FREYR Joins the Business Council for Sustainable Energy

FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity, is joining the Business Council for Sustainable Energy (BCSE), a coalition of companies and trade associations from the energy efficiency, natural gas and renewable energy sectors that advocates for sustainable energy solutions (the “Council”).

“With this membership, FREYR becomes an active member in an organization that promotes clean energy technologies for a cleaner environment, a thriving economy and greater energy security. We are joining this important initiative to meet the challenges of climate change and drive the decarbonization of energy and transportation systems for a better planet,” said Tom Einar Jensen, Chief Executive Officer of FREYR.

The Business Council for Sustainable Energy (BCSE) is a coalition of companies and trade associations from the energy efficiency, natural gas, and renewable energy sectors in the United States, and includes investor-owned utilities, public power, independent power producers, project developers, equipment manufacturers, and environmental and energy market service providers. Established in 1992, the Council advocates for policies that expand the use of commercially available clean energy technologies, products, and services.

As a BCSE member, FREYR will also participate in the UN Climate Change Conference (COP26) that helps accelerate collaboration between governments, businesses, and civil society to deliver on climate goals faster.

“The Council advocates for energy and environmental policies that promote markets for clean, efficient and sustainable energy products and services to meet the climate challenges of today,” said Lisa Jacobson, BCSE President. “With FREYR, we are getting a member who fits right in by being in the forefront of sustainable energy transformation.”

About FREYR Battery

FREYR plans to develop up to 43 GWh of battery cell production capacity by 2025 with an ambition of up to 83 GWh in total capacity by 2028 to position the company as one of Europe’s largest battery cell suppliers. Five of the facilities are planned to be in the Mo i Rana industrial complex in Northern Norway, leveraging Norway’s highly skilled workforce and abundant, low-cost renewable energy sources from hydro and wind in a crisp, clear, and energized environment. FREYR aims to supply safe, high-energy density and cost competitive clean battery cells to the rapidly growing global markets for electric vehicles, energy storage, and marine applications. FREYR is committed to supporting cluster-based R&D initiatives and the development of an international ecosystem of scientific, commercial, and financial stakeholders to support the expansion of the battery value chain in our region. For more information, please visit www.freyrbattery.com

Forward Looking Statements

All statements, other than statements of present or historical fact included in this press release, including, without limitation, statements regarding FREYR’s ability to deliver on its decarbonization goals are forward-looking and involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.

Most of these factors are outside FREYR’s control and difficult to predict. Information about factors that could materially affect FREYR is set forth under the “Risk Factors” section in FREYR’s Registration Statement on Form S-1 filed with the Securities and Exchange Commission (the "SEC") on August 9, 2021, as amended, and in other SEC filings available on the SEC’s website at www.sec.gov.

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