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Norwegian battery firm Freyr, listed on the New York Inventory Alternate, introduced third-quarter figures on Thursday afternoon. The corporate misplaced ten million {dollars}, equal to NOK 110 million, and can now make main value cuts.
On the opening of the inventory market, Freyr shares plummeted by nearly 30 p.c. Greater than fifteen minutes later, the drop has been decreased to about 20 p.c.
The inventory is now down over 80 p.c from its peak and the inventory’s market worth is simply $370 million.
Needed 9.5 billion.
Within the quarterly report, Freyr states that the development of the battery manufacturing unit in Mo i Rana is being suspended as a result of, within the firm’s opinion, the preconditions in Norway and the remainder of Europe are too poor in relation to favorable assist measures within the US. . The prices of constructing the manufacturing unit are estimated at greater than 20 billion euros.
The presentation supplies present that in March this yr, Freyr requested the Ministry of Commerce and Business for a assist bundle totaling 800 million euros – the equal of NOK 9.5 billion – for the undertaking referred to as Giga Arctic. The corporate has not achieved that.
“In consequence, Freyr plans to attenuate investments within the Giga Arctic undertaking in 2024, safe the belongings with the remaining dedicated investments and proceed to work with stakeholders in Norway and Europe to develop a mutually enticing coverage answer ”, writes Freyr.
Though investments in Norway are being scaled again and the corporate is now clearly prioritizing the US, that doesn’t imply that issues are rosy there too.
Freyr introduced after the second quarter that it was working to lift $1 billion in fairness for the U.S. undertaking within the fourth quarter. That quantity is now not talked about in Thursday’s report, neither is the timeline repeated. Nonetheless, the corporate expects development to start out in 2024, after the undertaking has been “redefined” into two parallel choices.
“Freyr continues to have interaction with potential monetary gamers and strategic companions concerning the fairness acquisition of the Giga America undertaking on the undertaking degree,” the corporate wrote.
Freyr had a paltry USD 330 million in money and related funds on the finish of the quarter, and expects to drop to USD 250 million by the tip of the yr.
Observe Powell
The foremost US inventory indexes have been slowly however absolutely creeping up for simply over every week. The benchmark S&P 500 rose for the eighth straight day on Wednesday – its longest successful streak since 2021.
The market goes up barely on Thursday:
The article continues under commercial The Dow Jones Industrial Common, which consists of 30 fastidiously chosen so-called essential shares, rises 0.2 p.c The Nasdaq Composite, which is dominated by expertise firms, rises 0.1 p.c The composite index S&P 500, which consists out of 500 shares, the biggest listed firms, elevated by 0.2 p.cOn Thursday night, central financial institution governor Jerome Powell will take part in a panel debate hosted by the IMF. Market contributors will, as normal, be listening intently to what he says in regards to the economic system, together with inflation and rates of interest.
“We must always not overlook the truth that he’s conserving his playing cards shut at hand – as different Fed members have finished – by not saying an excessive amount of about how financial coverage will evolve sooner or later. He would most likely favor to indicate that future choices will likely be data-dependent,” Handelsbanken Capital Markets wrote on Thursday morning, as reported by TDN Direkt.(Situations)Copyright Dagens Næringsliv AS and/or our suppliers. We wish you to share our instances through hyperlinks that lead on to our pages. Copying or different use of all or a part of the contents could solely be made with written permission or as permitted by legislation. For additional situations see right here.
Freyr shares crash after publication of figures | DN
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