FREY stock caught bids on January 26, 2022, in morning trade after Clarksons Platou initiated coverage of the stock with a Buy rating.
Freyr Battery initiated with a Buy at Clarksons Platou
Clarksons Platou analyst Fredrik Stene initiated coverage of Freyr Battery with a Buy rating and $18 price target.
FREYR Selects DNV as Certification Partner for its Global Development
On January 26, 2022, FREYR Battery (NYSE: FREY), a developer of clean, next-generation battery cell production, has selected DNV, the assurance and risk management company, as its partner to supply third-party certification services. DNV will assure that FREYR’s management system and products adhere to the highest international standards.
“A critically important part of rapidly scaling sustainable production of batteries is to ensure world class project execution and operational excellence early in the development cycle. Beyond our core inhouse capabilities FREYR works with leading partners, including DNV, one of the world’s top certification bodies and a trusted voice for many of the world’s most successful companies,” said Jan Arve Haugan, President and Managing Director, FREYR Battery Norway.
DNV will deliver management system certification and training to FREYR, to help the company manage risks, ensure compliance, and support greater sustainability throughout the organization.
DNV’s initial focus will be to assure FREYR’s global operations, starting with the Customer Qualification Plant and future Giga-factories in Mo i Rana, Norway.
“Companies like FREYR are key to accelerate the energy transition. Management system certification to international standards will remove barriers and create business opportunities. As their assurance provider, DNV assures that FREYR’s management systems comply with the chosen standards and that customers can trust FREYR’s commitment to quality and continuous improvement,” said Remi Eriksen, Group President and CEO, DNV.
FREYR Battery aims to provide industrial-scale clean battery solutions to reduce global emissions. Listed on the New York Stock Exchange, FREYR’s mission is to produce green battery cells to accelerate the decarbonization of energy and transportation systems globally. FREYR has commenced building the first of its planned factories in Mo i Rana, Norway and announced potential development of industrial-scale battery cell production in Vaasa, Finland, and the United States. FREYR intends to deliver up to 43 GWh of battery cell capacity by 2025 and up to 83 GWh annual capacity by 2028. To learn more about FREYR, please visit https://www.freyrbattery.com
Honeywell and FREYR Collaborate to Deploy Energy Storage Solutions via Next-Generation Battery Cells
On January 19, 2022, Honeywell (NASDAQ: HON) and FREYR Battery (NYSE: FREY) announced they have signed an agreement pursuant to which FREYR will, subject to viability, leverage Honeywell’s leading technology offerings, including integrated automation, field instrumentation and security integration solutions in their manufacturing process. As part of the collaboration, Honeywell will purchase 19 GWh of battery cells produced by FREYR from 2023 through 2030 for a multitude of energy storage systems applications.
Through the agreement, Honeywell and FREYR intend to provide smart energy storage solutions to address the needs of a wide range of commercial and industrial customers alike. Subject to viability, FREYR will leverage Honeywell’s broad automation and software expertise including automation systems, quality assurance and controls, and industrial software to provide manufacturing capacity at scale in Europe and the U.S.
The battery cells produced through this project can be utilized by “behind-the-meter” or industrial locations, as well as “front-of-the-meter” locations like large solar and wind renewable power generation sites.
“Battery storage will play a crucial role as organizations transition to clean power generation,” said Tom Einar Jensen, FREYR’s Chief Executive Officer. “Honeywell is an ideal partner with world class teams, technology and industrial expertise and our shared commitment to decarbonizing the global energy systems sector will serve as the foundation for our continued work together. Today’s announcement is also an important milestone as we advance to a potential H1 2022 Final Investment Decision (“FID”) on our first Gigafactory in Mo i Rana, Norway.”
Battery Energy Storage Systems (BESS) technology development is vital to the continued decarbonization of global power systems. According to a recently published research report by Stanford University, the U.S. power grid could reach 100% renewable power penetration by 2050. This new cost competitive electricity mix would rely largely on solar, wind and hydro development as well as energy storage technology. According to the study, BESS would spearhead this trend and could reach total installed capacity of 15,700 GWh by 2050.
“Introducing decarbonized storage solutions at scale across multiple geographic markets is vital to our continued sustainability efforts and in turn, helps to make renewable energy accessible and efficient,” said Ujjwal Kumar, President & CEO, Honeywell Process Solutions. “This collaboration will pair FREYR’s next-generation battery solutions with Honeywell’s 20 years of lithium-ion battery industry know-how and established routes to markets and customers.”
Honeywell has committed to achieving carbon neutrality in its operations and facilities by 2035. The work Honeywell is doing with FREYR builds on the company’s track record of sharply reducing the greenhouse gas intensity of its operations and facilities as well as its decades-long history of innovation to help its customers meet their environmental and social goals. About half of Honeywell’s new product introduction research and development investment is directed toward products that improve environmental and social outcomes for customers.
FREYR Battery and Aleees to Pursue LFP Cathode Manufacturing Joint Venture
On January 11, 2022, FREYR Battery (NYSE: FREY) and Aleees (TWSE: 5227), a producer of lithium iron phosphate (“LFP”) cathode materials for batteries, have signed a Head of Terms agreement to pursue a Joint Venture (“JV”) with the ambition to establish an LFP cathode plant in the Nordic region. The joint venture partners will seek to commence production in 2024, coinciding with the anticipated ramp-up of operations from FREYR’s first Gigafactory in Mo i Rana, Norway.
The formation of the JV will seek to combine Aleees’ 17 years of experience in LFP cathode production with FREYR’s strategy of manufacturing decarbonized battery cells at scale and the FREYR team’s extensive experience in conducting and constructing complex technical projects in the Nordic region.
The partners will focus on the following priorities to drive value in accordance with FREYR’s core strategic tenets of speed, scale, and sustainability:
- The proposed facility should be the world’s first giga scale LFP cathode plant outside mainland China. The JV partners plan to develop an initial 10,000 tonnes of LFP cathode material per year in the Nordic region by 2024, which is estimated to be sufficient to supply FREYR’s first Gigafactory. The JV’s secondary ambition is to quickly expand to at least 30,000 tonnes by 2025 using Aleees’ modular LFP plant design.
- Aleees is an approved supplier of cathode material to 24M Technologies, Inc. (“24M”), FREYR’s U.S.-based partner. 24M’s SemiSolid™ technology platform features a larger and thicker electrode design that is intended to deliver higher energy density per volumetric unit while also reducing production costs.
- Aleees and FREYR plan to collaboratively develop a Nordic supply chain encompassing iron and phosphate products from the Nordic region. FREYR is also working to bring lithium refining capacity to Norway to ensure a consistent supply of quality raw materials.
- Establishing a Nordic supply chain is expected to bring strong economic benefits to FREYR and the Nordic region based on localized and decarbonized production and transportation of raw materials to battery cell manufacturing facilities. The JV with Aleees is one of several initiatives FREYR has underway to support LFP cathode production.
- According to Minviro, a London-based consultancy that specializes in providing quantitative environmental impact data and mitigation strategies for resource projects, locating the facility in Norway instead of Taiwan would reduce CO2 emissions by 50,000 tonnes per year based on the difference in CO2 intensity between the grids of the respective countries. The environmental benefit is projected to roughly equate to removing 20,000 cars per year with combustion engines from the roads, which would increase to the equivalent of 60,000 cars as capacity ramps beyond 2025.
“This agreement with Aleees, which calls for the construction of the first giga scale LFP cathode plant outside mainland China, is another important step on our journey to localize and decarbonize battery cell production and their supply chains in the Nordic region,” said Tom Einar Jensen, CEO of FREYR. “FREYR and Aleees intend to establish the plant as part of a broader localized supply chain strategy that will leverage the abundance of cost-advantaged, renewable energy in the Nordics and the growing availability of raw materials produced in the region. We will be examining a limited number of suitable locations in the Nordic region over the next months.”
“Aleees has world-class production technology and R&D capabilities, with the aim to continuously improve energy density, while reducing end-market costs. The cooperation with FREYR will further allow us to improve the production process of cathode materials for LFP batteries to contribute to the reduction of global emissions. The combination of FREYR’s clean battery production and Aleees’ deep experience in LFP cathode production and established production capacity, will provide the basis for innovative solutions to the battery solutions worldwide,” said Edward Chang, The CEO and founder of Aleees.
📺😮 Norwegian battery co. FREYR partners with Koch to build U.S. factory[embedyt] https://www.youtube.com/watch?v=WRzr6SejLvQ[/embedyt]
📉 FREY Stock Technical Analysis
The positive divergence between large players volume and price is impressive! The long-term trend is neutral, but the short-term trend is negative. FREY is one of the lesser performing stocks in the Electrical Equipment industry. All 71 stocks in the same industry do better. FREY is currently trading in the lower part of its 52-week range, which is not a good signal. Agreed, the S&P500 Index is also not doing fantastic, but it still sitting in the middle of its 52-week range.
There is a support zone ranging from 8.97 to 8.99. This zone is formed by a combination of multiple trend lines in the weekly time frame. There is also a support zone ranging from 8.62 to 8.72. This zone is formed by a combination of multiple trend lines in the daily time frame.
There is a resistance zone ranging from 9.89 to 10.09. This zone is formed by a combination of multiple trend lines and important moving averages in multiple time frames. There is also a resistance zone ranging from 10.83 to 10.92. This zone is formed by a combination of multiple trend lines and important moving averages in the daily time frame.
The technical rating of FREY is bad and it also does not present a quality setup at the moment. FREY stock has a Setup Rating of 3 out of 10. Price movement has been a little bit too volatile to find a nice entry and exit point. It is probably a good idea to wait for a consolidation first. Click here to sign up for email alerts on when FREY stock consolidates and has a Setup Rating of 8 or higher.