FREYR Battery 10-Q 12 Nov 24 2024 Q3 Quarterly report Financial data

COVER

COVER - shares	9 Months Ended
	Sep. 30, 2024	Nov. 08, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	333-274434
Entity Registrant Name	FREYR Battery, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	93-3205861
Entity Address, Address Line One	6&8 East Court Square, Suite 300,
Entity Address, City or Town	Newnan
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30263
City Area Code	678
Local Phone Number	632-3112
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		140,490,406
Entity Central Index Key	0001992243
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock, $0.01 par value
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	FREY
Security Exchange Name	NYSE
Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50
Document Information [Line Items]
Title of 12(b) Security	Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50
Trading Symbol	FREY WS
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 181,851	$ 253,339
Restricted cash	2,202	22,403
Prepaid assets	2,838	2,168
Other current assets	12,583	34,044
Total current assets	199,474	311,954
Property and equipment, net	368,342	366,357
Intangible assets, net	2,700	2,813
Long-term investments	21,819	22,303
Right-of-use asset under operating leases	22,640	24,476
Other long-term assets	10	4,282
Total assets	614,985	732,185
Current liabilities:
Accounts payable	10,080	18,113
Accrued liabilities and other	21,254	30,790
Share-based compensation liability	19	281
Total current liabilities	31,353	49,184
Warrant liability	721	2,025
Operating lease liability	16,775	18,816
Other long-term liabilities	27,446	27,444
Total liabilities	76,295	97,469
Commitments and contingencies
Stockholders’ equity:
Preferred stock, value issued	0	0
Common stock, value issued	1,405	1,397
Additional paid-in capital	929,324	925,623
Accumulated other comprehensive loss	(34,035)	(18,826)
Accumulated deficit	(358,004)	(274,999)
Total stockholders' equity	538,690	633,195
Non-controlling interests	0	1,521
Total equity	538,690	634,716
Total liabilities and equity	$ 614,985	$ 732,185
Common stock, shares issued (in shares)	140,490	139,705
Common stock, shares outstanding (in shares)	140,490	139,705

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	355,000,000	355,000,000
Common stock, shares issued (in shares)	140,490,000	139,705,000
Common stock, shares outstanding (in shares)	140,490,000	139,705,000
Preferred shares par value (in USD per share)	$ 0.01	$ 0.01
Preferred shares authorized (in shares)	10,000,000	10,000,000
Preferred shares outstanding (in shares)	0	0
Preferred shares issued (in shares)	0	0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating expenses:
General and administrative	$ 18,515	$ 27,772	$ 61,386	$ 85,405
Research and development	8,616	7,086	30,854	18,295
Restructuring charge	4,507	0	4,644	0
Share of net loss of equity method investee	150	153	484	208
Total operating expenses	31,788	35,011	97,368	103,908
Loss from operations	(31,788)	(35,011)	(97,368)	(103,908)
Other income (expense):
Warrant liability fair value adjustment	1,096	24,399	1,294	23,248
Interest income, net	1,074	1,284	3,627	6,042
Foreign currency transaction (loss) gain	(110)	(3,213)	1,245	20,546
Other income, net	2,172	2,537	7,806	6,103
Total other income	4,232	25,007	13,972	55,939
Loss before income taxes	(27,556)	(10,004)	(83,396)	(47,969)
Income tax expense	0	0	(11)	(341)
Net loss	(27,556)	(10,004)	(83,407)	(48,310)
Net loss attributable to non-controlling interests	81	219	402	517
Net loss attributable to stockholders	$ (27,475)	$ (9,785)	$ (83,005)	$ (47,793)
Weighted average shares outstanding:
Weighted average shares outstanding - basic (in shares)	140,490,000	139,705,000	140,102,000	139,705,000
Weighted average shares outstanding - diluted (in shares)	140,490,000	139,705,000	140,102,000	139,705,000
Net loss per share:
Net loss per share attributable to stockholders - basic (in USD per share)	$ (0.20)	$ (0.07)	$ (0.59)	$ (0.34)
Net loss per share attributable to stockholders - diluted (in USD per share)	$ (0.20)	$ (0.07)	$ (0.59)	$ (0.34)
Other comprehensive (loss) income:
Net loss	$ (27,556)	$ (10,004)	$ (83,407)	$ (48,310)
Foreign currency translation adjustments	5,973	6,134	(15,209)	(48,009)
Total comprehensive loss	(21,583)	(3,870)	(98,616)	(96,319)
Comprehensive loss attributable to non-controlling interests	81	219	402	517
Comprehensive loss attributable to stockholders	$ (21,502)	$ (3,651)	$ (98,214)	$ (95,802)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Shares	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Accumulated Deficit	Non-controlling interests
Shares outstanding, beginning balance (in shares) at Dec. 31, 2022		139,854
Equity, beginning balance at Dec. 31, 2022	$ 720,127	$ 139,854	$ 772,602	$ 9,094	$ (1,041)	$ (203,054)	$ 2,672
Share-based compensation expense	1,462		1,462
Net loss	(12,903)					(12,726)	(177)
Reclassification of warrants from liability classified to equity classified	5		5
Other comprehensive loss	(33,718)			(33,718)
Shares outstanding, ending balance (in shares) at Mar. 31, 2023		139,854
Equity, ending balance at Mar. 31, 2023	674,973	$ 139,854	774,069	(24,624)	(1,041)	(215,780)	2,495
Shares outstanding, beginning balance (in shares) at Dec. 31, 2022		139,854
Equity, beginning balance at Dec. 31, 2022	720,127	$ 139,854	772,602	9,094	(1,041)	(203,054)	2,672
Net loss	(48,310)
Shares outstanding, ending balance (in shares) at Sep. 30, 2023		139,854
Equity, ending balance at Sep. 30, 2023	634,440	$ 139,854	783,234	(38,915)	(1,041)	(250,847)	2,155
Shares outstanding, beginning balance (in shares) at Mar. 31, 2023		139,854
Equity, beginning balance at Mar. 31, 2023	674,973	$ 139,854	774,069	(24,624)	(1,041)	(215,780)	2,495
Share-based compensation expense	3,688		3,688
Net loss	(25,403)					(25,282)	(121)
Reclassification of warrants from liability classified to equity classified	56		56
Other comprehensive loss	(20,425)			(20,425)
Shares outstanding, ending balance (in shares) at Jun. 30, 2023		139,854
Equity, ending balance at Jun. 30, 2023	632,889	$ 139,854	777,813	(45,049)	(1,041)	(241,062)	2,374
Share-based compensation expense	5,421		5,421
Net loss	(10,004)					(9,785)	(219)
Other comprehensive loss	6,134			6,134
Shares outstanding, ending balance (in shares) at Sep. 30, 2023		139,854
Equity, ending balance at Sep. 30, 2023	$ 634,440	$ 139,854	783,234	(38,915)	(1,041)	(250,847)	2,155
Shares outstanding, beginning balance (in shares) at Dec. 31, 2023	139,705	139,705
Equity, beginning balance at Dec. 31, 2023	$ 634,716	$ 1,397	925,623	(18,826)	0	(274,999)	1,521
Share-based compensation expense	3,670		3,670
Net loss	(28,690)					(28,543)	(147)
Reclassification of warrants from liability classified to equity classified	10		10
Other comprehensive loss	(26,044)			(26,044)
Shares outstanding, ending balance (in shares) at Mar. 31, 2024		139,705
Equity, ending balance at Mar. 31, 2024	$ 583,662	$ 1,397	929,303	(44,870)	0	(303,542)	1,374
Shares outstanding, beginning balance (in shares) at Dec. 31, 2023	139,705	139,705
Equity, beginning balance at Dec. 31, 2023	$ 634,716	$ 1,397	925,623	(18,826)	0	(274,999)	1,521
Net loss	$ (83,407)
Shares outstanding, ending balance (in shares) at Sep. 30, 2024	140,490	140,490
Equity, ending balance at Sep. 30, 2024	$ 538,690	$ 1,405	929,324	(34,035)	0	(358,004)	0
Shares outstanding, beginning balance (in shares) at Mar. 31, 2024		139,705
Equity, beginning balance at Mar. 31, 2024	583,662	$ 1,397	929,303	(44,870)	0	(303,542)	1,374
Share-based compensation expense	1,486		1,486
Net loss	(27,161)					(26,987)	(174)
Exercise of warrants (in shares)		785
Exercise of warrants	0	$ 8	(8)
Other comprehensive loss	4,862			4,862
Shares outstanding, ending balance (in shares) at Jun. 30, 2024		140,490
Equity, ending balance at Jun. 30, 2024	562,849	$ 1,405	930,781	(40,008)	0	(330,529)	1,200
Share-based compensation expense	1,554		1,554
Net loss	(27,556)					(27,475)	(81)
Acquisition of non-controlling interest	(4,130)		(3,011)				(1,119)
Other comprehensive loss	$ 5,973			5,973
Shares outstanding, ending balance (in shares) at Sep. 30, 2024	140,490	140,490
Equity, ending balance at Sep. 30, 2024	$ 538,690	$ 1,405	$ 929,324	$ (34,035)	$ 0	$ (358,004)	$ 0

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (83,407)	$ (48,310)
Adjustments to reconcile net loss to cash used in operating activities:
Share-based compensation expense	6,449	7,859
Depreciation and amortization	7,028	1,922
Reduction in the carrying amount of right-of-use assets	1,282	1,005
Warrant liability fair value adjustment	(1,294)	(23,248)
Share of net loss of equity method investee	484	208
Foreign currency transaction net unrealized gain	(1,075)	(19,346)
Other	0	(929)
Changes in assets and liabilities:
Prepaid assets and other current assets	13	1,672
Accounts payable, accrued liabilities and other	(429)	28,401
Operating lease liability	(1,626)	(3,212)
Net cash used in operating activities	(72,575)	(53,978)
Cash flows from investing activities:
Proceeds from the return of property and equipment deposits	22,735	0
Proceeds from property related grants	0	3,500
Purchases of property and equipment	(34,683)	(168,811)
Investments in equity method investee	0	(1,655)
Purchases of other long-term assets	0	(1,000)
Net cash used in investing activities	(11,948)	(167,966)
Cash flows from financing activities:
Payment for non-controlling interest	(4,130)	0
Net cash used in financing activities	(4,130)	0
Effect of changes in foreign exchange rates on cash, cash equivalents, and restricted cash	(3,036)	(13,240)
Net decrease in cash, cash equivalents, and restricted cash	(91,689)	(235,184)
Cash, cash equivalents, and restricted cash at beginning of period	275,742	563,045
Cash, cash equivalents, and restricted cash at end of period	184,053	327,861
Supplementary disclosure for non-cash activities:
Accrued purchases of property and equipment	6,133	11,187
Reconciliation to condensed consolidated balance sheets:
Cash and cash equivalents	181,851	299,419
Restricted cash	2,202	28,442
Cash, cash equivalents, and restricted cash	$ 184,053	$ 327,861

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of significant accounting policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of the Business FREYR Battery, Inc. a Delaware Corporation (“FREYR,” the “Company”, “we”, or “us”) is a developer of sustainable clean energy capacity and solutions. We aim to accelerate the decarbonization of global energy systems by industrializing technologies across the battery and renewables value chains. As of September 30, 2024, FREYR was evaluating several project opportunities in the U.S. and Europe to establish a profitable, commercial enterprise and to create shareholder value. As of September 30, 2024, we have not yet initiated commercial manufacturing or derived revenue from our principal business activities. Basis of Presentation The unaudited condensed consolidated interim financial statements have been prepared in conformity with the accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of U.S. Securities and Exchange Commission (“SEC”) Regulation S-X. Accordingly, these financial statements do not include all of the information required by U.S. GAAP for complete consolidated financial statements. The unaudited condensed consolidated interim financial statements have been prepared on the same basis as the audited annual consolidated financial statements for the year ended December 31, 2023 and, in management’s opinion, include all adjustments, consisting of only normal recurring adjustments necessary for the fair presentation of the Company’s condensed consolidated financial statements for the periods presented. The results of operations for the nine months ended September 30, 2024, are not necessarily indicative of the results to be expected for the full year ending December 31, 2024. The condensed consolidated balance sheet as of December 31, 2023, was derived from the audited consolidated financial statements as of December 31, 2023. However, these condensed consolidated interim financial statements do not contain all of the footnote disclosures from the annual consolidated financial statements. These unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and the related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 29, 2024. The condensed consolidated financial statements include the accounts of FREYR, its wholly owned subsidiaries, majority-owned subsidiaries, and variable interest entities (“VIE”) of which we are the primary beneficiary. All intercompany accounts and transactions have been eliminated. Certain prior period balances and amounts have been reclassified to conform with the current period’s presentation. Use of Estimates The preparation of the condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Estimates and assumptions include, but are not limited to, estimates related to impairment of long-lived assets, the valuation of warrant liability, and share-based compensation. We base these estimates on historical experiences and on various other assumptions that we believe are reasonable under the circumstances, however, actual results may differ materially from these estimates. Risks and Uncertainties We are subject to those risks common to our business and industry and also those risks common to early stage development companies. These risks include those disclosed in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 29, 2024. T hese condensed consolidated financial statements have been prepared by management in accordance with U.S. GAAP and this basis assumes that we will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. As of the date of this report, our existing cash resources, which were primarily provided as a result of our business combination with Alussa Energy Acquisition Corporation in 2021 (the "Business Combination") and issuance of equity securities, are sufficient to support our planned operations for at least the next 12 months from the date of issuance of these financial statements. Therefore, our financial statements have been prepared on the basis that we will continue as a going concern. In accordance with ASC 360-10, the Company records impairment losses on long-lived assets used in operations when events and circumstances indicate that long-lived assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amounts of those assets. During Q3 2024, events and circumstances indicated that the Company’s long-lived assets related to its Norwegian business might be impaired. However, the Company’s estimate of undiscounted cash flows indicated that such carrying amounts were expected to be recovered. Nonetheless, it is reasonably possible that the estimate of undiscounted cash flows may change in the near term resulting in the need to write down those assets to fair value. Restricted Cash Certain cash balances are restricted as to withdrawal or use. Restricted cash includes funds held in a restricted account for the payment of upfront rental lease deposits and government income tax withholdings, and in 2023, restricted cash included the balance of an account held for the construction of the manufacturing project in Mo i Rana, Norway (“Giga Arctic”). Significant Accounting Policies The Company’s significant accounting policies were included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Supplemental accounting policy disclosures are included above.

RESTRUCTURING

RESTRUCTURING	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring	RESTRUCTURING 2024 Restructuring In September 2024, FREYR implemented a restructuring process (the “2024 Restructuring”), to reduce overhead costs and better align the organization to current opportunities. We accrued severance and other termination benefits of $4.5 million related to the 2024 Restructuring, which was recognized in Restructuring charge in the consolidated statements of operation and comprehensive loss for the three and nine months ended September 30, 2024. No cash payments or other adjustments to the accrued restructuring charge balance have been made in 2024. 2023 Restructuring In November 2023, FREYR announced a restructuring process (the “2023 Restructuring”), which focused on preserving Company liquidity as we advanced our strategies on the Customer Qualification Plant (“CQP”) and at the manufacturing project in the U.S. (“Giga America”), while continuing to fund critical initiatives. We accrued severance and other termination benefits of $6.0 million related to the 2023 Restructuring which was recognized in Restructuring charge in the consolidated statements of operation and comprehensive loss for the year ended December 31, 2023. The changes in accrued severance and other termination benefits for the 2023 Restructuring were as follows (in thousands): Amount Balance as of January 1, 2024 $ 6,016 Severance and other personnel costs 137 Cash payments (6,026) Foreign currency exchange effects (127) Balance as of September 30, 2024 $ —

OTHER CURRENT ASSETS

OTHER CURRENT ASSETS	9 Months Ended
	Sep. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other current assets	OTHER CURRENT ASSETS Other current assets consisted of the following (in thousands): September 30, December 31, Deposits $ 4,146 $ 23,893 Other current assets 8,437 10,151 Total $ 12,583 $ 34,044

PROPERTY AND EQUIPMENT, NET AND

PROPERTY AND EQUIPMENT, NET AND INTANGIBLE ASSETS, NET	9 Months Ended
	Sep. 30, 2024
Property, Plant And Equipment And Intangible Assets [Abstract]
Property and equipment, net and intangible assets, net	PROPERTY AND EQUIPMENT, NET AND INTANGIBLE ASSETS, NET Property and Equipment, net Property and equipment, net consisted of the following (in thousands): September 30, December 31, Land $ 44,326 $ 44,326 Leasehold improvements 39,803 39,723 Machinery and equipment 33,535 14,058 Office equipment 2,852 2,926 Construction in progress 258,591 269,197 379,107 370,230 Less: Accumulated depreciation (10,765) (3,873) Total $ 368,342 $ 366,357 Depreciation expense was $2.5 million and $1.1 million for the three months ended September 30, 2024 and 2023, respectively, and $7.0 million and $1.8 million for the nine months ended September 30, 2024 and 2023, respectively. Intangible Assets, net Intangible assets, net consisted of the following (in thousands): As of September 30, 2024 As of December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net License $ 3,000 $ (300) $ 2,700 $ 3,000 $ (187) $ 2,813 Amortization expense was $38,000 for the three months ended September 30, 2024 and 2023, and $113,000 for the nine months ended September 30, 2024 and 2023. Future annual amortization expense is estimated to be $150,000 for the full year 2024 and each of the next four years.

LONG-TERM INVESTMENTS

LONG-TERM INVESTMENTS	9 Months Ended
	Sep. 30, 2024
Long-Term Investments [Abstract]
Long-term investment	LONG-TERM INVESTMENTS The Company’s equity investments consisted of the following (in thousands): September 30, December 31, Investment Equity method investments: Nidec Energy AS $ 791 $ 1,275 Investments without readily determinable fair values: 24M preferred stock 21,028 21,028 Total Long-Term Investments $ 21,819 $ 22,303 Equity Method Investments In March 2023, the Company contributed $1.7 million to obtain a 33% equity interest in Nidec Energy AS (the “Nidec JV”), a joint venture with Nidec Europe BV (“Nidec”). The Nidec JV was formed to develop, manufacture, and sell battery modules and battery packs for industrial and utility-grade ESS applications. The Company determined that the Nidec JV was a VIE, and that the Company was not the primary beneficiary. Additionally, the Company is able to exercise significant influence but not control over the operating and financial policies of the Nidec JV. Therefore, the Company has recorded its investment in the Nidec JV as an equity method investment. During the nine months ended September 30, 2024 and 2023, the Company recognized $0.5 million and $0.2 million, respectively, as its share of net loss of equity method investee in the condensed consolidated statements of operations and comprehensive loss related to the Company’s equity method investment in the Nidec JV. During the nine months ended September 30, 2024 and 2023 , t he Company recognized other income of $0.3 million and $0.5 million related to general and administrative expenses incurred on behalf of the Nidec JV. As of September 30, 2024 and December 31, 2023, unpaid amounts of $1.5 million and $0.8 million, respectively, are recorded in other current assets. Equity Investments Without Readily Determinable Fair Values

ACCRUED LIABILITIES AND OTHER

ACCRUED LIABILITIES AND OTHER	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Accrued liabilities and other	ACCRUED LIABILITIES AND OTHER Accrued liabilities and other consisted of the following (in thousands): September 30, December 31, Accrued purchases $ 8,067 $ 13,145 Accrued payroll and payroll related expenses 7,961 13,120 Operating lease liabilities 3,348 3,382 Other current liabilities 1,878 1,143 Total $ 21,254 $ 30,790

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	COMMITMENTS AND CONTINGENCIES Legal Proceedings From time to time, we may be subject to legal and regulatory actions that arise in the ordinary course of business. The assessment as to whether a loss is probable or reasonably possible, and if such loss or a range of losses is estimable, often involves significant judgment, including estimates and assumptions about future events.

WARRANTS

WARRANTS	9 Months Ended
	Sep. 30, 2024
Warrants and Rights Note Disclosure [Abstract]
Warrants	WARRANTS Public and Private Warrants As of September 30, 2024 and December 31, 2023, we had 24.6 million warrants outstanding (the “Warrants”), consisting of 14.7 million public warrants (the “Public Warrants”) and 9.9 million private warrants (the “Private Warrants”) as of September 30, 2024 and 14.6 million Public Warrants and 10.0 million Private Warrants as of December 31, 2023. Each Warrant entitles the holder thereof to purchase one share of our common stock at a price of $11.50 per share, subject to adjustments. The Warrants will expire on July 9, 2026, or earlier upon redemption or liquidation. We may call the Public Warrants for redemption once they become exercisable, in whole and not in part, at a price of $0.01 per Public Warrant, so long as we provide at least 30 days prior written notice of redemption to each Public Warrant holder, and if, and only if, the reported last sales price of our common stock equals or exceeds $18.00 per share for each of 20 trading days within the 30 trading-day period ending on the third trading day before the date on which we send the notice of redemption to the Public Warrant holders. We determined that the Public Warrants are equity classified as they are indexed to our common stock and qualify for classification within stockholders’ equity. As such, the Public Warrants are presented as part of additional paid-in capital on the condensed consolidated balance sheets. The Private Warrants are identical to the Public Warrants, except that so long as they are held by a certain holder or any of its permitted transferees, the Private Warrants: (i) may be exercised for cash or on a cashless basis and (ii) shall not be redeemable by FREYR. We determined that the Private Warrants are not considered indexed to our common stock as the holder of the Private Warrants impacts the settlement amount and therefore, they are liability classified. The Private Warrants are presented as warrant liability on the condensed consolidated balance sheets. If Private Warrants are sold or transferred to another party that is not the specified holder or any of its permitted transferees, the Private Warrants become Public Warrants and qualify for classification within stockholders’ equity at the fair value on the date of the transfer. See also Note 9 – Fair Value Measurement. EDGE Warrants As of September 30, 2024 and December 31, 2023, we had 0.7 million and 2.2 million warrants, respectively, held by EDGE Global LLC (“EDGE”) or its co-owners that were outstanding and exercisable. These warrants entitle the holder thereof to purchase one share of our common stock at the exercise price, subject to adjustments. The EDGE warrants outstanding as of September 30, 2024 have an exercise price of $1.22 and expire on September 30, 2025. During the nine months ended September 30, 2024, 1.5 million warrants with an exercise price of $0.95 were exercised and settled in shares, net of shares withheld to satisfy the exercise price.

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair value measurement	FAIR VALUE MEASUREMENT Financial assets and liabilities measured at fair value on a recurring basis, by level within the fair value hierarchy, consisted of the following (in thousands): September 30, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Warrant Liabilities $ — $ — $ 721 $ 721 $ — $ — $ 2,025 $ 2,025 We measured our warrant liabilities for Private Warrants, at fair value based on significant inputs not observable in the market, which caused them to be classified as Level 3 measurements within the fair value hierarchy. These valuations used assumptions and estimates that we believed a market participant would use in making the same valuation. Changes in the fair value of the Private Warrants were recognized as a warrant liability fair value adjustment within the condensed consolidated statements of operations and comprehensive loss. As of September 30, 2024 and December 31, 2023, the carrying value of all other financial assets and liabilities approximated their respective fair values. Private Warrants The Private Warrants were valued using the Black-Scholes-Merton option pricing model. See Note 8 – Warrants above for further details. Our use of the Black-Scholes-Merton option pricing model for the Private Warrants required the use of subjective assumptions, including: • The risk-free interest rate assumption was based on the U.S. Treasury Rates commensurate with the contractual terms of the Private Warrants. • The expected term was determined based on the expiration date of the Private Warrants. • The expected volatility assumption was based on the implied volatility of the publicly traded Public Warrants. The fair value of the Private Warrants was determined using this approach, an exercise price of $11.50 and a share price of $0.97 as of September 30, 2024 and $1.87 as of December 31, 2023. An increase in each of the risk-free interest rate, expected term, or expected volatility, in isolation, would increase the fair value measurement, and a decrease in each of these assumptions would decrease the fair value measurement of the Private Warrants. Rollforward of Level 3 Fair Value The changes in the Level 3 instruments measured at fair value on a recurring basis were as follows (in thousands): For the nine months ended Private Warrants Balance (beginning of period) $ 2,025 Fair value measurement adjustments (1,294) Reclassification to Public Warrants (10) Balance (end of period) $ 721

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2024
Stockholders' Equity Note [Abstract]
Stockholders' equity	STOCKHOLDERS' EQUITY Common Stock As of September 30, 2024 and December 31, 2023, 355.0 million shares of common stock were authorized with a par value of $0.01 per share. As of September 30, 2024, 140.5 million shares of common stock were issued and outstanding and as of December 31, 2023, 139.7 million shares of common stock were issued and outstanding. Holders of common stock are entitled to one vote per share and to receive dividends when, as, and if, declared by our Board of Directors. As of September 30, 2024, we have not declared any dividends. Preferred Shares As of September 30, 2024 and December 31, 2023, 10.0 million preferred shares with a par value of $0.01 per share were authorized and none were outstanding. Non-Controlling Interest On September 30, 2024, the Company completed the purchase of 100% of its U.S. joint venture through the acquisition of the remaining 4% non-controlling interest. Share-Based Compensation 2021 Plan In June 2021, we adopted the 2021 Equity Incentive Plan (amended and restated as of April 22, 2024), (the “2021 Plan”). The 2021 Plan provides for the grant of stock options, restricted stock, restricted stock units (“RSUs”), stock appreciation rights, performance units, and performance shares to our employees, directors, and consultants. Generally, our stock options and RSUs vest annually over three years, and our stock options expire five years after the grant date. Options are typically forfeited when the employment relationship ends for employees and they do not typically forfeit for directors. Generally, our RSUs are equity classified awards that are expected to be settled in shares. All exercised options are expected to be settled in shares, net of shares withheld to satisfy the award exercise price. As of September 30, 2024, 34.9 million shares were authorized for issuance to satisfy share-based compensation awards made under the 2021 Plan. During the nine months ended September 30, 2024, 15.1 million options were granted, 6.9 million options were forfeited, 1.6 million RSUs were granted, 402,000 RSUs were forfeited and 59,000 RSUs vested. 2019 Plan The 2019 Incentive Stock Option Plan (the “2019 Plan”) was issued on September 11, 2019. All stock options and warrants granted under the 2019 Plan are fully vested and no further awards can be issued. Outstanding awards under the 2019 Plan are required to be cash settled. The awards granted under the 2019 Plan are liability-classified awards, and as such, these awards are remeasured to fair value at each reporting date with changes to the fair value recognized as stock compensation expense in general and administrative expense or research and development expense within the condensed consolidated statements of operations and comprehensive loss. Cumulative stock compensation expense cannot be reduced below the grant date fair value of the original award. During the nine months ended September 30, 2024, 67,000 awards were exercised and cash settled and 178,000 awards were forfeited. Jensen Option Awards

GOVERNMENT GRANTS

GOVERNMENT GRANTS	9 Months Ended
	Sep. 30, 2024
Government Assistance [Abstract]
Government grants	GOVERNMENT GRANTS For the three and nine months ended September 30, 2024, we recognized grant income of $0.2 million and $0.4 million in other income, net within the condensed consolidated statements of operations and comprehensive loss. For the three and nine months ended September 30, 2023, we recognized grant income of less than $0.1 million and $0.2 million in other income, net within the condensed consolidated statements of operations and comprehensive loss. As of both September 30, 2024 and December 31, 2023, we had $0.2 million in short-term deferred income from grants recorded in accrued liabilities and other on our condensed consolidated balance sheets. As of both September 30, 2024 and December 31, 2023, we had $27.0 million in long-term deferred income from grants recorded in other long-term liabilities on our condensed consolidated balance sheets.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income taxes	INCOME TAXES

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related party transactions	RELATED PARTY TRANSACTIONS Consulting Agreements During the nine months ended September 30, 2024, we engaged two members of the Board of Directors under consulting agreements. In June 2024, one of these agreements was effectively terminated. The expenses incurred for these consulting services for the three and nine months ended September 30, 2024 were $0.1 million and $0.5 million, respectively. The expenses incurred for these consulting services for the three and nine months ended September 30, 2023 were $0.1 million and $0.4 million, respectively. These expenses are recognized as general and administrative expenses in the condensed consolidated statements of operations and comprehensive loss. As of both September 30, 2024 and December 31, 2023, an unpaid amount of $0.1 million is recorded in accrued liabilities and other related to these agreements. Metier

NET LOSS PER SHARE

NET LOSS PER SHARE	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Net loss per share	NET LOSS PER SHARE The computation of basic and diluted net loss per share attributable to stockholders is as follows (in thousands, except per share data): Three months ended Nine months ended 2024 2023 2024 2023 Numerator: Net loss per share attributable to stockholders - basic and diluted $ (27,475) $ (9,785) $ (83,005) $ (47,793) Denominator: Weighted average shares outstanding – basic and diluted 140,490 139,705 140,102 139,705 Net loss per share attributable to stockholders: Basic and diluted $ (0.20) $ (0.07) $ (0.59) $ (0.34) The outstanding securities that could potentially dilute basic net loss per share attributable to stockholders in the future that were not included in the computation, as the impact would be antidilutive, are as follows (in thousands): Three months ended Nine months ended 2024 2023 2024 2023 Public Warrants 14,675 14,625 14,675 14,625 Private Warrants 9,950 10,000 9,950 10,000 EDGE warrants 687 2,176 687 2,176 Employee options (1) 17,257 10,252 17,257 10,252 RSUs 1,267 — 1,267 — Jensen Options 661 661 661 661 Total 44,497 37,714 44,497 37,714 (1) For the three and nine months ended September 30, 2024, the Company excluded 1.5 million options as it is not yet probable that the performance conditions for these options will be achieved.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent events	15. SUBSEQUENT EVENTS On November 6, 2024, FREYR announced that the Company had entered into an agreement (“Transaction Agreement”), to acquire all the shares of capital stock of Trina Solar US Holding Inc., a Delaware corporation (“Trina Solar US Holding”) and related subsidiaries. As part of the Transaction Agreement, FREYR will acquire Trina Solar US Holding’s five-gigawatt solar module facility in Wilmer, Texas. Under the Transaction Agreement, FREYR will acquire Trina Solar US Holding for (i) $100 million cash consideration (subject to an adjustment for any leakage); (ii) 15.4 million shares of common stock; (iii) a $150 million one percent per annum senior unsecured note due in five years; and (iv) an $80 million seven percent unsecured convertible note due in five years, which, subject to approval by the Committee on Foreign Investment in the United States, is convertible in up to two conversions into 30.4 million shares of common stock, in aggregate, with the second conversion being subject to Company stockholder approval. On the same date, FREYR entered into a preferred stock purchase agreement for the purchase of non-voting preferred stock of FREYR in exchange for $100 million, to be funded across two tranches of $50 million each, upon closing and thereafter upon FREYR’s sole discretion upon proceeding to a final investment decision with respect to a solar cell facility. Further, on the same date, FREYR and a co-founder and significant shareholder of Trina Solar US Holding, entered into a securities purchase agreement for approximately $14.8 million of shares of FREYR’s common stock for $1.05 per share, representing an aggregate private placement of 10% of FREYR’s common stock outstanding. The transaction is subject to certain customary conditions precedent, including, among other things, receipt by Trina Solar US Holding of certain third-party consents, completion of the first tranche of $50 million of preferred stock issuance and an internal reorganization to be completed by Trina Solar US Holding and it is expected to close around year-end 2024. We are still evaluating the accounting impact of the pending acquisition on our consolidated financial statements. Under the terms of the Transaction Agreement, within 6 months of closing, FREYR will use its reasonable efforts to dispose, divest, transfer or otherwise sell the assets and operations that constitute its European business. In connection with the transaction, the Company terminated its SemiSolid TM technology license with 24M Technologies (“24M”). Pursuant to the termination of the 24M license agreement, FREYR agreed to pay a service fee of $3 million and transfer all of its 24M preferred stock to 24M for $1.00. There are no further cash obligations.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (27,475)	$ (9,785)	$ (83,005)	$ (47,793)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated interim financial statements have been prepared in conformity with the accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of U.S. Securities and Exchange Commission (“SEC”) Regulation S-X. Accordingly, these financial statements do not include all of the information required by U.S. GAAP for complete consolidated financial statements. The unaudited condensed consolidated interim financial statements have been prepared on the same basis as the audited annual consolidated financial statements for the year ended December 31, 2023 and, in management’s opinion, include all adjustments, consisting of only normal recurring adjustments necessary for the fair presentation of the Company’s condensed consolidated financial statements for the periods presented. The results of operations for the nine months ended September 30, 2024, are not necessarily indicative of the results to be expected for the full year ending December 31, 2024. The condensed consolidated balance sheet as of December 31, 2023, was derived from the audited consolidated financial statements as of December 31, 2023. However, these condensed consolidated interim financial statements do not contain all of the footnote disclosures from the annual consolidated financial statements. These unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and the related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 29, 2024. The condensed consolidated financial statements include the accounts of FREYR, its wholly owned subsidiaries, majority-owned subsidiaries, and variable interest entities (“VIE”) of which we are the primary beneficiary. All intercompany accounts and transactions have been eliminated. Certain prior period balances and amounts have been reclassified to conform with the current period’s presentation.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes.
Restricted Cash	Restricted Cash Certain cash balances are restricted as to withdrawal or use. Restricted cash includes funds held in a restricted account for the payment of upfront rental lease deposits and government income tax withholdings, and in 2023, restricted cash included the balance of an account held for the construction of the manufacturing project in Mo i Rana, Norway (“Giga Arctic”).

RESTRUCTURING (Tables)

RESTRUCTURING (Tables)	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Schedule of restructuring accrued liabilities	The changes in accrued severance and other termination benefits for the 2023 Restructuring were as follows (in thousands): Amount Balance as of January 1, 2024 $ 6,016 Severance and other personnel costs 137 Cash payments (6,026) Foreign currency exchange effects (127) Balance as of September 30, 2024 $ — Accrued liabilities and other consisted of the following (in thousands): September 30, December 31, Accrued purchases $ 8,067 $ 13,145 Accrued payroll and payroll related expenses 7,961 13,120 Operating lease liabilities 3,348 3,382 Other current liabilities 1,878 1,143 Total $ 21,254 $ 30,790

OTHER CURRENT ASSETS (Tables)

OTHER CURRENT ASSETS (Tables)	9 Months Ended
	Sep. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of other current assets	Other current assets consisted of the following (in thousands): September 30, December 31, Deposits $ 4,146 $ 23,893 Other current assets 8,437 10,151 Total $ 12,583 $ 34,044

PROPERTY AND EQUIPMENT, NET A_2

PROPERTY AND EQUIPMENT, NET AND INTANGIBLE ASSETS, NET (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant And Equipment And Intangible Assets [Abstract]
Schedule of property and equipment	Property and equipment, net consisted of the following (in thousands): September 30, December 31, Land $ 44,326 $ 44,326 Leasehold improvements 39,803 39,723 Machinery and equipment 33,535 14,058 Office equipment 2,852 2,926 Construction in progress 258,591 269,197 379,107 370,230 Less: Accumulated depreciation (10,765) (3,873) Total $ 368,342 $ 366,357
Schedule of intangible assets	Intangible assets, net consisted of the following (in thousands): As of September 30, 2024 As of December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net License $ 3,000 $ (300) $ 2,700 $ 3,000 $ (187) $ 2,813

LONG-TERM INVESTMENTS (Tables)

LONG-TERM INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
Long-Term Investments [Abstract]
Schedule of equity investments	The Company’s equity investments consisted of the following (in thousands): September 30, December 31, Investment Equity method investments: Nidec Energy AS $ 791 $ 1,275 Investments without readily determinable fair values: 24M preferred stock 21,028 21,028 Total Long-Term Investments $ 21,819 $ 22,303

ACCRUED LIABILITIES AND OTHER (

ACCRUED LIABILITIES AND OTHER (Tables)	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Schedule of restructuring accrued liabilities	The changes in accrued severance and other termination benefits for the 2023 Restructuring were as follows (in thousands): Amount Balance as of January 1, 2024 $ 6,016 Severance and other personnel costs 137 Cash payments (6,026) Foreign currency exchange effects (127) Balance as of September 30, 2024 $ — Accrued liabilities and other consisted of the following (in thousands): September 30, December 31, Accrued purchases $ 8,067 $ 13,145 Accrued payroll and payroll related expenses 7,961 13,120 Operating lease liabilities 3,348 3,382 Other current liabilities 1,878 1,143 Total $ 21,254 $ 30,790

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of financial assets and liabilities at fair value on a recurring basis	Financial assets and liabilities measured at fair value on a recurring basis, by level within the fair value hierarchy, consisted of the following (in thousands): September 30, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Warrant Liabilities $ — $ — $ 721 $ 721 $ — $ — $ 2,025 $ 2,025
Schedule of changes in the level 3 assets measured at fair value	The changes in the Level 3 instruments measured at fair value on a recurring basis were as follows (in thousands): For the nine months ended Private Warrants Balance (beginning of period) $ 2,025 Fair value measurement adjustments (1,294) Reclassification to Public Warrants (10) Balance (end of period) $ 721
Schedule of changes in the level 3 liabilities measured at fair value	The changes in the Level 3 instruments measured at fair value on a recurring basis were as follows (in thousands): For the nine months ended Private Warrants Balance (beginning of period) $ 2,025 Fair value measurement adjustments (1,294) Reclassification to Public Warrants (10) Balance (end of period) $ 721

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of basic and diluted net loss per share attributable to ordinary shareholders	The computation of basic and diluted net loss per share attributable to stockholders is as follows (in thousands, except per share data): Three months ended Nine months ended 2024 2023 2024 2023 Numerator: Net loss per share attributable to stockholders - basic and diluted $ (27,475) $ (9,785) $ (83,005) $ (47,793) Denominator: Weighted average shares outstanding – basic and diluted 140,490 139,705 140,102 139,705 Net loss per share attributable to stockholders: Basic and diluted $ (0.20) $ (0.07) $ (0.59) $ (0.34)
Schedule of antidilutive securities excluded from computation of net loss per share	The outstanding securities that could potentially dilute basic net loss per share attributable to stockholders in the future that were not included in the computation, as the impact would be antidilutive, are as follows (in thousands): Three months ended Nine months ended 2024 2023 2024 2023 Public Warrants 14,675 14,625 14,675 14,625 Private Warrants 9,950 10,000 9,950 10,000 EDGE warrants 687 2,176 687 2,176 Employee options (1) 17,257 10,252 17,257 10,252 RSUs 1,267 — 1,267 — Jensen Options 661 661 661 661 Total 44,497 37,714 44,497 37,714 (1) For the three and nine months ended September 30, 2024, the Company excluded 1.5 million options as it is not yet probable that the performance conditions for these options will be achieved.

RESTRUCTURING - Narrative (Deta

RESTRUCTURING - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
Severance and other personnel costs	$ 4.5	$ 4.5	$ 6

RESTRUCTURING - Schedule of res

RESTRUCTURING - Schedule of restructuring accrued liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Restructuring Accrual [Roll Forward]
Severance and other personnel costs	$ 4,500		$ 4,500		$ 6,000
Foreign currency exchange effects	110	$ 3,213	(1,245)	$ (20,546)
Employee severance
Restructuring Accrual [Roll Forward]
Balance as of January 1, 2024			6,016
Severance and other personnel costs			137
Cash payments			(6,026)
Foreign currency exchange effects			(127)
Balance as of September 30, 2024	$ 0		$ 0		$ 6,016

OTHER CURRENT ASSETS - Schedule

OTHER CURRENT ASSETS - Schedule of other current assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deposits	$ 4,146	$ 23,893
Other current assets	8,437	10,151
Total	$ 12,583	$ 34,044

PROPERTY AND EQUIPMENT, NET A_3

PROPERTY AND EQUIPMENT, NET AND INTANGIBLE ASSETS, NET - Schedule of property and equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant And Equipment And Intangible Assets [Abstract]
Land	$ 44,326	$ 44,326
Leasehold improvements	39,803	39,723
Machinery and equipment	33,535	14,058
Office equipment	2,852	2,926
Construction in progress	258,591	269,197
Property and equipment, gross	379,107	370,230
Less: Accumulated depreciation	(10,765)	(3,873)
Total	$ 368,342	$ 366,357

PROPERTY AND EQUIPMENT, NET A_4

PROPERTY AND EQUIPMENT, NET AND INTANGIBLE ASSETS, NET - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant And Equipment And Intangible Assets [Abstract]
Depreciation	$ 2,500	$ 1,100	$ 7,000	$ 1,800
Amortization of intangible assets	38	$ 38	113	$ 113
Intangible asset, expected amortization, year one	150		150
Intangible asset, expected amortization, year two	150		150
Intangible asset, expected amortization, year three	150		150
Intangible asset, expected amortization, year four	150		150
Intangible asset, expected amortization, year five	$ 150		$ 150

PROPERTY AND EQUIPMENT, NET A_5

PROPERTY AND EQUIPMENT, NET AND INTANGIBLE ASSETS, NET - Schedule of intangible assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Net Carrying Amount	$ 2,700	$ 2,813
License
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	3,000	3,000
Accumulated Amortization	(300)	(187)
Net Carrying Amount	$ 2,700	$ 2,813

LONG-TERM INVESTMENTS - Schedul

LONG-TERM INVESTMENTS - Schedule of equity investments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Equity method investments:
Nidec Energy AS	$ 791	$ 1,275
Investments without readily determinable fair values:
24M preferred stock	21,028	21,028
Total Long-Term Investments	$ 21,819	$ 22,303

LONG-TERM INVESTMENTS - Narrati

LONG-TERM INVESTMENTS - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Equity method investment, contributions				$ 0	$ 1,655
Share of net loss of equity method investee		$ 150	$ 153	484	208
Other current assets		12,583		12,583		$ 34,044
Nidec Energy AS
Schedule of Equity Method Investments [Line Items]
Equity method investment, contributions	$ 1,700
Equity method investment, ownership percentage	33%
Share of net loss of equity method investee				500
Other income				300		500
Other current assets		$ 1,500		$ 1,500		$ 800
Freyr Battery US, LLC
Schedule of Equity Method Investments [Line Items]
Share of net loss of equity method investee					$ 200

ACCRUED LIABILITIES AND OTHER_2

ACCRUED LIABILITIES AND OTHER (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued purchases	$ 8,067	$ 13,145
Accrued payroll and payroll related expenses	7,961	13,120
Operating lease liabilities	3,348	3,382
Other current liabilities	1,878	1,143
Total	$ 21,254	$ 30,790

WARRANTS (Details)

WARRANTS (Details) - $ / shares	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Class of Warrant or Right [Line Items]
Warrant outstanding (in shares)	24,600,000	24,600,000
Warrant, number of shares called by each warrant (in shares)	1
Warrant, exercise price (in USD per share)	$ 11.50
Public warrants
Class of Warrant or Right [Line Items]
Warrant outstanding (in shares)	14,700,000	14,600,000
Warrant, redemption price (in USD per share)	$ 0.01
Warrant, minimum prior written notice	30 days
Warrant, redemption, price trigger (in USD per share)	$ 18
Warrant, threshold trading days	20 days
Warrant, threshold consecutive trading days	30 days
Private warrants
Class of Warrant or Right [Line Items]
Warrant outstanding (in shares)	9,900,000	10,000,000
EDGE warrants
Class of Warrant or Right [Line Items]
Warrant outstanding (in shares)	700,000	2,200,000
Warrant, exercise price (in USD per share)	$ 1.22
Exercise of warrants (in shares)	1,500,000
Warrants exercised during period, exercise price (in USD per share)	$ 0.95

FAIR VALUE MEASUREMENT - Schedu

FAIR VALUE MEASUREMENT - Schedule of financial assets and liabilities at fair value on a recurring basis (Details) - Warrant Liabilities - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Liabilities:
Warrant Liabilities	$ 721	$ 2,025
Level 1
Liabilities:
Warrant Liabilities	0	0
Level 2
Liabilities:
Warrant Liabilities	0	0
Level 3
Liabilities:
Warrant Liabilities	$ 721	$ 2,025

FAIR VALUE MEASUREMENT - Narrat

FAIR VALUE MEASUREMENT - Narrative (Details) - Private warrants - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Measurement input, exercise price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input (in USD per share)	11.50	1.87
Measurement input, share price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input (in USD per share)	0.97	1.87

FAIR VALUE MEASUREMENT - Sche_2

FAIR VALUE MEASUREMENT - Schedule of changes in the level 3 assets and liabilities measured at fair value (Details) - Warrant Liabilities $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance (beginning of period)	$ 2,025
Fair value measurement adjustments	(1,294)
Reclassification to Public Warrants	(10)
Balance (end of period)	$ 721

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details)		9 Months Ended
	Jul. 13, 2021 $ / shares shares	Sep. 30, 2024 vote $ / shares shares	Dec. 31, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares authorized (in shares)		355,000,000	355,000,000
Common stock, par value (in USD per share) | $ / shares		$ 0.01	$ 0.01
Common stock, shares outstanding (in shares)		140,490,000	139,705,000
Votes per share (in votes per share) | vote		1
Preferred shares authorized (in shares)		10,000,000	10,000,000
Preferred shares par value (in USD per share) | $ / shares		$ 0.01	$ 0.01
Preferred shares outstanding (in shares)		0	0
U.S Joint Venture
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Equity method investment, ownership percentage		100%
Equity method investment, ownership percentage acquired in transaction		0.04
RSUs | Employee
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period		3 years
Option | Employee
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period		3 years
Maximum contractual term		5 years
Jensen Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options granted during the period (in shares)	850,000
Granted, weighted average exercise price (in USD per share) | $ / shares	$ 10
Awards exercisable (in shares)			661,000
2021 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Capital shares reserved for future issuance (in shares)		34,900,000
2021 Plan | Employee
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options granted during the period (in shares)		15,100,000
Options forfeited during the period (in shares)		6,900,000
RSUs granted during the period (in shares)		1,600,000
RSUs forfeited during the period (in shares)		402,000
RSUs vested during the period (in shares)		59,000
2019 Plan | Employee
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options forfeited during the period (in shares)		178,000
Options exercised during the period (in shares)		67,000

GOVERNMENT GRANTS (Details)

GOVERNMENT GRANTS (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Government Assistance [Abstract]
Grant income	$ 0.2	$ 0.1	$ 0.4	$ 0.2
Short term deferred income	0.2		0.2		$ 0.2
Long term deferred income	$ 27		$ 27		$ 27

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	0%	0%	0%	(1.00%)

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 30, 2024 agreement	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) director	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Number of board members engaged in consulting agreements | director				2
Number of consulting agreements terminated | agreement	1
General and administrative		$ 18,515	$ 27,772	$ 61,386	$ 85,405
Accrued liabilities and other		21,254		21,254		$ 30,790
Accounts payable		10,080		10,080		18,113
Director
Related Party Transaction [Line Items]
General and administrative		100	100	500	400
Accrued liabilities and other		100		100		100
Related party | Metier OEC
Related Party Transaction [Line Items]
General and administrative		400	700	1,400	3,300
Cost capitalized		0	$ 300	100	$ 1,500
Accounts payable		$ 100		$ 100		$ 300

NET LOSS PER SHARE - Schedule o

NET LOSS PER SHARE - Schedule of basic and diluted net loss per share attributable to ordinary shareholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net loss attributable to stockholders - basic	$ (27,475)	$ (9,785)	$ (83,005)	$ (47,793)
Net loss attributable to stockholders - diluted	$ (27,475)	$ (9,785)	$ (83,005)	$ (47,793)
Denominator:
Weighted average shares outstanding - basic (in shares)	140,490,000	139,705,000	140,102,000	139,705,000
Weighted average shares outstanding - diluted (in shares)	140,490,000	139,705,000	140,102,000	139,705,000
Net loss per share attributable to stockholders:
Net loss per share attributable to stockholders - basic (in USD per share)	$ (0.20)	$ (0.07)	$ (0.59)	$ (0.34)
Net loss per share attributable to stockholders - diluted (in USD per share)	$ (0.20)	$ (0.07)	$ (0.59)	$ (0.34)

NET LOSS PER SHARE - Schedule_2

NET LOSS PER SHARE - Schedule of antidilutive securities excluded from computation of net loss per share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	44,497	37,714	44,497	37,714
Public Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	14,675	14,625	14,675	14,625
Private Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	9,950	10,000	9,950	10,000
EDGE warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	687	2,176	687	2,176
Employee options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	17,257	10,252	17,257	10,252
Antidilutive securities excluded from computation of earnings per share, not probable that performance conditions will be met, amount (in shares)	1,500		1,500
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	1,267	0	1,267	0
Jensen Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	661	661	661	661

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent event $ / shares in Units, shares in Millions, instrument in Millions		1 Months Ended
	Nov. 06, 2024 USD ($) tranch conversion instrument shares	Dec. 31, 2024 USD ($) $ / shares
Subsequent Event [Line Items]
Consideration paid, termination of technology license	$ 3,000,000
Trina Solar Co Ltd
Subsequent Event [Line Items]
Cash consideration of acquisition	$ 100,000,000
Number of shares | shares	15.4
Number of equity instruments (in shares) | instrument	30.4
Trina Solar Co Ltd | Convertible Note
Subsequent Event [Line Items]
Number of conversions | conversion	2
Trina Solar Co Ltd | Convertible Note | Unsecured convertible note
Subsequent Event [Line Items]
Debt percentage	7%
Debt term	5 years
Trina Solar Co Ltd | Senior Notes | Senior unsecured notes
Subsequent Event [Line Items]
Liabilities incurred	$ 150,000,000
Debt percentage	1%
Debt term	5 years
Trina Solar Co Ltd | Convertible Debt | Unsecured convertible note
Subsequent Event [Line Items]
Liabilities incurred	$ 80,000,000
24M License Agreement
Subsequent Event [Line Items]
Proceeds from sale equity securities without readily determinable fair value	1
Preferred stock
Subsequent Event [Line Items]
Commitment, issuance of preferred stock	$ 100,000,000
Number of tranches | tranch	2
Commitment received for issuance of stock per tranche	$ 50,000,000
Common Stock, $0.01 par value | Private placement | Forecast
Subsequent Event [Line Items]
New issues (in shares)		$ 14,800,000
Sale of stock, price per share (in USD per share) | $ / shares		$ 1.05
Preferred equity cash, percentage of common stock		10%