FREYR battery (NYSE: FREY) shares rose on Friday as Bank of America took a bullish outlook on the stock.
Analysts highlighted “proven cell chemistry” and a demonstrated ability to raise capital as key differentiators for the company. Additionally, projects in and the US and Europe, whether sanctioned or planned, the bank sees a significant opportunity for income.
“Today it is pre-revenue, and with likely construction times of 12 to 24 months on any gigafactory, it will remain so for now. “But the rate of change is coming,” he told those clients. “Customer Qualification Plant” it owns. If they meet certain testing thresholds, FREY expects to turn the committed takeover into a bankable issuance, opening the door to financing projects that could turn gigascale aspirations into gigascale reality.”
Shares of FREYR Battery (FREY) rose 1.54% on Friday.
Read more Morgan Stanley more cautious view of stocks.