On November 6, Gelunhui reported that trina solar co., ltd. (688599.SH) announced that the company held the fourteenth meeting of the third session of the board of directors and the eighth meeting of the third session of the board of supervisors on November 5, 2024, and passed the resolution on the sale of assets and business cooperation, agreeing that the company's wholly-owned subsidiary Trina Solar (Schweiz) AG (referred to as 'TSW') will sell its core asset Trina Solar US Manufacturing Module 1, LLC (referred to as 'TUM1') to FREYR Battery, Inc. (referred to as 'FREYR'). The underlying assets involved in this restructuring are the 5GW component factory under construction by the company in the United States that is about to start production.

Upon completion of this transaction, the company will receive: 1) $0.1 billion in cash; 2) $0.15 billion face value of preferred notes; 3) 45,877,960 common shares of FREYR, which will be acquired in two stages: in the first stage, after meeting the relevant delivery terms, the company will receive an additional 15,437,847 shares issued by FREYR, representing 9.9% of the total issued capital; in the second stage, subject to approval, the company will receive an additional 30,440,113 shares issued by FREYR, considering that FREYR will issue additional shares to other investors at the same period, the total of 45,877,960 shares held by the company will account for approximately 19.08% of FREYR's shares at that time. If the approval for the second stage is not granted, the company will receive approximately $80 million in preferred notes from FREYR as compensation.

Upon completion of this transaction, FREYR and the company will jointly execute a multi-stage global strategy cooperation plan. The components produced by FREYR will continue to use the company's brand and collaborate with the company for external sales, ensuring the supply of domestically manufactured products in the USA, further enhancing the company's product competitiveness and influence in the US market. Specific details of the cooperation are still being negotiated by both parties, including but not limited to technical cooperation, operational cooperation, sales cooperation, etc. (referred to as 'subsequent cooperation'). At the same time, the company will participate more deeply in FREYR's daily operations by appointing directors, chief operating officers, chief strategy officers, etc.