Acquisition Announcement Sent This Battery Stock Soaring

By: Tomas Ronolski - AllPennyStocks.com News

Wednesday, November 6, 2024

A battery solutions company based out of Luxemburg is flying high so far during Wednesday’s session after the company announced that it agreed to acquire U.S. solar manufacturing assets from Trina Solar Co Ltd. For a total consideration of $340 million, according to a press release.

Traders didn’t hesitate at all to scoop up shares of FREYR Battery Inc. (NYSE:FREY) as the buying pressure pushed the price up to $1.80/share (+71.43%) at the early session high. This move was a strong breakout of a multi-month downtrend this stock had been in since late May of this year, and could be an indication of things to come.

FREYR Battery is an emerging producer of clean battery solutions for a better planet. It designs and manufactures high-density and cost-competitive lithium-ion batteries with a reduced carbon footprint for the global markets for electric mobility, stationary energy storage, marine and aviation applications.

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Acquisition Announcement Sent This Battery Stock Soaring

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