Elvinger Hoss Prussen advised Alussa Energy on its $1.4 Billion de-SPAC Transaction with FREYR AS
Posted - 15.07.2021
| Selected Deals
Alussa Energy Acquisition Corp. (“Alussa Energy”), a Cayman Island exempted special purpose acquisition company (SPAC), and FREYR AS, a Norway-based developer of clean, next-generation battery cell production capacity, completed their previously announced business combination on 9 July 2021 in one of the first de-SPAC transactions involving Luxembourg.
Elvinger Hoss Prussen, together with US, Norway and Cayman counsel, designed and implemented the transaction structure involving, among others, a three-way Cayman merger, various cash and in kind contributions as well as a cross-border merger into Luxembourg.
The combined company now operates as FREYR Battery, a Luxembourg public limited liability company (société anonyme) (“FREYR”), listed on the New York Stock Exchange.
The business combination with Alussa Energy provides equity funding to FREYR to support the company’s ambition of developing clean battery solutions to decarbonize transport and energy systems around the globe.
The team was led by partner Philippe Hoss, and included senior associate Jean-Bernard Spinoit, and associates Eva Kupferschmidt and Ben Reckinger.