FREYR Further Strengthens Its Sustainability Team

New York, Oslo and Luxembourg, October 11, 2021, FREYR Battery (NYSE: FREY) (“FREYR”), a prospective developer of clean, next-generation battery cell production capacity, today announced the addition of two seasoned sustainability professionals, Elizabeth Tate and Frode Hvattum. The appointments will advance FREYR’s mission of decarbonizing energy and transportation systems for a better planet.

“FREYR’s ambition is to supply safe, high-energy density and cost competitive clean battery cells to the rapidly emerging energy systems storage, passenger vehicle, and commercial mobility markets globally. We have built a strong organization and are now sharpening our focus on our sustainability agenda by adding two experienced executives on our team,” remarked Tom Einar Jensen, CEO of FREYR.

Elizabeth Tate joins FREYR as VP Sustainability from Clarios, a leading manufacturer of low-voltage batteries, where she held the role of Director of Public Policy and Global Sustainability. Previously, she held senior policy roles at the Alliance to Save Energy and the American Public Gas Association. Mrs.Tate has also served as counsel to the U.S. House of Representatives Science Committee.

“To meet the challenges of climate change and to accelerate decarbonization, the world needs sustainably produced batteries. I am excited to join a company that is leaning into this challenge by minimizing our environmental impact while ensuring sustainability leadership for a better planet,” commented Elizabeth Tate, VP Sustainability at FREYR.

Frode Hvattum joins FREYR as Senior Director, Business Development in Sustainability. Mr. Hvattum brings 20 years of experience within strategy, business development and sustainability from companies such as Accenture, Ruter and WWF.

“I am very excited to be part of a team that can make a significant contribution to the low carbon society we need to create. FREYR can become an example of the significant business potential that lies in the transition to a low carbon society,” added Frode Hvattum, Senior Director, Business Development in Sustainability.

Elizabeth Tate will report to EVP Hege Norheim and be responsible for building a Sustainability team and competence in FREYR, setting strategic direction, developing policies and requirements as well as implementing tools and not the least position FREYR’s international thought leadership together with our CEO and organisation at large.

Frode Hvattum will be reporting to Christian Tate in the Corporate Development team. He will be focusing on opportunities that are generated by the shift to sustainable batteries worldwide (f ex within recycling, greening the supply chain, documenting responsible sourcing, climate quotas), as well as securing the due diligence on our deals from the sustainability perspective.

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 are planned to 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 aims to 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:

Katrin Berntsen

Vice President, Communication and Public Affairs

katrin.berntsen@freyrbattery.com

Tel: (+47) 9920 54 570

Investor contact:

Jeffrey Spittel

Vice President, Investor Relations

jeffrey.spittel@freyrbattery.com

Tel: (+1) 281-222-0161

Forward-looking Statements

All statements, other than statements of present or historical fact included in this press release, including, without limitation, statements regarding the supply of safe, high-energy density and cost competitive clean battery cells to the rapidly emerging energy systems storage, passenger vehicle, and commercial mobility markets and its potentially significant contributions to facilitate the transition to a low carbon society 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.