FREYR Joins Fair Cobalt Alliance

New York, Oslo and Luxembourg, November 23, 2021, FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity, has become a member of the Fair Cobalt Alliance ("FCA") to underscore FREYR’s commitment to developing a sustainable global battery industry.

The FCA is a multi-stakeholder action platform committed to developing responsible and fair supply of artisanal mined cobalt from the Democratic Republic of Congo, creating and diversifying sustainable livelihoods for surrounding communities. The FCA focuses on economic diversification, improving worker conditions at mine sites and supporting child rights.

“We are undergoing a major energy transition, moving from fossil fuels to battery-powered technology. Cobalt is one of the essential components in the battery production and we are focused on sustainable supply of cobalt to support our production of clean, low-cost and low-carbon battery cells for a better planet,” said Tom Einar Jensen, the CEO of FREYR. “This alliance is an important arena for us to drive impact by investing in empowering the people working in the artisanal mines, as well as the communities around them.”

FCA executive director Dr Assheton Carter said: “We welcome FREYR to the Fair Cobalt Alliance. They join other industry players in recognizing the legitimacy of cobalt from responsible artisanal mining operations and commit to investing in action to make artisanal mines safer, minimize environmental impact and create better working conditions for people working at the mines.”

One of the world’s largest global diversified natural resource companies, Glencore announced its membership of the FCA in 2020. In November, FREYR and Glencore announced a contract for recycled and sustainable supply of cobalt.

FREYR is committed to developing responsible and sustainable supply chains for battery materials. The FREYR Supplier Code of Conduct sets the company’s sustainability expectations to its suppliers.

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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 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

About the Fair Cobalt Alliance

The Fair Cobalt Alliance (FCA) is a multi-stakeholder action platform launched in August 2020 that brings together actors from across the entire cobalt mineral supply chain to provide an answer to increasing scrutiny on the cobalt artisanal mining (ASM) industry and the DRC mining sector. Its purpose is to assist in the building of a DRC cobalt mining sector that is known to be a responsible partner in providing the minerals needed for a new green economy. This includes mobilising the resources of the whole supply chain to deliver technical assistance and investment to realise the vision of a formal, fair and safe ASM cobalt sector. To find out more, visit: https://www.faircobaltalliance.org/

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) 9920 54 570

Helen Embleton

helen.embleton@faircobaltalliance.org

Tel: (+44) 7935 056408

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 utilize a sustainable supply of cobalt to support its production of clean, low-cost and low-carbon battery cells, the development of responsible and sustainable supply chains for battery materials, the move from fossil fuels to battery-powered technology, the development of a sustainable global battery industry and the development of responsible and fair supply of artisanal mined cobalt creating economic diversification and improving worker conditions 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, in FREYR's quarterly report on Form 10-Q filed with the Securities and Exchange Commission on November 15, 2021, and in other SEC filings available on the SEC’s website at www.sec.gov.