Freyr SPAC Presentation Deck

Pro 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

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