Who Owns FREYR Battery Company?

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Who Owns FREYR Battery Company?

FREYR Battery's ownership structure is a key factor in its strategic direction. A significant event was its NYSE listing in July 2021 via a SPAC merger, aiming to secure substantial funding for growth.

Originally founded in Norway in 2018, the company, now T1 Energy Inc. as of February 2025, aimed to produce sustainable battery cells using renewable energy. Its mission is to drive decarbonization across various sectors.

Understanding FREYR Battery's ownership is crucial for grasping its market influence and future plans. The company's journey from its inception to its current status as T1 Energy Inc. reflects significant shifts in its stakeholder landscape. This analysis will explore the key entities and individuals that hold stakes in the company, providing insight into its governance and strategic decision-making processes. The company's FREYR Battery BCG Matrix analysis would be a valuable tool in understanding its product portfolio's market position.

FREYR Battery was established in Norway in 2018 by Torstein Dale Sjøtveit, Ryuta Sato, and Tom Einar Jensen. Torstein Dale Sjøtveit took on the role of Founder and Executive Chairman, while Tom Einar Jensen served as a Co-Founder and CEO. Peter Matrai is also recognized as a Co-Founder and Director.

Founding Team

FREYR Battery was founded in 2018 by Torstein Dale Sjøtveit, Ryuta Sato, and Tom Einar Jensen. Sjøtveit served as Executive Chairman, and Jensen as CEO.

Early Funding

The company's initial operations were financed through private placements. These early investments were crucial for supporting its foundational growth and development stages.

Co-Founder Recognition

Peter Matrai is also acknowledged as a Co-Founder and Director of FREYR Battery. His involvement contributed to the company's initial structure and direction.

Public Listing

FREYR Battery transitioned to a public entity in January 2021 via a merger with Alussa Energy Acquisition Corp., a SPAC. This move facilitated significant capital infusion.

NYSE Trading

Following the merger completion in July 2021, FREYR Battery's common stock and warrants began trading on the New York Stock Exchange. The ticker symbols are 'FREY' and 'FREY WS'.

Capital for Expansion

The public listing provided substantial capital, enabling the company to pursue its ambitious expansion plans. This was a key step in its growth trajectory.

Founders and Early Ownership Structure

FREYR Battery's journey began with its founding in 2018 by Torstein Dale Sjøtveit, Ryuta Sato, and Tom Einar Jensen, with Peter Matrai also recognized as a co-founder. The company's early capital needs were met through private placements, though specific initial equity distributions are not publicly disclosed. A pivotal moment in its ownership evolution was the merger with Alussa Energy Acquisition Corp., a Special Purpose Acquisition Company (SPAC), which was finalized in July 2021. This business combination led to FREYR Battery becoming a publicly traded entity on the NYSE, trading under the symbols 'FREY' and 'FREY WS'. This public offering was instrumental in securing the necessary funding for the company's strategic initiatives, including its Growth Strategy of FREYR Battery.

• Founding Year: 2018
• Founders: Torstein Dale Sjøtveit, Ryuta Sato, Tom Einar Jensen, Peter Matrai
• Initial Funding: Private Placements
• Public Listing Date: January 2021 (Merger announcement)
• NYSE Trading Commencement: July 2021
• Trading Symbols: FREY (common stock), FREY WS (warrants)

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FREYR Battery's ownership landscape has seen considerable shifts since its public debut in July 2021. The company's share price experienced a decline from $1.76 on July 29, 2024, to $1.53 by February 28, 2025, with its market capitalization reaching approximately $241.82 million as of May 2, 2025.

The FREYR Battery company ownership is a dynamic mix, with retail investors holding a significant 37% stake as of July 17, 2024. Institutional investors collectively own 37.13% of the company's stock, with 217 entities filing with the SEC and holding over 75 million shares by February 28, 2025. Hedge funds represent another key segment, accounting for 9.6% of shares as of July 17, 2024. The company's management team and founders, considered insiders, held 5.78% of the stock as of December 16, 2024. For instance, Tore Ivar Slettemoen held 5,080,446 shares (3.62%) and Balazs Peter Matrai held 1,966,498 shares (1.40%) as of December 16, 2024. The top 13 shareholders collectively manage 51% of the company's shares, indicating a relatively dispersed ownership structure rather than control by a single entity.

Key FREYR Battery Stakeholders

Understanding who owns FREYR Battery involves looking at various investor groups and their influence.

• Major institutional investors include Encompass Capital Advisors LLC, Southpoint Capital Advisors LP, and BlackRock, Inc.
• Vanguard Group Inc and Invesco Ltd are also significant institutional shareholders.
• Retail investors collectively hold a substantial portion of the company's stock.
• Insiders, such as founders and management, maintain a notable stake.
• The company's re-domiciliation to the U.S. in January 2024 aimed to improve capital access and align with U.S. corporate governance.

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As of April 2025, FREYR Battery, now T1 Energy Inc., is led by Daniel Barcelo as CEO and Chairman of the Board. The management team also includes Tom Einar Jensen, Co-Founder and CEO of FREYR Europe, and Evan Calio as CFO. Barcelo also founded and leads Alussa Energy LLC.

The voting power within T1 Energy Inc. is primarily structured on a one-share-one-vote basis for its common stock. As of April 24, 2024, the company had 139,705,234 shares of common stock outstanding, with each share carrying one vote for director nominations and other corporate matters. The company's redomiciliation to Delaware in January 2024 was aimed at aligning its governance with Delaware law and NYSE listing standards. There are no current plans for issuing preferred shares that would alter the voting power of common shareholders.

Understanding FREYR Battery's Voting Structure

FREYR Battery's voting power is straightforward, with common stock holding the voting rights. This structure ensures that shareholders have a direct say in company decisions.

• One-share-one-vote principle for common stock.
• 139,705,234 common shares outstanding as of April 24, 2024.
• Redomiciliation to Delaware in January 2024 for enhanced governance alignment.
• No current plans for preferred shares with differential voting rights.
• Understanding this structure is key for FREYR Battery investors and stakeholders.

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Recent strategic shifts have significantly altered the ownership landscape of FREYR Battery, now T1 Energy Inc. The company rebranded on February 19, 2025, and is relocating its headquarters to Austin, Texas, signaling a pivot towards becoming a U.S. solar-plus-battery storage leader.

The acquisition of the G1 Dallas facility from Trina Solar in November 2024 was a pivotal moment, involving a complex transaction that included $100 million in cash, a $50 million intercompany loan repayment, a $150 million loan note, and a significant stake in FREYR's common stock, potentially reaching 9.9% and an additional 11.5% via a convertible loan note. This transaction directly introduced Trina Solar's stakeholders into FREYR's ownership structure. Furthermore, the company secured $100 million in preferred stock from Encompass Capital Advisors LLC and $14.8 million through a private placement to Chunyan Wu, a co-founder of Trina Solar, who acquired 7.0% of outstanding common stock. These moves underscore a strategy to bolster operational capabilities and financial stability through strategic investments and partnerships, impacting the overall FREYR Battery ownership breakdown.

Strategic Acquisition and Shareholder Impact

The acquisition of the G1 Dallas facility brought new shareholders into the company. This move was financed through a mix of cash, debt, and equity, directly influencing the FREYR Battery company ownership.

Leadership and Management Changes

Daniel Barcelo's appointment as CEO and Chairman in August 2024 signifies a shift in leadership. Tom Einar Jensen's transition to CEO of FREYR Europe also reshapes the management team's influence.

Financial Health and Investor Relations

As of Q1 2024, the company reported a strong cash position of $253 million with no outstanding debt. This financial standing is crucial for attracting and retaining FREYR Battery investors.

Future Growth and Ownership Trends

The development of a new 5 GW U.S. solar cell manufacturing facility (G2) indicates future expansion. Site selection is planned for Q1 2025, with construction starting mid-2025, potentially attracting further investment and altering the FREYR Battery stock ownership breakdown.

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