{"id":80364,"date":"2025-02-10T17:10:18","date_gmt":"2025-02-10T22:10:18","guid":{"rendered":"https:\/\/autosector.com\/?p=80364"},"modified":"2025-02-10T17:10:18","modified_gmt":"2025-02-10T22:10:18","slug":"freyr-battery-factory-georgia","status":"publish","type":"post","link":"http:\/\/autosector.com\/?p=80364","title":{"rendered":"FREYR kills plans to build a $2.6 billion battery factory in Georgia"},"content":{"rendered":"
\n\t\"FREYR
\n\t\t\t\tRendering: FREYR\t\t\t<\/figcaption><\/figure>\n

FREYR Battery (NYSE: FREY) has scrapped plans to build a $2.6 billion battery energy storage system factory in Coweta County, Georgia \u2013 here\u2019s why.\u00a0<\/p>\n

<\/p>\n

FREYR told officials in the Atlanta suburb of Newnan on Thursday that it wouldn\u2019t build the \u201cGiga America\u201d battery factory in Georgia that was expected to employ more than 700 people. The company, incentivized by the Biden administration\u2019s Inflation Reduction Act tax credits and robust renewables growth, moved its headquarters from Norway to Georgia and announced the battery factory in 2023. <\/p>\n

The Newnan Times-Herald<\/em>, which broke the story<\/a>, said FREYR cited climbing interest rates, falling battery prices, and change in leadership at the company \u2013 or, as stated in a letter to the county authority, a \u201crealignment of near-term strategic goals.\u201d<\/p>\n

FREYR announced today that it\u2019s entered into a definitive agreement to sell the Georgia battery factory\u2019s 368-acre site to an undisclosed party for gross sales proceeds of $50 million. The transaction is expected to close on February 15. Estimated net proceeds to FREYR are expected to total $22.5 million following repayment of previously received state and local grants.<\/p>\n

In August, then-CEO Tom Einar Jensen told investors that a surplus of cheap Chinese batteries had made it harder to raise money to manufacture batteries, so the company switched its focus to solar panel manufacturing. <\/p>\n

On December 24, FREYR announced that it had closed its acquisition of Trina Solar\u2019s 5-gigawatt (GW), 1.35 million-square-foot solar panel factory in Wilmer, Texas. The purchase solidified FREYR\u2019s transformation from a European battery company into a US solar company.<\/p>\n

The company also announced today that it\u2019s moving its global corporate headquarters to Austin.<\/p>\n

\"\"<\/a><\/figure>\n

Read more:<\/strong> Chinese solar giant Trina sells its Texas factory a week after it opens<\/a><\/p>\n

\n

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FTC: We use income earning auto affiliate links.<\/em> More.<\/a><\/p>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

Rendering: FREYR FREYR Battery (NYSE: FREY) has scrapped plans to build a $2.6 billion battery energy storage system factory in Coweta County, Georgia \u2013 here\u2019s why.\u00a0 FREYR told officials in the Atlanta suburb of Newnan on Thursday that it wouldn\u2019t build the \u201cGiga America\u201d battery factory in Georgia that was expected to employ more than […]<\/p>\n","protected":false},"author":1,"featured_media":8313,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[4],"tags":[],"class_list":["post-80364","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-e-cars"],"_links":{"self":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts\/80364","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=80364"}],"version-history":[{"count":0,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts\/80364\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/media\/8313"}],"wp:attachment":[{"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=80364"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=80364"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=80364"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}