News flash
FREYR Battery (NYSE: FREY) has entered into an agreement to acquire the U.S. solar manufacturing assets of Trina Solar Co Ltd.
FREYR will acquire Trina Solar’s 5 GW solar module manufacturing facility in Wilmer, Texas, which started production on November 1, 2024. The facility is expected to ramp up to full production in 2025 with production volumes backed by firm offtake contracts with U.S. customers.
“We are pleased to announce this transformative transaction, which will immediately position the Company as one of the leading solar manufacturing companies in the U.S. We are proud to be partnered with Trina Solar, a global manufacturing and solar technology leader.” commented Daniel Barcelo, FREYR’s newly appointed Chief Executive Officer. “Domestic manufacturing capacity for solar and batteries is essential for energy transition and job creation. The U.S. was once the global leader in solar, and it can be again.”
The transaction is expected to close year end 2024.
This past week, Trina Solar reported said its Q3 results. The company generated CNY 63.147 billion of total revenue in the first three quarters of 2024, down 22.16% from the previous year. It reported a net loss of CNY 847 million, down 116.67% year on year and did not disclose specific PV product shipment volumes for the period.
Author: Bryan Groenendaal
