Freyr Results Presentation Deck

MINIMIZING GIGA ARCTIC SPENDING FOR 2024 Preserving real option value of the project based on current market and policy dynamics THE BACKGROUND Prioritizing liquidity during scale up efforts at CQP and focusing on scaling opportunities to capture IRA incentives FREYR sent a letter in March 2023 to Ministry of Trade and Industry outlining a prerequisite financial support package approximating €800 million plus Production Tax Credits through EU Temporary Crisis and Transition Framework (TCTF) ● ● THE REGULATORY ENVIRONMENT The U.S. IRA and associated policy responses in other countries, all of which took place after construction at Giga Arctic was initially sanctioned, have shifted the relative competitive economic dynamics of Gigafactory projects ● Request for competitive framework conditions intended to support access to private capital, FREYR's part in Norwegian national battery strategy, and long-term economic viability of the project • Neither Norway nor the EU have offered a competitive scaling response to the IRA and/or Canada's variable cost offsets, which are designed to counter China's structural cost advantages FREYR'S FACT-BASED CAPITAL ALLOCATION DECISION Complete initial phase of Giga Arctic construction by end of 2023 and secure the asset No additional capital spending at Giga Arctic will be authorized until a globally competitive incentive program is delivered ● FREYR 8

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