- As investors look towards energy stocks, companies like Freyr Battery deserve some attention
- Numerous recent agreements including a 31GWh factory boast a bold growth strategy
- CEO claims company can navigate supply chain bottlenecks
Freyr Battery (NYSE: FREY) joined the NYSE back in January 2020; during what has now become a pivotal time in clean and renewable energy. Numerous EV companies appeared from thin air along with hydrogen fuel-cell companies like Plug Power promising a bold new vision of a renewable future.
If you’ve been following the EV trends, and more importantly, the supply chain bottlenecks that are limiting production levels; it’s worth looking a little deeper at the whirring underbelly of battery production, but in this particular case…Freyr Battery.
Technically, although weathering some brief periods of volatility, FREY stock ended 2021 with a gain of around 11%, not anything to shout about. Behind the scenes of the battery narrative, Freyr is making some promising plays.
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The company has recently signed a 31GWh agreement with a Norway-based energy storage system manufacturer, following on from a technology partnership with US company 24M who is working with Volkswagen on the production of lithium-ion EV batteries.
Freyr is making a name for itself as one of the leading industry names, now looking to expand gigafactories in Europe – capitalizing on the high availability of renewable resources.
Sure, this all sounds impressive, but what about the bottlenecks? Well Freyr’s CEO, Tom Jensen, seems convinced that whilst the bottlenecks do exist: “scaling of the supply chain in synchronicity with the value chain” will ensure further stability.
Jensen also added:
“The flexibility of our platform, and the fact that it's already commercially introduced and we already have all of our raw material suppliers kind of lined up, provides us with strong comfort that we will overcome that problem.”
With batteries in higher demand than ever, and with a ballooning market showing that has plenty more room for growth; stocks like Freyr battery offer discounted entry to an incredibly lucrative investment space.