Steen most recently was a Thematic Partner at Summa Equity. Earlier, he was CEO of cloud software and virtualization specialist Parallels, and worldwide vice president of distribution and SMB at Microsoft.
FREYR, based in Norway, is losing money amid heavy R&D activities. Still, multiple business milestones have surfaced. For instance, the company recently assembled and charged its first battery unit cells at the firm's Customer Qualification Plant. Moreover, the business is "on schedule to ramp process automation, production, and testing of chargeable cells in H2 2023 and beyond," FREYR said in June 2023.
Looking ahead, FREYR's key priorities include building the first of its planned factories in Mo i Rana, Norway. The company may also pursue industrial scale battery cell production in the United States and Finland. The business had $383.8 million in cash on hand as of June 30, 2023.
Incoming CEO Birgen Steen's Perspectives
In a lengthy statement about joining FREYR, Steen said: “I have been impressed by the remarkable growth and global development of FREYR, and I am energized to help accelerate that growth together with a leadership team consisting of industry veterans from both sides of the Atlantic and more than 400 other intensely committed battery professionals. As one of the few publicly traded, pure play battery producers in the West, we have an extraordinary opportunity to establish a differentiated competitive position as the industrial partner of choice in the clean battery space. As we ramp up production at our Customer Qualification Plant in Mo i Rana and scale our business globally, I look forward to working with the team to accelerate process automation, production, and testing of chargeable cells and to start shipping them to our growing list of customers. It is becoming more evident by the day that business as usual is not a viable path to Net Zero, and I couldn’t be more excited at the opportunity for us at FREYR, our customers, and partners to make a real difference!”