#1FREYR Clean battery solutions ALUS alussa LISTED energy NYSE Clean Battery Solutions for a Better Planet 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 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 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 FREYR Clean battery solutions - ■ ■ Capital Structure ■ 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 ■ I 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 Valuation 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 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 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 ~5,300 ~3,700 GWh of Demand GWh Supply Shortfall FREYR Clean battery solutions 32% Estimated 2020 - 2030 demand CAGR ...utilizing Norway's unique advantages... Cost advantage from among the lowest electricity prices in Europe Carbon advantage from renewable, sustainable input sources Logistics advantage from clean Nordic battery supply to European markets ...captured by a well-positioned emerging player Positioned as an industry cost leader in 2025 Equity funded model for up to ~43 GWh of production capacity Aiming to be the lowest carbon battery cell producer in the world 25 - 30% expected long-term EBITDA margins Highly attractive entry valuation relative to battery peer group metrics Targeted partnerships provide flexible, technology-agnostic development 5#61) 2) FREYR 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 po Cell production is the segment with the highest revenue share within the battery value chain 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 $703 million, respectively ¹) See Slide 33 for key assumptions and additional details Global average based on stated sources, FREYR data based on company projections FREYR Clean battery solutions Targeting Lower Carbon Footprint 2) (kg CO ₂e/kWh) ~80 81% Lower Global average I I 1 ~15 FREYR EREYR Targeting Lower Battery Cell Costs 2) ($/kWh) $78 20% Lower $62 Global average 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) 0 200 400 600 800 FREYR Clean battery solutions Source: electricityMap.org, Dec 2020 Electricity Price Estimates, 2022-40 ¹) EUR/MWh 50 45 40 35 30 25 20 1) 2) 3) 2022 2025 - Sweden 2) 2030 Finland 2) France - Norway (NO4) Germany FREYR has signed a MoU for the delivery of electricity in Mo i Rana ³) Source: The Norwegian Water Resources and Energy Directorate (NVE), Oct 2019 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 2040 Eastern Europe 2) - Netherlands UK 7#8■ Our Targeted Value Chain Partners are Innovative, Global Leaders Supply Chain Product Offtake Technology 24-m Revolutionizing the lithium- ion cell manufacturing process and platform Strategic technology partner with FREYR for semi-solid technology FREYR Clean battery solutions I ■ I EL Elkem Leading Norway- based manufacturer of environmentally responsible metals and materials Active anode material supply targeting higher silicon content GLENCORE Leading global producer of sustainably-sourced battery raw materials Nickel, copper and cobalt with transparency and traceability based on blockchain technology CONFIDENTIAL MANNUERLEWAT One of the world's largest chemical producers in 2019 Active cathode material supply targeting higher voltage materials METALEX SUMISHO METALEX CORPORATION A Leading Japanese trading company for non- ferrous metals Part of the broader Sumitomo group with broad activities in battery materials ■ I ■ ■ ■ SIEMENS energy 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™ Leading integrated independent renewable power producer Pursuing combined solar and battery deployments globally MOU on offtake for high energy density, low cost ESS systems ■ ■ I ■ T 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 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 SPREYS 1 Clean and Low-Cost Battery Cells 2 3 Innovative and Disruptive Semi-Solid Technology 4 High Growth Energy Storage and Electric Vehicle Markets 5 Advantaged Margins from a Partnership-Based Business Model 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 Value add: 1) Mining and Refining FREYR Clean battery solutions 28% Active materials 11% FREYR Initial Focus Cell E- 32% Cathode materials Anode materials Electrolyte materials Separator materials 1) 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 Pack/ Modules FOR 25% Partnership-based value chain integration strategy Recycling + 1 4% Battery cell = 100% Source: Study commissioned from global management consultancy 11#12FREYR Advantage: Targeting 81% Lower CO₂e Emissions Targeted FREYR CO₂e Footprint Reduction Global Average 1 -31% 2 FREYR Clean battery solutions -19% 1) Global battery industry average for 2020 2) Estimated medium-term benefits from localized Supply Chain 3 -19% 4 -13% 81% CO₂e Reduction 3) Company estimate 19% FREYR Target Global Battery Industry CO₂e Baseline ¹): 1 FREYR 'net zero' cell production 2 3 Active material production in Norway/Nordics 2) Building a Nordic ecosystem of additional supply 2) 4 Packaging and recycling 2) FREYR Target CO₂e Emissions Level 3): Emissions kg CO₂/kWh ~80 (~25) (~15) (~15) (~10) = ~15 Source: Study commissioned from global management consultancy 12#13Projected Battery Cell Life Cycle Emissions Life cycle emissions kg CO₂e/kWh 80 70 60 50 40 30 20 10 Aiming to be the Lowest Carbon Battery Cell Producer in the World 0 FREYR 100 200 FREYR Clean battery solutions 300 400 500 600 700 FREYR China 800 North America Europe 900 1,000 1,100 Other Asia Other 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 Map of Energy Critical Elements: Cobalt, Lithium, Graphite Europe Preliminary Result, May 2019 FREYR's Aspirational Goal: Full-Cycle Sustainability Supportive Norway Battery Ecosystem Raw-Material Providers Glencore Elkem MRC ■ Tiotech Hydro FREYR Mo i Rana, Norway Project development FREYR Oslo, Norway Headquarters ESS Providers Solar & Marine FREYR Clean battery solutions ■ I Siemens Corvus ZEM ■ Kongsberg Scatec Solar Research Organizations NTNU SINTEF IFE UiO Energy critical elements ● Co. Deposit (196) ◆ Co. Prospect (38) ☐ Co. Occurence (243) O Graphite. Deposit (76) > Graphite. Prospect (33) □ Graphite. Occurence (400) O Li. Deposit (66) Li. Prospect (51) Li. Occurence (71) Active mines Co (3) Graphite (4) Li (10) 80 000 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 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 80 60 40 20 FREYR 2 100 200 300 FREYR Clean battery solutions 400 500 600 700 800 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 vs Bottom 5 900 1,000 1,100 Plant Size, GWh -53% FREYR China USA Europe South Korea Japan Other 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 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 CAGR, 2020-30 Passenger Vehicles Energy System Storage Commercial Vehicles Other Total 191 2018 228 2019 241 2020 37% 44% 41% 13% 32% FREYR Clean battery solutions 406 2021 590 2022 829 2023 1) Includes an increased adoption of ESS systems with a lower cost offering similar to the Company 1,068 2024 Note: The indicated outlook should not be construed as estimates or guidance for future developments of the Company 1,410 214 196 193 806 2025 1,926 2026 2,622 2027 3,402 2028 GWh installed/year 4,264 2029 5,292 365 388 670 3,869 2030 Other Commercial Vehicles Energy System Storage ¹) Passenger Vehicles Source: Study commissioned from global management consultancy 17#18■ Significant Global Battery Supply Shortfall by 2030 ~5,300 GWh projected global demand in 2030 ~1,600 GWh announced production capacity by 2030 based upon announced battery production projects Equivalent shortfall in 2030: 115 Gigafactories (@ 32 GWh per facility) Excluding China, the world is expected to be short of battery cell production capacity by 2023/2024 FREYR Clean battery solutions Global Battery Supply/Demand Outlook, 2010-30 GWh installed/year 6,000 5,000 4,000 3,000 2,000 1,000 2030e Potential ~3,700 GWh supply shortfall = 115 Required Gigafactories 2014 2016 2018 2020 2022 2024 0 2010 2012 Note: The indicated outlook should not be construed as estimates or guidance for future developments of the Company 2026 2028 2030 All Gigafactory solutions needed to meet expected surge in global demand C= China Supply North America Supply Europe Supply Asia ex. China Supply > Global Battery 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 China and ROW Other Mobility Energy Storage System Electric Vehicles Total 46 GWh 2020 Total 727 GWh 2025 Total ~5,150 GWh FREYR Clean battery solutions ~690 ~590 ~3,870 2030 ~2,060 ~3,090 2030 % of End Market ~33%/ 100%/ 100% 100%/ 100%/ 100% ~10%/ ~50%/ 100% XX% Segments Other Mobility 1) 2) Energy Storage System (ESS) 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 1) Electric Vehicles ¹) 2) Initial Targeted Strategic Partnerships SIEMENS energy Scatec Solar Improving our future" Addressable Share of Total Segment Market (2020/2025 / 2030), FREYR's Addressable Market (high-level assessment) MAERSK T ITOCHU Targeting OEM Partners Source: Study commissioned from global management consultancy 19#20Innovative and Disruptive Semi-Solid Technology DEMONSTRATION oftenposten DEMONSTRATION A STAND UP AGAINST ILLEG FARMING CONDITIONS MONSTRATION #FURFARM posten CROWDS GATHER THANDATE FOR INSTRATION FOLLOW OURIVE FEEDERATES BAFTESTEN SES CANT PASS THROUGHOTED ENTERRUTER pota OSLO CENTER IS AL ROTESTORS AVOID UNIVERSITET takaumorway @PRESS THERINGS ATLAS FREYR Clean battery solutions asipolinspar word WOHNE 2222 ir Ginever 23.30 But STING P MPL F REMONTA stargaten Dres PARKS CAN STARE FURS EXCENTER ec not es u KRNING ANTI GONTE 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 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 1) Source: 24M Technologies FREYR Clean battery solutions Peter Matrai Board Member & Co-Founder Ryuta Kawaguchi Chief Technology Officer 21#22■ ■ ■ I 24M Technologies: Disruptive, Innovative Design and Process Technology 24-m MIT spin-off founded in 2010 by Yet-Ming Chiang MIT Professor, Materials Science 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): KYOCERA GPSC us inuos noos uose ne Gleba Pawn Synergy Limited 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 24M Technology Advantages 1. Revolutionizing the lithium-ion cell manufacturing process and platform, allowing cell production 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 Cambridge, MA Headquarters AVEO 24m Recognitions WORLD ECONOMIC FORUM 규 MILENNIUM dans P AC Technology Pioneers 2016 PLATTS GLOBAL ENERGY AWARDS FINALIST Global Cleantech 100 cleantech theguardian NEW ENERGY PIONEER 2016 Bloomberg NEW ENERGY FINANCE WINNER SPONSORED BY MANAGEMENT Source: 24M Technologies 22#23Streamlined FREYR Production Process vs. Conventional Solutions Using existing raw materials Electrolyte NMC LCO Cathode S NCA NM Ti02 Si LMO LFP Anode LTO Natural Gr Artificial Gr Sn Li metal Separator FREYR Clean battery solutions Anode 15 production steps (including solvent recovery) Electrode Creation With a simpler production process Cathode Mix Mix Anode Cathode Dry Inspect Coat Dry Inspect Solvent Recovery Coat 5 production steps Electrode Creation Mix Solvent Recovery Mix Coat Coat Slit Slit Calendar Calendar Stack Conventional Cell Production Die Punch Die Punch Clean Clean Cell Assembly Weld Insert Electrolyte Cell Assembly Stack Weld Vacuum Dry Vacuum Dry Resulting in next-generation battery cells Insert VS. FREYR Cell Production Multiple thin layers Conductor Electrode - Separator Electrode Conductor Repeating structure Few and thick layers Conductor Electrode Separator Electrode Conductor Cylindric cell Prismatic cell Pouch cell Prismatic cell Pouch cell Source: 24M Technologies 23#24Advantaged Margins from a Partnership-Based Business Model 533 FREYR Clean battery solutions AN F5 FIES HauntedFutels SE 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 Global Average in 2025 Technology Strategy ($10) 1) Total cost including profit 2) Company estimate based on 24M data FREYR Clean battery solutions ($3) Partnership Strategy ($3) Nordic Ecosystem ■ Materials Costs Manufacturing Costs ■ Corporate & Profit $62 $11³) $8 $43 FREYR Production Cost 2) in 2025 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 Nordic Ecosystem FREYR strategic advantages target 20% lower battery cell costs ($16/kWh) vs. the projected global average in 2025 3) Includes R&D and license fees Low cost, 100% renewable power Lower logistics costs to Europe Source: Study commissioned from global management consultancy 25#26Phased 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 Target Market Verticals Target Offtake Customers Expected Strategic Advantages Relevant Targeted Partnerships FREYR Clean battery solutions I ■ ■ Utilities ■ Automotive OEMs ▪ Solar/Wind Developers Home Energy Storage Systems ■ ■ ■ ■ ■ ■ ■ Next Generation Technology Development Focus Energy Storage Systems Other Mobility (Marine, Commercial) All Electric Vehicles (EV, PHEV, XEV) ■ 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 24.m SIEMENS energy Scatec Solar Improving our future" T ITOCHU MAERSK ▪ All Electric Vehicles (EV, PHEV, XEV) Energy System Storage All other applications ■ ■ Traditional Technology Development Focus ▪ Automotive OEMs ■ Utilities H 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 H Targeting OEM JV partners Source: 24M Technologies, Company data 26#27Planned Construction of FREYR Production Facilities FREYR Clean battery solutions Mo i Rana, Norway Project development FREYR Clean battery solutions Oslo, Norway Headquarters Mo i Rana, Norway Mo Industrial Park - Quay¹) Customer Qualification Plant (375 MWh) Gigafactory 3 (10.6 GWh) Gigafactory 4 (10.6 GWh) ■ ■ ■ Customer Qualification Plant 3 La 1 2 ■ a Mo Industrial Park ¹) ■ QPaans 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 Battery Manufacturing Facility Development Installed Capacity GWh 90 80 70 60 50 40 30 20 FREYR's Phased Gigafactory Development: 80+ GWh Installed by 2028 10 2022 2025 Target Installed Capacity: 43 GWh 2023 2024 FREYR Clean battery solutions 2025 2028 Target Installed Capacity: 83 GWh Gigafactory 2 Gigafactory 1 Gigafactory 3 2026 Joint Venture Gigafactory 1 Gigafactory 5 Gigafactory 4 Joint Venture Gigafactory 2 2027 Gigafactory 6 2028 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 2029 Asset Customer Qualification Plant Gigafactory 1 Gigafactory 2 Joint Venture Gigafactory 1 Gigafactory 3 Gigafactory 4 Gigafactory 5 Joint Venture Gigafactory 2 Gigafactory 6 TOTAL Capex ($ millions) $35 $275 $310 $565 $380 $380 $775 $565 $775 $4,060 Capacity ¹) (GWh) 0.2 5 8 8 11 11 16 8 16 83 Operational Start 2022 2023 2024 2024 2025 2025 2026 2027 2028 Source: Company data 28#29Experienced Execution Team Skagsanden Beach, Flakstad, Norway#30FREYR's Experienced Execution Team Torstein Dale Sjøtveit Executive Chair & Founder ■ Tom Einar Jensen Chief Executive Officer & Co-Founder ■ ■ " 35+ years of experience in utility, shipbuilding & upstream energy businesses Former CEO, Sarawak Energy, Malaysia Preside CEO, Aker Yard EVP Upstream Aluminum, Norsk Hydro Peter Matrai Board Member & 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 Einar Kilde Chief Operating Officer 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) 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 FREYR Clean battery solutions Ryuta Kawaguchi Chief Technology Officer ■ ■ Steffen Føreid Chief Financial Officer ■ ■ I ■ ■ Tove Nilsen Ljunqquist 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 ■ ■ 25 years of experience in battery engineering and technology development Solution Owner, Dyson EV Battery Senior Manager Battery & ePT Strategy Planning, Nissan Senior Manager Battery System Engineering & Technical Sales, AESC ■ 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 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 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 ■ ■ ■ ■ Germán Curá Director ■ ■ CFO, Ruspetro plc, Russia Co-Founder, Director, CFO, Invicti Terra Argentina Ltd Encompass Capital, A Member of Our Sponsor ■ Todd Kantor Founder, Managing Member & Portfolio Manager 20 years of experience in global energy markets Portfolio Manager, Pioneer Path (Citadel LLC) Analyst; Touradji Capital, Solstice Equity Management, JP Morgan Global Oil & Gas Investment Banking ■ Board of Directors & Vice Chairman of the Board, Tenaris President & CEO, Maverick Tubulars President & CEO, Hydril ■ FREYR Clean battery solutions MOORE CAPITAL LEHMAN BROTHERS RUSPETRO Tenaris Maverick Tubulars ENCOMPASS CAPITAL Alussa Energy Acquisition Corp. Overview ■ I alussa energy ■ ■ ■ Alussa Energy Acquisition Corp. is a NYSE listed SPAC which completed its $287 million IPO in November 2019 Over 100 years of combined experience of starting and operating public companies globally Alussa Energy Due Diligence and Assessment Conducted on FREYR General corporate, legal, intellectual property, contract review, employment matters and benefits and capital structure due diligence conducted by Skadden Arps and Ellenoff Grossman & Schole Board members/management have operated companies in the US, Africa, Russia and the Middle East Encompass Capital Advisors LLC, a Member of our Sponsor, is a SEC registered investment advisor with a primary focus on investing across the energy eco-chain, including exploration and production, services, energy-related industrials, cyclicals, materials, alternative energy and renewables in the private and public markets Accounting and tax due diligence performed by Ernst & Young Environmental, governance and social communication strategy assessment performed by Sustainable Governance Partners Business due diligence and assessment performed by Alussa Energy and Rystad Energy 31#32FREYR Financial Overview FREYR Clean battery solutions DNS gicame aitajati TOTE wwww Barcode Business District, Oslo, Norway#33Pro Forma Financial Projections ($ millions) Income Statement Items Customer Qualification Plant Gigafactories Joint Venture Gigafactories Total Revenue % Growth COGS Gross Profit Gross Profit Margin % Technology Licensing Fees Other Expenses and SG&A EBITDA ¹) EBITDA Margin % Balance Sheet and Cash Flow Items Debt Net Debt/EBITDA Capital Expenditures % of Revenues 2021 $0 0 0 $0 nm $0 $0 nm $0 35 ($35) nm $0 nm $144 nm 2022 $11 0 $11 nm $9 $1 13.0% $1 45 ($44) nm $120 nm $517 nm 2023 $16 305 0 $321 nm $257 $65 20.1% $13 45 $7 nm $896 nm $832 nm 2024 $16 877 499 $1,392 333% $951 $441 31.7% $36 66 $339 24.4% $1,493 3.0x $609 44% 2025 $16 2,154 705 $2,875 107% $1,980 $895 31.1% $87 105 $703 24.4% $2,011 1.9x $612 21% 2026 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 $16 2,869 687 $3,573 24% $2,358 $1,215 34.0% $116 113 $986 27.6% $2,497 1.6x $880 25% 2027 $16 3,451 1,132 $4,600 29% $3,131 $1,468 31.9% $139 125 $1,205 26.2% $2,743 1.6x $996 22% 2028 $16 4,073 1,307 $5,396 17% $3,693 $1,703 31.6% $164 127 $1,412 26.2% Projected annual free cash flow of ~$1.6 billion upon completion of FREYR's Gigafactory build-out plan $3,203 1.5x $1,110 21% 33#34Sources and Uses ($ millions) 1) Estimated Alussa Energy Cash in Trust 2) PIPE Proceeds Consideration to Existing FREYR Shareholders 3) Proceeds from FREYR options exercise Total Sources Consideration to Existing FREYR Shareholders Cash to FREYR Balance Sheet Estimated Transaction Fees & Expenses Total Uses ■ Transaction Overview ■ I 3) $290 500 418 5 FREYR Clean battery solutions $1,313 $418 849 46 $1,313 (%) 22% 46% 32% 0% 100% 32% 65% 4% 100% 100% of FREYR's existing shares will roll over into the combined company Equity capital for the execution of planned development of up to ~43 GWh of battery cell production capacity Development of the company's planned Gigafactory system Working capital requirements to support growth Research & development efforts for advanced battery solutions Transaction completion expected during the second quarter of 2021 Pro Forma Valuation 3) 4) 5) ($ millions, except for per share data) Share Price Pro Forma Shares Outstanding Equity Value Plus: Debt Less: Cash to Balance Sheet Enterprise Value Pro Forma Ownership ¹) 2) 3) 4) 5) (%/million of shares) Existing FREYR Shareholders 30% / 41.8 ALUS Shareholders 21% / 28.8 ALUS Sponsor Shares 5% / 7.2 PIPE Investors 44% / 60.0 $10.00 137.7 $1,377 $0 $849 $529 1) Assumes no redemptions from Alussa Energy's existing public shareholders 2) Excludes cash from 0.75 million shares (equivalent to $7.5 million investment) that could be funded before close in connection with an existing FREYR shareholder's preferred equity investment in FREYR rolled for $10.00 per share 3) Includes $7.5 million in respect of preferred equity investment in FREYR rolled for $10.00 per share; assumes full dilution at the transaction price from in-the-money FREYR options; proceeds from FREYR option exercise shown separately in the Total Sources section 4) Assumes new shares issued at $10.00 per share 5) Excludes the impact of Alussa Energy warrants (23.0 million at $11.50 per share strike price) 34#35■ ■ ■ ■ Attractive Transaction Pricing Methodology Future enterprise value: Apply 10.0x 2-year forward multiple to FREYR 2025e EBITDA of $703 million 9.0x-11.0x multiple at a discount to public comparables Future equity value: Adjusting for FREYR year- end 2024e net debt of $1,020 million Discounted equity value: Discounting future equity value back 3.75 years (assuming March 2021 close) at 20% discount rate Transaction Equity Value: Implies a 77% discount to the midpoint of implied future equity value and 55% discount to the midpoint of implied discounted equity value Assumptions Forward EV/EBITDA multiples: 9.0x - 11.0x 2025e EBITDA: $703 million 2024e Net debt: $1,020 million Equity discount rate: 20% FREYR Clean battery solutions ($ millions) Enterprise Value Indication $7,728 $7,025 $6,323 $6,708 $6,006 $5,303 Equity Value Indications $3,386 $3,031 $2,677 Implied future enterprise value Implied future equity value Implied discounted equity value 77% Discount 55% Discount I 1 $1,377 ($10.00/sh) Transaction equity value 35#36FREYR Valuation Benchmarking: EV/EBITDA 0.8x '25e FREYR ¹) 0.5x '26e FREYR Source: Bloomberg, Company reports 0.4x ¹27e FREYR Clean battery solutions US Battery Comps At Deal 2) 4.1x ¹27e QuantumScape 25.0x 2.9x US Battery Comps Current 2) ¹27e QuantumScape ¹25e ROMEO POWER TECHNOLOGY 6.3x ¹25e ROMEO POWER TECHNOLOGY 61.0x CATL 52.2x T Asian Battery Comps ('21 EV/EBITDA) 3) (3) TESLA 36.6x BYD (3) 25.6x WORKHORSE -20.1x- SAMSUNG SAMSUNG SDI 18.6x -CANOO 1 15.7x I L LG Chem US Electric Vehicle Comps ('24 EV/EBITDA) 2) 8.2x Avg. 29.3x 12.9x XLFleet SK innovation 5.2x Fuel Cell Comps ('25 EV/EBITDA) 3) 78.4x 77.1x LORDSTOWN PLUG BALLARD POWER 3.8x HYLIION 1.6x FIBRER 33.9x nel. Avg. 16.5x nm NIKOLA 1) Presented multiples are based upon current year enterprise value; adjusted enterprise value for future net debt balances would imply '25e multiple of 3.4x, '26e multiple of 2.8x, and '27e multiple of 2.5x 2) Valuation is based upon current year enterprise value and public management EBITDA forecasts at time of SPAC merger announcement and securities prices as of January 25, 2021, unless otherwise noted Valuation is based upon current year enterprise value and consensus EBITDA estimates as of January 25, 2021 3) 36#37FREYR Valuation Benchmarking: EBITDA Margin 24.4% ¹25e FREYR 27.6% ¹26e 26.2% Source: Bloomberg, Company reports ¹27e FREYR FREYR Clean battery solutions US Battery Comps ¹) 25.2% '27e QuantumScape 20.5% ¹25e ROMEO POWER TECHNOLOGY 28.8% Asian Battery Comps (21 EBITDA Margin) 2) 21.5% + CATL SAMSUNG SAMSUNG SDI 22.4% li 18.9% 17.2% T TESLA (2) 18.9% Us Electric Vehicle Comps (24 EBITDA Margin) ¹) 15.7% KE FIS (L LG Chem 1 --113%. BYD -13.1%- I XLFleet HYLIION 1) Based upon public management financial forecasts at time of SPAC merger announcement, unless otherwise noted 2) Based upon consensus EBITDA estimates as of January 25, 2021 CANO 0 I Avg. 14.2% T2.1% 5.2% SK innovation (2) WORKHORSE 10.4% LORDSTOWN Fuel Cell Comps ('25 EBITDA Margin) 2) 19.2% Avg. 15.7% PLUG P POWER BALLARD nel• 1.3% 15.0% NIKOLA 12.6% 37#38FREYR Clean battery solutions "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#39Appendix FREYR Clean battery solutions Lillehammer Wilderness, Norway#40■ FREYR's Holistic Approach to ESG Leadership 7 FREYR is committed to producing one of the most environmentally-friendly, cost-effective and ethically- manufactured battery cells in the world Environment We plan to leverage sustainable practices across the entire supply chain and product lifecycle, including its recyclability AFFORDABLE AND CLEAN ENERGY Meeting the world's rapidly growing need for carbon-free energy for storage, transportation and other end uses Social FREYR is committed to safe, healthy and reliable operations and the well-being of our employees We value a diverse and inclusive culture Our communities are critical participants in our ecosystem thus we will invest in the strength of our 'social license' to ensure alignment as we grow FREYR Clean battery solutions Our vision of accelerating decarbonization globally aligns our corporate strategy directly with key UN Sustainable Development Goals 13 CLIMATE ACTION 12 RESPONSIBLE CONSUMPTION AND PRODUCTION сто Reduced scrap rate, higher material utilization, and higher rates of battery recyclability Board: independent, diverse, capable, objective and engaged Policies: leading standards for ethics, supply chain, internal controls and oversight Governance FREYR is committed to the best practices of corporate governance, as foundational tenets of the long-term success of our business ▪ We commit to transparent business practices and accountability to our shareholders and stakeholders I FREYR ESG Leadership will be underscored by our commitments to sustainability, governance and transparency Future Norwegian operations powered exclusively by zero- carbon energy supplies including both wind and hydro power Disclosure: committed to SASB-aligned disclosure as soon as practicable KPIs: management and workforce alignment to ESG performance 40#41Norway's Battery Ecosystem Supports Our Growth Industry Players FREYR Clean battery solutions Lithium-ion Battery @Mo I Rana Battery System for Marine: SPBES@Trondheim qb SPBES Siemens @Trondheim Zero Emission Marine @Oslo (Høvik) SIEMENS Kongsberg Maritime @Kongsberg Corvus @Bergen Corvus Energy TiO Anode @Bergen JOMA international ESS for PV @Oslo LiB Recycling @Fredrikstad Lithium-ion Capacitor BEYONDER @Stavanger Scatec Solar Improving our future" FREYR Clean battery solutions northvolt Bergen Haugesund. Stavanger Artificial Graphite & Si Anodes @Herøya Elkem Sandnes Lithium-ion Battery @TBD MORHOW Leikanger Vessavangen Molde Aluminium Hydro Battery Recycling @ Multi locations Skien .Arendal Kristiansand MRC Anode material Mineral Commodities @Skaland Namsos Steinkjer. Trondheim Natural Graphite Mine Lillehammer .Hamar Oslo Drammen Moss Mo i Rana Harstad Tromsø Narvik Finnsnes Hammerfest Alta Universitetet i Sorøst-Norge Kirkenes pas Research Organizations SINTEF SINTEF Helgeland @Mo I Rana Energy/Process optimization SINTEF Energy @Trondheim Large battery cell/pack testing SINTEF Industry @Trondheim Battery materials, Cell prototyping/testing ONTNU Sci. & Tech. Univ. @Trondheim Energy IFE Si anode research, Cell prototyping/testing FFI Defence Research @Oslo (Kjeller) Battery safety testing UiO: Univ. Oslo @Oslo Fundamental material research ISN Univ. Southeast @Porsgrunn Raw Materials: ■ AL (Hydro, Alcoa) ■ Si (Elkem, Dynatec) 1 Ni, Co, Cu (Glencore) ▪ Ti (Joma) ▪ Li (under development) I Graphite (MRC, Elkem, Saint-Gobain) B FREYR to secure battery cell manufacturing within Norway's burgeoning battery industry Emerging companies across all aspects of the battery supply chain, from raw materials to recycling Unique development of specific battery solutions for the maritime industry Strong technological development from local research organizations and universities 41#42Strategies to Build a Nordic Supply Chain Striving to develop a long-term Nordic battery supply chain Initial supply chain to leverage 24M relationships for active materials Long-term evolution of supply chain focused on European/North American suppliers and eventually 100% Norway Supplier qualification focused on sample analysis process of 1-2 years FREYR Clean battery solutions # Component 1 NMC 2 LFP 3 Carbon black 4 Graphite 5 Aluminum 6 Copper 7 Separator 8 Pouch 9 Electrolyte Step 1: 24M Supply Chain Asia Asia Asia Asia Asia Asia Asia USA / Asia Asia Qualification of existing supplier 1. Sample analysis (12-24 months) Joint venture to establish production capacity 1. Feasibility analysis (3-6 months) Sample analysis (12-24 months) 2. Potential Nordic Supply Chain Development Step 2: Utilizing Existing EU and US Supply Chain Opportunities FREYR plans to source materials from existing battery material suppliers in Europe and USA Step 3: Long-term Aspiration Following FREYR's partnership model to localize as many battery supply chain materials as possible in Norway Source: 24M, Company data 42#43■ Europe Battery Production Capacity, 2030e 21 companies expected to hold battery production capacity in eight European countries Largest capacities in Norway, Germany and Poland Nordic region emerging as the most advanced battery production corridor in Europe FREYR's ambition to lead Norway into a market capacity leading position Europe battery cell manufacturing targeted 2030 capacity ¹) GWh FREYR Clean battery solutions Plant size (GWh): 1 10 1) Figures represent current targeted capacity expected to be achieved by 2030 20 30 100 AESC Sunderland AMTE/Britishvolt FREYR SAFT/PSA Opel France SAFT pilot Northvolt/Volkswagen CATL Varta SAFT/PSA Opel Germany Morrow Batteries Liacon Farasis BMZ Microvast Tesla Leclanche SK innovation 1 Northvolt LG Chem inoBat GS Yuasa Samsung SK innovation 2 New players reshaping the Nordic region as the market leading battery corridor in Europe, producing technologically advanced battery solutions using 100% renewable energy starting in 2021 Norway Germany France Hungary Poland Slovakia Sweden United Kingdom Source: Rystad Energy, Company analysis 43#4424M: A Next Generation Technology Commercially in the Market Today 2017 2013 Joint research Kyocera activity with license in 24M 24M EnerezzaⓇ IRLYYP GOOD DESIGN AWARD 2019年度受赏 5.0kWh 10.0kWh 15.0kWh TM ECHONET Lite対応 KYOCERA Jun 2019 Pilot the solution production begins 2014 GPSC invests in 24M 2017-2019 Industrializing システム型 EGS-LM0500 EGS-LM1000 EGS-LM1500 SII補助金 対象機器片 池ユニット LBS-0500 パワーコンディショナ SBS-300 GPSC 2017 GPSC license in 24M FREYR Clean battery solutions Jan 2020 Commercial sales start for residential ESS (一社)東京共創イニシアチブ 平成31年 ネット・ゼロ・エネルギー・ハウス(ZEH) による仁宅における事 May 2019 40 sample cells to GPSC 通信モデム CML001G リモコン st: TRMO1 Feb 2020 EPC contract for first GPSC plant signed Late 2020 Mass production initiated 2021 100 MWh production capacity planned Target specifications ESS F360 (SOP³: 2022) 1) 2) 3) Specific Energy (Wh/Kg): Energy Density (W/I): Charge Time (time): Cycle Life (# of cycles)4: Operating Temperature: Safety Features across: 284 >568 3 hrs >3,500¹ 0 to 50°C Integrated fuse link ESS F500 (SOP³: 2023) 300 >625 3 hrs >3,500¹ -20 to 50°C Unit cell architecture EV F500 (SOP³: 2023/24) 319 >720 15-25 mins Source: Kyocera press release, website, Company internals Over 10 years operation @ 80% DOD @ 30°C, 100% DoD; nominal charge time 3 hrs (Automotive standard) (Ready for) Start of (Commercial) Production Cycle life estimates are based on the assumptions that a) cell development objectives are achieved, b) cycles are performed at 80% depth of discharge and c) end of life condition is 80% capacity retention. Cycle life estimates may be materially lower if development objectives are not achieved. 1,000² -20 to 60°C Exceptional abuse tolerance 44