Freyr Battery has cancelled its plans to build a battery manufacturing facility in Coweta County, Georgia.
Initially announced in 2022 as “Giga America,” the first phase of the project was expected to deliver 34 GWh of battery capacity with an investment of $1.7bn.
The multi-phase project was projected to create more than 720 jobs and attract a total investment of $2.6bn by 2029.
Freyr cited rising interest rates, declining battery prices, and a change in leadership as reasons for abandoning the project.
“We made this decision after thorough consideration of market conditions and internal priorities,” said Jason Peace, Freyr’s senior vice president of business development, in a letter to the Coweta County Development Authority.
The company plans to sell the 368-acre site for $50m, with the transaction expected to close in February 2025. Net proceeds are estimated at $22.5m after repaying state and local grants.
Despite this shift, Freyr remains focused on expanding in the U.S. The company announced it is relocating its global headquarters to Austin, Texas, and recently acquired U.S. solar manufacturing assets from Trina Solar for $340m.
These assets include a 5 GW solar module facility in Wilmer, Texas, which began production in late 2024 and will ramp up this year. Freyr also plans to build a 5 GW solar cell facility, with construction expected to start in Q2 2025 and production beginning in 2026.
Freyr continues constructing its flagship Giga Arctic factory in Norway, which will have a nameplate capacity of 29 GWh. The company sees these efforts as key steps toward building a vertically integrated manufacturing footprint in the renewable energy sector.
