FREYR Battery Appoints Head of U.S. Operations

New York, Oslo and Luxembourg, August 23, 2022, FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity, has announced the appointment of Michael J. Brose to the newly created position of Vice President of U.S. Operations. Before his appointment at FREYR, Brose was the Chicago-based plant manager for WR Grace, a supplier of high-performance chemicals and materials.

“The U.S. is a key strategic market and a central element of our expansion roadmap, which calls for us to recruit strong leaders who understand both the operational and strategic aspects of manufacturing. With Michael’s addition to our team, we have another results-driven executive who brings deep operational expertise to our business,” commented Tom Einar Jensen, CEO of FREYR.

Following the recent passage of the Inflation Reduction Act, FREYR is accelerating the development timetable for its first U.S. Gigafactory, Giga America. Site selection for the project has advanced to the final five candidate locations, and FREYR recently announced the opening of its first U.S. campus in Boston to foster deep collaboration with FREYR’s strategic partners at 24M Technologies (“24M”) and Koch Strategic Platforms (“KSP”).

“This is a pivotal time for the battery industry and for the development of clean energy solutions in major end markets such as the U.S. I have spent my career operating and managing chemical manufacturing facilities, emphasizing efficient processes and high safety standards. I am excited to be part of FREYR’s U.S. leadership team, and I look forward to positioning our company as one of the leaders of clean energy growth in the U.S.,” said Brose.

Mr. Brose holds a Bachelor of Science in Chemical Engineering from the University of Pennsylvania. Prior to joining FREYR, he served for more than a decade as Vice President of Operations / Plant Manager in three different manufacturing segments, including his time at WR Grace.

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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 install 50 GWh of battery cell capacity by 2025 and 100 GWh annual capacity by 2028 and 200 GWh of annual capacity by 2030. To learn more about FREYR, please visit www.freyrbattery.com

Investor contact:
Jeffrey Spittel
Vice President, Investor Relations
jeffrey.spittel@freyrbattery.com
Tel: (+1) 281-222-0161

Media contact:
Katrin Berntsen
Vice President, Communication and Public Affairs
katrin.berntsen@freyrbattery.com
Tel: (+47) 920 54 570

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 U.S.’s key role in FREYR’s expansion roadmap; FREYR’s ability to maintain momentum in its strategic partnerships and its planned U.S. Gigafactory, Giga America; FREYR’s ability to continue to hire key personnel in the U.S.; FREYR’s target of speed and scale in the U.S.; FREYR’s ability to build one of the largest battery cell Gigafactories in the U.S.; the importance and impact of the Inflation Reduction Act for the U.S. pathway to reduce its greenhouse gas emissions by investing in clean energy technologies; the role that green energy will play in the U.S. and the prioritization of downscaling of fossil fuels; the U.S. energy market’s ability to transform; FREYR’s ability to contribute in the U.S. energy market’s transformation; FREYR’s ability to convert any conditional agreements into definitive agreements; FREYR’s ability to develop energy storage solutions at multiple GWh scale in the U.S.; and FREYR’s ability to accelerate its plans towards initial site selection in the U.S. to capitalize on the growing momentum 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 (i) FREYR’s Registration Statement on Form S-1 filed with the Securities and Exchange Commission (the "SEC") on August 9, 2021, as amended, and (ii) FREYR’s annual report on Form 10-K filed with the SEC on March 9, 2022, and available on the SEC’s website at www.sec.gov.