FREYR Battery, Inc. (NYSE:FREY) Q1 2024 Earnings Conference Call May 8, 2024 8:30 AM ET
Company Participants
Jeffrey Spittel - Vice President of Investor Relations
Tom Einar Jensen - Executive Chairperson
Birger Steen - Chief Executive Officer
Jeremy Bezdek - EVP of Corporate Development & President of FREYR Battery US
Oscar Brown - Group Chief Financial Officer
Conference Call Participants
Tyler DiMatteo - BTIG
Operator
Well and welcome to FREYR Battery’s First Quarter 2024 Earnings Conference Call. With me today on the call are Tom Einar Jensen, our Executive Chairperson; Birger Steen, our Chief Executive Officer; Oscar Brown, our Chief Financial Officer; Jeremy Bezdek, Executive Vice President of Corporate Development and President of FREYR Battery US.
During today’s call, management may make forward-looking statements about our business. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expectations. Most of these factors are outside FREYR’s control and are difficult to predict. Additional information about risk factors that could materially affect our business are available on FREYR’s S-1 and Annual Report on Form 10-K filed with the Securities and Exchange Commission, which are available on the Investor Relations section of our website.
With that, I'll turn the call over to Tom.
Tom Einar Jensen
Thank you, Jeff and welcome everyone to this first quarter 2024 earnings call; FREYR’s 12th earnings call since we went public on the New York Stock Exchange back in July 2021.
When we launched our mission to become a global champion in clean battery solutions, we advocated that deep electrification would happen across the board, and we particularly emphasized the massive growth expected in the ESS segment with LFP batteries. It is interesting to look back on our market predictions from back then, which were notably higher than most other estimates at the time, and see that the development in battery deployment is well in line with our predictions.
As per the recent International Energy Agency report, the storage market continues to grow exponentially and is exhibiting the benefits and added momentum from established and emerging structural growth drivers such as renewables proliferation, electrification of everything, but also now AI and crypto on the horizon. We believe this market will continue to surprise on the upside, and we are very well positioned to play a significant role in it.
Against this backdrop, we have made significant progress behind the scenes this quarter on augmenting our technology strategy, evaluating, maturing, rejecting, and pursuing value-accretive deals, refining further our end-market focus on ESS and commercial mobility, and preparing to fund a build-out of our presence in the U.S. battery value chain through our Giga America efforts.