FREYR Selects DNV as Certification Partner for its Global Development

New York, Oslo and Luxembourg, January 26, 2022, FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production, has selected DNV, the assurance and risk management company, as its partner to supply third-party certification services. DNV will assure that FREYR’s management system and products adhere to the highest international standards.

“A critically important part of rapidly scaling sustainable production of batteries is to ensure world class project execution and operational excellence early in the development cycle. Beyond our core inhouse capabilities FREYR works with leading partners, including DNV, one of the world’s top certification bodies and a trusted voice for many of the world’s most successful companies,” said Jan Arve Haugan, President and Managing Director, FREYR Battery Norway.

DNV will deliver management system certification and training to FREYR, to help the company manage risks, ensure compliance, and support greater sustainability throughout the organization.

DNV’s initial focus will be to assure FREYR’s global operations, starting with the Customer Qualification Plant and future Giga-factories in Mo i Rana, Norway. FREYR will start with ISO 9001 Quality Management System certification, ISO 14001 Environmental Management and ISO 45001 Occupational health and safety and the plans ahead are to continue also with the certification within ISO 27001 Information Security, ISO 50001 Energy Management and automotive standard IATF.

“Companies like FREYR are key to accelerate the energy transition. Management system certification to international standards will remove barriers and create business opportunities. As their assurance provider, DNV assures that FREYR’s management systems comply with the chosen standards and that customers can trust FREYR’s commitment to quality and continuous improvement,” said Remi Eriksen, Group President and CEO, DNV.

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 deliver up to 43 GWh of battery cell capacity by 2025 and up to 83 GWh annual capacity by 2028. To learn more about FREYR, please visit www.freyrbattery.com

About DNV

Driven by our purpose to safeguard life, property and the environment, DNV helps organizations advance safety and sustainability throughout their business. Our origins stretch back to 1864. Today, DNV is one of the world’s leading certification, assurance and risk management providers. Whether certifying a company’s management system or products, providing training or assessing supply chains, we work to help you make critical decisions with confidence.

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 management system’s and products’ adherence to the highest international standards; FREYR’s ability to decarbonize transportation and energy systems by delivering sustainable and cost-effective batteries; DNV’s delivery of management system certification and training to FREYR, to help the company manage risks, ensure compliance, and support greater sustainability throughout the organization; DNV’s ability to assure an efficient and effective organization and that FREYR keeps its customers and stakeholders at the heart of its business and deliveries; DNV’s assurance of FREYR’s global operations starting with the Customer Qualification Plant and future Giga-factories in Mo i Rana, Norway; FREYR’s work towards ISO 9001 Quality Management System certification; the ability for the certification of management systems to remove barriers and create business opportunities; and DNV’s ability to assure that FREYR’s management system complies with the chosen standards and that customers can trust FREYR’s commitment to quality and continuous improvement 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.