FREYR Battery, Inc. (NYSE:FREY) shares traded higher Wednesday after the company successfully completed its first production trial of unit cells utilizing the full capabilities of the Casting and Unit Cell Assembly machine, marking a monumental technical achievement.
What To Know: This milestone positions Freyr as a trailblazer in giga-scale battery production, becoming the first company globally to demonstrate such functionality for the second generation of the 24M Technologies SemiSolid platform. As Freyr advances towards full automation of its production line equipment, it is working to solidify its role as a leading partner in novel lithium-ion battery production technologies, particularly those rooted in U.S. intellectual property.
Mike Brose, Freyr's Head of the Asset Mo team, expressed pride in the accomplishment, emphasizing the collective effort of Freyr's people, vendors and partners. He noted that the successful integration of casting webs across the cathode, anode and merge units highlights the advanced capabilities of the Multi-Carrier System (MCS), contributing to this groundbreaking achievement.
"Having demonstrated our ability to manufacture cells with the next-generation Casting and Unit Cell Assembly, we are now poised to move into trial production using a continuous process. This next milestone will then enable our teams to perform data and performance analysis of the unit cells, surge production speeds, and proceed to manufacturing mechanically complete sample cells in Q2," Brose said.
Looking Ahead: Following the successful production trial, Freyr is focused on a three-step road map to producing sample cells in the second quarter. The company said it plans on conducting a cell production trial using a continuous process with no interruptions to fine tune the equipment first. Then it will focus on surging production speeds for short periods of time before it begins producing multi-layer, mechanically in-spec pouch battery sample cells in the second quarter.
FREY Price Action: Freyr Battery shares closed Wednesday up 26.9% at $2.50, according to Benzinga Pro.
Image: Courtesy Of FREYR Battery.