Freyr SPAC Presentation Deck

FREYR Valuation Benchmarking: EBITDA Margin 24.4% ¹25e FREYR 27.6% ¹26e 26.2% Source: Bloomberg, Company reports ¹27e FREYR FREYR Clean battery solutions US Battery Comps ¹) 25.2% '27e QuantumScape 20.5% ¹25e ROMEO POWER TECHNOLOGY 28.8% Asian Battery Comps (21 EBITDA Margin) 2) 21.5% + CATL SAMSUNG SAMSUNG SDI 22.4% li 18.9% 17.2% T TESLA (2) 18.9% Us Electric Vehicle Comps (24 EBITDA Margin) ¹) 15.7% KE FIS (L LG Chem 1 --113%. BYD -13.1%- I XLFleet HYLIION 1) Based upon public management financial forecasts at time of SPAC merger announcement, unless otherwise noted 2) Based upon consensus EBITDA estimates as of January 25, 2021 CANO 0 I Avg. 14.2% T2.1% 5.2% SK innovation (2) WORKHORSE 10.4% LORDSTOWN Fuel Cell Comps ('25 EBITDA Margin) 2) 19.2% Avg. 15.7% PLUG P POWER BALLARD nel• 1.3% 15.0% NIKOLA 12.6% 37

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