Why Lithium Battery Stock Freyr Popped on Thursday

Freyr Battery (NYSE: FREY), the renewable energy stock that went public in August, shot through the roof in early trading on Thursday. Freyr gained as much as 13% at market open after the company announced a mega-deal. Although the stock lost momentum alongside the broader market as the day progressed, it was still trading up 3.4% as of 1:50 p.m. ET.

Freyr, which aims to build lithium-ion battery cells and is targeting 43 gigawatt hours (GWh) of battery cell production by 2025 from a facility under construction in Norway, announced its first major offtake agreement with an undisclosed energy storage systems (ESS) manufacturer on Dec. 16.

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Source Fool.com