08/05/2024 - FREYR Battery SA: Q1 2024 Earnings presentation

IMPORTANT NOTICES

Forward Looking Statements

All statements, other than statements of present or historical fact included in this presentation, including, without limitation, FREYR Battery, Inc.'s ("FREYR") ability to conduct initial unit cell production trials, commencing initial volume production in Q2 2024; FREYR's cost and capital efficiency; FREYR's plan to expand on the battery value chain into high value adjacencies and cultivate partnerships across the cell production technology spectrum; FREYR's efforts to accelerate the path to commercialization; the pursuit of four major project opportunities in accordance with the FREYR 2.0 growth strategy; potential inorganic growth opportunities and the ability to generate revenue in the near-term through possible acquisitions; approaching milestones at FREYR's CQP; the Company's application with the U.S. Department of Energy through the Title 17 application under the Loan Programs Office; the development, financing, construction, timeline, capacity, and other usefulness of FREYR's CQP, Giga Arctic, Giga America, and other planned or future production facilities or Gigafactories; any potential project equity raise for the development of Giga America; any potential benefits of the U.S. Inflation Reduction Act; establishing and/or announcing a conventional technology agreement; FREYR's ability to reduce spending; any potential benefits of redomiciling to the U.S.; the giga-scalability of the 24M platform; and the implementation and effectiveness of FREYR's overall business, technology, capital-raising, and liquidity strategies 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 (the "SEC") on September 1, 2022 and subsequent post-effective amendment thereto filed on January 5, 2024, (ii) FREYR Battery, Inc.'s Registration Statement on Form S-4 filed with the SEC on September 8, 2023 and subsequent amendments thereto filed on October 13, 2023, October 19, 2023, and October 31, 2023, and (iii) FREYR's annual report on Form 10-K filed with the SEC on February 29, 2024 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 presentation. Should underlying assumptions prove incorrect, actual results and projections could differ materially from those expressed in any forward-looking statements.

FREYR intends to use its website as a channel of distribution to disclose information which may be of interest or material to investors and to communicate with investors and the public. Such disclosures will be included on FREYR's website in the 'Investor Relations' sections. FREYR also intends to use certain social media channels, including, but not limited to, X (Twitter) and LinkedIn, as means of communicating with the public and investors about FREYR, its progress, products, and other matters. While not all the information that FREYR posts to its digital platforms may be deemed to be of a material nature, some information may be. As a result, FREYR encourages investors and others interested to review the information that it posts and to monitor such portions of FREYR's website and social media channels on a regular basis, in addition to following FREYR's press releases, SEC filings, and public conference calls and webcasts. The contents of FREYR's website and other social media channels shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

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FREYR'S GROWING STATIONARY STORAGE OPPORTUNITY

FREYR is commercially focused on a market growing structurally and exponentially

NEW ADDITIONS STRENGTHEN FREYR'S BOARD OF DIRECTORS

Appointments of Todd Kantor, Tore Ivar Slettemoen, and David Manners underscore FREYR's commitment to shareholder alignment

FOUNDING INVESTORS JOIN FREYR'S BOARD

• Todd Kantor and Tore Ivar Slettemoen bring decades of energy sector and investing experience
• Creates direct feedback loop with two of FREYR's top institutional holders
• Augments Board's expertise to oversee and assist with capital formation initiatives
• Demonstrates FREYR's focus on creating long-term shareholder value

ADDING EXPERT PERSPECTIVE ON PUBLIC AND GOVERNMENT AFFAIRS

• David Manners is a trusted advisor to the energy industry and investment community
• Experience as U.S. Government officer enhances FREYR's understanding of policy and geopolitical landscapes
• Appointment coincides with heightened politicization of energy security, near-shoring of key technologies, decarbonization of energy mix

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KEY MESSAGES

Focused on execution and delivering for our shareholders

APPROACHING FIRST AUTOMATED UNIT CELL PRODUCTION AT CQP

• On track to produce first unit cells with the full automation of the Casting and Unit Cell Assembly in H1 2024 as previously communicated
• Fine tuning next-generation system integration in preparation for unit cell production trial

NEW ADDITIONS STRENGTHEN FREYR'S BOARD OF DIRECTORS

• Todd Kantor, Tore Ivar Slettemoen, and David Manners bring decades of experience in their respective fields
• With appointments, collective FREYR insider equity ownership exceeds 20% of outstanding common shares

FREYR 2.0 GROWTH INITIATIVE UPDATE

• Advancing discussions to reach two potential strategic agreements
• Opportunities align with FREYR's ambition to accelerate path to market, revenues and cash flows
• Streamlining our project pipeline to pursue four distinct projects with the highest return potential

MAINTAINING FINANCIAL DISCPILINE

• FREYR'S strong, debt-free balance sheet continues to attract potential strategic partners
• Evaluating use cases for Giga Arctic to maximize value
• Focusing on cost vigilance, raising non-dilutive growth capital, asset optimization, and value creating investments

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UPDATE ON FREYR'S 2.0 GROWTH INITIATIVE

Focusing on four commercial and project opportunities with highest return potential

COMMERCIAL UPDATE

• FREYR has refined its project focus list through ongoing project diligence and commercial discussions
• • Two of the five previously highlighted pursuits related to passenger EV market in Europe are no longer under consideration
  • Added a global pursuit tied to commercial E-mobility applications
• Projects based on both SemiSolid platform and potential conventional technology agreements
• Focusing on ESS and commercial E-mobility end markets

ADVANCING STRATEGIC DISCUSSIONS

• Negotiations ongoing to reach two potential strategic agreements
• Conventional technology licensing agreement and potential inorganic opportunity
• Both intended to accelerate FREYR's path to market and first revenues

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GIGA AMERICA UPDATE

Initial site preparation underway at FREYR's flagship U.S. project

FOCUSED ON ACCELERATING PATH TO FIRST PRODUCTION

• A conventional technology track is likely the fastest pathway to market
• • Technological maturity and established supply chains
• The IRA 45X production tax credits equate to $1 - 2 million per day of estimated benefit to Giga America project at optimized production yields

NEXT STEPS

• Finalizing terms with the technology provider
• Agreeing to terms with key offtake partners
• Refreshing and reinitiating the project level equity process targeting the conventional track project

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OPTIMIZING OUR SPENDING

Operational and financial discipline remain in focus

• Ended Q1 2024 with $253 million of cash and no debt
• Focusing core activities enabling cost reductions (20% reduction in FT employees, and 50% reduction in contractors/project support)
• Extending our runway well beyond two years excluding any potential future financings

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OPTIMIZING OUR BALANCE SHEET

Prioritizing balance sheet strength by planning 2024 total cash uses well below 2023

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Note: Cash includes cash, cash equivalents and restricted cash: amounts may not reconcile due to rounding.