Freyr Results Presentation Deck

Giga America project summary Targeting 4Q 2023 FID of Phase 1a to maximize IRA incentives and capture surging ESS demand U.S. development plan summary ● • Seeking to begin long-lead time orders in 3Q 2023 Targeting Phase 1a FID and start of construction in 4Q 2023 ● Phase 1a: • Initial 2.5 GWh cell to DC block production capacity Phase 1b: • Quickly follow 1a with a larger cell plant and an upgrade to the 2-line plant for a total of ~38 GWh capacity in 2026 Giga America Phase 1a Nameplate Capacity 2.5 GWh Giga America Phase 1b Nameplate Capacity 38 GWh Subsequent phases are expected in include highly value accretive upstream and additional downstream expansion, including cathode active material production FREYR Value of fast-tracked U.S. development Fastest path to giga scale production and participation in IRA incentives Focused on developing financing through pull-forward monetization of IRA PTCs with project level equity from strategic and/or financial sponsors Potential to circumvent lengthy project financing process in Phase 1a Provides flexibility to maximize merchant sales exposure in undersupplied ESS market Projected NPVs for Phases 1a and 1b: Phase 1a: $1.3 billion (1) Phase 1b: $6.7 billion IRA Benefit: $3 billion of total projected $8 billion NPV (2) (1) Includes upgrade and allocated corporate costs and taxes. (2) Shown as NPV10. 10

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