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    SEC Form SC 13D filed by FREYR Battery Inc.

    4/22/24 5:08:10 PM ET
    $FREY
    Industrial Machinery/Components
    Miscellaneous
    Get the next $FREY alert in real time by email
    SC 13D 1 e663534_sc13d-eca.htm

     

    UNITED STATES

    SECURITIES AND EXCHANGE COMMISSION

    Washington, D.C. 20549

     

    SCHEDULE 13D

    (Rule 13d-101)

     

    INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

    TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO

    § 240.13d-2(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934

     

    (Amendment No.   )1

     

    FREYR Battery, Inc.

    (Name of Issuer)

     

    Common Stock, par value $0.01 per share

    (Title of Class of Securities)

     

    35834F104

    (CUSIP Number)

     

    Todd J. Kantor

    Encompass Capital Advisors LLC

    200 Park Avenue, 16th Floor

    New York, New York 10166

    (646) 351-8450

    (Name, Address and Telephone Number of Person

    Authorized to Receive Notices and Communications)

     

    April 18, 2024

    (Date of Event Which Requires Filing of This Statement)

     

    If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this Schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ☒.

     

    Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties to whom copies are to be sent.

     

    The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

     

    1The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

     

     

    CUSIP No. 35834F104

     

      1   NAME OF REPORTING PERSON  
             
           

    Encompass Capital Advisors LLC

     
      2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
            (b) ☐
               
      3   SEC USE ONLY    
               
               
      4   SOURCE OF FUNDS  
             
           

    OO

     
      5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
           
               
      6   CITIZENSHIP OR PLACE OF ORGANIZATION  
             
           

    Delaware 

     
    NUMBER OF   7   SOLE VOTING POWER  
    SHARES          
    BENEFICIALLY        

    0

     
    OWNED BY   8   SHARED VOTING POWER  
    EACH          
    REPORTING         13,818,7331

     
    PERSON WITH   9   SOLE DISPOSITIVE POWER  
             
              0  
        10   SHARED DISPOSITIVE POWER  
               
               13,818,7331

     
      11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            13,818,7331

     
      12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
           
               
      13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
             
           

    9.9%1

     
      14   TYPE OF REPORTING PERSON  
             
           

    OO, IA

     

     

    (1)Includes (a) 13,463,268 shares of the Issuer’s common stock, par value $0.01 per share (“Common Stock”), and (b) 355,465 warrants, which are exercisable into shares of Common Stock.

     

     

    CUSIP No. 35834F104

     

      1   NAME OF REPORTING PERSON  
             
           

    Encompass Capital Partners LLC

     
      2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
            (b) ☐
               
      3   SEC USE ONLY    
               
               
      4   SOURCE OF FUNDS  
             
           

    OO 

     
      5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
           
               
      6   CITIZENSHIP OR PLACE OF ORGANIZATION  
             
           

    Delaware 

     
    NUMBER OF   7   SOLE VOTING POWER  
    SHARES          
    BENEFICIALLY        

    0

     
    OWNED BY   8   SHARED VOTING POWER  
    EACH          
    REPORTING         9,599,7161

     
    PERSON WITH   9   SOLE DISPOSITIVE POWER  
             
              0  
        10   SHARED DISPOSITIVE POWER  
               
              9,599,7161

     
      11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            9,599,7161

     
      12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
           
               
      13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
             
           

    6.9%1 

     
      14   TYPE OF REPORTING PERSON  
             
           

    OO 

     

     

    (1)Includes (a) 9,247,785 shares of Common Stock and (b) 351,931 warrants, which are exercisable into shares of Common Stock.

     

     

    CUSIP No. 35834F104

     

      1   NAME OF REPORTING PERSON  
             
           

    Todd J. Kantor

     
      2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
            (b) ☐
               
      3   SEC USE ONLY    
               
               
      4   SOURCE OF FUNDS  
             
           

    AF

     
      5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
           
               
      6   CITIZENSHIP OR PLACE OF ORGANIZATION  
             
           

    United States of America

     
    NUMBER OF   7   SOLE VOTING POWER  
    SHARES          
    BENEFICIALLY        

    0

     
    OWNED BY   8   SHARED VOTING POWER  
    EACH          
    REPORTING         13,818,7331

     
    PERSON WITH   9   SOLE DISPOSITIVE POWER  
             
              0  
        10   SHARED DISPOSITIVE POWER  
               
              13,818,7331

     
      11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            13,818,7331

     
      12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
           
               
      13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
             
           

    9.9%1

     
      14   TYPE OF REPORTING PERSON  
             
           

    IN, HC

     

     

    (1)Includes (a) 13,463,268 shares of Common Stock and (b) 355,465 warrants, which are exercisable into shares of Common Stock. Mr. Kantor is the managing member of each of Encompass Capital Advisors LLC and Encompass Capital Partners LLC. Mr. Kantor disclaims beneficial ownership of the securities reported herein except to the extent of his pecuniary interest therein.

     

     

    CUSIP No. 35834F104

     

    The following constitutes the Schedule 13D filed by the undersigned (the “Schedule 13D”).

     

    Item 1.Security and Issuer.

     

    This statement relates to the Common Stock, $0.01 par value (the “Shares”), of FREYR Battery, Inc., a Delaware corporation (the “Issuer”). The address of the principal executive offices of the Issuer is 6&8 East Court Square, Suite 300, Newnan, Georgia 30263.

     

    Item 2.Identity and Background.

            

    (a) This statement is filed by:

     

    (i)Encompass Capital Advisors LLC (“ECA”), as an investment manager;

     

    (ii)Encompass Capital Partners LLC (“ECP”), as the general partner of certain investment partnerships; and

     

    (iii)Todd J. Kantor (“Mr. Kantor”), in his individual capacity and as the managing member of each of ECA and ECP.

     

    Each of the foregoing is referred to as a “Reporting Person” and collectively as the “Reporting Persons.” Each of the Reporting Persons is party to that certain Joint Filing Agreement, as further described in Item 6. Accordingly, the Reporting Persons are hereby filing a joint Schedule 13D.

     

    (b) The business address of ECA is 200 Park Avenue, 16th Floor, New York, New York 10166. The business address of each of ECP and Mr. Kantor is c/o Encompass Capital Advisors LLC, 200 Park Avenue, 16th Floor, New York, New York 10166.

     

    (c) The principal business of ECA is serving as an investment manager. The principal business of ECP is serving as the general partner of certain investment partnerships. The principal occupation of Mr. Kantor is serving as the managing member of each of ECA and ECP.

      

    (d) No Reporting Person has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).

     

    (e) No Reporting Person has, during the last five years, been party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

     

    (f) Each of ECA and ECP are Delaware limited liability companies. Mr. Kantor is a citizen of the United States of America.

     

    Item 3.Source and Amount of Funds or Other Consideration.

     

    The Shares and warrants exercisable into Shares beneficially owned as reported herein were purchased with investment capital in open market purchases and private transactions. The aggregate purchase price of the 13,463,268 Shares and the 355,465 warrants is approximately $101,357,538.

     

     

    CUSIP No. 35834F104

     

    Beneficial ownership of certain Shares was acquired upon the exchange of certain preferred stock in connection with the merger of FREYR AS with Alussa Energy Acquisition Corp. that closed on July 9, 2021.

      

    Item 4.Purpose of Transaction.

     

    Effective April 18, 2024, Mr. Kantor was appointed to the Issuer’s Board of Directors.

     

    The Reporting Persons acquired the securities of the Issuer based on the Reporting Persons’ belief that such securities, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Shares at prices that would make the purchase or sale of Shares desirable, the Reporting Persons may endeavor to increase, decrease or hedge their position in the Issuer through, among other things, the purchase or sale of Shares on the open market or in private transactions or otherwise, including through swaps and other derivative instruments, on such terms and at such times as the Reporting Person may deem advisable.

     

    The Reporting Persons do not have any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D except as set forth herein or such as would occur upon or in connection with completion of, or following, any of the actions discussed herein. The Reporting Persons intend to review their investment in the Issuer on a continuing basis. Depending on various factors including, without limitation, the Issuer’s financial position and investment strategy, the price levels of the Shares, conditions in the securities markets and general economic and industry conditions, and the Issuer’s Board of Directors’ requests of Mr. Kantor, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate including, without limitation, engaging in discussions with stockholders of the Issuer or other third parties about the Issuer and the Reporting Persons’ investment, including potential business combinations or dispositions involving the Issuer or certain of its businesses, making recommendations or proposals to the Issuer concerning changes to the capitalization, ownership structure, board structure (including board composition), potential business combinations or dispositions involving the Issuer or certain of its businesses, or suggestions for improving the Issuer’s financial and/or operational performance, or changing their intentions with respect to any and all matters referred to in this Item 4.

     

    Item 5.Interest in Securities of the Issuer.

     

    Items 5(a) – (c) are hereby to read as follows:

     

    The aggregate percentage of Shares reported owned by the Reporting Persons is based upon 139,705,234 shares of Common Stock outstanding, which is the total number of Shares outstanding as of February 23, 2024, as reported in the Issuer’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on February 29, 2024.

     

    The ownership of each Reporting Person in this Item 5 includes the Shares issuable upon the exercise of warrants that are exercisable within 60 days.

     

    1.ECA
    (a)Amount beneficially owned: 13,818,733 Shares


    Percentage: Approximately 9.9%

     

    (b)1. Sole power to vote or direct vote: 0
    2. Shared power to vote or direct vote: 13,818,733
    3. Sole power to dispose or direct the disposition: 0
    4. Shared power to dispose or direct the disposition: 13,818,733

     

     

    CUSIP No. 35834F104

     

    (c) ECA has not entered into any transactions in Shares during the past sixty days.

    2.ECP
    (a)Amount beneficially owned: 9,599,716 Shares

    Percentage: Approximately 6.9% 

    (b)1. Sole power to vote or direct vote: 0
    2. Shared power to vote or direct vote: 9,599,716
    3. Sole power to dispose or direct the disposition: 0
    4. Shared power to dispose or direct the disposition: 9,599,716

    (c) ECP has not entered into any transactions in Shares during the past sixty days.

    3.Mr. Kantor
    (a)Amount beneficially owned: 13,818,733 Shares

    Percentage: Approximately 9.9%

    (b)1. Sole power to vote or direct vote: 0
    2. Shared power to vote or direct vote: 13,818,733
    3. Sole power to dispose or direct the disposition: 0
    4. Shared power to dispose or direct the disposition: 13,818,733

     

    (c) Mr. Kantor has not entered into any transactions in Shares during the past sixty days.

    Each Reporting Person may be deemed to be a member of a “group” with the other Reporting Persons for the purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, and, accordingly, may be deemed the beneficial owner of the Shares directly owned by the other Reporting Persons. However, each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein.

     

    (d) No person other than the Reporting Persons is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the Shares.
    (e)Not applicable.

    Item 6.Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.

     

    Economic exposure to the Shares is also held through certain cash-settled total return swap agreements with Morgan Stanley Capital Services LLC (“MSCS”) as the counterparty (the “Swap Agreements”). The swaps with MSCS constitute economic exposure to an aggregate of 10,060,113 notional Shares, which includes exposure to 9,236,836 warrants that are exercisable into Shares, of which (i) 48,863 notional Shares and 626,541 warrants that are exercisable into Shares that have a maturity date of November 19, 2024, (ii) 376,814 notional Shares and 3,580,666 warrants that are exercisable into Shares that have a maturity date of April 1, 2025, (iii) 115,474 notional Shares and 1,308,321 warrants that are exercisable into Shares that have a maturity date of September 24, 2025, and (iv) 282,126 notional Shares and 3,721,308 warrants that are exercisable into Shares that have a maturity date of January 22, 2026. The Swap Agreements provide economic results that are comparable to the economic results of ownership but do not provide it with the power to vote or direct the voting or dispose of or direct the disposition of the Shares that are the subject of the Swap Agreements (such shares, the “Subject Shares”). Taking into account the Subject Shares, the Reporting Persons have economic exposure to an aggregate of 23,878,846 Shares. The Reporting Persons disclaim beneficial ownership of the Subject Shares.

     

     

     

    CUSIP No. 35834F104

     

    In addition, the Reporting Persons have an aggregate economic interest in Shares beneficially owned by Alussa Energy Sponsor LLC. However, the Reporting Persons do not have voting power or dispositive power over such Shares beneficially owned by Alussa Energy Sponsor LLC. The Reporting Persons disclaim the formation of a group with Alussa Energy Sponsor LLC and of any shared beneficial ownership of the Shares.

     

    On April 22, 2024, the Reporting Persons entered into a Joint Filing Agreement in which the Reporting Persons agreed to the joint filing on behalf of each of them of statements on Schedule 13D with respect to the securities of the Issuer to the extent required by applicable law. The Joint Filing Agreement is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

     

    Item 7.Material to be Filed as Exhibits.
    99.1Joint Filing Agreement by and among the Reporting Persons, dated April 22, 2024.

     

    CUSIP No. 35834F104

     

    SIGNATURES

     

    After reasonable inquiry and to the best of his knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.

     

    Dated: April 22, 2024

     

      ENCOMPASS CAPITAL ADVISORS LLC
       
      By: /s/ Todd J. Kantor
     
        Name: Todd J. Kantor
      Title: Managing Member

     

      ENCOMPASS CAPITAL PARTNERS LLC
       
      By: /s/ Todd J. Kantor
     
        Name: Todd J. Kantor
      Title: Managing Member

      

      /s/ Todd J. Kantor
      TODD J. KANTOR

     

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      FREYR Battery (NYSE:FREY) ("FREYR" or the "Company"), a developer of clean, next-generation battery cell production capacity, has announced the appointment of Jessica Wirth Strine to FREYR's Board of Directors. Jessica Wirth Strine, a U.S.-based executive with prior experience as a portfolio manager at BlackRock Inc. (NYSE:BLK) and Vanguard Investments, is joining FREYR's Board of Directors effective immediately. Strine is the Chief Executive Officer and Managing Partner of Sustainable Governance Partners LLC, an independent corporate advisory firm that she co-founded in 2020. In this capacity, she provides strategic counsel to public companies with a focus on corporate governance, sustai

      11/27/23 6:01:00 AM ET
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    Insider Purchases

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    • Chief Financial Officer Calio Joseph Evan bought $903,276 worth of shares (549,862 units at $1.64), increasing direct ownership by 421% to 680,462 units (SEC Form 4)

      4 - FREYR Battery, Inc. /DE/ (0001992243) (Issuer)

      12/16/24 5:50:05 PM ET
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    • Chief Financial Officer Calio Joseph Evan bought $249,446 worth of Shares of Common Stock (130,600 units at $1.91) (SEC Form 4)

      4 - FREYR Battery, Inc. /DE/ (0001992243) (Issuer)

      11/13/24 4:05:25 PM ET
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    • FREYR Battery upgraded by BTIG Research with a new price target

      BTIG Research upgraded FREYR Battery from Neutral to Buy and set a new price target of $4.00

      12/20/24 7:35:27 AM ET
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    • FREYR Battery downgraded by Morgan Stanley with a new price target

      Morgan Stanley downgraded FREYR Battery from Overweight to Equal-Weight and set a new price target of $2.00 from $13.00 previously

      11/14/23 7:41:28 AM ET
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    • FREYR Battery downgraded by BTIG Research

      BTIG Research downgraded FREYR Battery from Buy to Neutral

      11/10/23 7:13:19 AM ET
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    • FREYR Battery Announces Transformative Acquisition of Trina Solar's U.S. Manufacturing Assets, Actions to Strengthen Board of Directors and Management Team

      FREYR Battery (NYSE:FREY) ("FREYR" or the "Company") has announced that the Company has entered into an agreement to acquire the U.S. solar manufacturing assets of Trina Solar Co Ltd. (SHA: 688599) ("Trina Solar"). The transaction is subject to certain customary conditions precedent, including receipt of certain third-party consents, completion of the preferred stock issuance to Encompass Capital Advisors LLC and internal reorganization to be completed by Trina Solar and is expected to close around year end 2024. Highlights The transaction is expected to close year end 2024 and creates a leading integrated U.S.-owned and operated solar technology company with a pathway for value enhancin

      11/6/24 6:01:00 AM ET
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    • FREYR Battery Reports Second Quarter 2024 Results

      FREYR Battery, Inc. (NYSE:FREY) ("FREYR" or the "Company"), a developer of sustainable, next-generation battery solutions, today reported financial results for the second quarter of 2024. Key Messages: FREYR's new Board of Directors and leadership team executing plan to achieve first revenues and EBITDA as soon as 2025. The Company's top priority is to focus resources on financeable projects and inorganic opportunities that accelerate FREYR's commercialization and pathway to cash flows. FREYR is prioritizing conventional technology strategy to achieve commercialization. FREYR is advancing discussions and diligence tied to agreements to develop conventional battery technology soluti

      8/9/24 6:00:00 AM ET
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    • FREYR Battery Announces Second Quarter 2024 Earnings Release and Conference Call Schedule

      FREYR Battery (NYSE:FREY) ("FREYR"), a developer of next-generation battery cell production capacity, will publish a press release detailing second quarter 2024 results and conduct a conference call on August 9, 2024. The second quarter 2024 press release will be issued by 6:00 am U.S. Daylight Time (12:00 pm Central European Time). The conference call is scheduled to begin at 8:30 am Eastern Daylight Time (2:30 pm Central European Time). To access the conference call, listeners should contact the conference call operator at the appropriate number listed below approximately 10 minutes prior to the start of the call. Participant conference call dial-in numbers: USA / International To

      7/30/24 6:01:00 AM ET
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