FREYR Battery plans share offering to help finance Gigafactories

Norwegian battery cell company FREYR Battery (NYSE:FREY) plans to raise funds to support the development of its Gigafactories through a public offering of ordinary shares.

The company said on Wednesday that subject to market conditions, it intends to offer 13.5 million ordinary shares, with a 30-day option for underwriters to purchase up to 2.025 million additional shares. The terms of the offering are yet to be determined.

Credit Suisse, BofA Securities and Morgan Stanley are acting as book-running managers.

FREYR is currently building one Gigafactory in Norway – the Giga Arctic project in Mo i Rana, and has plans for industrial-scale battery cell production in Vaasa, Finland, and the US state of Georgia.

The company’s objective is to install 50 GWh of annual battery cell capacity by 2025, 100 GWh by 2028, and 200 GWh by 2030.

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