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
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