# EDGAR Filing Document

**Accession Number:** 0001844224
**File Stem:** 0001844224-23-000005
**Filing Date:** 2023-2
**Character Count:** 52354
**Document Hash:** 659a57bf9fb896253356d5b138656e74
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001844224-23-000005.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001844224-23-000005

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20230227

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FREYR Battery
- **CENTRAL INDEX KEY:** 0001844224
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** N4
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40581
- **FILM NUMBER:** 23669970

**BUSINESS ADDRESS:**
- **STREET 1:** 22-24, BOULEVARD ROYAL
- **CITY:** GRAND DUCHY OF LUXEMBOURG
- **STATE:** N4
- **ZIP:** L-2449
- **BUSINESS PHONE:** 352 46 61 11 3721

**MAIL ADDRESS:**
- **STREET 1:** 22-24, BOULEVARD ROYAL
- **CITY:** GRAND DUCHY OF LUXEMBOURG
- **STATE:** N4
- **ZIP:** L-2449

?xml version="1.0" ? freyr-20230227

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

Date of Report (Date of earliest event reported): **February 27, 2023**

**FREYR Battery**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Luxembourg** | **001-40581** | **Not Applicable** |
| (State or other jurisdiction<br>of incorporation) | (Commission File Number) | (IRS Employer<br>Identification No.) |

---

**22-24, Boulevard Royal, L-2449 Luxembourg**

**Grand Duchy of Luxembourg** 

(Address of principal executive offices, including zip code)

Registrant's telephone number, including area code: +**352 621 727 777**

**Not Applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Ordinary Shares, without nominal value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREY | The New York Stock Exchange |
| Warrants, each whole warrant exercisable for one Ordinary Share at an exercise price of $11.50 | FREY WS | The New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02. Results of Operations and Financial Condition.**

On February 27, 2023, FREYR Battery, a corporation in the form of a public limited liability company (*société anonyme*) incorporated under the laws of Luxembourg ("FREYR Battery"), issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2022.

The information set forth under Item 9.01 of this Current Report on Form 8-K is incorporated herein by reference.

The information in this Item 2.02, including the Exhibit 99.1 attached hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

**Item 7.01. Regulation FD Disclosure.**

FREYR Battery is also furnishing a Fourth Quarter and Full Year 2022 Earnings Call presentation, dated February 27, 2023 (the "Presentation"), attached as Exhibit 99.2 to this Current Report on Form 8-K, which may be referred to on FREYR Battery's fourth quarter and full year 2022 conference call to be held on February 27, 2023. The Presentation will also be available on FREYR Battery's website at https://www.freyrbattery.com

**Item 9.01. Financial Statements and Exhibits.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| <u>[99.1](ex991-2022q4pressreleasefr.htm)</u> | <u>[Press Release, dated February 27, 2023, reporting FREYR Battery's financial results for the fourth quarter and year ended December 31, 2022.](ex991-2022q4pressreleasefr.htm)</u> |
| <u>[99.2](frey4q22earningsdeck_mas.htm)</u> | <u>[Fourth Quarter and Full Year 2022 Earnings Call presentation.](frey4q22earningsdeck_mas.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **FREYR BATTERY** | **FREYR BATTERY** |
| Date: February 27, 2023 | **By:** | /s/ Oscar K. Brown |
|  | **Name:** | Oscar K. Brown |
|  | **Title:** | Group Chief Financial Officer  |

---

## Exhibit 99.1

![image_0.jpg](image_0.jpg)

**News Release**

**FREYR Battery Reports Fourth Quarter and Full Year 2022 Results**

**New York, Oslo, and Luxembourg, February 27, 2023,** FREYR Battery (NYSE: FREY) ("FREYR" or the "Company"), a developer of clean, next-generation battery cell production capacity, today reported financial results for the fourth quarter and full year of 2022.

**Highlights of the fourth quarter 2022 and subsequent events:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With factory acceptance testing completed and final equipment installations nearing completion, FREYR is on track to commence operations at the Customer Qualification Plant ("CQP") in the first quarter of 2023 as previously communicated. The official opening of the CQP is scheduled for March 28<sup>th</sup>, 2023, marking the start of the GWh scale era for the SemiSolid™ technology platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In January 2023, FREYR announced the Company's first E-Mobility offtake agreement with Impact Clean Power Technology ("Impact") to supply 10 – 14 GWh of clean, next-generation, LFP-based battery cells from 2025 - 2030. The agreement will be based on the 24M Technologies, Inc. ("24M") SemiSolid™ platform using a similar form factor to most of FREYR's energy storage systems ("ESS") offtake agreements. FREYR is targeting the commercial and passenger vehicle markets to complement the Company's robust commercial traction in the rapidly growing ESS space.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In December 2022, FREYR announced that the Company had finalized the formal establishment of a downstream joint venture with Nidec Corporation (TSE 6594) ("Nidec"). The joint venture, called Nidec Energy AS, is intended to develop and supply highly competitive, integrated battery energy storage solutions and products with low environmental impact.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In December 2022, FREYR announced that as one of the prerequisites to establishing the Nidec Energy joint venture, a package of 24M sample cells was sent to a leading independent third-party laboratory for testing on behalf of Nidec. The sample cells exhibited top quartile gravimetric energy density performance for LFP graphite batteries, demonstrated very similar and stable behavior across the cells over several cycles, and exhibited best-in-class performance for thermal stability, indicating robust safety characteristics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In December 2022, FREYR priced and closed an underwritten public offering of 23 million Ordinary Shares at a public offering price of $11.50 per share before underwriting discounts. The gross proceeds of the offering, which closed on December 5, 2022, were $264.5 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company appointed Jason Forcier and Dr. Dan Steingart as independent members of FREYR's Board of Directors effective December 21, 2022, and January 9, 2023, respectively. Mr. Forcier and Dr. Steingart collectively bring decades of industry, technical, and advisory experience in the lithium-ion battery sector to FREYR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On November 11th, 2022, FREYR announced the selection and purchase of the 368-acre site for the Company's Giga America clean battery manufacturing project in Coweta County, Georgia. The project is expected to be developed in multiple phases beginning with an initial battery cell production module of approximately 34 GWh at a preliminarily estimated capital investment of $1.7 billion. Giga America is supported by a combined state and local incentive package of approximately $410 million over the multiple phase life of the project.

1 \| News Release \| FREYR Battery \| <u>www.freyrbattery.com/news</u> 

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![image_0.jpg](image_0.jpg)

"The fourth quarter was punctuated by our successful secondary equity offering and the launch of our expansion into the U.S., which we have since decided to accelerate further," remarked Tom Einar Jensen, FREYR's Co-Founder and CEO. "Turning our attention to the road immediately ahead, we are announcing the operational startup of the CQP on March 28th, which represents the inaugural launch of clean, next-generation battery technology production on the 24M platform at GWh scale marking a fundamental milestone for the SemiSolid™ Technology platform."

"We expect 2023 to be a truly exciting and transformative year for FREYR and our 24M licensing partners as we move into live battery production. Our teams are working tirelessly to achieve key milestones that include, among other things, producing testable batteries from the CQP, continuing the construction of Giga Arctic, running several financing processes in parallel, developing new strategic relationships, and bringing initial production from Giga America online as fast as possible. We ended the year with a nearly identical cash balance to what we started with in 2022 and have in the meantime made strong progress across our entire value chain with an opportunity set in front of us which is more robust than ever." concluded Jensen.

**Business Update**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FREYR is on track to start operations of the CQP in 1Q 2023 as previously communicated. The Company has successfully completed all 14 of 14 factory acceptance tests and 10 of 14 site acceptance tests. The projected ramp of production at the CQP following operational startup is expected to mark initial production of the 24M SemiSolid<sup>TM</sup> technology and document the viability of the platform at GWh scale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FREYR is accelerating the Company's expansion in the U.S. by evaluating multiple options to fast-track the start of production at Giga America. The decision to accelerate development to a targeted 2025 start of production in the U.S. is intended to maximize the financial benefits of the Inflation Reduction Act ("IRA") incentive package; aligns with surging customer demand for dedicated ESS cell production; and is consistent with broadening interest from third parties to explore strategic and/or financial partnerships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The State of Georgia and Coweta County financial assistance packages tied to FREYR's Giga America development are currently in various stages of proceedings and approvals through the relevant channels. On February 15th, 2023, the Coweta County authorities closed a tranche of Industrial Revenue Bonds that are associated with an estimated $227 million of tax abatements over a 20-year Giga America project time horizon. Additionally, the Coweta County Superior Court has validated an approximately $20 million grant to assist with FREYR's U.S. plant development, with closing anticipated in short order. Total incentives from the state and county amount to approximately $410 million over multiple phases under certain conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As the Company approaches the start of operations at the CQP, several advanced financing processes are ongoing with strategic, financial, and government stakeholders to explore funding solutions for key growth initiatives to drive parallel giga scale development and supply chain localization in the U.S., Norway, and the Nordic region.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FREYR is working closely with key stakeholders in Norway and the European Union ("EU") to unlock a targeted response to the incentives under the U.S. IRA. In anticipation of further regulatory clarity in 2023, the Company is continuing to develop Giga Arctic at a measured pace to facilitate optimization of project economics from localized incentives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FREYR's corporate, operational, and technical development is benefiting from deepening collaboration with partners across the growing global 24M licensee ecosystem. With the initial projected start of giga scale production on the 24M platform at FREYR's CQP nearing, the strategic alignment throughout the 24M network is expected to yield continued learnings and strategic partnership opportunities.

2 \| News Release \| FREYR Battery \| <u>www.freyrbattery.com/news</u> 

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![image_0.jpg](image_0.jpg)

**Results Overview, Financing, and Liquidity**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FREYR reported net income attributable to ordinary shareholders for the fourth quarter of 2022 of $25.3 million, or $0.20 per diluted share compared to a net loss for the fourth quarter 2021 of $(28.9) million or $(0.24) per diluted share. The net gain in the fourth quarter of 2022 was due in part to a non-cash $59.8 million gain on the fair value adjustment to our warrant liability. This adjustment can vary materially from period-to-period based on several factors, including changes to FREYR's stock price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the full year ended December 31, 2022, FREYR reported net loss attributable to ordinary shareholders of $(98.8) million, or $(0.83) per diluted share. The net loss was due to corporate overhead, spending to support FREYR's projects and business development activities, and research and development spending, partially offset by gains on changes in warranty liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of December 31, 2022, FREYR had cash, cash equivalents, and restricted cash of $563.0 million.

**Business Outlook**

FREYR is focused on advancing the following strategic mandates and milestones over the next 12 months:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Successfully complete the start of operations at the CQP in 1Q 2023. The capability to produce sample cells from the CQP is expected to accelerate and cement customer dialogues, fortify FREYR's competitive position, demonstrate the scalability of the 24M manufacturing process, and satisfy key technical performance milestones.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accelerate the Company's expansion in the U.S. with a new targeted start of production of 2025 for Giga America to address customer inquiries for fit-for-purpose ESS solutions and to maximize the financial impact of the IRA along with state and local tax incentive packages. FREYR is pursuing fast-tracked development of the previously planned Giga America project schedule to commence production by 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Work with leading strategic, financial, and government stakeholders to advance FREYR's capital formation journey. FREYR's intensifying financing processes include prospective project and/or parent-level investment discussions; initial engagement with the U.S. Department of Energy to secure a financial assistance package; advancing the Giga Arctic project financing, and a range of industrial partnership opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Progress construction on the Giga Arctic development while prudently managing capital spending in advance of the anticipated close of the project financing and expected Norwegian and/or EU responses to the IRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Advance discussions that will further FREYR's ambition to be an industrial scaling partner of choice for leading complementary technology platforms that target distinct and additional end market applications across the ESS, passenger EV, and commercial electric mobility markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continue to broaden and augment FREYR's value proposition with the intention to maximize sustainable long-term shareholder value and enhance the Company's competitive position. Key objectives in accordance with this strategy are to continue to forge new strategic and financial partnerships that advance and accelerate the Company's industrialization plan and capital formation.

3 \| News Release \| FREYR Battery \| <u>www.freyrbattery.com/news</u> 

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![image_0.jpg](image_0.jpg)

**Presentation of Fourth Quarter and Full Year 2022 Results**

A presentation will be held today, February 27, 2023, at 7:30 am Eastern Standard Time (1:30 pm Central European Time) to discuss financial results for the fourth quarter and full year 2022. The results and presentation material will be available for download at <u>https://ir.freyrbattery.com</u>.

To access the conference call, listeners should contact the conference call operator at the appropriate number listed below approximately 10 minutes prior to the start of the call.

**Participant conference call dial-in numbers:**

United Kingdom: 020 3936 2999<br>United States: 1 (646) 664 1960<br>All other locations: +44 20 3936 2999

The participant passcode for the call is: 649807

A webcast of the conference call will be broadcast simultaneously at <u>https://streams.eventcdn.net/freyer/freyr-battery-q4-2022-earnings-conference-call</u> on a listen-only basis. Please log in at least 10 minutes in advance to register and download any necessary software.

A replay of the webcast will be available at <u>https://ir.freyrbattery.com/events-and-presentations/Events-Calendar/default.aspx</u>.

**\*\*\***

4 \| News Release \| FREYR Battery \| <u>www.freyrbattery.com/news</u> 

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![image_0.jpg](image_0.jpg)

**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 U.S. and Vaasa, Finland. FREYR intends to deliver a minimum of 50 GWh of battery cell capacity by 2025, over 100 GWh of annual capacity by 2028, and over 200 GWh of annual capacity by 2030. To learn more about FREYR, please visit <u>www.freyrbattery.com.</u>

**Investor contact:**

Jeffrey Spittel

Vice President, Investor Relations

**<u>jeffrey.spittel@freyrbattery.com</u>**

Tel: (+1) 281-222-0161

**Media contact:**

Katrin Berntsen

Vice President, Communication<br>**<u>katrin.berntsen@freyrbattery.com</u>**<br>Tel: (+47) 920 54 570

**Cautionary Statement Concerning Forward-Looking Statements** 

The information in this press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, including, without limitation, statements regarding the development, construction, timeline, capacity, and other usefulness of FREYR's CQP, Giga Arctic, Giga America, and other planned or future production facilities or Gigafactories (collectively, the "FREYR Facilities"); Giga America's initial battery cell production module of approximately 34 GWh; the progress and expected outcomes of FREYR's industrialization plans and capital formation; FREYR's targeted start and ramp up of sample cell production in 1Q 2023; the progress and development of FREYR's strategic and financial partnerships; the progress and development of FREYR's joint ventures and partnerships; exploration of or progress toward additional debt or equity capital raises, including securing financial support to fund FREYR's planned expansion; FREYR's ability to advance strategic initiatives to further its aspirations to become an industrial partner of choice in the clean battery space; FREYR's commitment to accelerating its development plans in the U.S. based on the financial incentives attendant to the proposed Inflation Reduction Act or from any state or local governments; the expectation that the sample cells from the CQP will accelerate customer dialogues, fortify FREYR's competitive position, demonstrate the scalability of the 24M manufacturing process, and satisfy key technical performance milestones; the progress of discussions that will further FREYR's ambition to be a scaling partner of choice for leading parallel technology platforms that target distinct and complimentary end market applications across the ESS, passenger EV, and commercial electric mobility spaces; FREYR's intention to maximize sustainable long-term shareholder value and enhance its competitive position; FREYR's intention to establish decarbonized and localized supply chains; the development of 24M Technologies, Inc.'s technologies and their use in the FREYR Facilities; and the attainment of operational milestones are forward looking statements.

These forward-looking statements involve significant risks and uncertainties that could cause 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 (i) FREYR's Registration Statement on Form S-3 filed with the U.S. Securities and Exchange Commission (the "SEC") on September 1, 2022 and (ii) FREYR's Annual Report on Form 10-K for the year ended December 31, 2022 that is expected to be filed with the SEC on February 27, 2023, available on the SEC's website at <u>www.sec.gov</u>.

5 \| News Release \| FREYR Battery \| <u>www.freyrbattery.com/news</u> 

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![image_0.jpg](image_0.jpg)

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 differ materially from those expressed in any forward-looking statements.

6 \| News Release \| FREYR Battery \| <u>www.freyrbattery.com/news</u> 

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![image_0.jpg](image_0.jpg)

**FREYR BATTERY**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

***(In Thousands)***

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2022** | **2021** |
| **ASSETS** | **ASSETS** | **ASSETS** |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $443063 | $563956 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 119982 | 1671 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid assets | 8293 | 15882 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 8117 | 1282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 579455 | 582791 |
| Property and equipment, net | 210777 | 21062 |
| Intangible assets, net | 2963 |  |
| Convertible note | 19954 | 20231 |
| Equity method investments |  | 2938 |
| Right-of-use asset under operating leases | 14538 |  |
| Other long-term assets | 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $827698 | $627033 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** | **LIABILITIES AND SHAREHOLDERS' EQUITY** | **LIABILITIES AND SHAREHOLDERS' EQUITY** |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $6765 | $3813 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities and other | 51446 | 19773 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation liability | 4367 | 2211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 62578 | 25797 |
| Warrant liability | 33849 | 49124 |
| Operating lease liability | 11144 |  |
| Long-term share-based compensation liability |  | 6627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 107571 | 81548 |
| Commitments and contingencies |  |  |
| Shareholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary share capital, no par value, 245,000 ordinary shares authorized as of both December 31, 2022 and December 31, 2021; 139,854 and 139,705 ordinary shares issued and outstanding, respectively, as of December 31, 2022; and 116,854 ordinary shares both issued and outstanding as of December 31, 2021 | 139854 | 116854 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 772602 | 533418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock | (1041) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | 9094 | (524) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (203054) | (104263) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total ordinary shareholders' equity | 717455 | 545485 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests | 2672 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 720127 | 545485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $827698 | $627033 |

---

7 \| News Release \| FREYR Battery \| <u>www.freyrbattery.com/news</u> 

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![image_0.jpg](image_0.jpg)

**FREYR BATTERY**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS**

***(In Thousands, Except per Share Amounts)***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended<br>December 31,** | **Three months ended<br>December 31,** | **Years ended <br>December 31,** | **Years ended <br>December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative | $29469 | $15510 | $107357 | $61755 |
| &nbsp;&nbsp;&nbsp;Research and development | 4380 | 2607 | 13574 | 13816 |
| &nbsp;&nbsp;&nbsp;Share of net loss of equity method investee | 426 | 62 | 1557 | 62 |
| Total operating expenses | 34275 | 18179 | 122488 | 75633 |
| Loss from operations | (34275) | (18179) | (122488) | (75633) |
| Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Warrant liability fair value adjustment | 59771 | (10686) | 14183 | (21859) |
| &nbsp;&nbsp;&nbsp;Convertible note fair value adjustment | (544) |  | (277) |  |
| &nbsp;&nbsp;&nbsp;Interest income, net | 1691 | 256 | 1780 | 314 |
| &nbsp;&nbsp;&nbsp;Foreign currency transaction (loss) gain | (2903) | 498 | 2512 | 1325 |
| &nbsp;&nbsp;&nbsp;Redeemable preferred shares fair value adjustment |  | (75) |  |  |
| &nbsp;&nbsp;&nbsp;Other income, net | 1227 | 150 | 5171 | 2475 |
| Total other income (expense) | 59242 | (9857) | 23369 | (17745) |
| Income (loss) before income taxes | 24967 | (28036) | (99119) | (93378) |
| &nbsp;&nbsp;&nbsp;Income tax expense |  |  |  |  |
| Net income (loss) | 24967 | (28036) | (99119) | (93378) |
| &nbsp;&nbsp;&nbsp;Net loss attributable to non-controlling interests | 328 |  | 328 |  |
| Net income (loss) attributable to ordinary shareholders | $25295 | $(28036) | $(98791) | $(93378) |
| Weighted average ordinary shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;Basic | 123455 | 116597 | 118474 | 75363 |
| &nbsp;&nbsp;Diluted | 127889 | 116597 | 118474 | 75363 |
| Net income (loss) per share: |  |  |  |  |
| &nbsp;&nbsp;Basic | $0.20 | $(0.24) | $(0.83) | $(1.24) |
| &nbsp;&nbsp;Diluted | $0.20 | $(0.24) | $(0.83) | $(1.24) |
| Other comprehensive income (loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $24967 | $(28036) | $(99119) | $(93378) |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | 26165 | (858) | 9618 | (1182) |
| Total comprehensive income (loss) | 51132 | (28894) | (89501) | (94560) |
| &nbsp;&nbsp;&nbsp;Comprehensive loss attributable to non-controlling interests | 328 |  | 328 |  |
| Comprehensive income (loss) attributable to ordinary shareholders | $51460 | $(28894) | $(89173) | $(94560) |

---

8 \| News Release \| FREYR Battery \| <u>www.freyrbattery.com/news</u> 

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![image_0.jpg](image_0.jpg)

**FREYR BATTERY**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

***(In Thousands)***

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| | | |
|:---|:---|:---|
| | **For the years ended December 31,** | **For the years ended December 31,** |
| | **2022** | **2021** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(99119) | $(93378) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 8643 | 14818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 478 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on US joint venture consolidation | 1619 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reduction in the carrying amount of lease assets | 1458 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrant liability fair value adjustment | (14183) | 21859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible note fair value adjustment | 277 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share of net loss of equity method investee | 1557 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transaction net unrealized gain | (2868) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 2 | (131) |
| &nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid assets and other current assets | (3664) | (16419) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long-term assets |  | (230) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, accrued liabilities and other | 17385 | 10163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liability | (1594) |  |
| &nbsp;&nbsp;&nbsp;Net cash used in operating activities | (90009) | (63136) |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from property related grants | 10461 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (180787) | (13775) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in equity method investee | (3000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset acquisition, cash acquired | 300 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in convertible note |  | (20000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of other long-term assets | (2000) | (12) |
| &nbsp;&nbsp;&nbsp;Net cash used in investing activities | (175026) | (33787) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of ordinary shares, net | 251124 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase of treasury shares | (1052) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Business Combination |  | 70836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from PIPE Investment, net |  | 573666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of redeemable preferred shares |  | 7500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments for the Norway Demerger |  | (3002) |
| Net cash provided by financing activities | 250072 | 649000 |
| &nbsp;&nbsp;&nbsp;Effect of changes in foreign exchange rates on cash, cash equivalents, and restricted cash | 12381 | (1395) |
| **Net (decrease) increase in cash, cash equivalents, and restricted cash** | (2582) | 550682 |
| **Cash, cash equivalents, and restricted cash at beginning of period** | 565627 | 14945 |
| **Cash, cash equivalents, and restricted cash at end of period** | $563045 | $565627 |
| **Reconciliation to consolidated balance sheets:** |  |  |
| Cash and cash equivalents | $443063 | $563956 |
| Restricted cash | 119982 | 1671 |
| Cash, cash equivalents, and restricted cash | $563045 | $565627 |

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9 \| News Release \| FREYR Battery \| <u>www.freyrbattery.com/news</u>

## Exhibit 99.2

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February 27, 2023 FREYR 4Q and Full Year 2022 Earnings Call

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Important notices Forward looking statements All statements, other than statements of present or historical fact included in this presentation, including, without limitation, regarding the Customer Qualification Plant ("CQP") starting operations in 1Q 2023 and CQP machinery ramping of battery production in 2Q 2023; the development of 24M Technologies, Inc.'s technologies and their use in FREYR's Gigafactories; FREYR's ability to accelerate the Giga America project and realize the U.S. Inflation Reduction Act's ("IRA") expected benefits and growing energy storage system ("ESS") opportunities; the progress of the development of the Giga Arctic facility; the IRA's potential effect of triggering a policy response in the European Union and Norway; any illustrative or anticipated IRA project economics; the estimated size of state and local incentive packages for Giga America; the planned acceleration and anticipated benefits of fast-tracked projects developed in the U.S.; the projection that solar and wind will become leading sources of energy; the non-linear growth trajectories of long-term demand forecasts for battery storage; FREYR's ability to build commercial progress in the electric vehicle market to augment FREYR's traction in ESS; any expected effects of battery energy storage system ("BESS"); projected global cumulative BESS capacity and demand growth; and FREYR's ability to (i) execute its business plan, (ii) create real option value, (iii) realize the anticipated results and success of FREYR's strategic approach to capital formation, (iv) close multiple ongoing strategic and financial partner financing processes and (v) forge new strategic, operational and financial partnerships 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 (i) FREYR's Registration Statement on Form S-3 filed with the Securities and Exchange Commission on September 1, 2022 and (ii) FREYR's annual report on Form 10-K filed with the Securities and Exchange Commission on February 27, 2023, 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 differ materially from those expressed in any forward-looking statements.

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Today's Agenda • Key messages • CQP spotlight • Update on Giga Arctic • Benefiting from 24M's technology and ecosystem • Positioned to leverage U.S. IRA and potential EU / Norwegian responses • Accelerating FREYR's U.S. development • BESS demand growth update • FREYR is creating real option value • FREYR's expansion into commercial and passenger mobility • Financial update • Strategic priorities • Q&A

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Key messages 5 Focused on rapidly de-risking FREYR's business plan Announcing the official opening of the Customer Qualification Plant (CQP) on March 28th, 2023 FREYR has conducted extensive and successful testing of CQP equipment enabling ramp-up of battery production in 2Q 2023 CQP ramp-up of production will mark initial GWh scale production of the SemiSolidTM technology platform FREYR is deepening technical and commercial collaboration with 24M licensees to maximize CQP Customer Qualification Plant (CQP) Starting Up - Unlocking the SemiSolid™ Technology Platform at GWh Scale FREYR is Targeting Accelerated Giga America SOP in 2025 to Capture IRA Benefits and Growing ESS Opportunity Accelerating development in U.S. to maximize benefits of the IRA targeting 2025 Giga America start-up Surging ESS demand driven by U.S. Inflation Reduction Act (IRA) and energy security considerations in Europe FREYR's LFP-based SemiSolid™ platform is expected to offer superior performance for ESS applications at GWh scale Geographic Diversification and Market Optionality Provide a Profitable Growth Platform for FREYR FREYR has created real option value with parallel project development in Norway and U.S. catalyzed by CQP and IRA FREYR is working together with Norwegian authorities and institutions to for a localized response to IRA incentives FREYR is expanding into commercial and passenger mobility to augment early ESS success FREYR is positioning as a partner of choice with alternative technology providers opening up additional end markets Capital formation opportunities are broadening with strong interest from multiple strategic and financial partners

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CQP starting up operations in 1Q 2023 6 Major milestone to unlock SemiSolidTM platform at giga scale FREYR announces the formal opening of the CQP on March 28th, 2023 The CQP is a core asset in the 24M ecosystem to validate performance of the SemiSolidTM technology platform at GWh scale FREYR is collaborating closely with 24M and co-licensees to optimize and further improve CQP performance and the SemiSolidTM platform Start and ramp-up of production at the CQP will catalyze key strategic milestones for FREYR and 24M licensees: Conversion of COAs to firm offtake agreements Condition Precedent for ongoing Project Financing Demonstrate improvements in production yields and speeds Unlocks FREYR's GWh scale facilities in Norway and the U.S. Unlocks momentum for other 24M licensees in respective markets

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Giga Arctic Update Construction ongoing in Mo i Rana Constructing one of Norway's largest buildings: Approximately 9,000 tons of concrete and 2,000 ton of rebar are in place for the foundations 2,500 tons of steel structures and 1,800 tons of concrete beams, floors and roofing in place Continued engineering ongoing: Continued improvement of layout, technical solutions and business case optimization based on product roadmap Interfaces between Production Line Equipment and optimization of Process Design in collaboration with all frame agreement contractors Continuous synergy capture, while enabling experience transfer and resource optimization with Giga America 7

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Strategic alignment with 24M Technologies FREYR is benefitting from deepening technical and commercial collaboration across the 24M licensee ecosystem 8 FREYR is working together with licensee partners to bring next- generation SemiSolidTM technology to scale via FREYR's CQP Simplified SemiSolidTM manufacturing process enables energy, people, and capital efficient development of clean battery solutions at scale Electrochemistry flexible platform supports current and next-generation cell technologies Expanding SemiSolidTM commercial opportunity in electric mobility and passenger EV market underscored by recent Impact COA Strong interest from licensee partners to explore commercial opportunities together 24M commercial partners include:

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Positioned to benefit from new policy tailwinds in batteries 9 U.S. Inflation Reduction Act likely to trigger a meaningful policy response from EU and Norway Production Tax Credits (PTCs) feature direct pay option ($35/kWh for cell production, $10/kWh for modules) Monetization of PTCs for ESS applications is expected to be a straightforward process Wave of new BESS projects in U.S. augmented by state and local incentives; customers' ITCs simplified and expanded Some potential customers have expressed their willingness to share a portion of their ITCs with FREYR IRA subsidies appear readily accessible in stationary battery storage market EU has presented the Green Deal Industrial Plan The plan aims to enhance the competitiveness of Europe's net-zero industry and introduces new regulatory framework Intended to extend and accelerate access to funding for net-zero projects Batteries are one of the key clean technologies in focus FREYR is actively engaging with key stakeholders in Norway and EU IRA subsidies have meaningfully altered the playing field and will improve project economics in a market short environment FREYR will continue measured pace of investment at Giga Arctic ahead of formalized IRA response from Norway and the EU

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IRA will enhance FREYR's project economics 10 EU & Norwegian responses expected to improve local project economics in a market short battery environment FREYR has created real option value by initiating parallel development of Giga Arctic and Giga America The quantum and accessibility of the IRA PTCs has meaningfully altered the relative and absolute return potential of U.S.-based projects The considerable impact to project economics from the IRA is catalysing localized responses from Europe and Norway to enhance project economics IRA and anticipated EU and Norwegian responses coincide with growing interest from strategic partners to participate in FREYR's project development FREYR will continue capital spending on Giga Arctic at a measured pace in anticipation of a localized response to the IRA while project development at Giga America accelerates Illustrative IRA Project Economics Giga America Nameplate Capacity (GWh) 34 # of Production Lines 8 OEE Target1 83% Est. Production/Year at OEE Target (GWh) 28.22 45X Cell PTC ($/kWh) $35 45X Module PTC ($/kWh) $10 Cell PTC Cash Flow/Year ($MM) $988 Module PTC Cash Flow/Year ($MM) $282 Annual PTC Cash Flow/GWh of Namplate ($MM/GWh) $37 Implied Giga America Annual 45x PTC Cash Flow/Year ($MM) $1,270 1 OEE equates to proudction yield less equipment downtime.

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Accelerating FREYR's Development in U.S. 11 FREYR's ambition is to maximize IRA incentives and to capture surging ESS demand Updated U.S. development plan summary Exploring fast-track options to establish rapid production at Giga America in 2025 as an initial part of the larger Giga Factory FREYR's U.S. team is evaluating actions to optimize speed to market, product utility, and project economics Existing and expanding ESS customer base in urgent need of domestic cell supply Meaningful IRA incentives driving interest in project equity investment from strategic partners Benefits of fast-tracked U.S. development Fastest path to giga scale production and highest relative cash flow via participation in IRA incentives Focused on developing financing through pull- forward monetization of IRA PTCs with project level equity from strategic and/or financial sponsors Potential to circumvent lengthy project financing process Provides flexibility to maximize merchant sales exposure in undersupplied ESS market

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Significant state and local incentive packages Grants in process: Coweta County grant of $20MM approved on February 23rd with closing anticipated in short order Application nearing completion for $7MM state grant with final approval expected within 90 days Tax abatement incentives: Closing of property tax abatement package of ~$230MM over 20 years completed after passing public hearing Documentation received and in process for State tax abatement package of ~$140MM 12 Giga America update Total incentive package of ~$410MM over multiple phases based on estimated long-term capex of ~$2.6B

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BESS is the essential net zero enabling technology 13 Use cases for batteries across the future energy system underpin exponential demand growth forecasts Solar and wind displace all other sources of energy because of their inherent zero marginal cost structure, and they become dispatchable when paired with battery storage Nearly 140 GW of storage projects are in the California interconnection queue, which exceeds BNEF's cumulative U.S. storage installation forecast through 20301 Behind-the-meter installations create potential to establish distributed power to supplemental utility scale generation Distributed battery storage is a precursor to establishing virtual power plants Electric road freight Battery Solar Wind Solar Battery Industry Battery Solar Wind Battery Rooftop PV EV Transmission grid Distribution grid Electric aviation Electric shipping Hydro Nuclear Fossil Battery Charging infrastructure Transmission grid Distribution grid BESS demand growth potential is underappreciated 1 B of A Securities February 10, 2023, equity research note.

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BESS demand is surging and consistently underestimated As witnessed previously in several sectors, and illustrated below by solar pv deployments, technology shifts evolve exponentially after reaching tipping points in system effects System effects result not only from the technology itself, but also from macro and industry developments that accelerate adoption Battery energy storage system effects include: Development of correlated technologies such as renewables generation Reprioritization of capital allocation priorities by large energy companies Emergence of next-generation electricity grid solutions Increasingly ambitious climate policy initiatives Navigation of technological learning curves Paradigm shifts in energy economics Long-term demand forecasts for battery storage reaching non-linear growth trajectories Global Cumulative BESS Capacity (BNEF 2017 – 2022), GW NZE: Net Zero Emissions, APS: Announced Pledges Scenario, LCR: Low-Cost Renewables Source: IEA World Energy Outlook, BNEF Battery Storage Market Outlook, EIA Annual Energy Outlook Global Cumulative BESS Capacity (IEA WEO 2021 – 2023), GW 9 13Source: Carbon Brief Likely trajectory? IEA solar deployment forecast (WEO 2009-2020) G W a d d e d p e r y e a r, n e t o f re ti re m e n ts 2022 update IEA solar deployment forecast (WEO 2009-2020), GW added per year 459% 289% 14

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15 FREYR is creating real option value Strategic flexibility to pursue evolving geographic and end market opportunities in parallel Norway → Giga Arctic United States → Giga America $35 / kWh Battery cell production tax credit $10 / kWh Battery module production tax credit 10% Separate tax credits for critical materials and active cathode / anode materials Direct pay option through 2032 Inflation Reduction ActFREYR is working with various stakeholders to develop a localized response to the U.S. IRA incentives Giga Arctic will be using 100% clean electricity at prices which are amongst the most competitive globally Industrial heritage with skilled workforce enabling strong project execution and operational excellence Continuing to deploy capital expenditures at measured pace to develop Giga Arctic and optimize potential uplift in project economics from anticipated IRA response 24M brings U.S.-based technology Leveraging the Norwegian Industrial heritage Growth in key demand center amplified by IRA ~$410 million gross financial incentive package from State of Georgia and Coweta County for Giga America FREYR customers can claim 30%+ ITC on stand-alone BESS projects Letter of intent received from Eksfin indicating a guarantee of up to €400 million for Giga Arctic as part of in-progress project financing process

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Gaining traction in commercial and passenger EV verticals 16 Inaugural E-mobility COA signed and partnership discussions deepening with OEMs Announced COA with Impact Clean Power Technology in January to supply 10 – 14 GWh of next-generation cells Clean battery cell solutions will be based on the 24M platform for European commercial vehicle applications The cell form factor is identical to the fit-for-purpose ESS cells available for testing at the CQP in 2Q 2023 COA validates the broader applicability of 24M's SemiSolidTM technology platform for e-mobility markets Engaged in advanced technical discussions with multiple OEMs for potential demand of 50-100 GWh per year FREYR is uniquely positioned as an LFP-focused cell producer with giga scale projects underway in Norway and the U.S. Commercial E-mobility Passenger EVs Building commercial progress in EV market to augment FREYR's traction in ESS

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Financial update FREYR Full-Year 2022 Cash Bridge Maintained high level of liquidity and while advancing FREYR's development throughout the year Strong Liquidity and Balance Sheet Ended 4Q 2022 with $563 million of cash 2022 CapEx focused on the CQP, Giga Arctic and the U.S. site purchase Capital Allocation Priorities Evaluating options to accelerate capital deployment in the U.S. targeting 2025 startup to capture as much of the IRA as possible Proceeding at measured pace with capital spending at Giga Arctic in anticipation of EU and Norwegian response to IRA FREYR's Strategic Approach to Capital Formation Strong interest from potential strategic, industrial and financial partners at project and corporate levels; discussions ongoing Engaging with relevant governmental entities to access financing solutions including direct loans, grants, and incentive packages Giga Arctic project financing progressing in anticipation of CQP ramp-up and Norwegian IRA response 17

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Key Priorities Start Operations of CQP in 1Q 2023 and accelerate sample cell production Focused on delivery of FREYR's strategic objectives on the path to giga scale production Accelerate investment in U.S. to maximize the financial and strategic benefits of the IRA Optimize economic value of subsidies while developing Giga Arctic and Giga America in parallel Close ongoing strategic and financial partner processes including financing to further fund our growth Forge new strategic, operational and financial partnerships for giga scale production of clean batteries Validate and scale technology; finance and execute FREYR's business plan 18

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Q&A

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