Why Freyr Battery Was an Electric Stock Today
Investors were very much plugged in to Freyr Battery (NYSE: FREY) stock on Tuesday. The next-generation battery maker's shares closed nearly 9% higher, in contrast to the slumping S&P 500 index, on news of a new deal signed by the company.
Freyr announced Tuesday morning that it has signed a sales agreement with energy storage solutions (ESS) company Nidec, under which the former company will supply 38 GWh worth of its battery cells from 2025 to 2030. On top of that, the two businesses will create a joint venture aimed at supplying industrial scale.
Freyr said that it could reap over $3 billion from the deal.
Source Fool.com
