Freyr SPAC Presentation Deck

Sources 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

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