Freyr Battery scrapped plans to build a $2.6 billion electric battery factory on a 368-acre site in Atlanta to instead focus on a recent $340 million purchase of a solar panel factory in Texas. The company first announced its plans to build what would have been the world’s second-largest battery factory in 2023. It was great news for Georgia, as the plant was expected to employ more than 700 people.

As reported by the Associated Press, “The Georgia Department of Economic Development said the state conveyed a $7 million grant to buy a site for Freyr in Newnan, about 35 miles (55 kilometers) southwest of Atlanta. Department spokesperson Jessica Atwell said the state and company are working together to ensure the money is repaid expeditiously. Freyr may also owe money to Coweta County.”