FREYR Battery Establishes Technology Center in Boston

FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity, has opened its first U.S.-based technology center in Boston in accordance with the company’s expansion strategy. Listed on the New York Stock Exchange, FREYR is collaborating with its joint venture (“JV”) partners from Koch Strategic Platforms (“KSP”) to accelerate the development of Giga America, the company’s first U.S. Gigafactory.

In addition to the JV with KSP, which is intended to position the partners among the largest battery manufacturers in the U.S., FREYR has already established a long-term partnership with 24M Technologies (“24M”), also based in the Boston area. FREYR’s battery manufacturing process will be initially based on 24M’s SemiSolid™ platform, which is designed to drive capital and operational efficiencies relative to conventional production methodologies.

“The U.S. is a critical strategic market for FREYR. With the recent passage of the Inflation Reduction Act, the U.S. is on a path to accelerate the buildout of clean, localized battery supply chains, which dovetails with our long-term strategy. As we proceed with site selection for Giga America, establishing our first U.S. location in close proximity to our partners at 24M will enhance technology development, collaboration, personnel development, and strategic coordination,” remarked Tom Einar Jensen, FREYR’s CEO.

FREYR’s progress to date in the U.S. includes previously announced conditional offtake agreements with Honeywell (NASDAQ: HON) and Powin Energy, advancing a rigorous Gigafactory site selection process, and appointments of key personnel including Group CFO, Oscar Brown, and Vice President of Investor Relations, Jeffrey Spittel. With commercial momentum building following the passage of the Inflation Reduction Act, FREYR is now accelerating the development timetable for Giga America.

“FREYR aspires to be a global champion in the clean battery industry, and we plan to achieve this objective by building robust local capabilities in key end markets such as the U.S. As we proceed with our plans to accelerate FREYR’s U.S. expansion, our Boston presence will support our efforts to recruit key talent, strengthen our strategic partnerships, and establish clean, localized battery supply chains,” concluded Jensen.

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 Vaasa, Finland, and the United States. 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 FREYR’s aim to establish a strong presence in the American market and Giga America; the JV’s ability to position FREYR and KSP among the largest battery manufacturers in the U.S.; the 24M’s SemiSolid™ platform technology’s ability to ensure that FREYR’s strategic ambitions for clean and localized battery cell production are realized; the importance and impact of the Inflation Reduction Act for the U.S. low-carbon future; FREYR’s ability to convert any conditional agreements into definitive agreements; FREYR’s ability to bring speed, scale and sustainability to the American battery industry; FREYR’s ability to develop energy storage solutions at multiple GWh scale in the U.S.; FREYR’s ability to accelerate its plans towards initial site selection in the U.S. to capitalize on the growing momentum; and the ability of FREYR’s Boston presence to support the company in securing the right talent, making critical connections, and working even more closely with its strategic partners 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 SEC on March 9, 2022, and available on the SEC’s website at www.sec.gov.

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