FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production, welcomes the strategic partnership and investment announced between FREYR’s partner, 24M Technologies, Inc. (“24M”) and Volkswagen Group (“VWAG”) to manufacture next-generation lithium-ion EV batteries using 24M’s SemiSolid™ platform. The partnership is focused on the development of production technology for SemiSolid™ battery cells for use in VWAG electric vehicles (EVs).

As part of the partnership, VWAG will make a strategic investment into 24M. In addition to the direct investment, VWAG will establish a wholly owned subsidiary that will, in cooperation with 24M, develop a SemiSolid™ battery cell production technology for automotive applications.

“The development of next-generation EV battery cells based on 24M technology is a critical element of FREYR’s long-term strategy to speed up the adoption of affordable EVs,” said Tom Jensen, Chief Executive Officer of FREYR. “With EV demand on the rise, we are exceptionally pleased to see today’s announcement of a collaboration between 24M and Volkswagen, which validates the technical versatility of the innovative SemiSolid™ platform.”

“The 24M mission is to develop a better, cleaner energy future powered by SemiSolid™ technology,” said 24M President and CEO, Naoki Ota. “Our collaboration with FREYR and now Volkswagen will significantly expand the 24M technology capabilities, with a goal to fast-track electric vehicle adoption globally.”

In 2020, FREYR signed a license agreement with 24M with rights to unlimited production of battery cells based on 24M’s current and all future technology. This will enable FREYR to benefit from 24M’s ongoing R&D and integrate future versions of the SemiSolid™ platform into its production and sales of battery cells into all market segments.

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 Vaasa, Finland, and the United States. FREYR intends to deliver up to 43 GWh of battery cell capacity by 2025 and up to 83 GWh annual capacity by 2028. To learn more about FREYR, please visit www.freyrbattery.com.

Cautionary Statement Concerning Forward-Looking Statements

All statements, other than statements of present or historical fact included in this press release, including, without limitation, statements regarding (i) FREYR’s ability to manufacture next-generation lithium-ion EV batteries using 24M’s SemiSolid™ platform, benefit from 24M’s ongoing R&D and integrate future versions of the SemiSolid™ platform into its production and sales of battery cells into all market segments, (ii) the partnership’s ability to develop production technology for SemiSolid™ battery cells for use in VWAG branded electric vehicles (EVs), (iii) the development of a better, cleaner energy future powered by SemiSolid™ technology and (iv) the partnership’s goal to fast-track EV vehicle adoption globally are forward-looking and 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 difficult to predict. Information about factors that could materially affect FREYR is set forth under the “Risk Factors” section in FREYR’s Registration Statement on Form S-1 filed with the Securities and Exchange Commission (the "SEC") on August 9, 2021, as amended, and in other SEC filings available on the SEC’s website at www.sec.gov.

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