FREYR Battery and Nidec Corporation Complete Formation of Joint Venture - Seite 3

Cautionary Statement Concerning Forward-Looking Statements

All statements, other than statements of present or historical fact included in this press release, including, without limitation, statements regarding Nidec Energy’s ability to develop and supply highly competitive, integrated BESS and products with low environmental impact and meet its mass production timeline and manufacturing targets; the joint venture’s ability to bring speed, scale, and sustainability to battery storage solutions globally; the partnership’s ability to enable the acceleration of the development of FREYR’s highly competitive, low carbon modules and battery pack solutions for industrial and utility grade applications; the ability to integrate Nidec Energy’s module production into FREYR’s Giga Arctic development; the joint venture’s expected investment of more than $110 million by 2030 and the eventual employment of more than 300 people; the potential for further collaboration between FREYR and Nidec in relation to FREYR’s Giga America strengthening localized supply of environmentally friendly BESS solutions in the U.S.; the joint venture’s ability to support Nidec’s development of its fast-growing ESS business; FREYR’s ability to bring expertise and resources related to battery cell design and manufacturing, which includes 24M SemiSolid^TM lithium-ion battery cell technology are forward-looking and involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.

Most of these factors are outside FREYR’s control and difficult to predict. Information about factors that could materially affect FREYR is set forth under the “Risk Factors” section in (i) FREYR’s Registration Statement on Form S-3 filed with the Securities and Exchange Commission (the “SEC”) on September 1, 2022, as amended, and (ii) FREYR’s annual report on Form 10-K filed with the SEC on March 9, 2022, and available on the SEC’s website at www.sec.gov.

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The FREYR Battery Stock at the time of publication of the news with a raise of +1,73 % to 11,75EUR on Tradegate stock exchange (06. Dezember 2022, 08:33 Uhr).