11/05/2022 - FREYR Battery SA: Q1 2022 Earnings presentation

FREYR 1Q 2022 Earnings Call

May 11, 2022

Important notices

Forward looking statements

All statements, other than statements of present or historical fact included in this presentation, including, without limitation, regarding FREYR's anticipated path to commercialization; the development, timeline, capacity and other usefulness of FREYR's CQP and planned Gigafactories; the realization of FREYR's capital spending plan; the progress and development of customer relationships and offtake agreements and supply chain partnerships; the success of any capital raising paths, including securing financial support from governments, to fund FREYR's planned expansion; FREYR's ability to secure additional raw materials or finalize pricing terms of secured key raw materials capacity; the realization of FREYR's supply chain strategy and augmented value proposition; FREYR's finalization of any joint ventures; FREYR's growing pipeline of commercial opportunities; FREYR's ability to convert any conditional agreements into definitive agreements; the development and growth of FREYR's target markets; the scale and arrangements for any FREYR production facilities; FREYR's ability to achieve its ambition to localize and decarbonize its global supply chain; the expected delivery times of any cell casting and unit assembly equipment; and FREYR's ability to grow its customer portfolio and secure capital to fund expansion 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-1 filed with the Securities and Exchange Commission 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.

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.

Today's Agenda

• • Key takeaways

• • Commercial developments

• • Market developments

• • FREYR's augmented value proposition

• • Operations and supply chain update

• • Financial overview

• • Strategic priorities

• • Q&A

Key Takeaways for 1Q 2022

Strong momentum on key commercial, operational and financial objectives

Signed Conditional Offtake Agreements (COAs) Exceed 100 GWh through 2030:

Converting Initial COAs to Definitive Sales Agreements (DSAs):

➢ In advanced closing negotiations to finalize terms and conditions with Honeywell and global ESS player

➢

DSAs are catalysts to unlock attractive financing solutions

Maintaining H2 2022 startup target for CQP:

• ➢ Factory acceptance testing is next milestone on path to start of production (SOP)

• ➢ FREYR Board of Directors has sanctioned construction of Mo I Rana testing center

• ➢ Targeting completion of testing center to coincide with start of production at CQP

Progressing towards FID on combined Gigafactory 1&2:

• ➢ Pre-construction site preparation ongoing

• ➢ Finalizing technical project plan for board approval in June

• ➢ FREYR Board of Directors has sanctioned capital spending to order long-lead time items

Financing Plan:

• ➢ Oscar Brown appointed as CFO in April 2022

• ➢ Accelerating discussions of grants, guarantees, and other debt-based potential financing options in Norway

• ➢ Potential for additional grants and financing support from EU-based government institutions

• ➢ Engagement initiated with U.S. Department of Energy to explore support for ongoing U.S. expansion

• ➢ Strong interest in FREYR from strategic, industrial and financial institutions to finance growth ambitions

• ➢ FREYR's strong balance sheet enables flexibility while navigating volatile market conditions

Accelerating Commercial Traction

Recent wins augmented by expanding pipeline of opportunities

Multiple commercial discussions ongoing across all market verticals

>200 GWh per year of potential demand by 2030

To unlock FIDs for potential future Gigafactories globally

Several conditional offtake agreements in advanced negotiations

~100 GWh of potential demand from 2024-2030

Potential to book first customer in commercial mobility segment

Five agreements signed with major ESS players

>100 GWh of cumulative volumes from 2024-2030

Signed COAs equate to >80% of planned nameplate capacity of combined Gigafactories 1 & 2 at Mo i Rana1

Potentially unlocks accelerated development of Gigafactories in Norway, U.S. and Finland

Initial two COAs with Honeywell and global ESS player in advanced stages of anticipated conversion to bankable sales agreements

50 GWh of demand from 2023- 2030

Conversion unlocks FID on combined Gigafactory 1&2 and project financing element of capital formation plan

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