FREYR battery (New York Stock Exchange: Fry) rose 3.65% Thursday afternoon after the company said it had secured a 100 million euro ($112 million) grant from the European Union to support the development of the Giga Arctic project in Norway.
The scholarship, funded through the European Union Innovation Fund, is Part of the region’s efforts to boost local production of battery solutions.
The Giga Arctic project has been under construction for over a year and is designed to be a 29 GWh facility powered by 100% renewable hydropower.
Annual production at the planned Giga Arctic facility could enable FREYR (FREY) customers to mitigate 80 million tons of CO2 emissions over the lifetime of the batteries.
In May, for the first quarter, the company reported first-quarter GAAP EPS of $0.09, which beat estimates by about $0.22.
FREY shares soared 17% year to date. The company has four Strong Buy ratings from Wall Street analysts, three Buys and 1 Hold.