FREYR Battery Provides Operations and Financial Update - Seite 2

As previously announced, FREYR has secured conditional offtakes and one long-term sales agreement totaling approximately 130 GWh of cumulative capacity. At prices of $70-$80/kWh, these offtake agreements could equate to revenues of $9 - $10 billion. Providing B sample cells to customers that are produced with the full automation of the CQP production line equipment is imperative to converting conditional offtakes and long-term sales agreements to binding, financeable commitments.

U.S. Department of Energy Loan Programs Office Update

FREYR’s team continues to process Part 2 of its Title 17 application to the U.S. Department of Energy (“DOE”) Loan Programs Office. The Company expects to submit the completed Part 2 application to the DOE during Q1 2024.

“FREYR continues to believe that contributing to the development of a U.S. battery value chain by scaling 24M’s U.S.-based technology platform is a potential source of long-term competitive differentiation,” commented Oscar Brown, FREYR’s Chief Financial Officer. “The deployment of 24M’s next-generation SemiSolid process at FREYR’s Giga America project is core to that strategy and is intended to align with the objectives of the Inflation Reduction Act.”

Year-end 2023 cash balance exceeds previous guidance

FREYR ended 2023 with $275.7 million of cash, cash equivalents, and restricted cash, or $1.97 per common share¹, compared with previous guidance of $250 million. As previously announced, FREYR will report full financial results for the quarter and year ended December 31, 2023, on February 29, 2024.

About FREYR Battery

FREYR Battery is a developer of clean, next-generation battery cell production capacity. The Company’s mission is to accelerate the decarbonization of global energy and transportation systems by producing clean, cost-competitive batteries. FREYR seeks to serve the primary markets of energy storage systems (“ESS”) and commercial mobility, and the Company maintains an ambition to serve the passenger electric vehicles market (“EV”). FREYR is commissioning and operating its Customer Qualification Plant (“CQP”) for technology development in Mo I, Rana, Norway, and the Company is commencing development of the Giga America battery manufacturing project in Coweta County, Georgia, in the U.S. To learn more about FREYR, please visit www.freyrbattery.com.