Tore Ivar Slettemoen, a director at FREYR Battery, Inc. (NYSE:FREY), has sold 391,071 shares of the company's common stock. The transaction, which occurred on December 18, 2024, was executed at a price of $1.88 per share, amounting to a total value of approximately $735,213. The sale price represents a significant discount to the current trading price of $2.16, with the stock showing high price volatility according to InvestingPro data. The company, currently valued at $308 million, trades at a modest 0.47 times book value.
Following this sale, Slettemoen indirectly holds 5,080,446 shares of FREYR Battery. The shares are held through Teknovekst UK Ltd, a UK-based company, which is ultimately owned by Teknovekst AS in Norway. Slettemoen is the sole owner of Teknovekst AS and has clarified that he disclaims beneficial ownership of the shares held by Teknovekst AS except to the extent of his pecuniary interest. InvestingPro analysis reveals the company is quickly burning through cash, with 12 additional key insights available to subscribers through their comprehensive Pro Research Report.
This transaction was filed with the SEC on December 20, 2024.
In other recent news, FREYR Battery SA has been making significant strategic changes. The company recently acquired a 5GW solar module facility in Texas from Trina Solar, marking a transition from a focus on battery cell production to solar module manufacturing. This acquisition, valued at $620 million, is expected to enable FREYR to generate earnings immediately after the deal's closure, a notable improvement from the current EBITDA of -$116.7 million.
On the financial front, despite reporting a net loss of $29 million in Q1 2024 and $27 million in Q2 2024, FREYR maintained a cash position of $253 million with no outstanding debt. The company also received a €122 million grant from the European Union Innovation Fund for a joint venture in Finland.
FREYR has undergone significant changes in its executive team. The company announced the departure of Lori A. Papp, the Chief Accounting Officer, while Evan Calio, the current CFO, assumed additional responsibilities as the Principal Accounting Officer. The company appointed Daniel Barcelo as its new CEO and David Gustafson as the new Chief Operating Officer.
In terms of strategic partnerships, FREYR ended its licensing agreements with 24M Technologies, relinquishing all rights to approximately 6.98 million shares of 24M's Series G preferred stock. This move signifies a shift in the company's partnerships and technological direction.
Lastly, BTIG analyst upgraded FREYR's shares from Neutral to Buy, indicating confidence in the company's future financial performance. These are recent developments that underline FREYR's strategic focus on leadership, financial stability, and operational transformation.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.