PVTIME – On 6 November 2024, Trina Solar, the world’s leading provider of integrated PV and smart energy solutions, announced that its wholly-owned subsidiary, Trina Solar (Schweiz) AG, will transfer its core asset, Trina Solar US Manufacturing Module1, LLC, as well as a completed 5GW solar module factory in Wilmer, Texas, to FREYR Battery, Inc.(NYSE: FREY), a manufacturer of battery cells and energy storage systems for renewable energy and electric mobility applications.
Upon completion of the transaction, Trina Solar will receive $100 million in cash, $150 million principal amount of senior notes and 45,877,960 shares of FREYR common stock. Of these, the FREYR common shares will be acquired in two phases, the first phase being the acquisition of 15,437,847 additional shares to be issued by FREYR to Trina Solar upon satisfaction of the relevant delivery conditions, representing 9.9% of the total post-issuance share capital. The second phase will be the acquisition of 30,440,113 additional shares to be issued by FREYR to Trina Solar upon receipt of the relevant approvals and, taking into account the additional shares to be issued by FREYR to other investors in the second phase, Trina Solar’s then total shareholding of 45,877,960 shares will represent approximately 19.08% of FREYR’s shareholding. Trina Solar will be compensated with approximately US$80 million of FREYR Senior Notes in the event that Phase II is not approved.
FREYR and Trina Solar will work together to implement a multi-phase strategic cooperation plan under which FREYR’s modules will continue to be branded under the Trina Solar brand and marketed externally in cooperation with Trina Solar to ensure the supply of US made products and further enhance Trina Solar’s product competitiveness and influence in the US market. Specific details of the cooperation are still under discussion, including but not limited to technical, operational and sales cooperation. At the same time, Trina Solar will become more involved in FREYR’s day-to-day operations by appointing directors, a chief operating officer and a chief strategy officer.
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