Freyr Battery closes acquisition of Trina Solar’s U.S. manufacturing assets

Freyr Battery (FREY) announced the closing of the company’s acquisition of the U.S. solar manufacturing assets of Trina Solar in accordance with the previously communicated timeline. Under the terms of the finalized agreement, Freyr has acquired Trina Solar’s 5 GW solar module manufacturing facility in Wilmer, Texas. The facility commenced production on November 1, and is expected to ramp up to full production by H2 2025 with 30% of estimated production volumes backed by firm offtake contracts with U.S. customers. Freyr is progressing with the implementation of a multi-phase strategic plan to establish a vertically integrated U.S. solar manufacturing footprint. With site selection for the planned 5 GW U.S. solar cell manufacturing plant underway, the company is evaluating and pursuing debt and equity solutions to fund construction. Freyr is still targeting a start of construction in Q2 2025 with anticipated first solar cell production in H2 2026. The creation of a U.S.-owned and operated company that can provide a turnkey solar technology solution is expected to solve a bottleneck for developers, create up to 1,800 direct jobs, satisfy local content requirements for U.S. solar projects, and competitively differentiate Freyr.