FREYR Battery Announces the Execution of 38 GWh Li-Ion Battery Binding Cell Sales Agreement and Entry into Module & Pack Joint Venture for Energy Storage Solutions with Nidec Corporation - Seite 2

“We are thrilled by our commercial agreement and the creation of the joint venture with FREYR Battery. The JV will support the development of our fast-growing ESS Business. The combination of FREYR cell battery technology and Nidec technology will bring efficient and cost-effective solutions to the market,” said Laurent Demortier, President of Nidec’s Energy & Infrastructure Division.

“The agreement to form a downstream joint venture with Nidec, which is a global industry leader in the ESS market, is another very exciting development for FREYR,” added Jensen. “Our burgeoning partnership with Nidec underscores FREYR’s accelerating commercial momentum in the ESS space, and it is consistent with our strategic intent to expand both downstream and upstream on the battery value chain beyond cell production. Our team is looking forward to working with Nidec to deliver highly efficient, differentiated, packaged cell and module solutions.”

About FREYR Battery

FREYR Battery aims to provide industrial scale clean battery solutions to reduce global emissions. Listed on the New York Stock Exchange, FREYR’s mission is to produce green battery cells to accelerate the decarbonization of energy and transportation systems globally. FREYR has commenced building the first of its planned factories in Mo i Rana, Norway and announced potential development of industrial scale battery cell production in Vaasa, Finland, and the United States. FREYR intends to install 50 GWh of battery cell capacity by 2025 and 100 GWh annual capacity by 2028 and 200 GWh of annual capacity by 2030. To learn more about FREYR, please visit www.freyrbattery.com

About Nidec Corporation

Nidec Corporation is the world’s largest small precision motor manufacturer in the automotive, industrial, and appliance sectors. Listed in the Tokyo Stock Exchange, Nidec’s annual sales were 1.9 trillion Japanese yen in March 2022, and the company is aiming for 4 trillion Japanese yen by March 2026. Under its Corporate Slogan, “All for Dreams”, Nidec is challenging to expand the promising ESS market strategically to contribute to the realization of a carbon-neutral society. To learn more about Nidec, please visit www.nidec.com/en/