FREYR Battery and Nidec Corporation Complete Formation of Joint Venture - Seite 2

As one of the prerequisites to establishing the joint venture, a package of 24M Technologies (“24M”) sample cells was sent to a leading independent third-party laboratory for testing on behalf of Nidec. The purpose of the testing was to measure the capacity, charge, and discharge profiles of the cells, in addition to technical performance, to confirm that the operation of the cells was consistent with the specifications and data provided by FREYR.

Key results from sample cell testing:

• The sample cells exhibited top quartile gravimetric energy density performance for LFP graphite batteries.
• Characterization analysis demonstrated very similar behavior across the cells, and behavior remained stable across several cycles with relatively low variability across the sample pool, which provided a positive indication of cell quality.
• The cells exhibited best-in-class performance for thermal stability, indicating robust safety characteristics.

FREYR first announced a broad partnership with Nidec in August 2022. The formation of this joint venture catalyzes a firm sales contract under which FREYR will supply Nidec with 38 GWh of next-generation, clean battery cells from 2025 - 2030.

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/