FREYR Battery (FREY) said Tuesday it closed the acquisition of Trina Solar's 5 GW solar module manufacturing facility in Wilmer, Texas, as per the original timeline.
The facility, which began production last month, is set to reach full production capacity by H2 2025, the company said. Thirty percent of its output will be secured through firm offtake contracts with US customers.
It added that the total consideration for the acquisition included $100 million in cash, $50 million for repaying an intercompany loan, a $150 million loan note, 9.9% of its outstanding common stock, an $80 million convertible loan note, and $235 million in indebtedness linked to the Wilmer facility.
FREYR said the ramp-up at the Wilmer plant is on track, with commissioning of Line 2 underway.
Additionally, FREYR said it plans to submit regulatory documentation in Q1 2025 to secure US approvals, including from the Committee on Foreign Investment in the US.
The company said it also received $50 million from Encompass Capital Advisors and expects to receive an additional $50 million upon starting construction of a US solar cell facility, which is scheduled to begin in Q2 2025.
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