Freyr Results Presentation Deck

IRA incentives - significant and simple US IRA is a game-changer for the battery manufacturing industry Section 45X is the most impactful to FREYR Raw materials can come from anywhere, batteries and modules must be produced in the US, and product can be sold anywhere Annual Production Tax Credits are transferable (saleable), and cash payments can be received for 5 years directly from the IRS ("direct-pay option") Based on Giga America's planned 38 GWh nameplate capacity and operating plan after full ramp-up, FREYR would generate >$1.4 billion per year in additional cash flow from IRA incentives for battery cell and module production FREYR United States Inflation Reduction Act [=O=) $35/kWh Battery cell production tax credit $10/kWh → Giga America Battery module production tax credit 10% Separate tax credits for critical materials and active cathode / anode materials FREYR customers can claim 30%+ ITC on stand-alone BESS projects driving increased demand 24m 24M brings U.S.-based technology Benefits run through 2032, plus a 5-year direct pay option Norwegian industrial heritage plus American ingenuity Growth in key demand center amplified by IRA -$410 million gross financial incentive package from State of Georgia and Coweta County for Giga America 11

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