29/02/2024 - FREYR Battery SA: Q4 2023 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's ("FREYR") ability to achieve automated, functional, customer-testable battery sample cells in H1 2024; scaling the SemiSolid platform as a path to sustainable competitive differentiation; 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 five 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; customer acceptance and validation of the 24M SemiSolid process and product technology; securing a conditional commitment from the U.S. Department of Energy ("DOE") 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, (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, (iii) FREYR's annual report on Form 10-K filed with the SEC on February 27, 2023, and (iv) FREYR's quarterly reports on Form 10-Q filed with the SEC on May 15, 2023 and August 10, 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 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, 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 MISSION AND STRATEGY

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FREYR TODAY

Focused on execution and delivering for our shareholders

STREAMLINED, FOCUSED ORGANIZATION

• Flattened organizational structure to promote speed, collaboration, and execution
• Changes to operational management at CQP yielding tangible progress against timelines and milestones

COST AND CAPITAL EFFICIENT

• Optimizing balance sheet, cash spending, and capital discipline
• Capital formation initiatives ongoing:
• • Advancing DOE Title 17 application and project-level equity raises
  • Targeting conditional commitment from DOE before year-end 2024

EVOLVED, PRODUCTION-FOCUSED MINDSET

• Another key milestone achieved at CQP with successful anode casting trials with active electrolyte slurry
• Producing fully automated cathodes and anodes after latest milestones
• Start of dry room operations at CQP enabled shift in emphasis from installation/commissioning plant to producing cells
• Producing functional sample cells for key customers using the full automation of the CQP in H1 2024 is priority #1

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FREYR'S TECHNOLOGY APPROACH

Scale differentiated Western tech and become an industrialization partner of choice in parallel

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THE ROAD AHEAD: FREYR 2.0 GROWTH INITIATIVE

Pursuing commercial and project opportunities totaling more than 100 GWh

REAL OPTIONS

• Pursuing five major opportunities tied to specific projects in U.S. and Europe
• Projects based on both 24M SemiSolid platform and potential conventional technology agreements
• End markets include ESS and passenger EV applications
• Possibility to produce both LFP and NMC cells

BROADENING SET OF STRATEGIC PARTNERSHIP DISCUSSIONS

• FREYR is an attractive partner
• Strong competitive and financial positions generating interest from expanding network
• Potential opportunities include M&A to accelerate path to market and first revenues

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CQP UPDATE

Progressing to anticipated start of fully automated cell production in H1 2024

ANOTHER KEY MILESTONE SURPASSED

• Successfully conducted automated anode casting trials in February 2024 with active electrolyte slurry
• Producing automated cathodes and anodes, working on improving process capability
• Shift to production mindset - the installation/construction phase of the CQP is complete - moving past the point of making the CQP to making batteries

CATALYSTS AHEAD

• H1 2024: integrate the casting web across the cathode, anode, and merge systems of the Casting & Unit Assembly using the Multi-Carrier System ("MCS")
• H1 2024: commence automated production and make functional battery cells for customer samples
• H2 2024: finalize digital twin - integration of over 50 video cameras and 5000 sensors recording data for every cell produced to drive continuous product improvement

Active electrolyte slurry being prepared for casting

Powder being processed under dry room conditions

GIGA AMERICA UPDATE

FREYR'S planned U.S. flagship project to capitalize on the benefits of the Inflation Reduction Act

THE GIGA AMERICA ASSET

• FREYR owns the 368-acre Giga America project site in Coweta County, GA
• Georgia is evolving into a regional U.S. clear energy and battery hub
• Giga America site can accommodate multiple cell production facilities
• Project to create hundreds of jobs in Coweta County and trigger multi-billion-dollar capital investment in Georgia

CAPITAL FORMATION INITIATIVES PROGRESSING

• Advancing DOE Title 17 process tied to the 24M SemiSolid technology track
• Deep coordination with DOE Loan Programs Office ("LPO") team to process application
• Targeting conditional commitment from DOE before year-end 2024
• Project-levelequity conversations apply to both SemiSolid and/or conventional technology tracks

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REDOMICILE TO THE U.S. COMPLETED

FREYR successfully redomiciled from Luxembourg to the U.S. effective December 31, 2023

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