NEW YORK & OSLO & NEWNAN, Ga. - FREYR Battery (NYSE: FREY), a developer of clean battery cell production, announced the immediate appointment of Todd Kantor, Tore Ivar Slettemoen, and David Manners to its Board of Directors. This move follows the recent resignations of directors Mimi Berdal and Jason Forcier.
The new board members bring a wealth of experience from the energy and government sectors. Todd Kantor, founder of Encompass Capital Advisors, has nearly 25 years in global energy markets and is one of FREYR's largest investors. Tore Ivar Slettemoen, Chairman of Teknovekst AS - Vanir, has been instrumental in founding FREYR and has extensive experience in developing energy transition technologies. David Manners, founder of the Decapolis Group LLC and a former U.S. Central Intelligence Agency officer, offers expertise in global energy and geopolitics.
The appointments are part of FREYR's strategy to enhance its governance structure and support its growth and capital formation initiatives. The company, which is working on the Giga America battery manufacturing project in Georgia and has a Customer Qualification Plant in Norway, aims to be a key player in the energy storage and transportation markets.
Tom Einar Jensen, Co-Founder and Executive Chairperson of FREYR, expressed confidence in the new appointees' ability to contribute to the company's mission and create long-term shareholder value. The changes in the board composition come as the company prepares for its 2024 Annual Meeting, with proxy materials to be filed with the SEC.
FREYR's mission is to accelerate the decarbonization of global energy and transportation systems through the production of clean, cost-competitive batteries. The company is focused on serving the energy storage systems and commercial mobility markets, with ambitions to eventually cater to the electric vehicle market.
This announcement is based on a press release statement from FREYR Battery.
InvestingPro Insights
In the context of FREYR Battery's recent board appointments and its strategic efforts to enhance governance and support growth, key financial metrics and market data from InvestingPro provide additional insights into the company's current position. With a market capitalization of approximately $230.51 million, FREYR is a relatively small player in the clean energy sector, yet it has the potential for substantial growth given the increasing demand for sustainable energy solutions.
InvestingPro data shows that FREYR holds a Price / Book ratio of 0.37 as of the last twelve months ending Q4 2023, indicating the stock may be undervalued compared to the company's book value. This could be of interest to value investors seeking opportunities where assets might be priced at less than their intrinsic value. However, the company's P/E Ratio stands at -3.42, reflecting that it is not currently profitable.
The recent price volatility of FREYR's stock is also noteworthy, with a 1-week total return of -11.29% but a strong 3-month return of 25.0%, suggesting short-term challenges yet a more promising medium-term performance. This aligns with two key InvestingPro Tips: FREYR is trading at a low Price / Book multiple, potentially highlighting a buying opportunity for investors who are comfortable with high volatility, and the stock has experienced significant price fluctuations over various time frames, which is important for investors to consider in terms of risk tolerance.
For investors seeking a deeper analysis, there are additional InvestingPro Tips available, which can be explored further on the InvestingPro platform. By using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing access to a total of 17 detailed InvestingPro Tips for a comprehensive investment strategy.
As FREYR Battery continues to navigate the competitive landscape of clean battery cell production and governance restructuring, these financial metrics and expert insights can help investors make more informed decisions regarding their interest in the company.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.