#1FREYR Clean battery solutions Clean Battery Solutions for a Better Planet ALUS alussa LISTED energy NYSE January 2021#2Legal Disclaimer This presentation has been prepared for use by Alussa Energy Acquisition Corp. ("Alussa") and FREYR AS ("FREYR") in connection with their proposed business combination. This presentation is for information purposes only and is being provided to you solely in your capacity as a potential investor in considering an investment in Alussa and may not be reproduced or redistributed, in whole or in part, without the prior written consent of Alussa and FREYR. Neither Alussa nor FREYR makes any representation or warranty as to the accuracy or completeness of the information contained in this presentation. This presentation is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in Alussa and is not intended to form the basis of any investment decision in Alussa. You should consult your own legal, regulatory, tax, business, financial and accounting advisors to the extent you deem necessary, and must make your own investment decision and perform your own independent investigation and analysis of an investment in Alussa and the transactions contemplated in this presentation. This presentation shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The information contained in this presentation is only addressed to and directed at persons in member states of the European Economic Area and the United Kingdom (each a "Relevant State") who are "qualified investors" within the meaning of the Prospectus Regulation (Regulation (EU) 2017/1129) ("Qualified Investors"). In addition, in the United Kingdom, the presentation is being distributed only to, and is directed only at, Qualified Investors who are persons (i) having professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") (ii) falling within Article 49(2)(a) to (d) of the Order, or (iii) to whom it may otherwise lawfully be communicated (all such persons together being referred to as "Relevant Persons"). The information must not be acted on or relied on (i) in the United Kingdom, by persons who are not Relevant Persons, and (ii) in any Relevant State, by persons who are not Qualified Investors. Any investment or investment activity to which the information relates is available only to or will be engaged in only with, (i) Relevant Persons in the United Kingdom, and (ii) Qualified Investors in any Relevant State. NEITHER THE SECURITIES AND EXCHANGE COMMISSION ("SEC") NOR ANY STATE OR TERRITORIAL SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OR DETERMINED IF THIS PRESENTATION IS TRUTHFUL OR COMPLETE. Industry and Market Data. The data contained herein is derived from various internal and external sources. No representation is made as to the reasonableness of the assumptions made within or the accuracy or completeness of any projections or modeling or any other information contained herein. Any data on past performance or modeling contained herein is not an indication as to future performance. Alussa and FREYR assume no obligation to update the information in this presentation. Further, these financials were prepared by FREYR in accordance with private Company AICPA standards. FREYR is currently in the process of uplifting its financials to comply with public company and SEC requirements. Use of Projections. The financial projections, estimates and targets in this presentation are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond Alussa's and FREYR'S control. While all financial projections, estimates and targets are necessarily speculative, Alussa and FREYR believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection, estimate or target extends from the date of preparation. The assumptions and estimates underlying the projected, expected or target results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the financial projections, estimates and targets. The inclusion of financial projections, estimates and targets in this presentation should not be regarded as an indication that Alussa and FREYR, or their representatives, considered or consider the financial projections, estimates and targets to be a reliable prediction of future events. Use of Non-GAAP Financial Measures. This presentation includes certain financial measures, including EBITDA and EBITDA Margin, and measures calculated based on these measures, that are not prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and that may be different from non-GAAP financial measures used by other companies. These non-GAAP measures, and other measures that are calculated using these non-GAAP measures, are an addition, and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to operating income, net income or any other performance measures derived in accordance with GAAP. FREYR believes that these non-GAAP measures of financial results (including on a forward-looking basis) provide useful supplemental information to investors about FREYR. FREYR's management uses forward looking non-GAAP measures to evaluate FREYR's projected financial and operating performance. However, there are a number of limitations related to the use of these non-GAAP measures and their nearest GAAP equivalents. For example other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore FREYR's non-GAAP measures may not be directly comparable to similarly titled measures of other companies. Additionally, to the extent that forward-looking non-GAAP financial measures are provided, they are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP measures due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. Additional Information; Participants in the Solicitation. If the contemplated business combination is pursued, Alussa will be required to file a preliminary and definitive proxy statement, which may include a registration statement, and other relevant documents with the SEC. Stockholders and other interested persons are urged to read the proxy statement and any other relevant documents filed with the SEC when they become available because they will contain important information about Alussa, FREYR and the contemplated business combination. Shareholders will be able to obtain a free copy of the proxy statement (when filed), as well as other filings containing information about Alussa, FREYR and the contemplated business combination, without charge, at the SEC's website located at www.sec.gov. Alussa and its directors and executive officers may be deemed to be participants in the solicitation of proxies from Alussa's shareholders in connection with the proposed transaction. A list of the names of such directors and executive officers and information regarding their interests in the business combination will be contained in the proxy statement/prospectus when available. You may obtain free copies of these documents as described in the preceding paragraph. This Presentation does not contain all the information that should be considered in the contemplated business combination. It is not intended to form any basis of any investment decision or any decision in respect to the contemplated business combination. The definitive proxy statement will be mailed to shareholder as of a record date to be established for voting on the contemplated business combination when it becomes available. Forward Looking Statements. Certain statements in this presentation may constitute "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements include, but are not limited to, statements with respect to (i) FREYR's Gigafactory development, including the expected cost, capacity and start date of such facilities, (ii) trends in the battery market, (iii) FREYR's targeted customers and suppliers and the expected arrangement with them, (iv) FREYR's projected operational performance, including relative to its competitors and (v) other statements regarding Alussa's or FREYR's expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "strive," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. You should carefully consider the risks and uncertainties described in the "Risk Factors" section of Alussa's registration statement on Form S-1, the proxy statement/prospectus on Form S-4 relating to the business combination, which is expected to be filed by Alussa with the SEC and other documents filed by Alussa from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Alussa and FREYR assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither Alussa nor FREYR gives any assurance that either Alussa or FREYR will achieve its expectations. FREYR Clean battery solutions. 2#3Transaction Overview FREYR Team Torstein Dale Sjøtveit Executive Chairman & Founder Tom Einar Jensen Chief Executive Officer & Co-Founder Peter Matrai Board Member & Co-Founder Steffen Føreid Chief Financial Officer Proposed Transaction Summary Overview ■ ■ ■ FREYR is a developer of clean, next-generation battery cells targeting ~43 GWh of capacity by 2025 Alussa Energy Acquisition Corp. is a Special Purpose Acquisition Company focused on global energy markets with $290 million in cash held in trust Alussa Energy and FREYR are combining with a goal to accelerate the development of FREYR's clean, fully sustainable battery cell production in Norway FREYR will trade under the ticker symbol 'FREY' on the NYSE Capital Structure Anticipated PIPE of $600 million Transaction proceeds are being retained to grow FREYR's business 100% of FREYR's existing shares will roll over into the combined company, comprising ~30% of the pro forma equity at closing 1) Pro forma for the transaction (assuming no redemptions): FREYR will hold $849 million of cash to fund growth based on cash held in trust and PIPE proceeds Equity capital for the execution of planned development of up to ~43 GWh of battery cell production capacity Potential OSEBX listing within 12-24 months Alussa Energy Acquisition Corp. James Musselman, Chairman of the Board - Daniel Barcelo, Chief Executive Officer & President Todd Kantor, Encompass Capital, A Member of our Sponsor Valuation Transaction implies a post-transaction enterprise value of $529 million and equity value of $1.4 billion 0.8x 2025e EBITDA of $703 million Highly attractive entry valuation relative to battery peer group metrics Alussa Energy views FREYR as a strong early-stage opportunity to invest in one of the world's cleanest, most advanced battery cell producers 1) See Slide 34 for key assumptions and additional details FREYR Clean battery solutions 3#4FREYR Clean battery solutions Our Mission: Accelerating the decarbonization of all transportation and energy systems by delivering the world's cleanest and most cost-effective batteries "As a society, we must substantially accelerate our efforts to reduce CO2 emissions at scale over the next ten years. Electrification and batteries are instrumental parts of the solution, representing one of the most exciting and sustainable growth vectors in the market." Torstein Dale Sjøtveit Executive Chairman & Founder 4#5FREYR: A Low Carbon, Cost Advantaged Battery Supplier A highly attractive market entry opportunity... Shift to renewable power grids and electric vehicles driving demand for energy storage 2030e ...utilizing Norway's unique advantages... Cost advantage from among the lowest electricity prices in Europe == Carbon advantage from renewable, sustainable input sources ...captured by a well-positioned emerging player Positioned as an industry cost leader in 2025 25-30% expected long-term EBITDA margins Equity funded model for up to ~43 GWh of production capacity Highly attractive entry valuation relative to battery peer group metrics ~5,300 ~3,700 GWh of Demand GWh Supply Shortfall FREYR Clean battery solutions 32% Estimated 2020 - 2030 demand CAGR Logistics advantage from clean Nordic battery supply to European markets Aiming to be the lowest carbon battery cell producer in the world Targeted partnerships provide flexible, technology-agnostic development 5#6FREYR at a Glance: Addressing the Life Cycle Carbon Footprint of Battery Cells Delivering clean, low-cost battery cells from an ethically and sustainably-sourced supply chain CEREYR N Cell production is the segment with the highest revenue share within the battery value chain X Strategic partnering of next-generation semi-solid battery cell technology is expected to materially reduce costs Leveraging Norway's skilled workforce and abundant, low-cost renewable energy sources to target net zero carbon Planning for ~43 GWh of capacity by 2025 to position as one of Europe's largest cell suppliers, displacing dependency on Asian imports Projected 2025e Revenue and EBITDA of $2.9 billion and $703 million, respectively 1) 1) See Slide 33 for key assumptions and additional details 2) Global average based on stated sources, FREYR data based on company projections FREYR Clean battery solutions Targeting Lower Carbon Footprint 2) (kg CO2/kWh) Targeting Lower Battery Cell Costs 2) ($/kWh) 81% Lower 20% Lower ~80 $78 ~15 Global average FREYR Global average $62 FREYR Source: Study commissioned from global management consultancy 6#7Norway's Advantage: Among the Lowest Carbon Intensity & Electricity Prices in Europe Carbon Intensity of Electricity Produced Carbon intensity (gCO:eq/kWh) Electricity Price Estimates, 2022-40 1) EUR/MWh 50 0 200 400 600 800 FREYR Clean battery solutions 45 45 40 40 35 30 30 25 == 20 2022 2025 2030 2040 -Norway (NO4) Sweden 2) -Finland 2) Eastern Europe 2) Germany France Netherlands UK FREYR has signed a MoU for the delivery of electricity in Mo i Rana ³) 1) Source: The Norwegian Water Resources and Energy Directorate (NVE), Oct 2019 2) Source: electricityMap.org, Dec 2020 3) Point estimates for 2022 and 2040 for these countries. Estimates for 2025 and 2030 are interpolations between the prices of 2022 and 2040; Eastern Europe is an average of prices in Poland, Estonia, Latvia and Lithuania MOU Based on spot price + margin for up to 200GWh. Source: Company data 7#8☐ Our Targeted Value Chain Partners are Innovative, Global Leaders Technology 24-m Revolutionizing the lithium- ion cell manufacturing process and platform Strategic technology partner with FREYR for semi-solid technology Supply Chain Elkem Leading Norway- based manufacturer of environmentally responsible metals and materials Active anode material supply targeting higher silicon content CONFIDENTIAL One of the world's largest chemical producers in 2019 Active cathode material supply targeting higher voltage materials METALEX SUMISHO METALEX CORPORATION SIEMENS energy Product Offtake Global technology leader in renewable and fuel-efficient conventional energies MOU on offtake for marine and energy storage systems (ESS) applications Scatec Solar Improving our future™ ■ ཁ། ITOCHU Major Japanese trading company & leader in domestic ESS MOU on offtake for domestic ESS ■ for European & US markets Itochu is an investor in 24M MAERSK FREYR Clean battery solutions GLENCORE Leading global producer of sustainably-sourced battery raw materials Nickel, copper and cobalt with transparency and traceability based on blockchain technology A Leading Japanese trading company for non- ferrous metals Part of the broader Sumitomo group with broad activities in battery materials Leading integrated independent renewable power producer Pursuing combined solar and battery deployments globally MOU on offtake for high energy density, low cost ESS systems Leading international logistics company and one of the largest container shipping lines MOU to develop sustainable battery solutions for end-to-end logistics Supporting Maersk's goal of decarbonizing its fleet Source: Company reports 8#9Investment Highlights FREYR Clean battery solutions. 1 Clean and Low-Cost Battery Cells 2 High Growth Energy Storage and Electric Vehicle Markets 3 Innovative and Disruptive Semi-Solid Technology 4 Advantaged Margins from a Partnership-Based Business Model 5 Experienced Execution Team 9#10Clean and Low-Cost Battery Cells FREYR Clean battery solutions Mo i Rana, Norway#11FREYR Focuses on the Core of the Battery Value Chain 1) FREYR Initial Focus Mining and Refining Active materials Cell Pack/ Modules Recycling + +1 Value add: 1) 28% 11% 32% 25% 4% = 100% Cathode materials Anode materials Electrolyte materials Separator materials Partnership-based value chain integration strategy Percentage of total value added per value chain step, based on expected 2030 demand from transportation, energy storage and consumer electronics applications + battery pack prices FREYR Clean battery solutions Battery cell Source: Study commissioned from global management consultancy 11#12FREYR Advantage: Targeting 81% Lower CO2 Emissions Targeted FREYR CO₂e Footprint Reduction 1 Global Average -31% 2 -19% 3 -19% 4 -13% 1) Global battery industry average for 2020 2) Estimated medium-term benefits from localized Supply Chain FREYR Clean battery solutions 3) Company estimate Global Battery Industry CO₂e Baseline 1): Emissions kg CO2/kWh ~80 1 FREYR 'net zero' cell production (~25) 81% CO2e Reduction Active material production in 2 (~15) Norway/Nordics 2) 3 Building a Nordic ecosystem of additional supply 2) (~15) 4 Packaging and recycling 2) (~10) 19% FREYR Target FREYR Target CO2e Emissions Level 3): = ~15 Source: Study commissioned from global management consultancy 12#13Aiming to be the Lowest Carbon Battery Cell Producer in the World Projected Battery Cell Life Cycle Emissions Life cycle emissions kg CO₂e/kWh 80 70 FREYR 60 60 50 50 40 40 30 20 10 FREYR China North America Europe Other Asia Other 0 0 100 200 300 400 500 600 700 800 900 1,000 1,100 FREYR Clean battery solutions 1,200 Plant size, GWh FREYR expects to have the lowest emissions in the industry European & North American producers projected to lead on emissions globally Majority of production will remain located in Asia, primarily in China Source: Study commissioned from global management consultancy, Company estimate, press search 13#14Emerging European Battery Supply Chain Facilitates Full-Cycle Sustainability Supportive Norway Battery Ecosystem Map of Energy Critical Elements: Cobalt, Lithium, Graphite Europe Preliminary Result, May 2019 Raw-Material Providers Glencore Elkem MRC Tiotech Hydro FREYR Mo i Rana, Norway Project development FREYR Oslo, Norway Headquarters Energy critical elements ESS Providers Solar & Marine ■ " Siemens Corvus ZEM Kongsberg Scatec Solar Research Organizations NTNU SINTEF IFE UiO ● Co. Deposit (196) ◆ Co. Prospect (38) Co. Occurence (243) O Graphite. Deposit (76) ◇ Graphite. Prospect (33) Graphite. Occurence (400) Li. Deposit (66) Li. Prospect (51) Li. Occurence (71) Active mines Co (3) Graphite (4) Li (10) Od 80 FREYR's Aspirational Goal: Full-Cycle Sustainability Responsible sourcing of raw materials →Improved labor conditions Low water stress & enhanced biodiversity Reduced toxic emissions & waste Development across all aspects of the emerging European battery supply chain, from raw materials to recycling FREYR Clean battery solutions. Sources: Battery Norway, FRAME, Company data 14#15FREYR Positioned as a Low-Cost Producer Projected 2025 Global Battery Cell Cost 1) Cell Cost $/kWh 140 120 100 FREYR 2) 80 60 40 40 20 20 FREYR vs Bottom 5 -53% FREYR China USA Europe FREYR projected cost leadership in 2025 is intended to be achieved by: Utilizing state-of-the-art production technology to significantly simplify manufacturing process & reduce raw material costs Leveraging a deep partnership model to unlock value chain innovation & lower costs Catalyzing a Nordic ecosystem that leverages low-cost renewable energy 100 200 300 400 500 600 700 800 900 1,000 1,100 South Korea Japan Other Plant Size, GWh 1) Total cost including profit to ensure ROI for various battery cell manufacturing factories based on outside-in estimates 2) FREYR P&L result divided by capacity produced in 2025 for all materials except for cathode, based on data from 24M FREYR Clean battery solutions Source: Study commissioned from global management consultancy 15#16High Growth Energy Storage and Electric Vehicle Markets FREYR Clean battery solutions Sortland, Norway#17Lower Cost Solutions Accelerate Battery Demand Across Markets Global Battery Demand Expected to Reach ~5,300 GWh by 2030 GWh installed/year CAGR, 2020-30 5,292 Total Passenger Vehicles 37% Energy System Storage 44% Commercial Vehicles 41% Other 13% 32% 365 388 4,264 670 3,402 2,622 1,926 3,869 1,410 214 1,068 829 193 590 196 406 191 228 241 806 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Note: The indicated outlook should not be construed as estimates or guidance for future developments of the Company 1) Includes an increased adoption of ESS systems with a lower cost offering similar to the Company FREYR Clean battery solutions Other Commercial Vehicles Energy System Storage 1) Passenger Vehicles Source: Study commissioned from global management consultancy 17#18Significant Global Battery Supply Shortfall by 2030 ~5,300 GWh projected global demand in 2030 Global Battery Supply/Demand Outlook, 2010-30 GWh installed/year 6,000 5,000 ~1,600 GWh announced production capacity by 2030 based upon announced 2030e Potential ~3,700 GWh supply shortfall 4,000 battery production projects 3,000 Equivalent shortfall in 2030: 115 Required Gigafactories 115 Gigafactories (@ 32 GWh per facility) 2,000 Excluding China, the world is expected to be short of battery cell production capacity by 2023/2024 FREYR Clean battery solutions 1,000 China Supply North America Supply Europe Supply Asia ex. China Supply ....Global Battery Demand 0 2010 2014 2016 2018 2020 2022 2024 2026 2028 2030 2012 Note: The indicated outlook should not be construed as estimates or guidance for future developments of the Company All Gigafactory solutions needed to meet expected surge in global demand Source: Rystad Energy, Study commissioned from global management consultancy 18#19FREYR Target Total Addressable Market: 97% of Global Battery Market by 2030 FREYR Total Addressable Market GWh installed / year EU/USA Total ~5,150 GWh China and ROW Other Mobility ~690 Energy Storage System Electric Vehicles ~590 ~2,060 Total 727 GWh Total 46 GWh 2020 2025 % of End Market Segments Initial Targeted Strategic Partnerships ~33%/ 100%/ 100% Other Mobility 1) 2) SIEMENS energy MAERSK 100%/ 100%/ 100% Energy Storage System (ESS) Scatec Solar Improving our future" བག ITOCHU ~3,870 ~3,090 ~10%/ ~50%/ Electric Vehicles 1) 2) Targeting OEM Partners 100% 2030 2030 XX% Addressable Share of Total Segment Market (2020/2025/2030), FREYR's Addressable Market (high-level assessment) 1) Including assumption for an accelerated lead-acid to Li-ion migration 2020-30 and increased adoption of ESS system with a lower cost offering similar to FREYR 2) FREYR technology roadmap begins addressing parts of EV segment from 2023, fully addressable by 2030 FREYR Clean battery solutions Source: Study commissioned from global management consultancy 19#20Innovative and Disruptive Semi-Solid Technology posten DEMONSTRAA STAND UP AGAINST ILLES FARMING CONDITIONS MONSTRATION FURFARM posten CROWDS GATHERANATE FOR NSTRATION FOLLOW OUR FEED ES AFTER STEN SES CAN'T PASS THROUGH OFFCCTER WRITER posten OSLO CENTER IS ROTESTORS-AVOID UNIVERSITET fumonway G THERINGING ATLAS FREYR Clean battery solutions STING UKRNING: ANTI GOUT BET O Norsk Teknisk Museum, Oslo, Norway#21FREYR's Technology Leadership Co-Founder Peter Matrai: accomplished executive in executing disruptive, IP-centric technology strategies ■ Over 20 years experience in technology commercialization & operations ■ ■ Developed, implemented and successfully executed technology licensing strategies and business models Extensive experience in sustainability ventures Butamax and BP Biofuels North America CTO Ryuta Kawaguchi: extensive battery technology expertise ■ Over 25 years direct battery and fuel cell engineering experience Responsible at Nissan for battery technology development for the LEAF and other EV models Solution Owner at Dyson EV Battery In depth technology selection process ■ Started selection process in June 2019 Peter Matrai Board Member & Co-Founder Engaged with over 20 companies in Europe, China, Korea, Japan and the US 24M Technologies selected for strategic licensing partnership Focus on 24M Technologies licensing partnership ■ 24M is revolutionizing the lithium-ion cell manufacturing process and platform 1) Advantages include production readiness, technology flexibility, large cell forms and ease of recycling 1) Highly accomplished and experienced FREYR technical team in battery technology, production and applications Ryuta Kawaguchi Chief Technology Officer 1) Source: 24M Technologies FREYR Clean battery solutions. 21 21#2224M Technologies: Disruptive, Innovative Design and Process Technology 24-m 24M Technology Advantages MIT spin-off founded in 2010 by Yet-Ming Chiang 1. MIT Professor, Materials Science Revolutionizing the lithium-ion cell manufacturing process and platform, allowing cell production Cambridge, MA Headquarters NOVASTH הוווו Pioneer in new material development 1) Founded A123 Systems & American Superconductor Developed new cell architecture, cost-optimized for large batteries 78+ issued patents, 108+ pending Market validation 2): GPSC KYOCERA veen in a Снева. Рамла Буладу Сеmрary шебе Kyocera and 24M Develop World's First SemiSolid Lithium-ion Battery System with Improved Safety, Longer Life, and Lower Cost Plans to Build Full-Scale Mass Production System Following Initial Success with Pilot January 6, 2020 Japan KYOTO, Japan and CAMBRIDGE, Mass.- January 6, 2020-Kyocera Corporation (President: Hideo Tanimoto) and 24M (President & CTO: Naoki Ota) announced today that Kyocera has formally launched its residential energy storage system, Enerezza, the world's first system built using 24M's novel SemiSolid electrode manufacturing process. In addition, Kyocera has extended its commitment to 24M's unique manufacturing platform with plans to start full-scale mass production in the fall of 2020. 1) 24M was recognized by Bloomberg New Energy Finance as a 2016 New Energy Pioneer, Source: Business Wire 2) Kyocera press release, January 6, 2020 FREYR Clean battery solutions. for different battery applications within one facility 2. 3. Semi-solid technology that provides a simpler, more reliable and safer manufacturing process that accelerates production while lowering costs of existing and next-generation cell technology Chemistry-agnostic platform that supports current and next- generation cell technologies, such as Silicone Electrode, Dual Electrolyte System and Pre- Lithiation implementation ALLENNIUM AVEO 24m Recognitions WORLD ECONOMIC FORUM T ווין Technology Pioneers Global Cleantech 100 cleantech theguardian 2016 PLATTS GLOBAL ENERGY AWARDS FINALIST NEW ENERGY PIONEER 2016 Bloomberg NEW ENERGY FINANCE WINNER SPONSORED BY CYCLE MANAGEMENT Source: 24M Technologies 22#23Streamlined FREYR Production Process vs. Conventional Solutions Using existing raw materials With a simpler production process Electrolyte Cathode S NMC LMO NCA LCO LFP NM Anode LTO Natural Gr TiO2 Si Resulting in next-generation battery cells Conventional Cell Production 15 production steps (including solvent recovery) Multiple thin layers Electrode Creation Conductor Electrode ☐☐ Cylindric cell Solvent Recovery Separator Anode Mix Coat Dry Inspect Slit Calendar Die Punch Clean Cathode Mix Coat Dry Inspect Slit Calendar Die Punch Clean Vacuum Dry Vacuum Dry Electrode Conductor Prismatic cell Solvent Recovery Repeating structure Pouch cell Artificial Gr 5 production steps Sn Li metal Separator FREYR Clean battery solutions Cell Assembly Stack Weld Insert Electrolyte VS. FREYR Cell Production Electrode Creation Cell Assembly Anode Mix Coat Stack Weld Insert Cathode Mix Coat Few and thick layers Conductor Prismatic cell Electrode Separator Electrode Pouch cell Conductor Source: 24M Technologies 23#24Advantaged Margins from a Partnership-Based Business Model FREYR Clean battery solutions Mo Industrial Park, Mo i Rana, Norway#25FREYR Aims to Deliver Market Leading Costs and Margins 2025 Battery Cell Cost 1) Breakdown Cell Cost $/kWh $78 $14 $16 $48 ($10) Materials Costs Manufacturing Costs ■ Corporate & Profit ☐ ($3) ($3) $62 1 3) $11 $8 FREYR Long-Term Margin Advantage Technology Strategy - Partnership with 24M Technologies Lowers footprint and costs Partnership Strategy Limits need for internal R&D - Partnering for low-cost materials $43 Nordic Ecosystem Low cost, 100% renewable power Lower logistics costs to Europe Global Average in 2025 Technology Strategy 1) Total cost including profit Partnership Strategy Nordic Ecosystem FREYR Production Cost 2) in 2025 FREYR strategic advantages target 20% lower battery cell costs ($16/kWh) vs. the projected global average in 2025 2) Company estimate based on 24M data FREYR Clean battery solutions 3) Includes R&D and license fees Source: Study commissioned from global management consultancy 25#26■ Phased Development from Balanced Partnership-Based Strategies Next Generation Technology Solution: Partnership with 24M Technologies to industrialize improved process technology Traditional Technology Solution: Joint venture partnership of proven OEM technology Next Generation Technology Development Focus ■ Energy Storage Systems Target Market Verticals Other Mobility (Marine, Commercial) Traditional Technology Development Focus All Electric Vehicles (EV, PHEV, XEV) ☐ Energy System Storage Target Offtake Customers Expected Strategic Advantages ☐ All Electric Vehicles (EV, PHEV, XEV) Utilities Automotive OEMs Solar/Wind Developers Home Energy Storage Systems Chemistry-agnostic cell production process and platform Semi-solid electrode structurally reduces materials costs Higher energy density cells with improved safety and reliability Simpler production process lowers capex and opex requirements Lower footprint and increase capital efficiency unlocks modularity Less scrap, fully recyclable & increased in-plant reuse of active materials Flexible platform covers current next generation chemistry & cell design All other applications Automotive OEMs Utilities Significant, untapped market to leverage FREYR's competitive production platform ■ Collaborate with OEMs for industrially scaled supply of traditional technology Considerable logistics advantages relative to Asian cell manufacturers Flexibility to host multiple-OEM partnerships with separate Gigafactories Relevant Targeted Partnerships FREYR Clean battery solutions 24.m SIEMENS energy Scatec Solar Improving our future" ITOCHU MAERSK Targeting OEM JV partners Source: 24M Technologies, Company data 26#27Planned Construction of FREYR Production Facilities Mo i Rana, Norway FREYR Clean battery solutions Mo i Rana, Norway Project development Mo Industrial Park - Quay 1) Customer Qualification Plant (375 MWh) Gigafactory 3 (10.6 GWh) Gigafactory 4 (10.6 GWh) FREYR Clean battery solutions Oslo, Norway Headquarters Customer Qualification Plant 4 12 Mo Industrial Park 1) Gigafactory 1 (5.3 GWh) Gigafactory 2 (8.0 GWh) 1) Flexibility in final configuration and size of Modularized Gigafactories over time across ~180,000 m2 of secured regulated acreage. Capacity refers to 80% of nameplate capacity. Operations for Gigafactories projected for 2023 or later. FREYR Clean battery solutions Source: Company data 27#28FREYR's Phased Gigafactory Development: 80+ GWh Installed by 2028 FREYR Battery Manufacturing Facility Development Installed Capacity GWh 90 90 2028 Target Installed Capacity: 83 GWh 80 70 60 50 2025 Target Installed Capacity: 43 GWh 40 40 30 20 10 0 2022 2023 2024 Gigafactory 6 Joint Venture Gigafactory 2 Capex Asset ($ millions) Capacity 1) (GWh) Operational Start Customer Qualification Plant $35 0.2 2022 Gigafactory 5 Gigafactory 1 $275 5 2023 Gigafactory 2 $310 8 2024 Gigafactory 4 Joint Venture Gigafactory 1 $565 8 2024 Gigafactory 3 $380 11 2025 Gigafactory 3 Gigafactory 4 $380 11 2025 Gigafactory 5 $775 16 2026 Joint Venture Gigafactory 1 Gigafactory 2 Gigafactory 1 2025 2026 2027 Joint Venture Gigafactory 2 $565 8 2027 Gigafactory 6 $775 16 2028 TOTAL $4,060 83 2028 2029 Note: Company projection based on 24M data; the indicated outlook should not be construed as estimates or guidance for future developments of the Company 1) Capacity refers to 80% of nameplate capacity for Gigafactories and 100% of nameplate capacity for Joint Venture Gigafactories FREYR Clean battery solutions Source: Company data 28#29Experienced Execution Team Skagsanden Beach, Flakstad, Norway#30FREYR's Experienced Execution Team Torstein Dale Sjøtveit Executive Chair & Founder Ryuta Kawaguchi Chief Technology Officer 25 years of experience in battery engineering and technology development Solution Owner, Dyson EV Battery 35+ years of experience in utility, shipbuilding & upstream energy businesses ☐ ☐ ■ Former CEO, Sarawak Energy, Malaysia President & CEO, Aker Yards EVP Upstream Aluminum, Norsk Hydro ■ Senior Manager Battery & ePT Strategy Planning, Nissan ☐ Senior Manager Battery System Engineering & Technical Sales, AESC Tom Einar Jensen Chief Executive Officer & Co-Founder ☐ ■ 25 years of experience in energy, industry, agriculture and start-ups 13 of which in investment and project development in the sustainability space Partner & Co-Founder, EDGE Global LLC, Senior Advisor, SYSTEMIQ ◉ EVP Corporate Development, Joule Unlimited, US CEO Agrinos and various commercial roles in Norsk Hydro Peter Matrai Board Member & Co-Founder 20 years of experience in finance, technology commercialization and operations within bioenergy and sustainability ventures Partner & Co-Founder, EDGE Global LLC ■ CFO, Joule Unlimited, US ■ COO & CFO, Butamax (BP-DuPont JV) Einar Kilde Chief Operating Officer 30+ years of experience in leading large-scale development projects within the energy, renewables and transport sectors EVP Project Execution, Bane NOR ☐ EVP Project Execution, Sarawak Energy, Malaysia ☐ EVP Projects, REC Steffen Føreid Chief Financial Officer 20 years finance experience within LNG, engineering, fabrication and energy industries CEO/CFO, Höegh LNG Partners LP CFO, Höegh LNG Holdings Ltd ■ CFO, Grenland Group ASA - EVP, TH Global PLC Tove Nilsen Ljungquist Executive Vice President, Operations 30 years of experience in global manufacturing and oil & gas businesses EVP Operationalization Moreld CEO Agility Subsea Fabrication / Agility Group Head of Performance Management Hydro Downstream Managing Director Hydro Aluminium Clervaux Are Brautaset Chief Legal Officer 20 years practice as in-house counsel in the energy sector Head of Legal and Compliance in Statoil Tanzania Vice President Legal in Equinor Chief Legal Officer in Aker Energy FREYR Clean battery solutions 30#31Alussa Energy Acquisition Corp. Overview International Energy and Capital Markets Expertise, FREYR Director Nominees Daniel Barcelo Chief Executive Officer, President & Director Portfolio Manager, Moore Capital Managing Director, Renaissance Capital CFO, Ruspetro plc, Russia Co-Founder, Director, CFO, Invicti Terra Argentina Ltd Germán Curá Director Board of Directors & Vice Chairman of the Board, Tenaris President & CEO, Maverick Tubulars President & CEO, Hydril MOORE CAPITAL LEHMAN BROTHERS RUSPETRO Tenaris Maverick Tubulars Encompass Capital, A Member of Our Sponsor Todd Kantor Founder, Managing Member & Portfolio Manager 20 years of experience in global energy markets Portfolio Manager, PioneerPath (Citadel LLC) Analyst; Touradji Capital, Solstice Equity Management, JP Morgan Global Oil & Gas Investment Banking FREYR Clean battery solutions. ENCOMPASS CAPITAL Alussa Energy Acquisition Corp. Overview lussa energy Alussa Energy Acquisition Corp. is a NYSE listed SPAC which completed its $287 million IPO in November 2019 Over 100 years of combined experience of starting and operating public companies globally Board members/management have operated companies in the US, Africa, Russia and the Middle East Encompass Capital Advisors LLC, a Member of our Sponsor, is a SEC registered investment advisor with a primary focus on investing across the energy eco-chain, including exploration and production, services, energy-related industrials, cyclicals, materials, alternative energy and renewables in the private and public markets Alussa Energy Due Diligence and Assessment Conducted on FREYR General corporate, legal, intellectual property, contract review, employment matters and benefits and capital structure due diligence conducted by Skadden Arps and Ellenoff Grossman & Schole ☐ Accounting and tax due diligence performed by Ernst & Young Environmental, governance and social communication strategy assessment performed by Sustainable Governance Partners Business due diligence and assessment performed by Alussa Energy and Rystad Energy 31#32FREYR Financial Overview FREYR Clean battery solutions DNB Barcode Business District, Oslo, Norway#33Pro Forma Financial Projections ($ millions) Income Statement Items Customer Qualification Plant Gigafactories Joint Venture Gigafactories Total Revenue % Growth 2021 2022 2023 2024 2025 2026 2027 2028 $0 $11 $16 $16 $16 $16 $16 $16 0 0 305 877 2,154 2,869 3,451 4,073 0 0 0 499 705 687 1,132 1,307 $0 $11 $321 $1,392 $2,875 $3,573 $4,600 $5,396 nm nm nm 333% 107% 24% 29% 17% COGS $0 $9 $257 $951 $1,980 $2,358 $3,131 $3,693 Gross Profit $0 $1 $65 $441 $895 $1,215 $1,468 $1,703 Gross Profit Margin % nm 13.0% 20.1% 31.7% 31.1% 34.0% 31.9% 31.6% Technology Licensing Fees $0 $1 $13 $36 $87 $116 $139 $164 Other Expenses and SG&A 35 45 45 66 105 113 125 127 EBITDA ¹) ($35) ($44) $7 $339 $703 $986 $1,205 $1,412 EBITDA Margin % nm nm nm 24.4% 24.4% 27.6% 26.2% 26.2% Balance Sheet and Cash Flow Items Debt Net Debt/EBITDA Capital Expenditures % of Revenues $0 $120 $896 nm nm nm $1,493 3.0x $2,011 $2,497 1.9x 1.6x $2,743 1.6x $3,203 1.5x $144 $517 $832 $609 $612 $880 $996 $1,110 nm nm nm 44% 21% 25% 22% 21% Projected annual free cash flow of ~$1.6 billion upon completion of FREYR's Gigafactory build-out plan 1) Non-GAAP financial metric - EBITDA defined as earnings before interest expense, interest income and other income, taxes, depreciation, amortization and stock-based compensation FREYR Clean battery solutions 33