Freyr CEO, Steen, stated that the IRA’s 45x tax credit for battery manufacturing, which is paid directly directly, has made it harder to justify investing in Europe’�s industry. He attributed this shift to the company’s share price dropping by 40% after its Q3 report. Steen argued that Europe risks remaining dependent on China for batteries and warns that the current situation is the same as the current exposure to the current geopolitical realities. Alongside pausing European investments, Freyr has begun ‘cost rationalisation initiatives’ to reduce its use of cash compared to 2023, including laying off employees and contractors. The company expects to exit 2023 with US$250 million in cash.
Solar Dominates US Energy Capacity Growth
The Federal Energy Regulatory Commission (FERC) has published data showing that solar accounted for over 75% of US electrical generating
