US-based FREYR Battery finalized the acquisition of Trina Solar’s 5 GW solar module manufacturing facility in Wilmer, Texas. Production began on November 1, 2024, with full production targeted by H2 2025, supported by firm offtake agreements for 30% of production. FREYR is also planning a 5 GW US solar cell manufacturing plant, with site selection ongoing and construction expected to begin in Q2 2025.The transaction included $100 million in cash, $50 million loan repayment, a $150 million loan note, 9.9% of FREYR’s common stock, and an $80 million convertible loan note contingent on certain conditions. FREYR also raised $50 million through preferred stock issuance and $14.8 million from a private placement with Chunyan Wu, a Trina Solar co-founder.The acquisition aims to address supply chain bottlenecks, create 1,800 jobs, and position FREYR as a turnkey solar technology provider. Multiple financial, legal, and energy advisory firms supported the transaction, including Santander, Skadden, Arps, and Dorsey & Whitney.