FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity, and Powin LLC (“Powin”), a global leader in the design, manufacturing, and integration of safe and scalable battery energy storage solutions, have signed a conditional agreement for Powin to offtake battery cells produced by FREYR for energy storage system applications, subject to the terms and conditions of the agreement.

Highlights

  • FREYR to deliver 28.5 GWh of battery cells to Powin from 2024 through 2030. The cells will originally be supplied from FREYR’s combined Gigafactory 1 & 2 in Mo i Rana, Norway, and will subsequently be produced at FREYR’s planned future U.S. Gigafactory.
  • FREYR to manufacture and deliver market leading cost-competitive made-in-USA lithium-ion battery cells with a low CO2 footprint, to be integrated by Powin into battery energy storage solutions for the North American market and beyond.
  • Today’s agreement is another important commercial milestone for FREYR on the path to establishing giga-scale manufacturing capacity in Norway, the US and Finland backed by conditional customer offtake agreements. The conditional offtake agreement with Powin brings FREYR’s cumulative offtake volumes to 78.8 GWh, representing more than 67% of the projected nameplate capacity of FREYR’s planned combined Gigafactory 1 & 2 at Mo i Rana and more than 90% of targeted production under current ramp-up and operational efficiency assumptions.

“We are delighted to announce today’s agreement and our new commercial relationship with Powin,” said Tom Jensen, FREYR’s Chief Executive Officer. “FREYR aspires to partner with industry innovators such as Powin to accelerate the transition to clean, reliable energy solutions. Our team is looking forward to deep collaboration with the talented people at Powin to deliver decarbonized, next-generation battery storage products that will ultimately be made in the US.”

Geoff Brown, CEO of Powin, said, “Our ability to manage every step of our supply chain from battery sourcing to the onsite installation, means we can backstop our commitments to customers. Our landmark agreement with FREYR to source 28.5 GWh of battery energy storage cells underscores our commitment to diversify and secure our supply chain for our customers. We are particularly excited to support FREYR’s plans to open a Gigafactory in the US and their efforts to source raw materials locally to their facilities to ensure the lowest possible carbon footprint.”

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 deliver up to 43 GWh of battery cell capacity by 2025 and up to 83 GWh annual capacity by 2028. 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 (i) FREYR’s ability to deliver 28.5 GWh of battery cells to Powin from 2024 through 2030 and the supply of such cells from FREYR’s combined Gigafactory 1 & 2 in Mo i Rana and any subsequent productions at FREYR’s future U.S. Gigafactory, (ii) FREYR’s ability to manufacture and deliver market leading cost-competitive made-in-U.S.A. lithium-on battery cells with a low CO2 footprint, to be integrated by Powin into battery energy storage solutions for the North American market and beyond, (iii) FREYR’s path to establishing giga-scale manufacturing capacity in Norway, the U.S. and Finland, (iv) FREYR’s aspirations to partner with industry innovators to accelerate the transition to clean, reliable energy solutions, (v) the ability of FREYR and Powin to deliver decarbonized, next-generation battery storage products made in the U.S., (vi) FREYR’s efforts to source raw materials locally to its facilities to ensure the lowest possible carbon footprint, (vii) Powin’s ability to manage every step of its supply chain from battery sourcing to onsite installation, (viii) Powin’s commitment to diversify and secure its supply chain for its customers and (ix) the development, timeline, capacity and other usefulness of FREYR’s planned Gigafactories 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 FREYR’s Registration Statement on Form S-1 filed with the Securities and Exchange Commission (the "SEC") on August 9, 2021, as amended, and in other SEC filings available on the SEC’s website at www.sec.gov.

Except as otherwise required by applicable law, FREYR disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Should underlying assumptions prove incorrect, actual results and projections could different materially from those expressed in any forward-looking statements.

Investor contact: Jeffrey Spittel Vice President, Investor Relations jeffrey.spittel@freyrbattery.com Tel: (+1) 281-222-0161

Media contact: Katrin Berntsen Vice President, Communication and Public Affairs katrin.berntsen@freyrbattery.com Tel: (+47) 9920 54 570

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