All statements, other than statements of present or historical fact included in this presentation, including, without limitation, regarding FREYR's accelerated growth ambitions based on FREYR's traction to date; the growing interest in FREYR's augmented value proposition from customers, partners, investors and key stakeholders; the accelerating of secular growth trends despite supply chain challenges and price increases in materials and energy; the expected timeline of Giga Arctic's SOP for 1H 2024, reserving +/- 50% of capacity for customers under final negotiations; the expected timeline for the CQP equipment to be on site by year end 2022 with commissioning and ramp up in 1Q 2023; the expected accelerated site and concept selection in the U.S. with Koch Strategic Partners in 2H 2022 catalyzed by the U.S. Inflation Reduction Act; FREYR's ability to maintain commercial discipline in offtake negotiations to support competitive financing; FREYR's target of 80% CO2 reduction based on supply chain progress; FREYR's ability to take commercially proven technology to GWh scale in advantaged locations; FREYR's commitment to generating strong financial returns through pricing discipline and 50/50 balance of long-term sales agreements/merchant sales; the localization of FREYR's supply chain based on low-cost renewable energy; the secular demand drivers for batteries; 24M Technology, Inc.'s technology being greatly fitted for storage systems applications; the acceleration of electrification and the demand projections that are consistently being revised higher across the EV and ESS verticals; FREYR's anticipated path to commercialization; FREYR's expanding revenue opportunity and its growth ambitions to capitalize on adoption trends and supply constraints; the development, timeline, capacity and other usefulness of FREYR's CQP and planned Gigafactories; the projection that Giga Arctic will be the most capital efficient Gigafactory in the OECD; FREYR's goal to deliver 50 GWh of battery cell capacity by 2025 in the Nordics, over 100 GWh of annual capacity by 2028 in the Nordics and the U.S., and over 200 GWh of annual capacity by 2030 across multiple geographies; Giga Arctic's capacity evolution to optimize efficiency and address growing customer demand; the expected CAPEX of approximately $1.7 billion for Giga Arctic; the details of

production lines, including the use of 24M Technology, Inc.'s technology and Giga Arctic's modules, test center and head count; the intention for the CQP to facilitate increasingly rapid problem-solving capability; the construction of FREYR's CQP and plan for final critical equipment deliveries before year-end 2022, as well as the commencement of a ramp up of sample cell production in 1Q 2023; the expected staged FID in 3Q-4Q 2022 and anticipated start of production in 1H 2024 for Giga Arctic; the ability of Giga Arctic to serve as a blueprint for a modularized battery cell manufacturing facility that can be replicated in other locations; FREYR's aspiration to be an industrial partner of choice in the decarbonized battery space; the realization of FREYR's capital spending plan; the progress and development of customer relationships and offtake agreements and supply chain partnerships; the success and timeline of any capital raising paths, including securing financial support from governments, such as the visibility to over $1.6 billion of project financing credit support from ECAs and MDFIs, to fund FREYR's planned expansion; FREYR's timeline of the project financing process for Giga Arctic, including the launch of due diligence shortly, credit commitments later this year and financial close during 1Q 2023; FREYR's ability to secure additional raw materials or finalize pricing terms of secured key raw materials capacity; the timing of the full FID for Giga Arctic; the potential incentives for FREYR and U.S. customers from the proposed U.S. Inflation Reduction Act for localized U.S. battery production, including tax credits for battery cell manufacturing, battery module manufacturing and critical materials and active cathode/anode materials, as well as the potential direct pay option; the realization of FREYR's supply chain strategy and augmented value proposition; FREYR's finalization and success of any joint ventures, including with Koch Strategic Platforms, as well as with Asian providers who have expressed interest; FREYR's accelerated development of the U.S. Giga America project through the joint venture with Koch Strategic Platforms;

the aspiration to launch preliminary Giga America project development in 2H 2022; the plan to develop Giga America with generation 3 technology from 24M Technologies, Inc. with targeted nameplate capacity of 35GWh; the

development of 24M Technologies, Inc.'s technology and their use in FREYR's Gigafactories; the ability of an optimal, modularized battery cell manufacturing facility that can be rapidly replicated in other locations; FREYR's growing pipeline of commercial opportunities; FREYR's ability to convert any conditional agreements into definitive agreements; the development and growth of FREYR's target markets; the scale and arrangements for any FREYR production facilities; FREYR's ability to establish a global supply chain on the path to localization, and achieve its ambition to localize and decarbonize its global supply chain; FREYR's expectation to supply significant part of raw materials out of its Nordic Supply Chain by the startup of Giga Arctic; FREYR's aspiration to produce the world's lowest CO2 lifecycle emissions batteries; its ambition of 65 Kg/kWh emissions and the expectation that this equates to gross value of $150MM/year for Giga Arctic at $100/t CO2; any projections related to FREYR's targeted CO2 emissions footprint; the completion of site selection and advancing to construction of Giga America in H2 2022; the ability to replicate the idealized Giga Arctic concept in multiple jurisdictions, starting with Giga America; the ability to establish decarbonized and localized supply chains in Europe and the U.S.; FREYR's achievement of its key milestones; and FREYR's ability to maintain relentless operational focus on construction execution, implement a 50%/50% commercial framework between long-term agreements and merchant sales volumes, and diversity across complementary technology platforms are forward-looking statements.

These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside FREYR's control and are difficult to predict. Additional information about factors that could materially affect FREYR is set forth under the "Risk Factors" section in (i) FREYR's Registration Statement on Form S-1 filed with the Securities and Exchange Commission on August 9, 2021, as amended, and (ii) FREYR's annual report on Form 10-K filed with the Securities and Exchange Commission on March 9, 2022, and available on the SEC's website at www.sec.gov. Except as otherwise required by applicable law, FREYR disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release.

Should underlying assumptions prove incorrect, actual results and projections could differ materially from those

expressed in any forward-looking statements

Additional information about factors that could materially affect FREYR is set forth under the "Risk Factors" section in

Except as otherwise required by applicable law, FREYR disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Should underlying assumptions prove incorrect, actual results and projections could differ materially from those expressed in any forward-looking statements.

Accelerating our growth ambitions based on FREYR's traction to date

Growing interest in FREYR's augmented value proposition from customers, partners, investors, and key stakeholders

Secular growth trends accelerating despite supply chain challenges and price increases in materials and energy Giga Arctic sanctioned by BOD in June 2022 through a 'staged FID process' with deep support from 'Norway Inc.' Giga Arctic SOP on track for 1H 2024 - reserving +/- 50% of capacity for customers under final negotiations CQP largely on track: all equipment expected on site by YE 2022; commissioning and ramp up in 1Q 2023 Accelerating towards site & concept selection in the U.S. in 2H 2022 catalyzed by Inflation Reduction Act

Maintaining commercial discipline in offtake negotiations to support competitive financing

CO2 reduction targets on track based on supply chain progress

Increasing customer traction across all market verticals

Increasing 2030 capacity ambition to 200 GWh

Accelerating our growth ambitions through expanded capacity targets

Strong project execution skills across deeply experienced operations, supply chain, and technical teams

Problem solving approach enabling Giga Arctic and CQP construction to progress according to plan

Taking commercially proven technology to GWh scale in advantaged location

Signed COAs from six of the largest technology providers and utilities in ESS space exceeding Giga Arctic's capacity by 2030

In advanced discussions with potential customers to address unmet demand in excess of 150 GWh of cumulative capacity by 2030 across the ESS, passenger EV and commercial mobility verticals

Committed to generating strong financial returns through pricing discipline and 50/50 balance of long- term sales agreements/merchant sales

Localizing supply chain based on low-cost renewable energy

Deep interest from Asian providers to establish localized European/U.S. JVs

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FREYR Battery SA published this content on 08 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 August 2022 10:13:18 UTC.