NEW YORK & OSLO, Norway & NEWNAN, Ga. - FREYR Battery (NYSE: FREY), a developer of clean battery cell production, has announced significant changes to its leadership team, aligning with the company's strategic shift towards the U.S. market.
Tom Jensen, co-founder and current Chairperson of the Board, is set to take over as CEO, while Daniel Barcelo will step into the role of Chair of the Board. Additionally, Evan Calio, a seasoned financial expert with a deep background in energy, has been appointed as the new CFO.
These executive changes occur as Birger Steen steps down from his CEO and Board positions, and CFO Oscar Brown plans to resign for personal reasons. Both Steen and Brown will remain with FREYR for a transitional period to support Jensen and Calio in their new roles.
The board believes this restructured leadership will better position FREYR to capitalize on opportunities in the U.S., aiming to hasten the company’s path to revenue and EBITDA. The focus is on organic and inorganic growth, advancing their 24M SemiSolid™ battery technology, and finalizing a conventional technology agreement with an established cell producer.
Tom Jensen expressed his commitment to leveraging FREYR's technological edge and talent to gain traction in the evolving U.S. market. He also highlighted the progress at the Customer Qualification Plant (CQP) and the nearing completion of a partnership with a global battery producer to serve FREYR's customer base.
Todd Kantor, a Director at FREYR and one of the earliest investors, voiced his confidence in the newly announced team, emphasizing their shared urgency to translate FREYR's technology into profitable partnerships.
Evan Calio's appointment as CFO is notable given his extensive experience in energy finance, including his role in FREYR's IPO and capital raise. Calio has been instrumental in capital raises and M&A transactions throughout his career, bringing a wealth of knowledge to FREYR's financial strategy.
FREYR's mission is to accelerate the decarbonization of energy and transportation systems through sustainable and competitive battery production. The company is developing its Giga America battery manufacturing project in Coweta County, Georgia, and operates a Customer Qualification Plant in Norway.
This leadership transition is part of FREYR's ongoing efforts to adapt and thrive in a rapidly growing industry. The information for this article is based on a press release statement.
In other recent news, FREYR Battery has announced significant developments in its operations. The company has achieved a key technical milestone at its Customer Qualification Plant in Norway, where it has completed a production trial of unit cells using the full capabilities of the Casting and Unit Cell Assembly for the SemiSolid™ platform. This achievement positions FREYR for potential leadership in advanced Lithium-Ion battery production technologies, with plans to begin manufacturing multi-layer pouch battery cells for customers in Q2 2024.
In conjunction with this, FREYR reported a net loss of $29 million in its recent Q1 2024 earnings call, despite a strong cash position of $253 million and no outstanding debt. The company also outlined its growth plans, including the start of automated unit cell production in Q2 2024, a strategic focus on energy storage systems and commercial mobility, and expansion of its U.S. operations through Project Giga America.
InvestingPro Insights
As FREYR Battery (NYSE: FREY) shifts its strategic focus to the U.S. market and restructures its leadership, the company's financial health and market performance remain critical for investors. Based on the latest data from InvestingPro, FREYR holds a market capitalization of $326.91 million. Despite the challenges faced by the company, one of the InvestingPro Tips highlights that FREYR has more cash than debt on its balance sheet, which could provide some financial flexibility in its strategic endeavors.
However, the company is not without its challenges. FREYR is quickly burning through cash and has been experiencing high price volatility, which is reflected in a significant 7.51% drop in its price total return over the last week. Moreover, the company's P/E ratio stands at -3.91, indicating that investors are currently valuing the company at a loss, and analysts do not anticipate the company will be profitable this year.
For investors looking for a deeper analysis, there are additional InvestingPro Tips available at https://www.investing.com/pro/FREY. These tips can provide further insights into FREYR's financial metrics and market performance. By using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking a wealth of information to inform investment decisions.
It's worth noting that despite the recent price decline, the company has seen a strong return of 30.73% over the last month and an even more impressive 40.12% over the last three months. These fluctuations underscore the importance of staying informed about the latest market trends and company developments. With FREYR's leadership changes aimed at capitalizing on U.S. market opportunities, keeping an eye on these metrics will be crucial for stakeholders following the company's progress.
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