FREYR AS, a Norway-based developer of clean, next-generation battery cell production capacity, and Alussa Energy Acquisition Corp., a Cayman Island exempted special purpose acquisition company, announced the completion of their previously announced business combination (the “Business Combination”). The Business Combination, which is effective today, was approved at the special meeting of shareholders of Alussa Energy on June 30, 2021.
The combined company now operates as FREYR Battery (“FREYR”) and its common stock and warrants began trading on the New York Stock Exchange (“NYSE”) under the ticker symbols “FREY” and “FREY WS”, respectively, on July 8, 2021. Alussa Energy’s public units separated into their component securities upon consummation of the Business Combination and, as a result, no longer trade as a separate security and are being delisted by the NYSE.
The Business Combination provides equity funding for FREYR’s battery cell manufacturing development strategy, including the development of up to 43 GWh of annual battery cell production capacity at Mo i Rana, Norway. Related to the transaction close, Alussa Energy has received elections to redeem approximately 18.4 million of its outstanding shares. After redemptions and prior to payment of transaction expenses, FREYR is expected to receive approximately $704 million in gross proceeds from the Business Combination. This includes $600 million in gross proceeds from the issuance of a fully committed Private Investment in Public Equity (“PIPE”) transaction anchored by strategic and institutional investors, including Koch Strategic Platforms, Glencore, Fidelity Management & Research Company LLC, Franklin Templeton, Sylebra Capital and Van Eck Associates Corporation.
Daniel Barcelo, Chief Executive Officer and Director of FREYR Battery, said, “We are proud to complete the combination of Alussa Energy and FREYR, positioning FREYR Battery for leadership in accelerating decarbonization ambitions across the globe. Alussa Energy remained true to its goal to promote the energy transaction movement and is excited to introduce one of the first pure-play, ESG-focused clean battery cell production companies to U.S public markets. I look forward to a continued strong partnership with the entire FREYR Battery team as we execute on our long-term growth strategy.”
Torstein Dale Sjøtveit, Founder and Executive Chairman of FREYR, commented, “The combination with Alussa Energy and subsequent NYSE listing are major milestones for FREYR. We are excited about the endorsement of our growth strategy and the value creation potential enabled by state-of-the-art technology, access to clean renewable energy and a strong organization with a unique combined competence in battery technology, partnership strategies, project execution and operational excellence. The capital from the business combination with Alussa Energy will catalyze FREYR’s plan to deliver up to 43 GWh of battery cell manufacturing capacity in Norway by 2025.”
Tom Einar Jensen, Co-Founder and CEO of FREYR, added, “From the outset, FREYR’s ambition has been to become one of the largest European battery cell suppliers and a leader in the Nordic battery ecosystem. Speed, scale and sustainability are the core tenets of FREYR’s strategy, and we will deploy the capital from this business combination to rapidly build large facilities in Norway leveraging the favorable battery cell production environment. We are advancing commercial discussions across our target market segments with potential customers seeking clean, low-cost and low-carbon battery cells.”
