FREYR Battery Strengthens Presence in Finland with New Executive Hire

New York, Oslo and Luxembourg, December 7, 2022

FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity, has announced the appointment of Tor Stendahl as Managing Director for FREYR Battery Finland Oy.

“We are pleased with our initial progress in Finland, and we are excited to onboard an experienced leader to head our operations and take us into the next phase of development. Tor brings an industrial and battery-specific background, and his leadership and relevant experience from the region will be of great value for FREYR,” said Axel Thorsdal, SVP Project Development.

FREYR has signed an agreement with the City of Vaasa, Finland, for the temporary lease of 1.3 million square meters of land in the GigaVaasa area. This land is a candidate future site for FREYR’s developmental initiatives based on the company’s collaboration with the City of Vaasa.

Tor Stendahl, a Finnish national, comes to FREYR from his position as Country Manager Finland/Baltic and General Manager for Battery Materials, Base Metal Services and Recycling at BASF. He has held various leadership and sales roles throughout his 25-year career at BASF, and most recently led the build-up of BASF’s pCAM plant in Harjavalta, Finland. Stendahl holds a master’s degree in chemical engineering from Åbo Akademi University.

“The mission of FREYR is more critical than ever as we transition our energy systems and seek greater reliability and efficiency. My experience from my previous role is initiating and ramping up operations, and I’m thrilled to put that knowledge to work for FREYR as we establish and grow our presence in Finland,” said Tor Stendahl.

Tor Stendahl will assume his new role in FREYR’s Finnish operations during spring 2023.

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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 FREYR’s ability to realize the benefits of Finland’s strategic importance due to its ample supply of renewable energy, proximity to essential raw materials and highly competent workforce 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-3 filed with the Securities and Exchange Commission (the “SEC”) on September 1, 2022, 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.