Image: Frey Battery

Freyr Battery has decided to cancel its $2.6 billion lithium-ion battery factory in Coweta County, Georgia, which would have created more than 700 jobs.

Regarding this decision, Freyr told officials in a letter to the county authority, citing rising interest rates, falling battery prices, changes in management, or, as stated, a realignment of near-term strategic goals.

The company said it will now focus on its newly opened 5 GW solar cell plant, which was acquired from Chinese PV giant Trina Solar for $340 million in November 2024.

On February 10th, Freyr announced that it had entered into a definitive agreement to sell its 368-acre site in Coweta County to an undisclosed party for gross sales proceeds of $50 million. The transaction is expected to close on February 15, 2024. Estimated net proceeds to Freyr are expected to total $22.5 million following the repayment of previously received state and local grants.

On the same day, Freyr also announced that it is moving its global corporate headquarters to Austin, Texas.