CHANGZHOU, China, November 6, 2024 — Trina Solar Ltd (SHA: 688599) has announced that it has entered into a transaction agreement with FREYR Battery (NYSE: FREY). The transaction includes a 5GW module manufacturing plant in Wilmer, Texas. According to both parties, the transaction is expected to be completed by the end of 2024.
Following the transaction, Trinasolar and FREYR will embark on a multi-phase strategic collaboration. Modules produced by FREYR will continue to carry the Trinasolar brand and be jointly marketed to ensure a stable supply of locally manufactured products in the United States.
In addition, the two companies will collaborate on technology, operations and sales. Trinasolar will appoint board members, a chief operating officer and a chief strategy officer to be involved in FREYR’s operations.
The transaction and collaboration, leveraging technology know-how, market channels, industry expertise and government relations of both parties, will increase Trinasolar’s brand presence in the U.S. and improve supply chain resilience. Trinasolar will continue to serve the U.S. market with industry-leading smart PV and energy storage solutions, technology and manufacturing expertise.
Since entering the U.S. in 2006, Trinasolar has established a strong presence, global supply chain, state-of-the-art technology and a solid track record in module deliveries and project execution for U.S. customers. Last year, Trinasolar ranked first among non-U.S. companies in module shipments, and its Vertex N and Vertex S+ series modules were named among the Top Solar Panel Products in the U.S. for 2022.
Once the transaction is completed, Trinasolar will receive $100 million in cash, $150 million in preferred notes and a 19.08% equity stake in FREYR, acquired in two phases. In the first phase, Trinasolar will acquire 9.9% equity in FREYR and the second phase — pending regulatory approvals — will provide an additional 30,440,113 shares, bringing Trinasolar’s total equity interest to 19.08%. If the necessary approvals are not secured, Trinasolar will receive approximately $80 million in preferred notes from FREYR as compensation.