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T1 Energy
Formerly known as Freyr Battery | Developing a lithium ion battery facility and 600 MW onshore wind-park
About T1 Energy
FREYR Battery is a startup that operates in the energy storage and electric vehicle (EV) sectors. The company specializes in the production of battery cells, primarily for EVs and energy storage systems (ESS). FREYR's business model is centered on leveraging advanced technology and a full Nordic supply chain to produce highly competitive battery cells at scale. The company's operations are based in the Mo i Rana industrial complex in Northern Norway, taking advantage of the region's skilled workforce and abundant, low-cost renewable energy supply.
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FREYR's clients are likely to be manufacturers of EVs and ESS, who require high-quality, cost-effective battery cells. The company's competitive edge lies in its ability to surpass or match industry standards in cycle life, depth of discharge (DoD), round-trip efficiency (RTE), and levelized cost of storage (LCOS). In simpler terms, FREYR's batteries are designed to last longer, perform better, and be more cost-effective than other options on the market.
The company has recently achieved a significant milestone by successfully conducting automated cathode casting trials, an important step in the battery production process. FREYR is also planning to expand its operations to the United States, which could potentially increase its market reach and production capacity.
In terms of revenue, FREYR likely makes money by selling its battery cells to EV and ESS manufacturers. The company's commitment to sustainability and its ambitious growth plans suggest a strong potential for future profitability.
At a glance
- Status
- Operational
- Founded
- 2018
- Headquarters
- Rana, Norway
- Listing
- Public via SPAC 2021
- Employees
- 195
- Open positions
- None listed
- Dealroom signal
- 95.1/100
- Sub-industry
- Energy Storage, Vehicle Production
- Sector
- Transportation, Lithium-Ion Batteries, Sustainable Development Goals, EV Battery Production, Verified Unicorns and $1B Exits, From $1B Exit to Zebra, SPAC Target, SPAC IPO Closed, EV Battery, Climate Tech
- Technology
- Hardware
- Business model
- Manufacturing
- Client focus
- b2b
- Investment activity
- 2 companies, latest Jun 2026
- Capital deployed
- —
- Preferred round
- GROWTH EQUITY NON VC
Latest news
Press, funding announcements and product moves mentioning T1 Energy.
Funding history
Company financing events and reported valuations.
| Deal type | Date | Amount | Valuation | Investors | Source |
|---|---|---|---|---|---|
| POST IPO EQUITYOther financing | May 2026 | $44M | — | Situational Awareness | ↗ |
| POST IPO CONVERTIBLEOther financing | Apr 2026 | $160M | — | Undisclosed | ↗ |
Financials
Revenue, earnings and other financial measures where available. Years marked “E” are estimates.
| Year | Revenue | Growth | EBITDA | Margin |
|---|---|---|---|---|
| 2026 | $948M | +61.5% | $78M | 8.2% |
| 2025 | $587M | +19845.6% | −$65M | -11.1% |
| 2024 | $2.9M | — | −$48M | -1637.5% |
| 2023 | — | — | −$181M | — |
| 2022 | — | — | −$137M | — |
| 2021 | — | — | −$73M | — |
| 2020 | — | — | −$8.2M | — |
Growth signals
Latest recorded traffic for T1 Energy is 93K monthly website visits, up 111.4% over the last three months. T1 Energy's team grew 16.1% over the past year.
Similar companies
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Investments and acquisitions
Recent portfolio relationships for companies that also act as investors or acquirers.
KORE PowerSt. John's, CanadaLeading developer of battery cell technology, delivering innovative energy storage and e-mobility solutions worldwide
$300Mvaluation
TALON PVHouston, United StatesHigh-efficiency TOPCon solar cell manufacturing and development
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Investors
From Dealroom's funding and investor records, grouped by the round each investor first entered.
Seed3 investors entered at this stage
Innovation Norway
Enova
EU Innovation Fund
Series A2 investors entered at this stage
InnoEnergy
Raanana Municipality
Series B and later8 investors entered at this stage
Franklin Templeton Investments
Sylebra capital
Fidelity Investments
Koch Industries
Glencore- VEVan Eck
Alussa Energy Acquisition Corp
Situational Awareness
Source: Dealroom Talent Intelligence.
Global footprint
team presence
Market sentiment
An AI-synthesised read of the highest-engagement posts about T1 Energy on X, ranked by likes and reposts, corporate channels excluded.
Reading the room on X — pulling top posts and synthesizing themes…
Source: X recent search ranked by engagement (likes + retweets) · Synthesis by Claude · Cached for 1 hour
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