What happened
Charging up investors' hopes that the company is making progress in bringing its innovative lithium-ion battery to market, Freyr Battery(NYSE: FREY) announced this week that it has begun discussions with several industrial stalwarts.
As of 11:18 a.m. ET, shares of Freyr Battery are up 26.6% since the end of trading last Friday, according to data from S&P Global Market Intelligence.
So what
On Tuesday, Freyr Battery announced that it has commenced discussions regarding partnerships with several companies: SiemensAG, Glencore, Caterpillar, and Nidec. The discussions pertain to the formation of a strategic alliance dedicated to the growth of battery solutions in North America, Europe, and other locations.
Addressing the partnership, Tom Einar Jensen, Freyr's co-founder and CEO, stated in the related press release that the company is "exceedingly pleased to announce the emergence of this new global strategic coalition with four premier global industrial and energy companies," adding that its "vision for this coalition is to accelerate the energy transition across key sectors by scaling up clean battery production from FREYR's gigafactories under development, and to incubate and develop innovative technology solutions together."
Now what
For Freyr, forging a partnership with industry-leading businesses like Siemens, Glencore, Caterpillar, and Nidec is a great step, but there are many more steps to go in its journey to become a successful supplier of advanced batteries. Potential investors should remain focused on how the company fares in commencing operations at its recently opened Customer Qualification Plant, where it plans to launch an industrial-scale production line of the 24M Technologies SemiSolid platform, which is meant to simplify production of lithium-ion batteries.
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