Stock Market News

FREYR Battery a Strong Beneficiary of IRA – Goldman Sachs

2022.08.25 21:37

FREYR Battery a Strong Beneficiary of IRA - Goldman Sachs
FREYR Battery (FREY) a Strong Beneficiary of IRA – Goldman Sachs

By Sam Boughedda

FREYR Battery (NYSE:FREY) shares were upgraded to Buy from Neutral, with its price target raised to $19 from $11 by a Goldman Sachs analyst on Thursday.

FREYR shares are up more than 16% at the time of writing.

The analyst told investors in a research note that they see the company as a strong beneficiary of the recently enacted Inflation Reduction Act (IRA) in the US, and the act could “reduce Giga America capex by >60%.”

“FREY aims to build a 35GWh gigafactory in partnership with Koch Strategic Platforms (KSP) that is set to start production in 2025. Looking at the IRA in more detail, we see a potential capex reduction for FREY’s upcoming gigafactory (Giga America) by >60%. Given FREY’s initial focus on LFP batteries, we also see strong potential from the new ITC for standalone storage,” wrote the analyst.

He added that when analyzing the competitive landscape in the US, the company is set to operate the “largest gigafactory outside of the OEMs’ dedicated EV battery plant.”

“We see several catalysts for FREY’s stock for the remainder of the year, including (1) site selection for Giga America, (2) Final Investment Decision for Giga Arctic and (3) conversion of >125GWh offtake agreements into definitive sales agreements. Post the progress on Giga Arctic and the IRA enactment, we increase our FREY estimates on better capacity assumptions for Giga Arctic,” concluded the analyst.

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 75,799.31 0.69%
vested-xor
Vested XOR (VXOR) $ 3,405.08 99,999.99%
ethereum
Ethereum (ETH) $ 2,897.00 1.57%
tether
Tether (USDT) $ 1.00 0.02%
solana
Solana (SOL) $ 196.63 2.99%
bnb
BNB (BNB) $ 595.56 1.87%
usd-coin
USDC (USDC) $ 1.00 0.00%
xrp
XRP (XRP) $ 0.550041 0.49%
staked-ether
Lido Staked Ether (STETH) $ 2,895.27 1.24%
dogecoin
Dogecoin (DOGE) $ 0.192217 3.39%
cardano
Cardano (ADA) $ 0.413872 10.50%
tron
TRON (TRX) $ 0.160215 1.33%
the-open-network
Toncoin (TON) $ 4.88 1.66%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,437.23 2.31%
avalanche-2
Avalanche (AVAX) $ 27.28 2.19%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 75,703.28 0.59%
shiba-inu
Shiba Inu (SHIB) $ 0.000019 2.71%
weth
WETH (WETH) $ 2,897.49 1.42%
chainlink
Chainlink (LINK) $ 12.58 0.31%
bitcoin-cash
Bitcoin Cash (BCH) $ 376.33 2.06%
sui
Sui (SUI) $ 2.27 2.52%
polkadot
Polkadot (DOT) $ 4.13 1.24%
leo-token
LEO Token (LEO) $ 6.37 2.49%
usds
USDS (USDS) $ 1.00 0.03%
litecoin
Litecoin (LTC) $ 71.15 0.49%
uniswap
Uniswap (UNI) $ 8.87 5.33%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,048.93 1.94%
near
NEAR Protocol (NEAR) $ 4.18 2.95%
aptos
Aptos (APT) $ 9.56 2.62%
pepe
Pepe (PEPE) $ 0.000011 0.47%
bittensor
Bittensor (TAO) $ 500.87 7.54%
internet-computer
Internet Computer (ICP) $ 7.68 4.45%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.40 3.09%
dai
Dai (DAI) $ 1.00 0.06%
monero
Monero (XMR) $ 164.07 0.85%
stellar
Stellar (XLM) $ 0.101153 2.88%
ethereum-classic
Ethereum Classic (ETC) $ 20.05 2.38%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.02%
kaspa
Kaspa (KAS) $ 0.113165 8.13%
whitebit
WhiteBIT Coin (WBT) $ 19.66 2.02%
aave
Aave (AAVE) $ 180.27 4.46%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.342732 0.88%
blockstack
Stacks (STX) $ 1.66 4.43%
crypto-com-chain
Cronos (CRO) $ 0.089922 4.77%
okb
OKB (OKB) $ 40.10 0.16%
dogwifcoin
dogwifhat (WIF) $ 2.34 4.38%
first-digital-usd
First Digital USD (FDUSD) $ 1.00 0.04%
arbitrum
Arbitrum (ARB) $ 0.575248 1.93%
filecoin
Filecoin (FIL) $ 3.71 2.80%
mantle
Mantle (MNT) $ 0.649737 5.19%