FREYR buys Trina solar panel factory in Texas for $340 million

By Kelly Pickerel | November 6, 2024

FREYR Battery, a Norwegian developer of battery cells, is getting into solar panel manufacturing after announcing it will acquire the U.S. manufacturing operations of Trina Solar.

Inside the Wilmer panel assembly factory.

FREYR, which previously sought to serve the energy storage and EV markets, was pursuing a gigawatt-scale battery factory in Coweta County, Georgia. Now the company will take control of Trina’s 5-GW solar panel assembly facility in Wilmer, Texas, paying Trina $340 million for its U.S. manufacturing assets. FREYR details in an investor presentation that it is establishing an operations and intellectual property agreement between Trina and FREYR.

Upon closing of the transaction, which is expected before the end of 2024, FREYR will begin its efforts on domestic cell manufacturing. Site selection is underway with FREYR targeting construction to begin in the second quarter of 2025. The cell outfit should support 1,800 jobs and begin production in 2026.

“We are pleased to announce this transformative transaction, which will immediately position the company as one of the leading solar manufacturing companies in the U.S.,” said Daniel Barcelo, FREYR’s newly appointed CEO. “We are proud to be partnered with Trina Solar, a global manufacturing and solar technology leader. Domestic manufacturing capacity for solar and batteries is essential for energy transition and job creation. The U.S. was once the global leader in solar, and it can be again.”

FREYR said it has secured a U.S. polysilicon supply with Hemlock for its eventual cell production, which establishes a “platform for FREYR’s U.S. solar and battery storage strategy.” The company also announced it has terminated its battery technology license with 24M Technologies, but no further news was released on its potential Georgia battery factory.

Joining FREYR upon closing of the Trina transaction include Trina employees Mingxing Lin as chief strategy officer and Dave Gustafson as chief operating officer.