11 Biggest Lithium Stocks to Buy Right Now

8. FREYR Battery, Inc. (NYSE:FREY)

Market Capitalization as of September 5: $146.69 million

Number of Hedge Fund Holders: 13

FREYR Battery, Inc. (NYSE:FREY) offers battery solutions across the U.S., Norway, and globally. The company focuses on establishing battery cell production facilities and supplies its products to various sectors, including energy storage systems and commercial mobility, such as marine applications and commercial vehicles.

In the second quarter, 13 hedge funds held stakes in FREYR Battery (NYSE:FREY), with positions worth 30 million. The stock takes the 8th place on our list of the biggest lithium stocks to buy now and one of the best battery stocks.

In 2022, the company established a conditional offtake agreement with Powin Energy, an energy storage system integrator. This deal, spanning six years, involves the supply of 28.5 gigawatt-hours (GWh) of battery cells from FREYR to Powin. Initially, these cells will come from FREYR’s gigafactories in Mo i Rana, Norway.

By the end of the decade, the cells will be sourced from the company’s new facility in the U.S., a joint venture with Koch Strategic Platforms. Powin will incorporate these batteries into its global battery energy storage system solutions, which further cements the company’s role in the energy storage market.

The company is also making substantial investments in its U.S. operations. FREYR Battery (NYSE:FREY) is constructing Giga America, a $2.5 billion battery plant located in Coweta County, Georgia. The facility will manufacture cells for various applications, including stationary energy storage systems, electric vehicles, and marine products.

In addition, it is advancing its operations in Norway with a customer qualification plant that tests automated production processes. The successful trials conducted at this plant have marked a significant technical achievement for the company, particularly with the Casting and Unit Cell Assembly machine, a key component of the SemiSolid platform. The progress is expected to accelerate production speeds and lead to the manufacturing of multi-layer battery sample cells by mid-2024.

As of mid-2024, the company is in a strong financial position with $221.5 million in cash, cash equivalents, and restricted cash, and importantly, it has no debt. The financial stability supports its ongoing expansion and technological advancements, and it positions the company well for future growth in the competitive battery market.