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FREYR AS is a Norwegian-based developer of clean next-generation battery production capacity, and Alussa Energy Acquisition Corp. (“Alussa Energy”) (NYSE stock code:beer), a Cayman Islands exempted special purpose acquisition company, announced the completion of its previously announced business combination (“business combination”). The business combination was approved at Alussa Energy’s special shareholder meeting on June 30, 2021 and became effective today.
The combined company now operates under the name FREYR Battery (“FREYR”), and its common stock and warrants will begin trading on the New York Stock Exchange (“NYSE”) on July 8. The stock codes are “FREY” and “FREY WS”, 2021. Alussa Energy’s public sector was split into its component securities after the business combination was completed, and therefore no longer traded as separate securities, and was delisted by the New York Stock Exchange.
The business combination provides equity financing for FREYR’s battery cell manufacturing development strategy, including the development of an annual battery cell production capacity of up to 43 GWh in Mo i Rana, Norway. Related to the completion of the transaction, Alussa Energy has obtained the right to redeem approximately 18.4 million of its outstanding shares. Before the redemption and payment of transaction fees, FREYR expects to receive approximately US$704 million in total revenue from the business combination. This includes public equity private equity (“PIPE”) transactions anchored by strategic and institutional investors (including Koch Strategic Platforms, Glencore, Fidelity Management & Research Company LLC, Franklin Templeton, Sylebra) with a total proceeds of $600 million from the issuance of Capital and Van Eck Associates Corporation.
Daniel Barcelo, CEO and Director of FREYR Battery, said: “We are proud to complete the merger of Alussa Energy and FREYR, making FREYR Battery a leader in accelerating global decarbonization ambitions. Alussa Energy has always been loyal to its promotion of targeted energy trading campaigns, and I am very happy to introduce the first pure electric production company focused on ESG into the U.S. open market. I look forward to continuing to maintain a strong partnership with the entire FREYR Battery team-a long-term growth strategy.”
Torstein Dale Sjøtveit, founder and executive chairman of FREYR, commented: “The merger with Alussa Energy and subsequent listing on the New York Stock Exchange is an important milestone for FREYR. We have a significant impact on the value creation potential of our growth strategy and status. Excited by recognition-state-of-the-art technology, access to clean renewable energy, and a strong organization with unique comprehensive capabilities in battery technology, partner strategy, project execution and operational excellence. Capital combined with Alussa Energy’s business will drive the FREYR program With deliveries up to 43 to 2025, Norway’s battery manufacturing capacity will reach GWh.”
FREYR co-founder and CEO Tom Einar Jensen added: “From the very beginning, FREYR’s goal was to become one of Europe’s largest battery suppliers and a leader in the Nordic battery ecosystem. Speed, scale and sustainability are at the core. FREYR’s strategic principles, we will use the funds from this business merger to use a favorable battery production environment to quickly build large-scale facilities in Norway. We are advancing the target market segment and seeking clean, low-cost and low-carbon batteries…
The full story on Benzinga.com
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