Powering up its U.S. expansion with plans for 5 GW solar manufacturing and a greener future, Freyr Battery acquires Trina Solar’s $340M Texas plant.
Freyr Battery, a US-based energy storage solutions provider, is venturing into solar manufacturing with a $340 million acquisition of a Trina Solar facility.
The company’s move to integrate solar production into its operations aligns with a growing push for a domestic solar supply chain.
The deal, announced last week, will see Freyr purchase China-based Trina’s 5 GW solar module production plant in Wilmer, Texas. The nearly 125,917 square metre (1.35 million square-foot) facility, which began production on November 1, is expected to reach full output by 2025, with 30% of its production already secured through firm contracts with U.S. customers. The deal is set to be completed by the end of 2024.
Upon closing, Mingxing Lin, Trina Solar’s Head of Overseas Finance, will join Freyr as Chief Strategy Officer and a board member, while Trina’s Co-General Manager, Dave Gustafson, will take on the role of Chief Operating Officer.
Freyr has outlined a multi-phase strategy to develop a vertically integrated U.S. solar manufacturing operation. In addition to acquiring the Texas plant, Freyr aims to build a 5 GW solar cell manufacturing facility in the U.S., with construction slated to begin in Q2 2025 and the first production set for late 2026.
Citing these initiatives, industry experts, including Freyr’s CEO Daniel Barcelo, have emphasised the importance of domestic solar and battery manufacturing to strengthen the U.S. energy transition and create jobs.
