FREYR Battery (FREY): Business Model Canvas [Dec-2025 Updated]

You're digging into FREYR Battery's current strategy, and honestly, the model has completely flipped in late 2025, moving away from a pure battery focus. As an analyst who's seen a few pivots, this one is textbook IRA-driven opportunism: they are now primarily a US solar manufacturer, using their 5 GW Texas facility to generate immediate cash flow and secure those sweet Advanced Manufacturing Tax Credits. This shift gives them clear 2025 EBITDA visibility, guiding between $75 million and $125 million, while still holding the exclusive license to the 24M SemiSolid battery tech. It's a fascinating, de-risked approach to clean energy manufacturing. Let's map out exactly how this new canvas works below.

FREYR Battery (FREY) - Canvas Business Model: Key Partnerships

You're mapping out FREYR Battery's strategic alliances as of late 2025, and the Key Partnerships block is where the real action is, especially with the pivot toward U.S. solar integration. Honestly, the landscape has shifted significantly since the initial battery-only focus.

Regarding the technology licensor, the initial foundation with 24M Technologies, which provided the SemiSolid battery cell platform, has concluded. The relationship, including FREYR Battery's equity interest in 24M Technologies, was terminated in November 2024.

The commercial traction for battery cell supply is anchored by several large conditional off-take agreements (COAs). Here's a quick look at the committed volumes:

The agreement with Powin for 28.5 GWh of battery cells, running from 2024 through 2030, was a major commercial milestone. This deal alone brought FREYR Battery's cumulative offtake volumes to 78.8 GWh, representing more than 67% of the projected nameplate capacity for the planned combined Gigafactory 1 & 2 in Mo i Rana, Norway.

The partnership with Impact Clean Power Technology is specifically for E-Mobility cells, covering 10-14 GWh between 2025 and 2030. This framework agreement is non-binding, but based on BNEF's recent 2025 lithium price estimates and other conditions, it may reach a value of $1.8 billion.

A transformative move involves Trina Solar, positioning FREYR Battery as a vertically integrated U.S. solar player. FREYR Battery acquired Trina Solar's U.S. manufacturing assets for a total consideration of $340 million. This acquisition includes:

• A 5 GW solar module manufacturing facility in Wilmer, Texas.
• The facility started production on November 1, 2024, and is expected to ramp up to full production in 2025.
• 30% of the estimated production volumes from this module plant are backed by firm offtake contracts with U.S. customers.

The next step in this solar vertical integration is the planned 5 GW solar cell manufacturing facility in the U.S. Site selection is underway, with FREYR Battery targeting a start of construction in the second quarter of 2025, anticipating first solar cell production in the second half of 2026. This buildout is projected to create up to 1,800 direct jobs.

The US Government, primarily through the Inflation Reduction Act (IRA) tax credits, is a critical enabler for the U.S.-centric strategy. This strategic shift is reflected in the financial outlook provided in anticipation of the Trina Solar deal closing around year-end 2024. For the 2025 fiscal year, FREYR Battery initiated EBITDA guidance of $75 to $125 million. Furthermore, the company expects to exit 2025 at a full-year run rate EBITDA of $175 to $225 million.

Finance: draft 13-week cash view by Friday.

FREYR Battery (FREY) - Canvas Business Model: Key Activities

You're looking at the core actions FREYR Battery (FREY), which is now T1 Energy, focused on in late 2025. The strategy clearly pivoted hard toward US solar manufacturing.

Ramp-up of 5 GW solar module production in Wilmer, Texas.

The acquired 5 GW solar module manufacturing facility in Wilmer, Texas, renamed G1_Dallas, is a 1.35 million square foot plant. Production commenced on November 1, 2024. The facility was expected to ramp up to full production in 2025. As of the finalization of the acquisition, 30 percent of estimated production volumes were backed by firm offtake contracts with US customers. The facility employs more than 1,000 people. FREYR Battery acquired this asset for a total consideration to Trina Solar of $340 million.

The status of the Wilmer module facility and the cell facility development can be summarized here:

Securing and monetizing IRA Advanced Manufacturing Tax Credits (45X).

The Section 45X credit incentivizes domestic production of clean energy components. For eligible battery cells, the credit offers $35 per kilowatt-hour (kWh) of maximum capacity. For critical minerals, it provides a 10 percent credit on costs incurred to reach required purity levels. As of June 2025, an estimated $48.3 billion was invested in battery manufacturing, partly due to the 45X credit. New legislation, the One Big Beautiful Bill Act (OBBBA) of 2025, introduced Foreign Entity of Concern (FEOC) restrictions that apply to taxpayers beginning after July 4, 2025. Manufacturers can claim the credit by filing IRS Form 7207 with their annual return, or they can monetize it via transferability, though market discounts typically apply to credit sales. The 45X credit value phases down starting in 2030 to 75 percent of its value.

Minimal spending and securing of the Giga Arctic battery site in Norway.

FREYR Battery decided in 2023 to minimize all investments in its flagship Giga Arctic project in Mo I Rana, Norway, for 2024. This move was made to focus on scaling in the US, as European support schemes were not competitive with the US Inflation Reduction Act (IRA). The company aimed to secure the asset with remaining committed capital spending while continuing technology development at the CQP. The Giga Arctic project targeted a planned capacity of 29 GWh.

Continued technology development at the Customer Qualification Plant (CQP).

The Customer Qualification Plant (CQP) in Mo i Rana, Norway, remained a key activity for technology development. In H1 2024, the team completed its first production trial of manufacturing chargeable unit cells using the full automation of the Casting and Unit Cell Assembly machinery. This achievement made FREYR Battery the first company to complete automated production trials on the second-generation SemiSolid^TM manufacturing platform. Prior to this, in early 2024, 94 percent of the 388 discrete production line equipment commissioning and testing packages at the CQP were completed.

Developing a vertically integrated US solar cell facility (targeting Q2 2025 start).

The plan involved developing a 5 GW US solar cell manufacturing facility, which is now referred to as the G2_Austin 5 GW Solar Cell Facility in Milam County, Texas. The target for construction start was Q2 2025, and construction was on track to kick off in mid-2025. The anticipated capital expenditure for this cell facility is $850 million. The facility is expected to begin producing cells by the end of 2026. This development is projected to create up to 1,800 new direct US advanced manufacturing jobs. The company also moved its global corporate headquarters to Austin, Texas, in February 2025.

Finance: draft 13-week cash view by Friday.

FREYR Battery (FREY) - Canvas Business Model: Key Resources

You're looking at the core assets backing FREYR Battery (FREY)'s current strategy, which, as of late 2025, heavily leans into U.S. solar manufacturing following a strategic pivot. Here's the breakdown of what the company holds right now.

The financial foundation remains solid, though the focus has shifted. As of June 30, 2024, FREYR Battery maintained a debt-free balance sheet with $221.5 million in cash, cash equivalents, and restricted cash. The leadership team was actively working to reduce cash burn, aiming to extend this liquidity runway to approximately 36 months.

The company established its new global corporate headquarters at 1211 E 4th St., Austin, TX 78746, officially announcing the move in February 2025 to align with its growing U.S. operations. Honestly, this move signals a clear commitment to the American market.

The battery technology license is a long-term strategic option. FREYR Battery holds an exclusive license and services agreement with 24M Technologies for the SemiSolid lithium-ion battery platform. This agreement grants rights to unlimited production based on 24M's current and all future technology, meaning you get the benefit of their ongoing R&D integration.

The conditional battery off-take pipeline is substantial, demonstrating significant future demand visibility for their battery products, even as the immediate focus shifts. The total portfolio of offtake and long-term sales agreements exceeds 130 GWh of production commitment through 2030.

The most tangible, near-term revenue-generating asset is the solar manufacturing footprint in Texas. Here's the quick math on those facilities:

Regarding the battery side, the 24M SemiSolid technology is central to existing agreements, such as the one with Impact Clean Power Technology, which covers supply of 10 to 14 GWh between 2025 - 2030. Plus, there's the conditional agreement with Powin for 28.5 GWh through 2030.

You should note the operational context for the Wilmer module plant:

• Facility size is 1.35 million square feet.
• Employs more than 1,000 people across Wilmer and Dallas communities as of early 2025.
• Output for the first two months of 2025 exceeded forecast by nearly 50%.

The company, now operating under the T1 Energy banner for its solar segment, is clearly prioritizing these tangible U.S. assets for near-term commercialization.

Finance: draft 13-week cash view by Friday.

FREYR Battery (FREY) - Canvas Business Model: Value Propositions

You're looking at the core value drivers for FREYR Battery (FREY) as of late 2025, heavily weighted toward the U.S. solar manufacturing pivot following the acquisition of Trina Solar's assets.

IRA-compliant, domestically-produced solar modules (US-made) represent the immediate revenue engine. The Wilmer, Texas, facility, acquired from Trina Solar, has a capacity of 5 GW and commenced production on November 1, 2024. This domestic production is critical for capturing Inflation Reduction Act (IRA) benefits.

Immediate revenue generation is supported by existing commitments, with 30 percent of the estimated production volumes from the Wilmer plant already backed by firm offtake contracts with U.S. customers. Furthermore, the company expects to accrue about $93 million of Section 45X tax credits to monetize.

The financial outlook tied to this solar focus provides clear visibility:

The value proposition also includes diversified clean energy portfolio (solar and battery optionality), though the emphasis is clearly on solar execution. The company is advancing its plan for a vertically integrated footprint by evaluating funding for a planned 5 GW US solar cell manufacturing plant, targeting a construction start in Q2 2025 with anticipated first solar cell production in H2 2026. To streamline operations and comply with the Trina deal terms, FREYR Battery is also working to dispose of its European battery cell assets for at least $45 million.

Regarding potential for low-carbon, next-generation battery cells (SemiSolid), the path has shifted significantly. While the Customer Qualification Plant (CQP) in Norway achieved milestones like the first production trial of chargeable unit cells using automated processes in H1 2024, the large-scale Giga America battery factory planned for Georgia, which involved a $2.6 billion investment, was cancelled. Prior to the pivot, there was an offtake agreement to supply up to 14 GWh of SemiSolid™ cells between 2025 and 2030.

The core value propositions you should track right now are:

• Solar Module Production: Wilmer facility ramping to full production by H2 2025.
• IRA Benefit Capture: Monetizing accrued 45X tax credits, expected around $93 million.
• EBITDA Target: Achieving the 2025 guidance midpoint of $100 million.
• Cell Asset Disposal: Securing at least $45 million from European asset sales.
• Cell Facility Planning: Finalizing site selection for the new 5 GW solar cell plant.

Finance: finalize the Q4 2025 cash flow forecast incorporating the expected 45X credit monetization by end of year.

FREYR Battery (FREY) - Canvas Business Model: Customer Relationships

You're looking at the commercial scaffolding FREYR Battery has built to support its production ramp-up, which is heavily weighted toward securing volume before maximum output is achieved. The relationships are centered on large, multi-year capacity commitments, which is standard for this capital-intensive sector.

Direct, long-term contracts for solar module off-take (30% capacity secured)

While specific solar module off-take percentages aren't public as of late 2025, the foundation for the Norwegian operations is secured through a binding Heads of Terms with Statkraft for renewable energy supply. This ensures the low-carbon nature of the cells produced at Giga Arctic.

• Binding Heads of Terms with Statkraft for the Mo i Rana site covers the period of 2024-2031.
• Statkraft commits to providing up to 23 MW baseload with an accumulated delivery of 1.4 TWh over the contract period.

Conditional long-term supply agreements for battery cells (ESS/E-Mobility)

The commercial pipeline is substantial, built on a mix of conditional offtake agreements (COAs) and at least one firm long-term sales agreement. These agreements are critical for de-risking the capital expenditure required for the planned gigafactories. As of early 2024, the total secured and conditional volume was significant.

Here's a look at the major capacity commitments announced:

The Impact Clean Power Technology agreement specifically targets LFP cells for E-Mobility products, with the potential value calculated based on BloombergNEF's recent 2025 lithium price estimates. Honestly, converting these conditional volumes to binding contracts is the next major hurdle for the company.

High-touch engagement with US utility-scale developers and EPCs

FREYR Battery's strategic pivot toward the US market, driven in part by the Inflation Reduction Act, means engagement with US Independent Power Producers (IPPs) and Engineering, Procurement, and Construction (EPC) firms is a top priority for the Giga America project in Coweta County, Georgia. The company is actively evaluating supply agreements for this facility.

• FREYR has a joint venture with Koch Strategic Platforms to investigate building 50 GWh of manufacturing capacity in the US by 2030.
• The company paused all European projects to focus on scaling in the US as of late 2023.
• The US Department of Energy Loan Programs Office application process is underway to support this US build-out.

Strategic coalition engagement for future battery scaling

The Energy Transition Acceleration Coalition (ETAC) is designed to create a robust, circular supply chain and incubate technology solutions with major industrial players. This non-binding alliance is a key relationship for scaling beyond initial factory output.

The confirmed partners in the ETAC, as of late 2023, include:

• Glencore Plc
• Caterpillar Inc.
• Siemens AG
• Nidec Corporation
• SAP SE (joined September 2023)

The collaboration areas include battery cell manufacturing, pack integration, digital services, and mining/refining. Finance: draft 13-week cash view by Friday.

FREYR Battery (FREY) - Canvas Business Model: Channels

You're looking at how FREYR Battery (FREY) gets its products and services to market as of late 2025, which has seen a major strategic shift away from the planned Giga America battery cell factory.

Direct sales force for large-scale US solar and ESS projects

The focus for direct engagement in the US market is now heavily weighted toward solar and integrated storage solutions, following the cancellation of the planned $2.6 billion battery cell manufacturing facility in Coweta County, Georgia, in February 2025. The company established its new global headquarters in Austin, Texas, to support this pivot. The direct sales effort supports the new integrated manufacturing footprint, which includes:

• Acquired 5GW solar module manufacturing facility in Wilmer, Texas.
• Targeted development of a 5GW solar cell facility.
• Expected investment of $850 million in the new solar cell facility.
• Targeting first Freyr solar cells in H2 2026.

Existing supply chain and distribution network acquired with Trina Solar assets

The distribution backbone in the US is anchored by the acquisition of the Trina Solar module facility. This acquisition, completed in December 2024, involved a total consideration of $340 million, with $450 million of debt assumed. The Wilmer facility, which has been operational since November 2024, has a nameplate capacity of 5GW. This asset provides an immediate, established channel for solar module distribution.

Conditional supply agreements with major ESS integrators (e.g., Powin)

For the battery storage segment, FREYR Battery relies on significant offtake agreements to secure future volume and validate its production plans. The cumulative volume under contract demonstrates a strong channel commitment from key partners.

The conditional offtake agreement with Powin Energy Corp. is a cornerstone, covering 28.5 GWh of battery cells for delivery between 2024 through 2030. This agreement contributed to FREYR's cumulative offtake volumes reaching 78.8 GWh. Additionally, a separate agreement with Impact Clean Power Technology covers 10 to 14 GWh of batteries, potentially valued up to $1.8 billion based on recent 2025 lithium price estimates, with supply starting in 2025.

• Powin Offtake Volume: 28.5 GWh
• Powin Agreement Period: 2024 through 2030
• Cumulative Offtake Volume: 78.8 GWh
• Impact Clean Power Potential Value: Up to $1.8 billion

Technology licensing for future global battery expansion

The licensing channel represents a potential future revenue stream and a means to expand the technology footprint globally without direct capital deployment for every facility. The long-term development partnership with 24M Technologies for the SemiSolid battery chemistry provided for a 130 GWh market opportunity under a co-licensing arrangement. Furthermore, FREYR secured a license and services agreement with Aleees for the production of Active Cathode Material (LFP). The company anticipates potential revenues between $9 and $10 billion from cumulative offtakes approximating 130 GWh.

Finance: draft 13-week cash view by Friday.

FREYR Battery (FREY) - Canvas Business Model: Customer Segments

You're looking at the core groups FREYR Battery targets for its clean battery cell and solar technology offerings as of late 2025. This is about who signs the checks and for how much capacity.

US utility-scale solar project developers and Independent Power Producers (IPPs).

FREYR Battery's focus on the U.S. market is evident through its acquisition of solar manufacturing assets, though its initial Giga America battery factory plan in Georgia was abandoned, with the $\text{368-acre}$ site sold for gross proceeds of $\text{\$50 million}$ in February 2025. The initial phase of that battery project was planned for approximately $\text{34 GWh}$ of annual capacity. The company pivoted its U.S. manufacturing footprint to solar, acquiring a $\text{5 GW}$ solar module manufacturing facility in Wilmer, Texas, which began production on November 1, 2024. As of late 2024, $\text{30\%}$ of this solar facility's estimated production volumes were backed by firm offtake contracts with U.S. customers. The broader utility-scale Energy Storage Solution (ESS) market was estimated at $\text{\$25 billion}$ in 2025.

Energy Storage System (ESS) integrators requiring US-made components.

A major segment is ESS integrators looking for U.S.-made, low-carbon footprint cells. FREYR secured a landmark conditional offtake agreement with Powin to deliver $\text{28.5 GWh}$ of battery energy storage cells between 2024 and 2030. This agreement alone represented more than $\text{90\%}$ of FREYR's targeted production under current ramp-up assumptions for its combined Gigafactory 1 & 2 in Mo i Rana, Norway. The success of the Customer Qualification Plant (CQP) automation is crucial for converting these conditional agreements into binding ones. The cumulative offtake volumes, including the Powin deal, reached $\text{78.8 GWh}$.

E-Mobility/Commercial Vehicle OEMs (conditional battery customers).

FREYR Battery intends to serve the commercial mobility sector. While specific 2025 order book numbers for E-Mobility OEMs aren't public, the market tailwinds are strong. For instance, global projections indicated that the sales share of electric trucks could exceed $\text{30\%}$ by 2030 under stated policies as of early 2025. The company's 2025 EBITDA guidance was between $\text{\$75 million}$ and $\text{\$125 million}$, with an expected full-year run rate EBITDA exit of $\text{\$175 million}$ to $\text{\$225 million}$.

Global battery manufacturers (potential 24M technology licensees).

The potential for technology licensing centers on the $\text{24M}$ Technologies ($\text{24M}$) SemiSolidTM platform, which FREYR uses. This technology is attractive because it simplifies manufacturing by eliminating the need for solvent recovery. FREYR is pursuing the FREYR 2.0 growth initiative, which includes finalizing a conventional technology agreement with an established cell producer.

Here's a quick look at the capacity and contract milestones relevant to these segments:

The customer base is segmented by application and geography, which dictates the required product type:

• US Utility-Scale Developers: Driven by renewable integration and grid stability needs.
• ESS Integrators: Seeking US-made, low $\text{CO}_2$ footprint cells.
• Commercial Vehicle OEMs: Targeting electrification supported by strong TCO savings potential.
• Potential Licensees: Global manufacturers interested in the $\text{24M}$ SemiSolidTM process.

Finance needs to track the conversion rate of the conditional $\text{78.8 GWh}$ pipeline into firm revenue streams, especially as the CQP automation nears completion.

FREYR Battery (FREY) - Canvas Business Model: Cost Structure

You're looking at the cost side of the business as FREYR Battery, now pivoting heavily toward U.S. solar manufacturing, navigates its 2025 operational ramp. Honestly, the cost structure is dominated by the solar asset acquisition and the ongoing burn rate before full commercialization of that segment.

The shift away from the large-scale battery cell projects means certain historical cost centers are either being divested or minimized. For instance, the planned US$2.6Bn Giga America project was cancelled in February 2025.

Here's the quick math on the major known financial outlays and guidance points shaping the 2025 cost profile.

Operating expenses for the Texas 5 GW solar module facility are implicitly captured within the EBITDA guidance, as the facility began production in November 2024 and was ramping through 2025. Specific line-item operating expenses for this facility in 2025 aren't explicitly broken out in the latest reports, but the goal is to achieve a positive EBITDA range.

Minimal capital expenditure on the Giga Arctic battery project in Norway is a direct result of the strategic pivot. The company announced in November 2024 it would attempt to sell its European business, which includes the Giga Arctic project targeting 29GWh capacity. What this estimate hides is any potential ongoing maintenance or wind-down costs associated with that asset.

Research and development (R&D) and maintenance costs for the CQP (Customer Qualification Plant) are not detailed with specific 2025 figures in the available data. However, the overall strategy emphasizes accelerating the path to commercialization under the FREYR 2.0 initiative.

US corporate overhead and relocation costs are tied to the headquarters move to Austin, Texas, announced in February 2025. Specific dollar amounts for 2025 overhead or the relocation expense itself are not itemized in the public guidance, which focuses on operational EBITDA.

Raw material procurement for solar module manufacturing is a primary driver of the operating costs feeding into the EBITDA calculation. The ability to secure non-FIAC cells for a 2026 bridge year is noted as an execution risk, implying potential cost volatility or premium pricing for those specific materials until the new G2 cell fab comes online.

• Giga America battery project cancellation value: US$2.6Bn
• Coweta site sale net proceeds target: US$22.5 million (after grant repayments)
• Cash, cash equivalents, and restricted cash at end of 3Q 2025: $87 million (with $34 million unrestricted)
• Cash added in October 2025: $118 million

Finance: draft 13-week cash view by Friday.

FREYR Battery (FREY) - Canvas Business Model: Revenue Streams

You're looking at how FREYR Battery is structuring its income generation as of late 2025, which is definitely a pivot year for the company. The focus has clearly shifted to US-based manufacturing, primarily solar modules, which unlocks specific government incentives.

The transition away from the planned Georgia battery facility has resulted in a one-time cash inflow from asset disposal. You need to account for this non-core asset sale in your near-term cash flow models.

The US production focus is heavily influenced by the Inflation Reduction Act (IRA) Advanced Manufacturing Tax Credits (45X) for US production. While I don't have the exact 2025 credit realization number here, this credit is the financial underpinning that makes the US solar pivot viable, especially given the competitive landscape.

Looking at profitability, analyst consensus points toward a significant financial milestone this year. Here's the quick math on the expected bottom line:

• Analyst consensus expects a potential profit of US$19 million in the 2025 fiscal year.
• A more granular projection suggests a net income turnaround, reaching $19.2 million in 2025, following losses in prior years.

For future revenue visibility, you must track the pipeline of battery cell off-take agreements, even as the company prioritizes solar. The existing agreements provide a baseline for future battery revenue should that part of the strategy reactivate or scale alongside the solar operations.

• Conditional Offtake Agreement (COA) with Impact Clean Power Technology covers supply from 2025 - 2030.
• This COA is for 10 - 14 GWh of LFP cells.
• The potential value of this single agreement may reach $1.8 billion, based on 2025 lithium price estimates and other conditions.
• FREYR's total portfolio of offtake and long-term sales agreements now exceeds 130 GWh of production through 2030.

Overall projected annual revenue gives context to the scale of operations FREYR is aiming for, even with the asset sale proceeds being a one-time boost. Projected revenue was approximately $983 million in 2024, with projections increasing to $1.58 billion by 2026.

Finance: draft 13-week cash view by Friday.