Creating a leading integrated U.S.-owned and operated solar technology company with a pathway for value enhancing growth
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.
The transaction is expected to close year end 2024.
“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.”
Webcast presentation discussing the transaction
A presentation was held November 6, 2025 to discuss the transaction. The presentation materials is available for download at https://ir.freyrbattery.com. A replay of the webcast of the conference call held will be available at https://ir.freyrbattery.com/events-and-presentations/Events-Calendar/default.aspx
The transaction is subject to certain customary conditions precedent, including receipt of certain third-party consents, completion of the preferred stock issuance to Encompass Capital Advisors LLC and internal reorganization to be completed by Trina Solar and is expected to close around year end 2024.
Please find the full release here: https://www.freyrbattery.com/n...