5 Best EV Battery Stocks To Invest In

4. FREYR Battery (NYSE:FREY)

Number of Hedge Fund Holders: 20

FREYR Battery (NYSE:FREY) is a Norwegian EV company that commercializes environmentally friendly and low-cost battery cells for electric vehicles, buses, marine vessels, and trucks. The company also offers energy storage systems.

In August, the clean battery manufacturer was listed on the New York Stock Exchange, raising an estimated $850 million. In November, FREYR Battery (NYSE:FREY) was given an Overweight rating and a 12-month price target of $18 a share by Morgan Stanley analyst Adam Jonas. According to Jonas, FREYR Battery (NYSE:FREY) is experiencing an increase in end-market demand for EV batteries and is in discussions with an additional 85 prospective customers.

FREYR Battery (NYSE:FREY) has started the construction of its Customer Qualification Plant (CQP) and first battery cell production line in Mo I Rana, Norway. The plant is scheduled to launch in the second half of 2022.

At the end of the third quarter of 2021, 20 hedge funds in the database of Insider Monkey held stakes worth $378 million in FREYR Battery (NYSE:FREY), up from 0 in the previous quarter. 

Out of all the hedge funds tracked by Insider Monkey, Sylebra Capital Management was the leading shareholder in Q3 2021, with over 12 million shares of FREYR Battery (NYSE:FREY) valued at $123 million.