FREYR-Koch Strategic Platforms U.S. Joint Venture Conference Call

October 2021

Important notices

Forward looking statements

All statements, other than statements of present or historical fact included in this presentation, including, without limitation, regarding the development, timeline, capacity and utility of FREYR's and / or the JV's planned Gigafactories; progress and development of customer offtake

agreements and supply chain partnerships; the development and growth of FREYR's and / or the JV's target markets; the scale and arrangements for any FREYR and / or the JV's production facilities in the U.S. and North America; the progress and development of FREYR's and / or the JV's partnerships and plans in the U.S. and North America; the development and commercialization of 24M's SemiSolid technology; and FREYR's and / or the JV's manufacturing capacity relative to other market participants are forward-looking statements.

These forward-looking statements 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 are difficult to predict.

Additional 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 on August 9, 2021, as amended, and 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.

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Today's Agenda

  • Overview of U.S. joint venture transaction
  • Strategic alignment and priorities
  • U.S. battery market outlook
  • Road map to 50 GWh in U.S.
  • Q&A

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U.S. Joint Venture Overview

Bringing clean, next-generation battery cell production to U.S. at scale

Joint

Development

Company

("JDC")

Expanded

24M License

Investment

in 24M

Advantageous

Expected U.S.

Market

Position

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  • Creates U.S. entity with 50%/50% ownership structure between FREYR Battery and Koch Strategic Platforms
  • Targeting stage-gated Gigafactory development of clean batteries in U.S.
  • Total initial funding of $6MM ($3MM FREY/$3MM KSP)
  • Two board members each from FREYR and KSP; CEO from KSP and Chairman from FREYR
  • Provides JDC with access to 24M technology in U.S.
  • Services will be provided to the JDC by 24M to accelerate development and facility build
  • Deepens strategic relationship between JDC and 24M
  • Purchased $70MM of convertible promissory notes ($50MM KSP/$20MM FREY)
  • Positions FREYR and Koch for equity stakes in 24M to partner in next-generation technology development
  • Notes have multiple equity conversion mechanisms with a 36-month maturity date
  • JDC positioned to potentially become one of the largest battery cell manufacturers in the U.S. at targeted 50 GWh
  • Establishes partnership with premier U.S.-based multinational industrial player in Koch
  • Leverages 24M's U.S.-based and incubated technology
  • Progresses FREYR's strategy of developing clean, localized battery value chains

Comprehensive Strategic Fit

U.S. JDC aligns with core tenets of speed, scale and sustainability

Access U.S.

Decarbonize through

Partner with Koch to

Leverage 24M's SemiSolid

market

localization

industrialize at scale

technology platform

  • Large and rapidly growing end markets for ESS and EV applications
  • Potential ESS demand of 902 GWh by 2030(1)
  • Unlocks additional customer touch points
  • Replicate Norwegian Gigafactory model
  • Establish sustainable, local battery value chain close to end users
  • Koch brings deep industrial innovation and operational expertise
  • KSP's market presence potentially accelerates path to commercialization
  • Expanded U.S. license agreement fosters deep collaboration and partnership
  • Simplified 24M manufacturing process expected to drive structural cost advantages

5 (1): Rystad Energy - U.S. ESS Battery Market Outlook, May 2021

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FREYR Battery SA published this content on 12 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 October 2021 11:11:10 UTC.