28/02/2022 - FREYR Battery SA: Q4 2021 Earnings presentation

FREYR 4Q and Full-Year 2021 Earnings Call

February 28, 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 ability to develop the world's cleanest and lowest CO2 lifecycle emissions batteries at giga-scale; 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, including any the entry into any successful joint ventures with Aleees; the success of any capital raising paths to fund FREYR's planned expansion; FREYR's ability to secure additional raw materials; FREYR's finalization of any joint ventures with a global industrial player; FREYR's growing pipeline of commercial opportunities; FREYR's ability to convert any conditional agreements into definitive agreements; FREYR's goal of full sustainability; the development and growth of FREYR's target markets; the scale and

arrangements for any FREYR production facilities in the U.S.; the progress and development of FREYR's partnerships and plans in Finland; FREYR's ability to secure

key raw materials, including its frame agreements' ability to meet FREYR's raw material demands; FREYR's ability to source inputs locally and decarbonize the Nordic, European and U.S. battery supply chain; FREYR's decarbonization benefit's ability to yield cost savings and its competitive advantages on cost; the expected delivery times of any cell casting and unit assembly equipment; FREYR's status on its mission to establish 100 GWh of clean battery production globally by 2030; 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.

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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 quarterly report on Form 10-Q filed with the Securities and Exchange Commission on November 15, 2021, 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

• Business update
• FREYR's strategic road map and priorities
• Establishing supply chains and operations
• FREYR's market opportunity is expanding
• Making commercial progress
• Financing the planned expansion
• Near-termpriorities
• Q&A

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Business Update

Building FREYR's operational foundation

1) Comparison adjusts for uniformity of battery chemistry change in current plan (LFP vs NMC).

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FREYR's Anticipated Path to Commercialization

Focused on achieving milestones to build a global, giga-scale player

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