Freyr SPAC Presentation Deck

1) 2) FREYR at a Glance: Addressing the Life Cycle Carbon Footprint of Battery Cells Delivering clean, low-cost battery cells from an ethically and sustainably-sourced supply chain po Cell production is the segment with the highest revenue share within the battery value chain Strategic partnering of next-generation semi-solid battery cell technology is expected to materially reduce costs Leveraging Norway's skilled workforce and abundant, low-cost renewable energy sources to target net zero carbon Planning for ~43 GWh of capacity by 2025 to position as one of Europe's largest cell suppliers, displacing dependency on Asian imports Projected 2025e Revenue and EBITDA of $2.9 billion and $703 million, respectively ¹) See Slide 33 for key assumptions and additional details Global average based on stated sources, FREYR data based on company projections FREYR Clean battery solutions Targeting Lower Carbon Footprint 2) (kg CO ₂e/kWh) ~80 81% Lower Global average I I 1 ~15 FREYR EREYR Targeting Lower Battery Cell Costs 2) ($/kWh) $78 20% Lower $62 Global average FREYR Source: Study commissioned from global management consultancy 6

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