Thursday, August 25, 2022 6:21:53 PM
3:52 pm ET August 25, 2022 (Dow Jones) Print
By Angela Palumbo
Add one more company to the list of those that stand to benefit from the Inflation Reduction Act: Freyr Battery.
Goldman Sachs analyst Philipp Konig upgraded his rating of the lithium-ion battery maker to Buy from Neutral, lifting his 12-month target for the stock price to $19 from $11. Konig cited benefits from the new law, which includes various incentives to encourage the use of green technology, a partnership to build a new factory, and the performance of Freyr's (ticker: FREY) existing plant in Norway.
Konig wrote in his research note that Freyr is planning to build a factory in the U.S. together with investment partner Koch Strategic Platforms. Production is set to start in 2025.
"Looking at the different sections of the IRA, we see strong benefits for both the supply and demand of lithium-ion batteries," Konig said, referring to the climate bill President Joe Biden signed into law earlier this month. The legislation includes a range of tax credits and rebates to encourage households to buy and use clean energy, including owning electric vehicles.
Konig noted that Freyr already has Giga Arctic, which he said is "set to be most capital efficient and sustainable gigafactory in the world." The factory is located in Norway, which Konig said is a strategic location that "offers access to the most cost competitive and sustainable energy sources globally."
Shares for Freyr soared 17% Thursday to $12.39. The stock has climbed 11% in 2022.
Other clean-energy stocks, specifically those in the solar-energy space such as First Solar (FSLR) and Array Technologies (ARRY), have also benefited from the Inflation Reduction Act.
Write to Angela Palumbo at angela.palumbo@dowjones.com
(END) Dow Jones Newswires
New York Yankees and Duke Basketball
Recent FREY News
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/08/2024 08:42:51 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/08/2024 10:37:03 AM
- FREYR Battery Reports First Quarter 2024 Results • Business Wire • 05/08/2024 10:00:00 AM
- FREYR Battery Announces First Quarter 2024 Earnings Release and Conference Call Schedule • Business Wire • 04/23/2024 10:00:00 AM
- FREYR Battery Announces the Appointments of Todd Kantor, Tore Ivar Slettemoen, and David Manners to the Board of Directors • Business Wire • 04/19/2024 10:00:00 AM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 02/29/2024 09:06:07 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/29/2024 11:50:12 AM
- FREYR Battery Reports Fourth Quarter and Full Year 2023 Results • Business Wire • 02/29/2024 11:01:00 AM
- FREYR Battery Provides Operations and Financial Update • Business Wire • 02/07/2024 11:00:00 AM
- FREYR Battery Announces Fourth Quarter 2023 Earnings Release and Conference Call Schedule • Business Wire • 02/06/2024 11:00:00 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/17/2024 09:41:57 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/17/2024 09:41:04 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/17/2024 09:40:24 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/17/2024 09:39:36 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/17/2024 09:37:52 PM
- Form 15-12G - Securities registration termination [Section 12(g)] • Edgar (US Regulatory) • 01/12/2024 09:34:09 PM
- Form S-8 POS - Securities to be offered to employees in employee benefit plans, post-effective amendments • Edgar (US Regulatory) • 01/04/2024 10:02:31 PM
- Form S-8 POS - Securities to be offered to employees in employee benefit plans, post-effective amendments • Edgar (US Regulatory) • 01/04/2024 09:53:46 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/02/2024 11:50:13 AM
- FREYR Battery Completes Redomicile from Luxembourg to the U.S. • Business Wire • 01/02/2024 11:30:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/18/2023 12:55:09 PM
- FREYR Battery Receives Invitation from U.S. Department of Energy to Submit Part II Application for Giga America Title 17 Loan • Business Wire • 12/18/2023 11:02:00 AM
- FREYR Battery Receives Shareholder Approval for Redomicile from Luxembourg to the U.S. • Business Wire • 12/18/2023 11:01:00 AM
- Leading Independent Proxy Advisory Firms Recommend Shareholders Vote “FOR” the Redomicile of FREYR Battery from Luxembourg to the U.S. • Business Wire • 12/11/2023 11:00:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/07/2023 01:22:31 PM
FEATURED Element79 Gold Corp Reports Exceptionally High-Grade Results from Lucero • May 14, 2024 7:00 AM
Avant Technologies Equipping AI-Managed Data Center with High Performance Computing Systems • AVAI • May 10, 2024 8:00 AM
VAYK Discloses Strategic Conversation on Potential Acquisition of $4 Million Home Service Business • VAYK • May 9, 2024 9:00 AM
Bantec's Howco Awarded $4.19 Million Dollar U.S. Department of Defense Contract • BANT • May 8, 2024 10:00 AM
Element79 Gold Corp Successfully Closes Maverick Springs Option Agreement • ELEM • May 8, 2024 9:05 AM
Kona Gold Beverages, Inc. Achieves April Revenues Exceeding $586,000 • KGKG • May 8, 2024 8:30 AM