FREYR Adds Experienced Sales Professionals from Tesla

New York, Oslo and Luxembourg, October 4, 2021, FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity, has hired three senior sales professionals to its Energy Storage System (“ESS”) sales team. Zukui Hu, Valentin Rota and Guillaume Mancini join FREYR from Tesla, where they contributed to the success and growth of the EMEA regional energy storage division over the last six years. At FREYR, they will be responsible for sales in the company’s ESS market segment.

“Today is an important day for FREYR as we add seasoned team members to the professional, dedicated, and rapidly expanding FREYR family to support our accelerating momentum in the marketplace,” says Tom Einar Jensen, the CEO of FREYR.

“We are thrilled to add such talented executives to our Energy Storage System team,” says Gery Bonduelle, EVP for Sales at FREYR. “Each of them brings extensive experience and knowledge that will strengthen our sales initiatives in the important and rapidly expanding ESS market.”

Zukui Hu joins FREYR as Vice President Sales, ESS. At Tesla, Mr. Hu most recently led the EMEA Energy Storage sales unit for grid scale, commercial, industrial, and microgrid applications. He has 13 years of project development and finance experience within the renewable energy industry, including solar, electric vehicle charging infrastructure, and stationary storage from companies such as Tesla, Scatec Solar, and Engie.

Valentin Rota joins FREYR as Sales and Business Development Director, ESS. Mr. Rota brings 10 years of business development and sales experience in the renewable energy sector, having worked extensively with battery energy storage systems (BESS), wind power, and solar power at Tesla and at Siemens.

Guillaume Mancini joins FREYR as Application Engineering Director, ESS. He brings eight years of experience in engineering of energy storage systems, having worked across research, technical sales, design, construction, and operations of battery energy storage systems throughout the EMEA region at Tesla and at EDF.

“We are very excited to join FREYR and are extremely proud to continue our decarbonization journey by driving adoption of FREYR’s clean, next-generation battery cell technology,” said Zukui Hu, Vice President Sales, ESS at FREYR.

About FREYR Battery

FREYR plans to develop up to 43 GWh of battery cell production capacity by 2025 with an ambition of up to 83 GWh in total capacity by 2028 to position the company as one of Europe’s largest battery cell suppliers. Five of the facilities will be located in the Mo i Rana industrial complex in Northern Norway, leveraging Norway’s highly skilled workforce and abundant, low-cost renewable energy sources from hydro and wind in a crisp, clear and energized environment. FREYR will supply safe, high energy density and cost competitive clean battery cells to the rapidly growing global markets for electric vehicles, energy storage, and marine applications. FREYR is committed to supporting cluster-based R&D initiatives and the development of an international ecosystem of scientific, commercial, and financial stakeholders to support the expansion of the battery value chain in our region. For more information, please visit www.freyrbattery.com.

Media contact:
Hilde Rønningsen
Director of Communications

hilde.ronningsen@freyrbattery.com

Tel: (+47) 453 97 184

Investor contact:
Jeffrey Spittel
Vice President, Investor Relations

jeffrey.spittel@freyrbattery.com

Tel: (+1) 281-222-0161

Forward-looking Statements

The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, including, without limitation, regarding strengthening FREYR's sales initiatives in the rapidly expanding ESS market 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. Factors that may cause such differences include, but are not limited to (i) competition in the ESS market segment, and (ii) changes in the conditions of the ESS market segment. FREYR cautions that the foregoing list of factors is not exclusive. Additional 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 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.