FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production, is announcing that the Research Council of Norway, Innovation Norway, and Siva have granted $11 million (NOK 100 million) through the Norwegian Green Platform initiative (the “Green Platform”) to a consortium of companies, including FREYR. The initiative is intended to provide a platform to establish sustainable battery production.

The consortium of companies will, together with SINTEF and the Institute for Energy Technology, initiate the project "Sustainable Materials for the Battery Value Chain." The companies will work together to reduce their respective environmental footprints along the entire value chain, from the production of active battery materials to cell production, modeling of battery downgrading, safety and recycling.

The Green Platform provides companies and research institutes with support for research- and innovation-driven energy transformation. The project has been thoroughly evaluated, both by national and international experts.

“It is through research and innovation that we create tomorrow's sustainable society. A green platform is an important measure to ensure profitable green transition and will contribute to us becoming more skilled at scaling up and linking research to the market,” said the Minister of Trade and Industry Jan Christian Vestre. “With the Green Platform, the policy instruments stimulate more value-creating low-emission industries, jobs and export opportunities,” he added.

“Support from the Norwegian Green Platform initiative sends a strong signal from the Norwegian authorities that batteries are a key strategic focus area to decarbonize our energy and transportation systems. Together with the industry partners and the authorities, we will be able to move faster and make an even stronger impact and we look forward to the cooperation to make our mark in the transition,” said Jan Arve Haugan, President and Managing Director, FREYR Battery Norway.

“FREYR Battery is committed to raising standards throughout our entire value chain, pushing a sustainability-first agenda based on research and innovation. The choice of next-generation technology we have made in FREYR has already given us the opportunity to significantly reduce the use of energy and land compared to conventional battery production. We have also eliminated the use of toxic binding materials in our batteries, making recycling and waste management much easier. We are thrilled about this support to continue our journey in spearheading this development of the industry,” said Hege Marie Norheim, Chief Sustainability Officer at FREYR.

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 the green shift towards sustainable battery production, the ability of research and innovation to create a sustainable society, the Green Platform’s role in ensuring a profitable green transition and contributing to FREYR becoming more skilled at scaling up and linking research to market, the Norwegian authorities’ signal that batteries are a key are to decarbonize energy and transportation systems, FREYR’s ability to reduce the use of energy and land by more than 50 percent compared to conventional battery production and FREYR’s ability to move faster and make a stronger impact in green transition 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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