Clean Battery Solutions for a Better Planet

FREYR Aims to Deliver Market Leading Costs and Margins 2025 Battery Cell Cost 1) Breakdown Cell Cost $/kWh $78 $14 $16 $48 ($10) Materials Costs Manufacturing Costs ■ Corporate & Profit ☐ ($3) ($3) $62 1 3) $11 $8 FREYR Long-Term Margin Advantage Technology Strategy - Partnership with 24M Technologies Lowers footprint and costs Partnership Strategy Limits need for internal R&D - Partnering for low-cost materials $43 Nordic Ecosystem Low cost, 100% renewable power Lower logistics costs to Europe Global Average in 2025 Technology Strategy 1) Total cost including profit Partnership Strategy Nordic Ecosystem FREYR Production Cost 2) in 2025 FREYR strategic advantages target 20% lower battery cell costs ($16/kWh) vs. the projected global average in 2025 2) Company estimate based on 24M data FREYR Clean battery solutions 3) Includes R&D and license fees Source: Study commissioned from global management consultancy 25

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