FREYR Battery Completes Redomicile from Luxembourg to the U.S.

FREYR Battery, Inc. (NYSE: FREY) (“FREYR” or the “Company”), a developer of clean, next-generation battery cell production capacity, completed its previously announced process to redomicile from Luxembourg to the United States effective December 31, 2023.

In connection with the completion of the redomiciliation, each of the issued and outstanding of the Company's previous Ordinary Shares and public and private Warrants have become, on a one-for-one basis, shares of Common Stock and Warrants, respectively, of FREYR Battery, Inc., a Delaware corporation. The Company expects that trading of the FREYR Common Stock and Warrants will commence under the same symbols on the New York Stock Exchange as of the open of business this morning, January 2, 2024.

Details of process to redomicile can be found in an 8-K filed today with the U.S. Securities and Exchange Commission (the "SEC") on the Company’s website and at www.sec.gov.

As previously announced, and after considering various factors, FREYR’s Board of Directors believes that redomiciling to the United States will enhance shareholder value over the long-term by providing potential strategic opportunities and benefits, including:

• Simplifying FREYR’s corporate structure and streamlining reporting requirements, which will (i) facilitate efforts incurred by FREYR to assess, implement, and remain compliant with multiple regulatory and reporting requirements for FREYR on a consolidated basis, and (ii) provide opportunities for FREYR to improve operational efficiencies and financial flexibility in the corporate treasury, cash management, risk management, and tax functions;
• Enhancing FREYR’s eligibility for inclusion in equity indexes and trigger associated benchmarking from actively managed funds, thereby delivering a significant uplift in fund flows to its ordinary shares;
• Benefiting from well-established principles of corporate governance under Delaware law, which are more closely aligned with the New York Stock Exchange listing standards and the SEC governance requirements; and
• Positioning FREYR to better respond to global tax developments and U.S. incentive programs for battery manufacturers, considering recent changes in U.S. tax laws and federal incentive programs.

About FREYR Battery