FREYR Battery Receives Shareholder Approval for Redomicile from Luxembourg to the U.S.

FREYR Battery (NYSE: FREY) (“FREYR” or the “Company”), a developer of clean, next-generation battery cell production capacity, announced today that the Company has received the required votes to approve all proposals at its Extraordinary General Meeting (“EGM”) on December 15, 2023. As a result, FREYR expects to complete the previously announced process to redomicile from Luxembourg to the United States by year end 2023.

“On behalf of the Board of Directors and management, the FREYR team expresses its gratitude for the support of its shareholders of record in passing all the proposals at the EGM. With this vote, FREYR will become a U.S. Company by year end 2023, which will pave the way for us to realize the previously announced benefits to shareholders,” commented Tom Einar Jensen, FREYR’s Executive Chairperson. “With Giga America under initial development in Coweta County, Georgia, we are now positioned to establish FREYR as the first U.S. based scaling partner of choice for battery technology solutions.”

Details of the voting results can be found in an 8-K filed today with the U.S. Securities and Exchange Commission on the Company’s website and at www.sec.gov.

As previously announced, and after considering various factors, FREYR’s Board of Directors believes that redomiciling to the United States will enhance shareholder value over the long-term by providing potential strategic opportunities and benefits, including:

• Simplifying FREYR’s corporate structure and streamlining reporting requirements, which will (i) facilitate efforts incurred by FREYR to assess, implement and remain compliant with multiple regulatory and reporting requirements for FREYR on a consolidated basis, and (ii) provide opportunities for FREYR to improve operational efficiencies and financial flexibility in the corporate treasury, cash management, risk management, and tax functions;

• Enhancing FREYR’s eligibility for inclusion in equity indexes and trigger associated benchmarking from actively managed funds, thereby delivering a significant uplift in fund flows to its ordinary shares;

• Benefiting from well-established principles of corporate governance under Delaware law, which are more closely aligned with the New York Stock Exchange listing standards and the U.S. Securities and Exchange Commission (“SEC”) governance requirements; and

• Positioning FREYR to better respond to global tax developments and U.S. incentive programs for battery manufacturers, considering recent changes in U.S. tax laws and federal incentive programs.

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