The battery manufacturer reports that the acquisition of the module manufacturing assets is the first step in its plan to build out a vertically integrated domestic manufacturing footprint, which will subsequently include a 5 GW solar cell facility.
Freyr Battery, a US-based battery manufacturer, has agreed to acquire Trina Solar’s US solar manufacturing assets for $340 million.
Manufacturing assets include a 5 GW, 1.35 million square foot solar panel manufacturing facility in Wilmer, Texas, which began production this month. The facility is expected to ramp up to full production by 2025, with 30% of capacity already contracted with US customers.
Freyr reports that this is the first step in its plan to build out a vertically integrated domestic manufacturing footprint, which will then include a 5 GW solar cell facility. The company is currently selecting a site and is targeting the second quarter of 2025 for the start of construction, with the first Freyr cells expected to roll off the line in the second half of 2026.
The company said it plans to create up to 1,800 direct jobs with this expansion, in addition to providing domestic content to the U.S. solar industry.
“We are pleased to announce this transformative transaction, which will immediately position the company as one of the leading solar energy manufacturing companies in the US. We are proud to partner with Trina Solar, a global leader in manufacturing and solar technology.” said Daniel Barcelo, newly appointed CEO of FREYR. “Domestic production capacity for solar energy and batteries is essential for the energy transition and job creation. The US was once the world leader in solar energy, and it could be that way again.”
In addition to the new CEO, Freyr co-founder Tom Einar Jensen will take on the role of CEO of Freyr Europe and oversee the optimization and monetization of Freyr’s European portfolio.
Since going public in July 2021, Freyr has set up a gigafactory in Georgia with an initial capital investment of $1.7 billion, with plans to produce 34 GWh of batteries in 2025 and scale to 100 GWh by 2028. The Georgia plant will produce more than 720 GWh of batteries. jobs and invest more than $2.6 billion in the battery facility through 2029.
In anticipation of the closing of the transaction in late 2024 and the start of solar panel production at the Texas facility in the fourth quarter of 2024, Freyr initiates 2025 EBITDA guidance of $75 to $125 million and expects to close 2025 with a run rate for the entire year. Ebidta from $175 to $225 million.
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