FREYR(US:FREY)2024-05-08 13:46Financial Performance & Liquidity - FREYR ended Q1 2024 with $253 million in cash and no debt[16] - Total cash uses in 2023 were $287 million, and 2024 cash use is planned to be well below this figure[10] - Q1 2024 net loss was $(0.20) per share[16] - Q1 2024 cash flow from operating activities was $(16) million, and cash flow from investing activities was $(21) million[10] Operational Progress & Strategic Initiatives - FREYR is on track to produce first unit cells with full automation of Casting and Unit Cell Assembly in H1 2024[6] - The company is streamlining its project pipeline to pursue four distinct projects with the highest return potential, focusing on ESS and commercial E-mobility end markets[6, 13] - Negotiations are ongoing to reach two potential strategic agreements, including a conventional technology licensing agreement and a potential inorganic opportunity, intended to accelerate the path to market and first revenues[13] - Initial site preparation is underway at FREYR's flagship U S project, with a conventional technology track likely the fastest pathway to market[14] Market Opportunity & Growth - Global battery storage installations reached 42 GW/99 GWh in 2023, more than doubling year-on-year[3] - Global electricity demand from data centers is expected to grow from 460 TWh in 2022 to 800 TWh in 2026[3] - The G7 energy ministers agreed to a targeted 6 5-fold increase in energy storage capacity by 2030, from 230 GW in 2022 to 1,500 GW[3]