Freyr Results Presentation Deck

CQP update Ramp up of process automation and cell production on track with plan communicated at Capital Markets Day Progress Plan/Key Milestones First cells assembled and charged: June 25th, 2023 Manual casting and merging • All else automated Additional progress following CMD: Additional PLE commissioning packages completed Testing of mechanical processes via cell production with solvent slurry Testing program for Nidec underway Sample production targets: 3Q/4Q 2023 All processes automatic ● • Improve yields and uptime • Targeted approval of first samples Fully integrated production line: 4Q 2023 ● · Target approval of operating parameters Continuous improvements: 1Q 2024 FREYR # of CQP cells producedper week CQP Production Plan: 3Q 2023 - 1Q 2024 Sept Sept Oct Sample production Oct Oct Nov TARGET - # Good cells Start continuous casting Nov Dec Dec Increasing production speed and quality Jan TARGET - # All Cells Jan Stabilizing and validating giga scale Feb Feb Mar Forecasted Line speed Mar Mar Production Line Speed (Meters/minute) 5

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