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2025-02-07 06:19
Freyr Battery (NYSE:FREY) has informed officials in a suburban Atlanta county that it won’t proceed with a $2.6B plant, the Newnan Times Herald reported Thursday.
According to the report, the Norwegian startup informed the Coweta County Develop Authority of its decision late last month.
Freyr said in November 2022 that it had acquired a site in Newnan, about 40 miles southwest of Atlanta. It said at the time that the Giga America plant would be one of the world’s largest battery cell developments where it planned to produce battery energy storage systems.
However, late last year Freyr completed a deal to acquire the Texas solar module manufacturing assets of Trina Solar Co. Ltd. and shifted its plans.
“While it is disappointing that the project will not materialize, this situation demonstrates the effectiveness of our performance-based incentive framework,” CCDA President Sarah Jacobs said in a statement to Seeking Alpha. “Both successful and unrealized projects highlight the value of this approach, as it ensures taxpayers are protected through built-in claw backs and safeguards.”
Freyr did not immediately respond to a request for comment by Seeking Alpha.