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Wednesday, May 25, 2022

FREYR Battery (FREY) Stock Gradually Rising Premarket Following CFO Appointment.

FREYR Battery (FREY), an industrial level clean battery solution provider, shares were up by 6.04% to be $13.1 during the regular trading session of April 4. Its price further leaped as of the writing in the premarket session on April 5, 2022, by 6.83%. Its shares’ 52-week range is $7.65-$14.3 with a market cap of $1.53 billion.


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FREY: CFO Appointment

On April 4, FREY informed the press to appoint Oscar Brown as the company’s new Group Chief Financial Officer with immediate effect. He will be in charge of the organization’s financial planning, performance, reporting, and capital markets engagement. He brought 30 years of industry experience and served as the Occidental Petroleum Corporation’s Senior Vice President of Strategy, Business Development, and Supply Chain. Steffen Føreid retired from the Group CFO post but will continue to perform his tasks as FREYR Battery Norway AS CFO until Q1 2022 conclusion.

FREY: Industry Outlook

The electrical components and equipment industry, from which FREY belongs, is performing well recently as the pandemic spread is slowing down. As the world is returning to normal, this industry is booming once again. More specifically, the experts are suggesting that the automotive components market growth will potentially reach $524.32 million by 2026.

FREY: Company Outlook

The company plans to deliver approximately 43 GWh and 83 GWh annual battery cell capacity by 2025 and 2028 respectively. The company announced its entry into multiple deals in the fourth quarter of 2021 specifically with HON and VWAG. Its EPS during the fourth quarter of 2021 was -$0.24 as compared to -$0.14 in the same quarter of 2020. The company’s shares stood up by 39% from the past year primarily due to investors’ interest.

Conclusion

FREY shares rose 54% in the last month owing to strong financials and other reasons. The current premarket scenario is also favoring the company’s shares as they inclined by 6% following the appointment of Oscar Brown as the new CFO. The company holds 18th rank among its peers in the energy alternatives group.

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