According to Goldman Sachs, investors betting on stocks likely to benefit from the Cut Inflation Act should consider putting their money in Freyr Battery. Analyst Philipp Konig raised shares of the battery stock to a buy rating, saying in a note to clients on Wednesday that the bill would allow the battery maker to cut capital expenditures by more than 60% for its American gigafactory. “Given FREY’s initial emphasis on [lithium iron phosphate] batteries, we also see great potential from the new [investment tax credit] for self-contained storage,” Konig said. “Looking at the competitive landscape in the United States, FREY is poised to operate the largest gigafactory outside of OEM dedicated EV battery factories.” Future catalysts for the stock include selecting the location of its gigafactory in the United States and continuing the progress of its Giga Arctic factory – which Konig believes will be the most capital-efficient and sustainable gigafactory in the world.” In addition to investment cost competitiveness, FREY is also focused on achieving industry-leading standards for energy costs and its carbon footprint,” he said. “We believe that Norway’s strategic location provides access to the world’s most competitive and sustainable energy sources.” 80% from Wednesday’s close. Freyr shares jumped 15% in premarket trading. – CNBC’s Michael Bloom contributed starred in the report
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