Freyr SPAC Presentation Deck

■ Significant Global Battery Supply Shortfall by 2030 ~5,300 GWh projected global demand in 2030 ~1,600 GWh announced production capacity by 2030 based upon announced battery production projects Equivalent shortfall in 2030: 115 Gigafactories (@ 32 GWh per facility) Excluding China, the world is expected to be short of battery cell production capacity by 2023/2024 FREYR Clean battery solutions Global Battery Supply/Demand Outlook, 2010-30 GWh installed/year 6,000 5,000 4,000 3,000 2,000 1,000 2030e Potential ~3,700 GWh supply shortfall = 115 Required Gigafactories 2014 2016 2018 2020 2022 2024 0 2010 2012 Note: The indicated outlook should not be construed as estimates or guidance for future developments of the Company 2026 2028 2030 All Gigafactory solutions needed to meet expected surge in global demand C= China Supply North America Supply Europe Supply Asia ex. China Supply > Global Battery Demand Source: Rystad Energy, Study commissioned from global management consultancy 18

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