Alussa Energy Acquisition Corp. (ALUS) Shareholders Approve FREYR Deal

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Alussa Energy Acquisition Corp. (ALUS) Shareholders Approve FREYR Deal

Alussa Energy Acquisition Corp. (NYSE:ALUS) announced in a press release that its shareholders approved its combination with Norwegian batter producer FREYR at a special meeting earlier today.

The release did not include redemption numbers, but Alussa Energy traded below $10 throughout June 28, the day of its redemption deadline, and opened today exactly at $10.00.

Five proposals received approvals, representing a range of between approximately 89.0%-99.6% of votes cast at the meeting. Total votes cast at the meeting represented approximately 58.8% of Alussa Energy’s outstanding shares.

The transaction is expected to close on Friday July 9, and the combined entity’s shares and warrants will start trading on the New York Stock Exchange under the new symbols “FREY” and “FREY.WS””, respectively,  on Thursday July 8.

Alussa Energy and FREYR initially announced the $1.4 billion deal on January 29. FREYR is developing environmentally friendly lithium-ion based battery cell facilities in Mo i Rana, Northern Norway. Its ultimate goal is to develop several factories with an aggregate production capacity of 43GWh of battery cell production capacity by 2025, almost entirely powered by renewable energy

Earlier this month, the company was in negotiations with a major multinational industrial conglomerate to develop battery production facilities in North America.


  • Credit Suisse Securities (USA) LLC, BTIG, LLC and BTIG Norway AS acted as the financial advisors to Alussa Energy.
  • Credit Suisse Securities (USA) LLC acted as the equity capital markets advisor to Alussa Energy.
  • Skadden Arps, Slate, Meagher & Flom LLP served as M&A legal counsel to Alussa Energy.
  • Ellenoff Grossman & Schole LLP served as securities counsel to Alussa Energy.
  • Wiersholm AS served as Norwegian counsel to Alussa Energy.
  • Appleby (Cayman) Ltd served as Cayman Islands legal counsel to Alussa Energy.
  • Rystad Energy and Sustainable Governance Partners acted as business and environmental, social and governance advisors to Alussa Energy.
  • Kite Hill PR LLC acted as the public relations advisor to Alussa Energy.
  • Wilson Sonsini Goodrich & Rosati P.C. served as U.S. legal counsel to FREYR.
  • Advokatfirmaet BAHR AS, served as Norwegian legal counsel to FREYR.
  • Crux Advisers AS acted as investor relations and communications adviser to FREYR.
  • Credit Suisse Securities (USA) LLC, BTIG, LLC and Pareto Securities AS served as placement agents for the PIPE financing.
  • Davis Polk & Wardwell LLP served as legal counsel to the placement agents.