Freyr SPAC Presentation Deck

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 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 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 FREYR Clean battery solutions - ■ ■ Capital Structure ■ 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 ■ I 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 Valuation 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 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 3

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