FREYR assembles and successfully charges its first semi-automated battery unit cells at the Customer Qualification Plant, provides Giga Arctic and Giga America financing updates, announces technology diversification progress including a Heads of Terms agreement with Sunwoda Mobility Energy Technology Co., Ltd., and receives indication that a major passenger vehicle OEM intends to join FREYR’s recently formed Energy Transition Acceleration Coalition

• FREYR has assembled and successfully charged its first battery unit cells at the company’s Customer Qualification Plant (“CQP”) and is on schedule to ramp process automation, production, and testing of chargeable cells in H2 2023 and beyond. The semi-automated assembly of the first unit cells is the first major post-opening achievement at the CQP less than two years after FREYR announced its Final Investment Decision (“FID”) of the giga scale nameplate plant.    
• The Norwegian Government is expected to outline a battery industry support package later this week. Representatives from the Norwegian Government have publicly stated that they will announce the framework conditions and financial incentives for the battery industry in accordance with an updated plan. FREYR is considering a re-accelerated 2+6 line factory configuration similar to the Giga America development plan based on positive feedback to date with targeted SOP in 2025.
• FREYR’s farm-down process for Giga America with strategic partners is progressing in accordance with the company’s initial book-building plan. More than 10 strategic and industrial partners are currently evaluating the opportunity in the data room, and more than five companies have provided preliminary indications of participation in the project level equity raise. FREYR recently welcomed more than 20 financial institutions into the investment diligence process to facilitate a competitive anticipated closing of the financing in 3Q 2023 and projected SOP for the initial two production lines in summer of 2025 as previously indicated.    
• On June 20th, FREYR entered into a Heads of Terms (“HoT”) agreement with Sunwoda Mobility Energy Technology Co., Ltd. (“SUNWODA EVB”) to form a partnership with the intention to expand business in the western hemisphere based on SUNWODA EVB’s conventional technology.
• FREYR has received an indication that a major passenger vehicle OEM intends to join FREYR’s strategic energy transition coalition alongside Caterpillar (NYSE: CAT), Glencore Plc (LN: GLEN), Siemens AG (GY: SIE), and Nidec Corporation (TSE: 6594). The partnership between FREYR and the OEM is expected to encompass a strategic alliance with the ambition to jointly produce fit-for-purpose passenger EV batteries.
• FREYR’s customer sales pipelines across the Energy Storage Systems (“ESS”), commercial mobility, and passenger EV segments are growing rapidly as the company continues to develop heightened brand awareness in a highly favorable supply-demand environment for producers of clean battery cells. The company is currently engaged in more than 70 active dialogues with ESS and e-Mobility customers across the value chain with counterparties ranging from Independent Power Producers to battery module technology providers to commercial vehicle producers. These companies have expressed indicative demand of more than 600 GWh of cumulative battery solutions through 2030.  

FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity, announced ahead of today’s inaugural Capital Markets Day that the company has assembled and successfully charged its first semi-automated battery unit cells at the CQP in Mo i Rana, Norway.

Tom Einar Jensen, FREYR’s Co-founder, and Chief Executive Officer, commented “I am delighted with the progress our organization has made to advance and reach key milestones in recent months. The semi-automated assembly and successful testing of our first unit cells is a major achievement for FREYR which paves the way for our operations and technology personnel to ramp process automation, battery cell production, and testing of produced cells to supply our customers with samples in H2 2023. When coupled with an indicated support package from the Norwegian Government for Giga Arctic, continued progress with our financing initiatives for Giga America, and a growing universe of strategic partnerships across an increasingly robust pipeline of customer opportunities and use cases for our products, the remainder of 2023 and beyond holds enormous promise for FREYR and our valued stakeholders.”

As previously communicated, FREYR will host the company’s inaugural Capital Markets Day this morning, June 27^th, live from the New York Stock Exchange where additional updates will be provided. The program is scheduled to begin at 10:30 AM EDT/4:30 PM CET and is expected to last approximately 90 minutes. The event will be livestreamed to accommodate virtual attendance on FREYR’s website through the following link: https://freyrcapitalmarketsday.com/

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 the United States and Vaasa, Finland. 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

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 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-1 filed with the Securities and Exchange Commission (the “SEC”) on August 9, 2021, as amended, and (ii) FREYR’s annual report on Form 10-K filed with the Securities and Exchange Commission on March 9, 2022, and available on the SEC’s website at www.sec.gov.

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