12 Biggest Lithium Stocks to Buy According to Hedge Funds

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

Number of Hedge Fund Holders: 14

FREYR Battery (NYSE:FREY) is actively developing and manufacturing battery cells for use in electric mobility, stationary energy storage, and marine applications across Europe and around the world. The company’s primary goal is to provide environmentally friendly, large-scale battery solutions that aid international efforts to reduce emissions.

BTIG raised its price target for FREYR Battery (NYSE:FREY) from Neutral to Buy in December, with a revised price of $4. Prior to this upgrade, FREYR announced the purchase of a 5GW solar module facility in Texas from Trina Solar. The BTIG analyst believes that once the transaction is completed, FREYR will be able to begin generating earnings before interest, taxes, depreciation, and amortization.

FREYR Battery (NYSE:FREY) reported a $27 million loss in the second quarter of 2024, which exceeded analysts’ expectations. Despite these losses, the company still had $253 million in cash and no outstanding debt. As part of a strategic shift, FREYR Battery relinquished all rights to approximately 6.98 million shares of 24M Technologies’ Series G preferred stock and ended its licensing agreements with the company. Moreover, the European Union Innovation Fund awarded the company a €122 million grant to fund a joint venture Cathode Active Material manufacturing project in Finland.

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