Who Owns FREYR Battery Company?

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Who Owns FREYR Battery Company?

Understanding FREYR Battery's ownership is key to grasping its strategic trajectory. The company, now T1 Energy Inc., went public via a SPAC merger in 2021, valuing the combined entity at roughly $1.4 billion.

This transition marked a significant capital infusion for its ambitious battery production goals. The company's recent move to Austin, Texas, and rebranding to T1 Energy Inc. signals a strategic pivot.

Who owns T1 Energy Inc. (formerly FREYR Battery)?

As of February 2025, T1 Energy Inc. (formerly FREYR Battery) has relocated its global headquarters to Austin, Texas. The company's revenue (TTM) was $2.94 million USD in 2024, with a market capitalization around $275 million in February 2025. Its ownership structure is a mix of founders, institutional investors, and public shareholders. The company's strategic focus has shifted towards the U.S. solar-plus-battery storage market, a move that may influence its future ownership dynamics. For a deeper dive into the company's market positioning, consider the FREYR Battery PESTEL Analysis.

FREYR Battery was established in 2018 with its primary operations based in Mo i Rana, Norway. The company was founded by a core group including Torstein Dale Sjøtveit, Ryuta Sato, and Tom Einar Jensen, with Tore Ivar Slettemoen and Balazs Peter Matrai also recognized as founders. Torstein Dale Sjøtveit has held the position of Executive Chairman, while Tom Einar Jensen has served as a Co-Founder and CEO, with subsequent changes in his CEO role. Peter Matrai is also identified as a Co-Founder and Director.

Founding Vision

The founders envisioned producing clean, next-generation battery cells. This was to be achieved by leveraging Norway's abundant renewable energy sources.

Early Funding

In its initial phase, FREYR Battery secured funding through private placements. These investments were crucial for supporting the company's ambitious growth plans.

Merger with Alussa Energy

The company announced its merger with Alussa Energy Acquisition Corp. in January 2021. This transaction involved 100% of FREYR's existing shares rolling over into the new entity.

Post-Merger Ownership

Following the merger, existing FREYR shareholders were anticipated to hold approximately 30% of the combined company. This structure aimed to reflect the value brought by both entities.

Key Early Investors

Significant early investment came from strategic and institutional investors. These included a $600 million Private Investment in Public Equity (PIPE) at $10 per share.

Investor Confidence

The founding team's clear vision for sustainable battery production was instrumental in attracting these early investors. This confidence underscored the potential of the company's business model.

FREYR Battery's early ownership structure was shaped by its founding team and the significant capital raised through private placements and a subsequent merger. The company's commitment to utilizing renewable energy for battery manufacturing was a key factor in attracting substantial investment from prominent financial institutions. Understanding the Marketing Strategy of FREYR Battery provides further context on how this early ownership and vision were communicated to the market.

Early Ownership Details

While specific initial equity splits among founders are not publicly detailed, the company's strategic direction was heavily influenced by its founding members and early financial backers.

• Founding team: Torstein Dale Sjøtveit, Ryuta Sato, Tom Einar Jensen, Tore Ivar Slettemoen, Balazs Peter Matrai.
• Early funding: Private placements and a $600 million PIPE.
• Merger impact: Existing shareholders retained approximately 30% of the combined entity post-merger with Alussa Energy Acquisition Corp.
• Key PIPE investors: Koch Strategic Platforms, Glencore, Franklin Templeton, Sylebra Capital, Fidelity Management & Research, and Van Eck Associates.

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FREYR Battery's ownership structure saw a significant shift upon its public debut on the NYSE on July 8, 2021, following a business combination with Alussa Energy Acquisition Corp. This transaction, a SPAC merger, initially valued the company at approximately $1.4 billion and facilitated up to $850 million in gross proceeds, including a $600 million PIPE.

As of June 2025, institutional investors collectively hold a substantial 44.16% of FREYR Battery's shares, reflecting a steady increase from previous months. These institutional stakeholders, numbering 217 as of February 2025, have filed relevant disclosures with the SEC, indicating a total holding of 75,305,490 shares by the end of February 2025. Prominent among these are Encompass Capital Advisors LLC, holding 14 million shares (8.63%), Southpoint Capital Advisors LP with 7.8 million shares (4.97%), and KIM, LLC with 7.2 million shares (4.6%). BlackRock, Inc. and Long Focus Capital Management, Llc each possess approximately 6.1 million shares, representing 3.93% and 3.92% respectively, while Vanguard Group Inc holds 4.4 million shares, accounting for 4.24%. Retail investors also maintain a significant presence, owning 37% of the company's shares as of July 2024. The insider ownership, standing at 20.40% in 2025, highlights a strong alignment between FREYR Battery's management and its shareholders. These ownership dynamics, particularly the robust institutional and retail participation, significantly influence the company's strategic direction and governance, especially in light of its recent pivot towards the U.S. solar-plus-battery storage market.

Key Stakeholders in FREYR Battery

Understanding who owns FREYR Battery is crucial for grasping its strategic direction and operational decisions.

• Institutional investors represent the largest ownership bloc.
• Retail investors also hold a significant portion of FREYR Battery stock.
• Insider ownership indicates management's commitment to the company.
• The company's public listing through a SPAC merger shaped its initial ownership structure.
• Major investment firms are among the key FREYR Battery investors.

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The Board of Directors for T1 Energy Inc., formerly FREYR Battery, is instrumental in guiding the company's strategic direction and representing stakeholder interests. As of November 6, 2024, Daniel Barcelo holds the positions of CEO and Chair of the Board, having been a director since the 2021 business combination and also the founder and CEO of Alussa Energy LLC, the SPAC that merged with FREYR.

The voting power within T1 Energy Inc. generally adheres to a one-share-one-vote principle, common for publicly traded entities, though specific details on dual-class shares or other arrangements are not publicly detailed. The appointment of Todd Kantor, representing a significant institutional shareholder like Encompass Capital Advisors, highlights the influence of major investors on the company's governance and strategic decisions. While there haven't been widely reported activist campaigns, the board composition suggests a direct link to key financial stakeholders, impacting the overall FREYR Battery ownership structure and who controls FREYR Battery's decisions.

Key Individuals and Shareholder Influence

Understanding the FREYR Battery management and board is crucial for grasping FREYR Battery company stakeholders. The involvement of individuals like Daniel Barcelo, Tom Einar Jensen, and directors representing major institutional investors such as Encompass Capital Advisors shapes the company's direction.

• Daniel Barcelo, as CEO and Chair, leads the company.
• Tom Einar Jensen's transition to a consulting role reflects ongoing strategic adjustments.
• Jessica Wirth Strine brings valuable capital markets and governance experience.
• Todd Kantor's board seat signifies the influence of institutional FREYR Battery investors.
• The board structure indicates a focus on aligning with significant shareholder interests.

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In recent months, FREYR Battery has undergone significant strategic and ownership shifts, including a rebranding to T1 Energy Inc. and a relocation of its global headquarters to Austin, Texas, effective February 10, 2025. These changes reflect a focused strategy on the U.S. solar-plus-battery storage market.

The company's strategic direction now emphasizes a conventional battery technology for near-term commercialization, while exploring new avenues for its 24M SemiSolid™ platform. This focus is supported by a commitment to financial discipline and maintaining a debt-free balance sheet, aiming to extend its cash runway to approximately 36 months.

Institutional Investor Confidence

Institutional holdings have seen a notable increase, reaching 44.16% as of June 2025. This trend indicates growing confidence from major financial entities in the company's revised strategy.

Retail Shareholder Base

Retail investors continue to hold a significant portion of the company's shares, accounting for 37% of the total. This broad base of public shareholders provides a stable foundation for the company's public trading.

Leadership Transition and Focus

Recent leadership changes, including the appointment of Daniel Barcelo as CEO and Evan Calio as CFO, align with the company's accelerated shift to the U.S. market. The Growth Strategy of FREYR Battery is now heavily influenced by this executive team.

Strategic Asset Realignment

The sale of the Georgia site for $50 million and the acquisition of a Texas manufacturing facility highlight a strategic realignment. This move supports the company's new focus on U.S.-based operations and market opportunities.

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