KKR in talks to invest Us$500mil in Freyr Battery

OSLO: Freyr Battery SA is in talks with KKR & Co Inc about raising financing, according to people familiar with the matter.

The Norwegian battery company is discussing raising Us$500mil (Rm2.3bil) from KKR, said one of the people, who asked to not be identified because the details are private. The company’s financing discussions could be disclosed as soon as this week, the people said.

The talks aren’t final and could still fall apart, they added.

KKR declined to comment. Representatives for Freyr couldn’t immediately be reached for comment.

With a market value of about Us$1.6bil (Rm.4bil), Freyr went public through a special-purpose acquisition company (SPAC) last year. It produces so-called clean batteries for reducing emissions, according to its website.

Freyr on Friday said it had purchased a site in Coweta County, Georgia, for a multi-phase Giga America clean battery manufacturing project.

The company, which is trading above its SPAC price, closed the week up nearly 5%.

Freyr teamed up with conglomerate Koch Industries last year to evaluate and develop clean battery cell manufacturing in the United States. — Bloomberg