Clean Battery Solutions for a Better Planet

FREYR Advantage: Targeting 81% Lower CO2 Emissions Targeted FREYR CO₂e Footprint Reduction 1 Global Average -31% 2 -19% 3 -19% 4 -13% 1) Global battery industry average for 2020 2) Estimated medium-term benefits from localized Supply Chain FREYR Clean battery solutions 3) Company estimate Global Battery Industry CO₂e Baseline 1): Emissions kg CO2/kWh ~80 1 FREYR 'net zero' cell production (~25) 81% CO2e Reduction Active material production in 2 (~15) Norway/Nordics 2) 3 Building a Nordic ecosystem of additional supply 2) (~15) 4 Packaging and recycling 2) (~10) 19% FREYR Target FREYR Target CO2e Emissions Level 3): = ~15 Source: Study commissioned from global management consultancy 12

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