Alussa Energy shareholders clear merger with Freyr

Alussa Energy Acquisition Corp's (NYSE:ALUS) shareholders have okayed the planned merger with Norwegian battery cells developer Freyr AS, the special purpose acquisition company (SPAC) said last week.

In January, the two companies announced a deal that would secure a listing in New York for Freyr and create a combined company with a pro forma equity value of about USD 1.4 billion (EUR 1.15bn). The deal includes some USD 850 million in equity proceeds for Freyr.

The merger is due to close on July 9. After that, the new entity, to be called Freyr Battery, will start trading on the New York Stock Exchange (NYSE) under the ticker symbol "FREY", while “FREY.WS” is reserved for its warrants.

“We are ready to deploy the equity capital from the expected completion of the business combination between Alussa Energy and Freyr to advance our sustainable battery cell production in Norway and accelerate commercial discussions across all market segments," Freyr CEO Tom Jensen noted.

As previously stated, Freyr plans to develop up to 43 GWh of battery cell production capacity in the Mo i Rana industrial complex in Northern Norway by 2025. The company plans to run its operations on renewable energy and will rely on next-generation semi-solid battery cell technology.

(USD 1.0 = EUR 0.84)

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