FREYR Provides an End of First Quarter 2021 Company Update - Seite 2

“We are on track to deliver on our ambition of producing battery cells with high energy density at low cost with the world’s lowest carbon footprint positioning FREYR as one of Europe’s largest battery cell suppliers by 2025,” adds Torstein Dale Sjøtveit, FREYR’s Executive Chairman.

NYSE listing to provide funding for phased battery cell Gigafactory development

On 29 January 2021, FREYR announced that it will become a publicly listed company through a business combination with Alussa Energy, raising approximately $850 million in equity proceeds, assuming no redemptions of Alussa Energy shareholders, to accelerate the development of up to 43 GWh clean battery cell manufacturing capacity in Norway. The transaction includes a $600 million fully committed Private Investment in Public Equity (“PIPE”) anchored by strategic and institutional investors, including Koch Strategic Platforms, Glencore, Fidelity Management & Research Company LLC, Franklin Templeton, Sylebra Capital and Van Eck Associates Corporation. 100% of FREYR’s existing shares will roll over into the combined company.

Subject to closing conditions being met, the combined company will be named “FREYR Battery” ("Pubco") and its common stock is expected to start trading on the New York Stock Exchange under the ticker symbol FREY upon closing, expected in the second quarter of 2021. On 16 February 2021, the extraordinary general meeting of FREYR approved the business combination. Alussa Energy expects its Special Meeting to approve the business combination to take place between second half of April and first half of May 2021.

Pubco will have an eight-person board of directors. FREYR has nominated Torstein Dale Sjøtveit, Peter Matrai and Olaug Svarva as directors of Pubco. Svarva is the Chair of the Board of DNB ASA, Norway’s largest financial institution and Norfund, the Norwegian Investment Fund for Developing Countries and a Director at Investinor AS, an evergreen investment company funded by the Norwegian government. Svarva was previously CEO of The Government Pension Fund Norway from 2006 to 2018. Matrai is a co-founder of FREYR with decades of experience in finance, technology commercialization and operations within bioenergy and sustainability ventures. Sjøtveit is one of the founders of FREYR, Chairman nominee and brings over 35 years of executive leadership experience developing complex utility and energy projects globally.