FREYR Battery (NYSE: FREY), a Norwegian lithium-ion battery manufacturer, was given a new contract, raising the price by 8.54% to $13.73. $1.64 billion was the market capitalization.
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Before the opening of trade on Tuesday, August 30, FREYR Battery (FREY) announced a deal with Nidec, which is presently developing industrial energy storage solutions. This is a significant contract in which FREY will provide Nidec with 38 GWh of battery cells between 2025 and 2030.
The transaction is estimated at $3 billion, which is a significant sum for FREYR Battery (FREY), which is only now beginning to market its concepts. Furthermore, Freyr and Nidec will collaborate to incorporate batteries into industrial and utility vehicles.
Nidec is a well-known Japanese corporation that has been supplying industrial equipment and components since the early 1970s. Nidec products are now practically ubiquitous in home and other equipment. The collaboration with such a well-known company is a good indicator for Freyr investors.
This isn’t Freyr Battery’s first significant long-term deal. The business had already agreed to supply Honeywell with its cells.
Deliveries are set to begin in a few years when FREYR Battery (FREY) constructs its first huge factory in Norway, named Giga Arctic.
The primary piece of good news is that the agreement with Nidec will give the funding to complete this project. At the same time, a prior agreement with Honeywell ensures the delivery of costly industrial equipment.
FREYR Battery (FREY) has developed its own technique for producing low-cost lithium-ion batteries. The firm intends to provide batteries for a variety of uses, such as electric automobiles and industrial storage devices.
FREY stock has a 5-day range of $12.00 to $14.40, with a total performance of +34.72% over that time period. Meanwhile, during the last month, this stock has moved in a range of $9.22 to $14.40, representing a +42.69% change. This stock’s price has risen by +67.92% in the last three months, fluctuating between $6.47 and $14.40.
