FREYR Battery Provides Operations Update

FREYR Battery (NYSE: FREY) (“FREYR” or the “Company”), a developer of clean, next-generation battery cell production capacity, has provided an update this morning on the Company’s operational progress at the Customer Qualification Plant (“CQP”) in Mo i Rana, Norway.

FREYR conducts successful unit cell production trials at CQP

FREYR’s teams, vendors, and partners at the CQP have reached the Company’s most significant technical milestone to date by producing unit cells with the full functionality of the Casting and Unit Cell Assembly machine, the novel component of the SemiSolid platform. While significant work remains to further streamline automation, improve material composition, and to complete the final stages of commissioning, this accomplishment marks the completion of critical path equipment commissioning and is expected to enable FREYR to begin increasing production speeds and manufacturing multi-layer battery sample cells in Q2 2024.

“This is a material step forward for our team at Asset Mo. Having demonstrated our ability to manufacture cells with the next-generation Casting and Unit Cell Assembly, we are now poised to move into trial production using a continuous process. This next milestone will then enable our teams to perform data and performance analysis of the unit cells, surge production speeds, and proceed to manufacturing mechanically complete sample cells in Q2,” commented Mike Brose, FREYR’s Head of the Asset Mo team. “Today’s announcement is a reflection of the tremendous collective effort by FREYR’s people, vendors, and partners in Mo – I wish to thank and congratulate everyone involved for their dedication, creativity, and selflessness in helping us reach this important milestone.”

Overview of the SemiSolid^TM manufacturing process

Unlike conventional lithium-ion battery manufacturing, which involves producing electrodes on separate equipment before assembling them into cells which are subsequently filled with electrolyte, the SemiSolidTM technology employs a continuous and integrated process. The SemiSolidTM process starts with electrode coating and proceeds to electrode stacking. The next-generation SemiSolidTM production line equipment (“PLE”) then creates independent “unit cells,” each containing a cathode, anode, and separator.