Clean Battery Solutions for a Better Planet

Transaction Overview FREYR Team Torstein Dale Sjøtveit Executive Chairman & Founder Tom Einar Jensen Chief Executive Officer & Co-Founder Peter Matrai Board Member & Co-Founder Steffen Føreid Chief Financial Officer Proposed Transaction Summary Overview ■ ■ ■ FREYR is a developer of clean, next-generation battery cells targeting ~43 GWh of capacity by 2025 Alussa Energy Acquisition Corp. is a Special Purpose Acquisition Company focused on global energy markets with $290 million in cash held in trust Alussa Energy and FREYR are combining with a goal to accelerate the development of FREYR's clean, fully sustainable battery cell production in Norway FREYR will trade under the ticker symbol 'FREY' on the NYSE Capital Structure Anticipated PIPE of $600 million Transaction proceeds are being retained to grow FREYR's business 100% of FREYR's existing shares will roll over into the combined company, comprising ~30% of the pro forma equity at closing 1) Pro forma for the transaction (assuming no redemptions): FREYR will hold $849 million of cash to fund growth based on cash held in trust and PIPE proceeds Equity capital for the execution of planned development of up to ~43 GWh of battery cell production capacity Potential OSEBX listing within 12-24 months Alussa Energy Acquisition Corp. James Musselman, Chairman of the Board - Daniel Barcelo, Chief Executive Officer & President Todd Kantor, Encompass Capital, A Member of our Sponsor Valuation Transaction implies a post-transaction enterprise value of $529 million and equity value of $1.4 billion 0.8x 2025e EBITDA of $703 million Highly attractive entry valuation relative to battery peer group metrics Alussa Energy views FREYR as a strong early-stage opportunity to invest in one of the world's cleanest, most advanced battery cell producers 1) See Slide 34 for key assumptions and additional details FREYR Clean battery solutions 3

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