Chinese batteries made it tough to raise capital for the original battery-only plan.

Here's the quick math on the shift:

• Acquired the Trina Solar U.S. factory for $340 million, immediately establishing a U.S. solar manufacturing base.
• Scrapped the planned $2.6 billion battery factory in Georgia.
• Sold the Georgia site for gross proceeds of $50 million in February 2025.

This move fundamentally changed the business model, shifting the focus to a vertically integrated U.S. solar + battery storage approach. This is why the company rebranded to T1 Energy in March 2025, and why the 2025 fiscal year guidance is tied to this new strategy, projecting an EBITDA of $75 million to $125 million. That's a huge change in direction.

If you want to dive deeper into the current market perception of this new strategy, you can check out Exploring FREYR Battery (FREY) Investor Profile: Who's Buying and Why?

What this estimate hides is the execution risk of ramping up solar production and integrating it with a battery storage strategy, still a defintely complex task. The company is betting on the massive U.S. demand for integrated clean energy solutions, driven by AI, data centers, and electrification.

FREYR Battery (FREY) Ownership Structure

FREYR Battery is a publicly traded company, meaning its ownership is distributed among a diverse group of institutional investors, insiders, and the general public. This structure results in shared governance, though institutional holders and key insiders maintain significant influence over strategic direction.

As of November 2025, the company is navigating a major strategic shift, including its rebranding to T1 Energy Inc. with a new ticker symbol 'TE', which became effective in March 2025, and a relocation of its corporate headquarters to Austin, Texas.

FREYR Battery's Current Status

FREYR Battery, soon to be T1 Energy, is a public entity listed on the New York Stock Exchange (NYSE) under the ticker symbol FREY, which transitioned to 'TE' in March 2025. This public status subjects the company to rigorous reporting and transparency requirements from the Securities and Exchange Commission (SEC), giving you a clear view into its operations and financials.

The company maintains a strong balance sheet with no outstanding debt, reporting cash, cash equivalents, and restricted cash of $184.1 million as of September 30, 2024. Its market capitalization, a key measure of its size, stood at approximately $841.68 million as of November 11, 2025. The company anticipates a significant ramp-up in commercial activity, projecting a 2025 EBITDA guidance between $75 million and $125 million. That's a huge jump toward profitability.

FREYR Battery's Ownership Breakdown

The ownership is fairly balanced between institutional and retail investors, with a substantial insider stake. This distribution means that while large institutions like BlackRock, Inc. and Vanguard Group Inc. hold considerable sway, the collective voice of individual investors is also meaningful.

The table below breaks down the primary shareholder categories as of mid-2024, which provides the most recent, comprehensive view of who controls the shares, with the remainder allocated to other corporate and private entities.

FREYR Battery's Leadership

The leadership team, which underwent a key transition in 2024, is focused on accelerating the company's path to profitability and its strategic shift toward the U.S. market. The executive team is a mix of company co-founders and seasoned energy finance professionals, signaling a focus on both technological development and capital market execution.

• Chief Executive Officer (CEO): Tom Jensen-A co-founder of the company, appointed CEO in June 2024, bringing deep institutional knowledge and a clear focus on the new strategy.
• Chief Financial Officer (CFO): Evan Calio-Appointed in June 2024, Mr. Calio has extensive Wall Street experience, having led over $60 billion in capital raises, which is crucial for a growth-stage company.
• Chairman of the Board: Daniel Barcelo-Appointed Chairman in June 2024, guiding the Board's oversight of the strategic and financial direction.
• Chief Operating Officer (COO): David Gustafson-Appointed in November 2024, overseeing all operational activities, including the ramp-up of the new U.S. facilities.
• Chief Technology Officer (CTO): Dr. Andreas Bentzen-Promoted in November 2023, he leads the technology roadmap, including the development of the 24M Technologies' SemiSolid™ platform.

This team is tasked with executing the company's vision, which you can read more about here: Mission Statement, Vision, & Core Values of FREYR Battery (FREY).

FREYR Battery (FREY) Mission and Values

FREYR Battery's mission and values are anchored in accelerating the global energy transition, which recently pivoted to focus on becoming a vertically integrated US solar and battery storage leader. This shift, formalized by the company's rebranding in early 2025, still centers on sustainability, innovation, and integrity as its foundational pillars.

Given Company's Core Purpose

The company's core purpose goes beyond just producing cells; it's about building a domestic, clean-energy supply chain to meet the explosive demand for electrification and data center power. You're seeing a classic pivot here: when the original battery gigafactory plans in Georgia were scrapped in early 2025, the company quickly focused on a more capital-efficient, integrated solar-plus-storage model in the US. It's a pragmatic, market-driven move.

Here's the quick math on why this matters: analysts project the company will turn a profit of around US$19 million in the 2025 fiscal year, a huge turnaround from prior losses, largely driven by this strategic realignment and the acquisition of a solar module facility in Texas.

Official mission statement

The formal mission statement reflects the overarching goal that guides all their strategic decisions, even through the 2025 restructuring.

• Accelerate the decarbonization of global energy and transportation systems by producing clean, cost-competitive batteries.

This mission is now executed by focusing on a vertically integrated US solar + battery storage business, which is a faster path to commercialization and profitability. The company is defintely prioritizing the American industrial capacity push.

Vision statement

The vision is about market leadership and sector transformation, not just incremental growth.

• Become a leading global provider of sustainable battery solutions, transforming the energy and transportation sectors.

This vision is backed by concrete near-term financial targets: the company anticipates a 2025 full-year EBITDA guidance between $75 million and $125 million, with an exit run rate of $175 million to $225 million. That's a massive jump in expected performance, showing the potential of the new strategy.

Core Values in Action

While a snappy tagline isn't publicly emphasized, the company's cultural DNA is built on four core principles that drive its operations, especially in the US market:

• Sustainability: Targeting near-zero CO2 emissions for battery production by 2028, leveraging renewable energy sources.
• Innovation: Using advanced technology, like the 24M SemiSolid platform, to simplify manufacturing and reduce costs.
• Integrity: Maintaining transparency with stakeholders, especially during the strategic pivot and the acquisition of the Wilmer, Texas, facility.
• Collaboration: Forming strategic partnerships to secure supply chains and accelerate deployment of clean energy solutions.

If you want to dig deeper into the money behind these values, you can read Exploring FREYR Battery (FREY) Investor Profile: Who's Buying and Why?

FREYR Battery (FREY) How It Works

FREYR Battery, which operates its U.S. manufacturing under the T1 Energy Inc. brand, is rapidly shifting from a pure-play battery cell developer to a vertically integrated U.S. solar module and battery storage provider. This pivot centers on leveraging advanced manufacturing technology and U.S. policy incentives, like the Inflation Reduction Act (IRA), to capture value in the accelerating domestic clean energy and AI data center markets.

FREYR Battery's Product/Service Portfolio

The company's value proposition as of November 2025 is built on two primary offerings: high-capacity solar modules and advanced battery storage solutions, both targeting the massive U.S. energy transition. For the 2025 fiscal year, the G1 Dallas facility is on track to produce between 2.6-3 GW of modules, a key revenue driver.

FREYR Battery's Operational Framework

The operational engine is now firmly rooted in the United States, a significant strategic change from the original focus on the Giga Arctic project in Norway. The company is executing a two-pronged manufacturing strategy to control the value chain.

• G1 Dallas Facility: This is the operational hub, a 5 GW solar module manufacturing facility acquired and brought to production in less than a year. It is expected to reach full capacity by the second half of 2025.
• G2 U.S. Solar Cell Facility: Plans are underway to break ground on a second facility, G2, which will focus on solar cell manufacturing. Phase I is targeted for 2.1 GW of capacity, aiming to create an integrated domestic polysilicon-to-module supply chain.
• 24M SemiSolid™ Technology: This process simplifies the battery cell manufacturing steps, removing the need for an energy-intensive drying process. Less equipment and energy use defintely translate to lower CapEx and OpEx for future battery production.
• European Asset Repurposing: The legacy European assets, including the pilot line in Mo i Rana, Norway, are being explored for alternative uses, such as data center applications, to generate value.

Here's the quick math: achieving the 2025 production plan of 2.6-3 GW of modules is crucial for hitting the updated 2025 EBITDA guidance of $25 million-$50 million. What this estimate hides is the potential for a profit of US$19 million in 2025, which analysts anticipate, marking the company's breakeven point.

FREYR Battery's Strategic Advantages

The company's shift to a U.S.-centric, integrated solar and storage model provides clear, near-term advantages over competitors relying solely on overseas supply chains.

• IRA Tax Credit Monetization: The company is a prime beneficiary of the Inflation Reduction Act's Section 45X production tax credits, accruing $93 million through Q3 2025 alone, which significantly boosts cash flow and margins.
• Domestic Supply Chain Control: By integrating solar module (G1) and planned solar cell (G2) production in the U.S., the company reduces geopolitical supply risk and logistics costs, plus it qualifies for Buy American provisions.
• AI Data Center Focus: The strategic pillar of 'Powering America' is tied to the exponential growth of AI data centers, which require gigawatts of electricity and are energy-intensive. This positions the company to serve a high-growth, high-margin customer base.
• Low-Carbon Manufacturing: The original vision of using Norway's 98% renewable hydroelectric power for battery cell production remains a long-term goal for a low-carbon product differentiator, even as the immediate focus is on U.S. solar.

For a deeper dive into the financial implications of this strategic pivot, you should read Breaking Down FREYR Battery (FREY) Financial Health: Key Insights for Investors.

FREYR Battery (FREY) How It Makes Money

FREYR Battery, which rebranded to T1 Energy in early 2025, generates its near-term revenue almost entirely from the manufacturing and sale of photovoltaic (PV) solar modules in the United States, a strategic pivot away from its initial focus on battery cell production.

This revenue is heavily underpinned by the ramp-up of its G1 Dallas facility and the ability to leverage U.S. government incentives, such as the Inflation Reduction Act's (IRA) domestic manufacturing tax credits (Section 45X).

Given Company's Revenue Breakdown

The company's revenue profile for 2025 reflects a dramatic strategic shift. The original battery cell manufacturing push has been paused or delayed, making solar module sales the single, dominant revenue stream for the fiscal year.

Business Economics

The economics of FREYR Battery's new model are entirely tied to high-volume U.S. manufacturing and government policy. It's a volume game with a significant tailwind from the IRA.

• Pricing Strategy: The company aims to be a competitive, domestic supplier of solar modules. While global solar prices are low, the key economic driver is the eligibility for the U.S. Inflation Reduction Act's Section 45X Production Tax Credits, which provides a substantial credit per unit of domestic production.
• Cost Fundamentals: The G1 Dallas facility focuses on high-efficiency, n-type modules. The company's original, paused battery cell production target was a competitive cost of $60 to $70 per kWh by 2025, but this is not the primary revenue driver this year.
• Offtake Agreements: A significant portion of the G1 Dallas production capacity, which is on track for 2.6 to 3 GW of modules in 2025, is secured through firm offtake agreements, providing a stable, predictable revenue base. About 30% of the production capacity is backed by firm contracts.
• Cash Runway: The strategic pivot and cost-cutting measures are expected to extend the company's cash liquidity runway to approximately 36 months, which is defintely a key metric for a growth company still ramping up.

The entire business model hinges on scaling up G1 Dallas production quickly to maximize the benefit of domestic manufacturing incentives.

Given Company's Financial Performance

The company is transitioning from a pre-revenue development stage to a commercial enterprise in 2025. The numbers show the start of that ramp, but also the costs associated with it.

• Revenue Growth: Actual revenue for the first half of 2025 (Q1 + Q2) totaled approximately $197.45 million ($64.65 million in Q1 and $132.8 million in Q2). This represents massive year-on-year growth from a near-zero revenue base in 2024.
• Profitability: Analysts forecast the company will achieve a net profit of approximately US$19 million for the full fiscal year 2025, marking the company's first year of projected profitability.
• EBITDA Guidance: The full-year 2025 EBITDA guidance is set between $25 million and $50 million. However, the company projects exiting 2025 with a full-year run rate EBITDA of $175 million to $225 million, showing confidence in the late-year production ramp.
• Liquidity and Debt: As of mid-2025, the company maintains a relatively strong balance sheet, having operated for a long time with no debt, though it has since taken on new liabilities following the solar acquisition. Cash on hand totaled $46.7 million as of the end of Q2 2025.

Here's the quick math: H1 revenue is nearly $200 million, but the full-year EBITDA guidance is only up to $50 million, which means the margins are still thin as the company absorbs the costs of scaling and converting production lines. If you want to dive deeper into the balance sheet and cash flow, you can check out Breaking Down FREYR Battery (FREY) Financial Health: Key Insights for Investors.

FREYR Battery (FREY) Market Position & Future Outlook

FREYR Battery is rapidly re-establishing itself not as a pure-play battery cell producer, but as a vertically integrated leader in the U.S. solar and battery storage market, a strategic pivot driven by a shift from its European battery ambitions to leveraging significant U.S. Inflation Reduction Act (IRA) incentives. This new focus is already translating into a positive financial trajectory, with the company guiding for its first positive EBITDA in 2025.

Competitive Landscape

The company's new competitive position is in the burgeoning U.S. solar module manufacturing sector, where domestic capacity is rapidly expanding but still dominated by a few major players. Here's how FREYR Battery stacks up against key competitors in the U.S. manufacturing and supply chain as of late 2025:

Opportunities & Challenges

The pivot to U.S. solar module manufacturing offers immediate revenue visibility, but honestly, it's not without its bumps. The market is hot, but competition and policy risks are defintely real.

Industry Position

FREYR Battery is now a challenger brand in the U.S. solar manufacturing space, having strategically abandoned its capital-intensive, high-risk European battery cell development to chase near-term profitability in a protected market. The company is aiming for a US$19 million profit in 2025, a significant turnaround from its prior losses.

• Focus on Domestic Content: The entire strategy hinges on leveraging the IRA's domestic content requirements, which favor U.S.-made solar modules and components.
• Production Ramp: The G1 Dallas facility is on track to produce 2.6 to 3 GW of solar modules in 2025, with a daily run rate hitting 5.2 GW annualized in October 2025. That's a fast ramp.
• Integrated Energy Future: The long-term plan is not just solar, but an integrated solar-plus-battery storage enterprise, positioning the company to capture value from the rapidly growing grid-scale battery market.
• Financial Health: The company ended Q3 2025 with approximately $87 million in cash, plus accrued 45X tax credits of about $93 million, which helps fund the G2 expansion. To be fair, you should also look at Breaking Down FREYR Battery (FREY) Financial Health: Key Insights for Investors for a deeper dive into the numbers.

The company's ability to execute on the G2 Austin cell facility and secure non-FEOC cell supply for G1 in 2026 will be the main drivers of whether they can sustain a full-year run rate EBITDA of $175 million to $225 million exiting 2025.