Freyr SPAC Presentation Deck

FREYR Positioned as a Low-Cost Producer Projected 2025 Global Battery Cell Cost ¹) Cell Cost $/kWh 140 120 100 80 60 40 20 FREYR 2 100 200 300 FREYR Clean battery solutions 400 500 600 700 800 1) Total cost including profit to ensure ROI for various battery cell manufacturing factories based on outside-in estimates 2) FREYR P&L result divided by capacity produced in 2025 for all materials except for cathode, based on data from 24M FREYR vs Bottom 5 900 1,000 1,100 Plant Size, GWh -53% FREYR China USA Europe South Korea Japan Other FREYR projected cost leadership in 2025 is intended to be achieved by: Utilizing state-of-the-art production technology to significantly simplify manufacturing process & reduce raw material costs Leveraging a deep partnership model to unlock value chain innovation & lower costs Catalyzing a Nordic ecosystem that leverages low-cost renewable energy Source: Study commissioned from global management consultancy 15

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