Freyr SPAC Presentation Deck

FREYR Valuation Benchmarking: EV/EBITDA 0.8x '25e FREYR ¹) 0.5x '26e FREYR Source: Bloomberg, Company reports 0.4x ¹27e FREYR Clean battery solutions US Battery Comps At Deal 2) 4.1x ¹27e QuantumScape 25.0x 2.9x US Battery Comps Current 2) ¹27e QuantumScape ¹25e ROMEO POWER TECHNOLOGY 6.3x ¹25e ROMEO POWER TECHNOLOGY 61.0x CATL 52.2x T Asian Battery Comps ('21 EV/EBITDA) 3) (3) TESLA 36.6x BYD (3) 25.6x WORKHORSE -20.1x- SAMSUNG SAMSUNG SDI 18.6x -CANOO 1 15.7x I L LG Chem US Electric Vehicle Comps ('24 EV/EBITDA) 2) 8.2x Avg. 29.3x 12.9x XLFleet SK innovation 5.2x Fuel Cell Comps ('25 EV/EBITDA) 3) 78.4x 77.1x LORDSTOWN PLUG BALLARD POWER 3.8x HYLIION 1.6x FIBRER 33.9x nel. Avg. 16.5x nm NIKOLA 1) Presented multiples are based upon current year enterprise value; adjusted enterprise value for future net debt balances would imply '25e multiple of 3.4x, '26e multiple of 2.8x, and '27e multiple of 2.5x 2) Valuation is based upon current year enterprise value and public management EBITDA forecasts at time of SPAC merger announcement and securities prices as of January 25, 2021, unless otherwise noted Valuation is based upon current year enterprise value and consensus EBITDA estimates as of January 25, 2021 3) 36

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