Solar energy continues to be in high demand. And now, there’s a new acquisition that is set to ramp up American based solar panel manufacturing.
What’s happening:
- FREYR Battery (NYSE: FREY) has announced a new deal to buy Trina Solar’s United States based solar module manufacturing facilities for $340M USD
By the numbers:
- The acquisition will be paid for through cash, debt and equity in FREYR Battery
- Trina Solar will own 9.9% of the outstanding common shares in FREYR Battery following the acquisition
- The solar module manufacturing facility FREYR Battery is acquiring from Trina Solar is located in Wilmer, Texas and spans 1.35M square feet
Why it matters:
- Trina Solar is one of the largest solar companies in the entire world and the new acquisition will dramatically scale up FREYR Battery’s capacity for new solar module production domestically
Going deeper:
- FREYR Battery’s main focus has previously been on utility scale energy storage systems and the new acquisition of Trina Solar’s manufacturing facility will position them as one of the major players for full vertical integration of both solar energy and battery storage solutions in the United States of America
The intrigue:
- Solar energy and the public markets continue to overlap, with Tigo Energy (NASDAQ: TYGO) recently announcing they would be a major supplier of Brazil’s new floating solar project and Canadian Solar (NASDAQ: CSIQ) previously entering into a new innovative partnership for recycling solar panel materials
