FREYR Battery Announces the Appointments of Todd Kantor, Tore Ivar Slettemoen, and David Manners to the Board of Directors

FREYR Battery (NYSE: FREY) (“FREYR” or the “Company”), a developer of clean, next-generation battery cell production capacity, has appointed Todd Kantor, Tore Ivar Slettemoen, and David Manners to the Company’s Board of Directors (“Board”) effective immediately. The appointments are intended to fill vacancies created by the departures of Mimi Berdal and Jason Forcier, and to strengthen FREYR’s Board as the Company pursues its key growth and capital formation initiatives.

“I am delighted to welcome Todd, Tore Ivar, and David to FREYR’s Board of Directors,” commented Tom Einar Jensen, Co-Founder and Executive Chairperson of FREYR. “Todd and Tore Ivar have been with FREYR since the formative stages of our journey prior to becoming a publicly traded company, and they have provided unwavering capital support and thoughtful counsel throughout their time as cornerstone investors in FREYR. Their appointments underscore our commitment to long-term shareholder value creation as we advance our strategic and capital formation initiatives.”

Mr. Jensen added, “The addition of David to our Board is also an exciting development for us. David has distinguished himself as a long serving leader in the public and private sectors, and his deep expertise in geopolitics, public and government affairs will be enormously valuable in today’s global energy markets.”

Todd Kantor is the Founder and Managing Member of Encompass Capital Advisors, LLC. He has nearly 25 years of experience in the global energy markets as a portfolio manager, analyst, trader, and investment banker. Mr. Kantor, who launched Encompass Capital in 2012, manages an alpha-driven long/short equity strategy focused on bottom-up fundamental analysis across the traditional energy and renewables sectors. Prior to founding Encompass Capital, he was a portfolio manager at Citadel LLC’s PioneerPath Capital platform. Mr. Kantor has a B.B.A. degree from the Goizueta Business School at Emory University.

“As the Managing Member of one of FREYR’s largest and longest tenured investors, Encompass Capital Advisors LLC, I am thrilled to be invited by FREYR’s team to join the Board with Tore Ivar and David. I look forward to supporting the Company’s mission to decarbonize the energy storage and transportation markets. FREYR already has a strong foundation with a cash balance of $276 million at year end 2023 and ownership of a strategic site in Georgia for the Giga America project. With the unrealized option value of the Giga Arctic project in Norway, the accelerating progress at the CQP, and the prospects of consummating key commercial and strategic transactions, I believe that FREYR is uniquely positioned to generate meaningful long-term shareholder value.”