Investment Teaser, January 2020

A Competitive Solution To The Accelerating Demand For Green Batteries

DISCLAIMER

This confidential Business Presentation is being furnished by the management of FREYR AS (“FREYR”) to investorsconsidering an investment in the Company. The Business Presentation is not to be reproduced, distributed or used, in wholeor in part, for any other purpose or made available to anyone not directly involved with the decision to invest in FREYR.

The information contained herein has been prepared to assist interested parties in making their own evaluation of FREYRand does not purport to be all-inclusive or to contain all the information that a prospective investor may desire. In all cases,interested parties should conduct their own investigation and analysis of FREYR and the data set forth in this BusinessPresentation.

This Business Presentation includes certain statements, estimates, and forecasts made by FREYR with respect to theanticipated future performance of FREYR. Such statements, estimates and forecast reflect various assumptions by FREYRconcerning anticipated results, which assumptions may or may not prove to be correct. The financial projections andvaluation assumptions are subject to change and only represent a reasonable approximation of potential futureperformance. Financial projections are based on securing investment funding, which may not occur on a timely or sufficientbasis. No representations are made as to the accuracy of such statements, estimates or forecasts.

No dealer, broker, salesman or other persons have been authorized by FREYR to make any representation with respect tothis proposed financing, and if given or made, such other information or representations must not be relied upon as havingbeen authorized by FREYR.

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Why FREYR now

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Raising EUR 25 million to build organization and complete development of the 2 GWh Fast Track and 16 + 16 GWh battery cell factories3

SOLUTIONPROBLEM FREYR CONTRIBUTION

To avoid

potential

disasters,

CO2

emissions

must be

reduced by

40-60% by

20301

Sources: IPCC 1 , IRENA2

Note3: includes overhead, full Devex to deliver financial close for Fast Track and Phase 1 battery cell factories, and Devex for Concept phase for Phase 2.

Remainder of Phase 2 development is to be financed from reivested earnings. Capex for project execution excluded

0.0

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0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2018 2020 2025 2030

TWh/y

EV battery demand: 41x32 GWh neededReplacing

fossil fuels

with green

electricity

could deliver

75-90% of

reductions

required2

EFFECT

Green battery cells

produced in Norway

2 GWh from 2021/22

16 GWh from 2023/24

16 GWh from 2025/26

Powered by up to 600

MW windpark

Competitive model

Emerging partnerships

accross value chain

Ideally located in

Norway

Executive summary

Starting the construction of a 2 GWh Fast Track battery cell manufacturing line in Mo i Rana, Norway, producing from 2022

• Accelerating deployment and revenue generation to capture the increasing momentum in the marketplace, de-risk future phases and enable step change technology scale-up and commercial adoption

Developing the basis for an adjacent 32 GWh facility with construction start in 2021 and production in 2023

• FREYR is one of the most advanced battery cell gigafactory projects in Europe

• Targeting the EV, marine and stationary storage markets using a flexible, phased and licensing-based business model utilizing best available technology at competitive scale

• A 600 MW windpark at Sjonfjellet will secure low-cost green energy

A pipeline of further three possible locations for battery gigafactories in Norway with lasting competitive advantages

• Norway offers one of the lowest cost and carbon content energy globally, access to raw materials at competitive prices, close proximity to the European EV market and a highly skilled and efficient labor force

• The FREYR team has world class process-industrial, automatization, project development, in-licensing, execution, ramp-up, start-up and operations experience

• MoUs signed and advanced discussions initiated with world class partners in all parts of the value chain

4 Sources: IEA; FREYR; SINTEF

Project Type Size

Financial

Close COD

Devex

(€m)

Capex

(€m)

Fast Track Battery Cell 2 GWh 2020 2021 4 140

Phase 1 Battery Cell 16 GWh 2021 2023 8 1,290

Phase 2 Battery Cell 16 GWh 2023 2025 8 1,290

Phase 3 Battery Cell 32 GWh 2025 2027 15 2,560

Phase 4 Battery Cell 32 GWh 2027 2029 15 2400

Phase 5 Battery Cell 32 GWh 2029 2031 15 2,240

Wind Park On-shore Wind 636 MW 2023 2024 5 500

SPV 1

2 GWh

“Fast Track”

SPV 2

16 GW

“Phase 1”

SPV 3

16 GWH

“Phase 2”

SPVs 4-6

Future PlantsSjonfjellet AS

1

2

3

FREYR AS

BNEF weighted

average price

observations at

cell level

FREYR believes battery cell prices

will continue to drop over time but at

a slower pace to ensure enough

capacity is brought onstream

FREYR offers a fundamentally cost competitive solution

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US

D p

er

KW

h

FR

EY

R p

rod

uctio

n, G

Wh

0

5

10

15

20

25

30

35

0

20

40

60

80

100

120

140

160

180

200

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Production Opex Capex Price assumptions

Sources: BNEF; FREYR

Note: Cost overview does not include licensing costs to battery cell technology licensor

Price drivers over time

• Volume driven cost reduction and economies of scale up to 8 GWh

• Improvements from better chemistry (e.g. NMC111 to 811)

• Long term offtake strategies mask cost structure

• Strategic corporate behavior

• National subsidy programs

• Temporary over-supply

FREYR cost-reduction strategies

• Build at scale to ‘start the journey’ at the lowest point

• Deep in-licensing of best available battery cell technology

• Utilize Norwegian industrial expertise for high uptime and regularity

• Focus the value chain on energy intensive part of battery cell production

• Long-term supply relationships to enable and create lasting cost advantage

• Industrial scale up facility inside the Fast Track line for best emerging technologies

Leading and maturing IP-centric disruptive technology companies

• Broad executive experience from entrepreneurship of IP centric & technically advanced

companies with deep international footprint

• Operational experience in TRL and CRL challenges wrt to scaling up and scaling out

solutions

Torstein Dale Sjøtveit, Executive Chair & Founder

Previously CEO of Sarawak Energy, Malaysia

+ President and CEO of Aker Yards

+ EVP Upstream Aluminium at Norsk Hydro

+ Various executive positions at Norsk Hydro

Tom Einar Jensen, CEO

Partner and Co-founder of EDGE Global LLC

+ Previously Partner at SYSTEMIQ

+ EVP Corporate Development of Joule Unlimited, US

+ CEO of Agrinos

+ Various executive positions at Norsk Hydro

Peter Matrai, Board member & Senior Advisor

Partner and Co-founder at EDGE Global LLC

+ Senior Advisor at SYSTEMIQ

+ Previously CFO of Joule Unlimited, US

+ COO and CFO of Butamax (BP-DuPont JV)

+ Director of Business Development BP Biofuels North America

Core team with execution track-record from large-scale industry, renewable energy projects and maturing disruptive technology

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Einar Kilde, COO

Previously EVP Project Execution BaneNOR

+ EVP Project Execution of Sarawak Energy, Malaysia

+ EVP Projects at REC

+ Projects Director at Statoil and Norsk Hydro

Capital intensive industry projects experience

• Large-scale project development experience from origination through financial

close and continuous profitable operations

• Developed, implemented and successfully executed technology licensing strategies and

business models

Large organizations and hiring processes experience

• Extensive top management experience from industry companies with 4,000+ employees

• Execution of broad international recruitment processes with 2,000+ hires

International partnerships and governmental relations experience

• Planned, executed and operated a number of international corporate developments and

partnerships

• Long-standing Norwegian government and industry ecosystem relations

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Formal partnership tracks across the value chain with global and regional suppliers and customers

Formalizing advanced feedstock

partnerships for all main inputs into the

battery cell production value chain

TECHNOLOGY EQUIPMENT OFF-TAKEMATERIALS & UTILITIES

Securing IP and SOP’s for the production

of various Best Available Technologies

and disruptive solutions to enable timely

and deep competitiveness over time

Initial turnkey quotes received from

globally leading equipment providers of

battery cell manufacturing equipment

Double digit GWh of demand identified

through multiple formal discussions at

decision making levels in household

OEM’s in EV and Marine markets

Partnership 1

Partnership 2

Partnership 3

Partnership 4

Partnership 5

Partnership 1

Partnership 2

Partnership 3

Partnership 4

Partnership 5

Partnership 6

Partnership 7 Partnership 8

Partnership 9 Partnership 10

Partnership 1

Partnership 2

Partnership 3

Partnership 1

Partnership 2

Partnership 3

Partnership 4

Partnership 5

Note: Partnership tracks not disclosed at this stage due to commercial sensitivities and confidentiality

Partnership 4

Partnership 5

FREYR, Mo i Rana, NorwayOne of the most advanced battery cell projects in Europe

Access to low cost

energy from 100%

renewable sources

Leveraging Norway’s

energy intensive industry

competence

Part of the emerging

Nordic battery cluster

and Norwegian

industrial ecosystem

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SPV 1

2 GWh

“Fast Track”

SPV 2

16 GW

“Phase 1”

SPV 3

16 GWH

“Phase 2”

Key investment highlights

1. The right timing

• Accelerating demand, currently driven by electrification of vehicles

• FREYR is one of the most advanced battery cell ‘Gigafactory Projects’ in Europe after Northvolt

• Northvolt closed project financing; InnoEnergy committed EUR 7.25m in FREYR during June ‘19

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2. The right model

• Advanced 2 GWh battery cell pilot project EUR 140m and 32 GWh giga-factory EUR 2.6bn

• Flexible and phased developments based on best available technologies providing cost leadership

• Possible to replicate the FREYR’s initial project in 3-4 well suited locations already identified in Norway

3. The right location

• Access to low cost energy from 100% renewable sources

• Leveraging Norway’s energy intensive industry competence

• Part of the emerging Nordic battery cluster and access to European battery value chain at attractive terms

4. Robust value creation

• Gross margins for battery production projected to stay strong driven by favorable market dynamics

• IRR of 20%+ for 32+2 GWh project

• 1,250-2,500 jobs created with substantial positive economic impact

«As a society, we must substantially accelerate our efforts to reduce CO2

emissions at scale the next ten years. Electrification and batteries are

instrumental parts of the solution»

The FREYR team