Innovation Norway Webinar

FREYR AS Ryuta Kawaguchi, Chief Technology Officer Sachiya Inagaki, VP Battery Material Supply Business 28th May 2021

Innovation Norway Japan Webinar on 28th May 2021 Our Mission: Accelerating the decarbonization of all transportation and energy systems by delivering the world’s cleanest and most cost-effective batteries

クリーンかつコスト効率の高い電池で、すべての輸送とエネルギーシステムの脱炭素化に貢献します。

“As a society, we must substantially accelerate our efforts to

reduce CO2 emissions at scale over the next ten years. Electrification and batteries are instrumental parts of the solution, representing one of the most exciting and sustainable growth vectors in the market.”

Torstein Dale Sjøtveit Executive Chairman & Founder

2

Innovation Norway Japan Webinar on 28th May 2021 FREYR: A Low Carbon, Cost Advantaged Battery Supplier

A highly attractive market entry opportunity… …utilizing Norway’s unique advantages… …captured by a well-positioned emerging player

Cost advantage Strong project execution from among the lowest Positioning to become and operational Shift to renewable power grids electricity prices in Europe an industry cost excellence centric team and electric vehicles driving leader in 2025 coupled with leading Asian battery experts demand for energy storage

Carbon advantage Equity funded Highly attractive from renewable, sustainable model for up to entry valuation 2030e ~43 GWh of relative to battery input sources production capacity peer group metrics

~5,300 ~3,700 32% Aiming to be the Targeted partnerships lowest carbon provide flexible, GWh of GWh Supply Estimated Logistics advantage battery cell producer technology-agnostic Demand Shortfall 2020 – 2030 from clean Nordic battery in the world development demand CAGR supply to European markets

Innovation Norway Japan Webinar on 28th May 2021 Aiming to be the Lowest Carbon Battery Cell Producer in the World

Projected Battery Cell Life Cycle Emissions

Life cycle emissions FREYR North America Other Asia kg CO2e/kWh 80 Europe Other ▪ FREYR expects to have the lowest 70 emissions in the industry

60 ▪ European & North American

50 producers projected to lead on emissions globally 40 ▪ Majority of production will remain 30 located in Asia, primarily in China

20

10

0 0 100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 Plant size, GWh

Source: Study commissioned from global management consultancy , Company estimate, press search

Innovation Norway Japan Webinar on 28th May 2021 Phased Development from Balanced Partnership-Based Strategies ▪ Next Generation Technology Solution: Partnership with 24M Technologies to industrialize improved process technology ▪ Traditional Technology Solution: Joint venture partnership of proven, conventional technology for OEMs

Next Generation Technology Development Focus Traditional Technology Development Focus

▪ Energy Storage Systems ▪ All Electric Vehicles (EV, PHEV, xEV) Target Market Verticals ▪ Other Mobility (Marine, Commercial) ▪ Energy System Storage ▪ All Electric Vehicles (EV, PHEV, xEV) ▪ All other applications

▪ Utilities Target Offtake ▪ Automotive OEMs ▪ Automotive OEMs Customers ▪ Solar/Wind Developers ▪ Utilities ▪ Home Energy Storage Systems

▪ Chemistry-agnostic cell production process and platform ▪ Semi-solid electrode structurally reduces materials costs ▪ Significant, untapped market to leverage FREYR’s competitive production platform ▪ Higher energy density cells with improved safety and reliability Expected Strategic ▪ Collaborate with OEMs for industrially scaled supply of traditional technology ▪ Simpler production process lowers capex and opex requirements Advantages ▪ Considerable logistics advantages relative to Asian cell manufacturers ▪ Lower footprint and increase capital efficiency unlocks modularity ▪ Flexibility to host multiple-OEM partnerships with separate Gigafactories ▪ Less scrap, fully recyclable & increased in-plant reuse of active materials ▪ Flexible platform covers current next generation chemistry & cell design

Relevant Targeted JV/In-licensing partners to Partnerships OEMs and other customers

Innovation Norway Japan Webinar on 28th May 2021 Source: 24M Technologies, Company data Innovation Norway Japan Webinar on 28th May 2021 Technology, Project Execution & Operational Excellence centric team

Torstein Dale Sjøtveit Steffen Føreid Executive Chairman & Founder Chief Financial Officer ▪ 35+ years of experience in utility, shipbuilding & upstream energy businesses ▪ 20 years finance experience within LNG, engineering, fabrication and energy industries ▪ Former CEO, Sarawak Energy, Malaysia ▪ CEO/CFO, Höegh LNG Partners LP ▪ President & CEO, Aker Yards ▪ CFO, Grenland Group ASA ▪ EVP Aluminum Metal, Norsk Hydro Tom Einar Jensen Patrick Lee Chief Executive Officer & Co-Founder Executive Vice President of Technology ▪ 25 years of experience in energy, industry, agriculture and start-ups ▪ 20 years of experience for Li-ion Battery & BEV company (S. Korea, USA and China) ▪ Partner & Co-Founder, EDGE Global LLC, Senior Advisor, SYSTEMIQ ▪ Head & Expert on LIB R&D center for LIB business division at WM Motor (Ch) ▪ 13 years in investment and project development in the sustainability space ▪ Various expert and leadership roles in LIB technology R&D at LG Chem, R&D, ▪ CEO Agrinos and various commercial roles in Joule Unlimited, Norsk Hydro++ A123Systems (US), SDI, and GWM (Ch) Jan Arve Haugan Gery Bonduelle Deputy CEO & Chief Operating Officer Executive Vice President Product Development & Sales ▪ 35 years project leadership in global process and energy industry ▪ 25 years within the energy sector in extensive engineering, product development and ▪ CEO Aker Energy and Kværner ASA operational experience ▪ Various roles at Norsk Hydro, including role as CEO of Qatalum ▪ Vice President Sales EMEA and APAC Enersys Ryuta Kawaguchi Christian Tate Chief Technology Officer Vice President Corporate Development & Head of Freyr USA ▪ 25 years of experience in battery engineering and technology development ▪ 25 years of experience in global business and market development ▪ Solution Owner, Dyson EV Battery ▪ 10 years VP pf Corporate Development at Hitachi Global Digital Business ▪ Senior Manager Battery & ePT Strategy Planning, Nissan ▪ Senior Manager Battery System Engineering & Technical Sales, AESC ▪ Extensive experience with global financial markets, listings, and private financing Einar Kilde Hege Norheim Executive Vice President Projects Executive Vice President Human Resources, ESG & Communications ▪ 30+ years of experience in leading large-scale development projects within the ▪ 25 years Oil and Gas executive and Advisor to Prime Ministers Office energy, renewables and transport sectors ▪ EVP Project Execution, Sarawak Energy, Malaysia ▪ EVP Projects, REC Tove Nilsen Ljunqquist Are Brautaset Executive Vice President of Operations Chief Legal Officer ▪ 30 years of experience in global manufacturing and oil & gas businesses ▪ 20 years practice as in-house counsel in the energy sector ▪ CEO Agility Subsea Fabrication / Agility Group ▪ Managing Director Hydro Aluminium Clervaux 7 Innovation Norway Japan Webinar on 28th May 2021 Freyr Battery Technical Leadership Team Expertise from across the last decade of battery innovation from all major countries

Sachiya Inagaki Ryuta Kawaguchi VP Battery Materials Chief Technology Officer ▪ 20 years experience lithium-ion battery materials ▪ 25 years in Li-ion battery and fuel cell development & strategy planning ▪ Senior General Manager Yano Institute (Tokyo/) ▪ Solution Owner, Dyson EV Battery ▪ Senior Manager Battery & ePT Strategy Planning, Nissan ▪ Senior Manager Battery System Engineering & Technical Sales, AESC

Kenneth Yan VP Operations ▪ 20 years experience in operations and management ▪ CEO of CHAM Battery & Plant Manager A123Systems

Patrick Lee Executive Vice President of Technology ▪ 20 years of experience for Li-ion Battery & BEV company (S. Korea, USA and China) Dr. Motoaki Nishijima ▪ Head & Expert on LIB R&D center for LIB business division at WM Motor (Ch) VP R&D ▪ Various expert and leadership roles in LIB technology R&D at LG Chem, ▪ 30+ years experience in LiB R&D Hyosung R&D, A123Systems (US), Samsung SDI, and GWM (Ch) ▪ General Manager, Next-generation Battery Project, KRI

Tiger Cui Program manager production line ▪ 20+ years experience in LiB & semiconductor ▪ Leadership around foil, cut, and casting process

8

Innovation Norway Japan Webinar on 28th May 2021 24M Technologies: Disruptive, Innovative Design and Process Technology

24M Technology Advantages Cambridge, MA Headquarters

▪ MIT spin-off founded in 2010 by Yet-Ming Chiang 1. Revolutionizing the lithium-ion cell • • ‒ MIT Professor, Materials Science • – • manufacturing process and platform, – allowing cell production for different 1) • – – – ‒ Pioneer in new material development– battery applications within one – – • – ‒ Founded A123 Systems & American• Superconductor• – – facility – • ▪ Developed new cell architecture, cost-–optimized for large• – batteries – – – • –2. Semi-solid technology that provides ▪ 78+ issued patents, 108+ pending• • – – – a simpler, more reliable and safer manufacturing process that Recognition ▪ Market validation 2): – • – – • accelerates production while Recognitions – • – RecognitionRecognition – lowering costs of existing and next- – – Recognition – generation cell technology Recognition • • • – • – – – • 3. Chemistry-agnostic platform that • – • • supports current and next- • – – – – generation cell technologies, such • – • • as Silicone Electrode, Dual • – – Electrolyte System and Pre- – – • Lithiation implementation –

1) 24M was recognized by Bloomberg New Energy Finance as a 2016 New Energy Pioneer, Source: Business Wire Source: 24M Technologies 2) Kyocera press release, January 6, 2020

Innovation Norway Japan Webinar on 28th May 2021 Value Chain Partnership Based Approach With Innovative, Global Leaders

Technology Supply Chain Product Offtake

▪ Revolutionizing the lithium- ▪ Leading Norway- ▪ One of the world’s ▪ Global technology leader in ▪ Major Japanese trading company ion cell manufacturing based manufacturer largest chemical renewable and fuel-efficient & leader in domestic ESS of environmentally producers in 2019 conventional energies process and platform ▪ MOU on offtake for domestic ESS responsible metals ▪ Active cathode ▪ MOU on offtake for marine and for European & US markets ▪ Strategic technology and materials material supply energy storage systems (ESS) partner with FREYR for ▪ Itochu is an investor in 24M semi-solid technology ▪ Active anode material targeting higher applications supply targeting voltage materials higher silicon content

▪ In process with and interest ▪ Leading global ▪ A Leading ▪ Leading integrated independent ▪ Leading international logistics from 5 different top tier producer of Japanese trading renewable power producer company and one of the largest Asian battery cell sustainably-sourced company for non- container shipping lines ▪ Pursuing combined solar and technology providers battery raw materials ferrous metals battery deployments globally ▪ MOU to develop sustainable ▪ In-licensing based or JV ▪ Nickel, copper and ▪ Part of the broader battery solutions for end-to-end ▪ MOU on offtake for high energy partnership-based cobalt with Sumitomo group logistics density, low cost ESS systems structures for giga-scale transparency and with broad ▪ Supporting Maersk’s goal of production in Norway/ traceability based on activities in battery decarbonizing its fleet Nordics blockchain technology materials

24M agreement >30 partnerships established >50 customer engagement processes underway 5 JV partnership options Localized, decarbonized supply chains All market segments produced in multiple geographies Source: Company reports

Innovation Norway Japan Webinar on 28th May 2021 Construction of FREYR Production Facilities Initiated & On Track

Mo i Rana, Norway

Mo Industrial Park – Quay 1) Mo i Rana, Norway ▪ Customer Qualification Plant (375 MWh) Project development ▪ Gigafactory 3 (10.6 GWh) ▪ Gigafactory 4 (10.6 GWh)

Pilot/Customer Qualification Plant

Oslo, Norway Headquarters Mo Industrial Park 1) ▪ Gigafactory 1 (5.3 GWh) ▪ Gigafactory 2 (8.0 GWh)

1) Flexibility in final configuration and size of Modularized Gigafactories over time across ~180,000 m2 of secured regulated acreage. Capacity refers to 80% of nameplate capacity. Operations for Gigafactories projected for 2023 or later. Source: Company data

Innovation Norway Japan Webinar on 28th May 2021 Pilot/Customer Qualification Plant: Sanctioned Final Contracting Processes

Pilot/Customer Qualification Plant – Modifications/preparations initiated

Pilot/Customer Qualification Plant Proposed Purpose ▪ Mo Industrial Park - Quay, Mo i Rana, Norway ▪ Platform to optimize and industrialize 24M technology ▪ 13,000 m2 ▪ Production of sample battery cells for customer qualification ▪ Isolated steel construction and product certification ▪ Production hall, offices and ▪ Secure off-take from OEM, ESS and other mobility customers wardrobes ▪ District heating ▪ Capacity and flexibility for product development and testing ▪ Two crane assemblies ▪ Arena to develop new and improved manufacturing ▪ Access to quay, technologies and processes railroad and national road ▪ Training facility for skilled production operators Pilot/Customer Qualification Plant Post-Conversion Profile Views ▪ Facility to qualify new material suppliers

Innovation Norway Japan Webinar on 28th May 2021 Supply Chain Development

Sachiya Inagaki VP Battery Material Supply Business

Innovation Norway Japan Webinar on 28th May 2021 FREYR Focuses on the Core of the Battery Value Chain

Initial Focus

Mining and Active Pack/ Recycling Refining materials Cell Modules

Value add: 1) 28% 11% 32% 25% 4% = 100%

Cathode materials

Anode materials Battery cell Electrolyte materials

Separator materials

Partnership-based value chain integration strategy

1) Percentage of total value added per value chain step, based on expected 2030 demand from transportation, energy storage and Source: Study commissioned from global management consultancy consumer electronics applications + battery pack prices

Innovation Norway Japan Webinar on 28th May 2021 Emerging European Battery Supply Chain Facilitates Full-Cycle Sustainability

Map of Energy Critical Elements: Cobalt, Lithium, Graphite FREYR’s Aspirational Goal: Supportive Norway Battery Ecosystem Europe Preliminary Result, May 2019 Full-Cycle Sustainability

Raw-Material Providers Responsible sourcing of raw ▪ Glencore materials ▪ Elkem ▪ MRC ▪ Tiotech ▪ Hydro Improved labor conditions

Mo i Rana, Norway Project development ESS Providers Solar & Marine ▪ Siemens ▪ Corvus ▪ ZEM ▪ Kongsberg Low water stress & enhanced ▪ Scatec Solar biodiversity Research Organizations ▪ NTNU Oslo, Norway ▪ SINTEF Headquarters ▪ IFE ▪ UiO Reduced toxic emissions & waste

Development across all aspects of the emerging European battery supply chain, from raw materials to recycling

Sources: Battery Norway, FRAME, Company data

Innovation Norway Japan Webinar on 28th May 2021 FREYR Advantage: Targeting 81% Lower CO2e Emissions

Targeted FREYR CO2e Footprint Reduction Emissions 1 kg CO2/kWh

1) Global Battery Industry CO2e Baseline : ~80 -31%

2 81% CO2e 1 FREYR ‘net zero’ cell production (~25) Reduction -19% 3 Active material production in 2 (~15) Norway/Nordics 2) -19% 4 Building a Nordic ecosystem of 3 (~15) additional supply 2) -13%

4 2) 19% Packaging and recycling (~10)

Global FREYR 3) Average Target FREYR Target CO2e Emissions Level : = ~15

1) Global battery industry average for 2020 3) Company estimate Source: Study commissioned from global management consultancy 2) Estimated medium-term benefits from localized Supply Chain

Innovation Norway Japan Webinar on 28th May 2021 Strategies to Build a Nordic Supply Chain Potential Nordic Supply Chain Development Step 2: Step 3: • Striving to develop a long-term Step 1: Utilizing Existing EU and US Long-term Aspiration Nordic battery supply chain # Component 24M Supply Chain Supply Chain Opportunities

• Initial supply chain to leverage 24M 1 NMC Asia relationships for active materials 2 LFP Asia Qualification of existing • Long-term evolution of supply chain 3 Carbon black Asia supplier focused on European/North 1. Sample analysis (12-24 months) 4 Graphite Asia Following FREYR’s American suppliers and eventually FREYR plans to source partnership model to 100% Norway materials from existing 5 Aluminum Asia localize as many battery Joint venture to establish battery material suppliers supply chain materials as • production capacity in Europe and USA Supplier qualification focused on 6 Copper Asia possible in Norway sample analysis process of 1-2 1. Feasibility analysis (3-6 months) 7 Separator Asia years 2. Sample analysis (12-24 months) 8 Pouch USA / Asia

9 Electrolyte Asia

Source: 24M, Company data

Innovation Norway Japan Webinar on 28th May 2021 Accelerating the decarbonization of all transportation and energy systems by delivering the world’s cleanest and most cost-effective batteries

Sachiya Inagaki VP Battery Material Supply Business Email: [email protected]

www.freyrbattery.com www.linkedin.com/company/freyrbattery https://twitter.com/FREYRBattery

FREYR's Offices Oslo Philip Pedersens vei 11 1366 Lysaker, Norway

Mo i Rana Nytorget 1 8622 Mo I Rana 18 MADE IN NORWAY Innovation Norway Japan Webinar on 28th May 2021