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FREYR Battery acquires Trina Solar’s U.S. solar facilities to strengthen national production

FREYR Battery announces the acquisition of Trina Solar’s U.S. production facilities, marking a step toward vertical integration of solar production in the United States.

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FREYR Battery (NYSE: FREY), a company specializing in energy storage, has signed an agreement to acquire the U.S.-based solar module production facilities of Trina Solar Co Ltd. (SHA: 688599). This transaction, totaling $340 million, includes a 5 GW facility located in Wilmer, Texas, which began production on November 1, 2024. The acquisition is expected to close by the end of 2024, subject to standard conditions, including regulatory approvals.

The new facility will allow FREYR to achieve sufficient production capacity to supply solar modules to American developers, thus meeting the local content requirements for U.S. solar projects. FREYR also plans to develop a second facility for solar cell production, with construction expected to begin in the second quarter of 2025 and production targeted for the second half of 2026. This project aims to reinforce the independence of the U.S. energy supply chain.

Transaction details and financing

The transaction, valued at $340 million, includes a $100 million cash payment, a $50 million loan repayment, a $150 million loan note, as well as a 9.9% equity stake in FREYR for Trina Solar. Trina Solar could also obtain an additional 11.5% equity stake in FREYR, subject to certain conditions. Concurrently, FREYR has secured a $100 million commitment for a preferred stock issuance from Encompass Capital Advisors LLC, as well as a $14.8 million private placement, aimed at funding operational activities.

Leadership reorganization and expansion strategy

As part of this project, Daniel Barcelo, current chairman of FREYR, has been appointed Chief Executive Officer, while co-founder Tom Einar Jensen will head FREYR Europe, managing the optimization of the company’s European assets. Mingxing Lin, an expert in the solar industry, will take on the role of Chief Strategy Officer, and Dave Gustafson will assume the position of Chief Operating Officer. These appointments are intended to support FREYR’s U.S. expansion and its new vertically integrated structure.

Financial outlook for 2025

FREYR projects EBITDA of $75 million to $125 million for 2025, with a target of $175 million to $225 million by year-end, once the Wilmer facility reaches full operational capacity. The company estimates that 30% of the facility’s production will be supported by firm sales contracts with U.S.-based clients, bolstering its position in the national market.

Strengthening the national solar sector

The acquisition of Trina Solar’s facilities and associated expansion plans illustrate FREYR’s strategy to support the U.S. energy transition and ensure local production of solar modules. By developing an integrated supply chain within the United States, FREYR aims to help reduce external dependencies and create jobs in the renewable energy sector. Ultimately, the company seeks to offer complete locally produced solutions for solar developers, while reinforcing its position in the U.S. solar energy market.

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