Freyr SPAC Presentation Deck

FREYR 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

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