Freyr Results Presentation Deck
Update on financing initiatives
Key capital formation activities proceeding in parallel on back of CQP performance
Corporate Financing
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Giga Arctic Financing
Traditional debt project financing making continued progress on due diligence and documentation (ECAS, EIB, NIB, banks)
Awarded EUIF €100 million grant; participating in additional government grant processes (Europe and Norway)
Norwegian IRA response key to global competitiveness and capital structure, and drives timing for next phase of construction
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Giga America Financing
Project level equity raise in process (for Phase 1a) targeting $1 billion
DOE LPO Title XVII application (to finance Phase 1b) process has commenced; Part 1 draft sent to DOE (leveraging Phase 1a equity)
Traditional project financing process starting in parallel (same requirements as DoE - offtake, supply chain, technical risk mitigation, etc)
All financing initiatives bolstered by U.S. IRA (45X Production Tax Credits) and State and County grants and tax abatements
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$1 billion of common equity raised (2021, 2022)
Balancing speed of capital deployment with commitment to strong liquidity profile
$384 million 2Q 2023 cash balances
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Multiple sources of financing available – banks, governments, strategic partners, private capital, public capital
FREYR
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