FREYR acquires Trina Solar US manufacturing assets; CEO Jensen steps down

T1 Energy Inc.

Acquires Trina Solar US entities for $100M cash, 15.4M shares, $150M 1% note, and $80M 7% convertible note (convertible into up to 30.4M shares).
Tom Einar Jensen resigns as CEO and director immediately; Daniel Barcelo appointed CEO.
Encompass Capital invests $100M in non-voting preferred stock (6% cash interest, 3-yr term, convertible at $2.50/share).
Chunyan Wu (Trina co-founder) subscribes for $14.8M of FREY common at $1.05/share (10% of outstanding).
Post-closing, FREYR must divest its European business; if proceeds <$45M, pays 19.9% of shortfall to seller.

item 1.01 item 5.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Tom Einar Jensen

Chief Executive Officer

TE · T1 Energy Inc.

Effective: 2024-11-06
Successor: Daniel Barcelo
Filed: November 6, 2024, 6:59 PM ET

Tom Einar Jensen, the Company’s Chief Executive Officer (“ CEO ”), would be resigning from his position as CEO and as a director of the Company, effective immediately

Appointed

David Gustafson

Chief Operating Officer

TE · T1 Energy Inc.

Filed: November 6, 2024, 6:59 PM ET

the FREYR Board appointed David Gustafson, currently an employee of TUM 1, as its Chief Operating Officer, effective as of, and subject to, the Closing of the Transactions

Appointed

Daniel Barcelo

Chief Executive Officer

TE · T1 Energy Inc.

Effective: 2024-11-06
Filed: November 6, 2024, 6:59 PM ET

the FREYR Board appointed Daniel Barcelo as its CEO, effective on November 6, 2024

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Tom Einar Jensen departed as Chief Executive Officer at T1 Energy Inc..

Action: resigning
Role: Chief Executive Officer

Exact text from the filing

Tom Einar Jensen, the Company’s Chief Executive Officer (“ CEO ”), would be resigning from his position as CEO and as a director of the Company, effective immediately

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.9

David Gustafson was appointed as Chief Operating Officer at T1 Energy Inc..

Action: appointed
Role: Chief Operating Officer

Exact text from the filing

the FREYR Board appointed David Gustafson, currently an employee of TUM 1, as its Chief Operating Officer, effective as of, and subject to, the Closing of the Transactions

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Daniel Barcelo was appointed as Chief Executive Officer at T1 Energy Inc..

Action: appointed
Role: Chief Executive Officer

Exact text from the filing

the FREYR Board appointed Daniel Barcelo as its CEO, effective on November 6, 2024

View on SEC.gov

T1 Energy Inc. filing history →

Source: SEC EDGAR

accession 0001213900-24-094750

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