T1 Energy Inc. · NYSE:TE

T1 Energy — Freyr AS — SPAC Merger (June 2021)

37 slides from T1 Energy's SPAC merger presentation, Jun 22, 2021

1. Slide 1: Clean Battery Solutions for a Better Planet

   Clean Battery Solutions for a Better Planet Capital Markets Update Presentation June 22, 2021

2. Slide 2: Legal Disclaimer

   Legal Disclaimer This presentation has been prepared for use by Alussa Energy Acquisition Corp. (“Alussa”) and FREYR AS (“FREYR”) in connection with their proposed business combination. This presentation is for information purposes only and is being provided to you solely in your capacity as a poten

3. Slide 3: Agenda

   Agenda  Introduction Chi Chow, Investor Relations, Alussa Energy  Business Combination Transaction Update Daniel Barcelo, CEO, Alussa Energy  Energy Transition and Battery Industry Overview Jarand Rystad, CEO, Rystad Energy  FREYR Business Strategy Update Tom Einar Jensen, CEO, FREYR  Q&A 3

4. Slide 4: Business Combination Transaction Update

   Business Combination Transaction Update Daniel Barcelo, CEO & President, Alussa Energy Acquisition Corp.

5. Slide 5: Alussa Energy Acquisition Corp. Overview

   Alussa Energy Acquisition Corp. Overview International Energy and Capital Markets Expertise, FREYR Director Nominees Alussa Energy Acquisition Corp. Overview  Alussa Energy Acquisition Corp. is a NYSE listed SPAC which Daniel Barcelo completed its $287 million IPO in November 2019 Chief Executive O

6. Slide 6: Transaction Overview

   Transaction Overview Proposed Transaction Summary FREYR Team Overview Torstein Dale Sjøtveit  FREYR is a developer of clean, next-generation battery cells targeting ~43 GWh of capacity by 2025 Executive Chairman & Founder  Alussa Energy Acquisition Corp. is a Special Purpose Acquisition Company fo

7. Slide 7: Illustrative Timeline to Transaction Close

   Illustrative Timeline to Transaction Close Event Date/Expected Date  Alussa Energy Record Date April 30, 2021  FREYR Battery S-4 Effective Date June 14, 2021  Proxy Mailing Date June 18, 2021  Alussa Energy Stockholder Redemption Date June 28, 2021  Alussa Energy Extraordinary General Meeting J

8. Slide 8: Energy Transition and Battery Industry Overview

   Energy Transition and Battery Industry Overview Jarand Rystad, CEO & Founder, Rystad Energy

9. Slide 9: FREYR Business Update

   FREYR Business Update Tom Einar Jensen, CEO & Co-Founder, FREYR

10. Slide 10: The FREYR Vision and Mission

    The FREYR Vision and Mission Accelerating the decarbonization of transportation and energy systems by delivering one of the world’s cleanest, most efficient and most cost-effective batteries Sustainability Speed Scale Leveraging Norway’s Supporting a localized Strategic partnering of Initial focus o

11. Slide 11: The FREYR Journey So Far

    The FREYR Journey So Far Dec 2020 Corporate FREYR and 24M sign MoUs signed Milestones definitive technology license Apr 2019 & services agreement Announces SINTEF & NTNU partnerships to develop battery R&D cluster in Norway Feb 2018 Oct/Nov 2020 Jun 2021 FREYR MoUs signed Announces JV MoUs signed Fo

12. Slide 12: Global Battery Demand Expectations Continue to Grow

    Global Battery Demand Expectations Continue to Grow Global 2030 Battery Demand Forecasts GWh installed/year  Global addressable market *IEA estimate expectations continue to expand only for ~ 9,200 EV segment ~ 1,100  FREYR presented ~5,300 GWh of ~ 400 projected 2030 global battery demand on Jan

13. Slide 13: FREYR Targeting the Accelerating Energy Storage Markets in the United States

    FREYR Targeting the Accelerating Energy Storage Markets in the United States The USA is positioned as a leading market for Energy Storage System (ESS) solutions globally Drivers of the ESS transition and market value: 1 Renewable Energy Generation 2 Market Costs 3 New Energy Architectures  2030 tar

14. Slide 14: Aiming to be the Lowest Carbon Battery Cell Producer in the World

    Sustainability Aiming to be the Lowest Carbon Battery Cell Producer in the World Projected Battery Cell Life Cycle Emissions Life cycle emissions kg CO2e/kWh FREYR North America Other Asia  Low-carbon battery cell production 80 China Europe Other becoming an increasingly important topic in customer

15. Slide 15: FREYR Advantage: Targeting 81% Lower CO2e Emissions

    Sustainability FREYR Advantage: Targeting 81% Lower CO2e Emissions Targeted FREYR CO2e Footprint Reduction Emissions 1 kg CO2/kWh Global Battery Industry CO2e Baseline 1): ~80 -31% 2 81% CO2e 1 FREYR ‘net zero’ cell production (~25) Reduction -19% Active material production in 3 2 Norway/Nordics 2)

16. Slide 16: Aspirational Long-Term Pathway to Zero Emissions

    Sustainability Aspirational Long-Term Pathway to Zero Emissions ~15 Long-Term FREYR Target Emissions, FREYR Initial Target Emissions, kg CO2e / kWh kg CO2e / kWh Longer-term path to potential zero battery cell life cycle emissions = ~0 kg CO2e / kWh Utilize renewable energy across the value chain -~

17. Slide 17: Norway's Advantage: Low Carbon Intensity & Electricity Prices

    Sustainability Norway’s Advantage: Low Carbon Intensity & Electricity Prices Carbon Intensity of Electricity Produced Electricity Price Estimates, 2022-40 1) EUR/MWh 50 45 40 35 30 25 20 2022 2025 2030 2040 Norway (NO4) Sweden 2) Finland 2) Eastern Europe 2) Germany France Netherlands UK FREYR has s

18. Slide 18: Emerging European Battery Supply Chain

    Sustainability Emerging European Battery Supply Chain Map of Energy Critical Elements: Cobalt, Lithium, Graphite FREYR’s Aspirational Goal: Supportive Norway Battery Ecosystem Europe Preliminary Result, May 2019 Full-Cycle Sustainability Raw-Material Providers Responsible sourcing of raw  Glencore

19. Slide 19: Supply Chain Update

    Sustainability Supply Chain Update Potential Supply Chain Partners  Potential supply chain partners MoU for sustainable-sourced battery raw materials with ‒ Glencore: cobalt, nickel, copper and other cathode materials transparency and traceability ‒ One of the largest global chemical producers: act

20. Slide 20: 24M Technologies: Innovative, Disruptive Battery Technology

    Speed 24M Technologies: Innovative, Disruptive Battery Technology 24M Technology Advantages Cambridge, MA Headquarters  MIT spin-off founded in 2010 by Yet-Ming Chiang 1. Revolutionizing the lithium-ion cell ‒ MIT Professor, Materials Science manufacturing process and platform, allowing cell produc

21. Slide 21: Streamlined FREYR Production Process vs. Conventional Solutions

    Speed Streamlined FREYR Production Process vs. Conventional Solutions Using existing raw materials With a simpler production process Resulting in next-generation battery cells Conventional Cell Production 15 production steps (including solvent recovery) Multiple thin layers Electrolyte Electrode Cre

22. Slide 22: 24M: Expected Cost Advantage Over Conventional Technology

    Speed 24M: Expected Cost Advantage Over Conventional Technology 24M vs. Conventional Lithium-Ion Battery (LiB) Performance Comparison Thicker electrodes Thinner electrodes Expected ESS Applications EV Applications Power Applications Battery Cost  24M compatible with known $/kWh chemistries with equ

23. Slide 23: 24M: A Next Generation Technology Commercially Available Today

    Speed 24M: A Next Generation Technology Commercially Available Today Target specifications 2013 2017 2017-2019 Jun 2019 Jan 2020 Late 2020 Joint research activity with Kyocera license in Industrializing the solution Pilot production Commercial sales start for Mass production ESS F360 ESS F500 EV F50

24. Slide 24: Technology Update

    Speed Technology Update  Strengthened 24M licensing & services agreement FREYR Initial Production Facility: Pilot/Customer Qualification Plant ‒ Collaborative knowledge transfer from other 24M licensees ‒ 24M development roadmap defined for LFP & NMC architectures ‒ 24M raised $57 million in May 20

25. Slide 25: Potential Offtake Customers: Accelerating Momentum Building

    Scale Potential Offtake Customers: Accelerating Momentum Building FREYR 2025 Potential Battery Cell Capacity & Potential Aggregate Customer Demand  59 active discussions ongoing GWh/year with potential offtake partners across targeted market segments: ESS/Commercial Mobility Electric Vehicles ‒ EV

26. Slide 26: Planned Construction of FREYR Production Facilities

    Scale Planned Construction of FREYR Production Facilities Mo i Rana, Norway Mo Industrial Park – Quay 1) Mo i Rana, Norway  Customer Qualification Plant (375 MWh) Project development  Gigafactory 3 (10.6 GWh)  Gigafactory 4 (10.6 GWh) Customer Qualification Plant Oslo, Norway Headquarters Mo Indu

27. Slide 27: FREYR's Phased Gigafactory Development

    Scale FREYR’s Phased Gigafactory Development FREYR Battery Manufacturing Facility Development Installed Capacity GWh 90 2028 Target Installed Capacity : 83 GWh 80 Gigafactory 6 70 Joint Venture Gigafactory 2 60 Capex Capacity 1) Operational Asset ($ millions) (GWh) Start Customer Qualification Plant

28. Slide 28: Potential Geographic and Product Offering Expansions

    Scale Potential Geographic and Product Offering Expansions Announced Emerging Complementary Strategic Opportunities  FREYR North America Expansion Discussions ‒ Joint venture negotiations with a subsidiary of a major multinational industrial conglomerate ‒ Potential joint venture project to build b

29. Slide 29: FREYR Aims to Deliver Market Leading Costs and Margins

    Scale FREYR Aims to Deliver Market Leading Costs and Margins Illustrative 2025 Battery Cell Cost 1) Breakdown Cell Cost $/kWh Materials Costs FREYR Long-Term Margin Advantage $78 Manufacturing Costs Corporate & Profit  Technology Strategy ‒ Partnership with 24M Technologies $14 ‒ 24M process techno

30. Slide 30: FREYR Positioned as a Low-Cost Producer

    Scale FREYR Positioned as a Low-Cost Producer Projected 2025 Global Battery Cell Cost 1) Cell Cost $/kWh FREYR projected cost leadership in 2025 is 140 FREYR vs Bottom 5 intended to be achieved by: 120  Utilizing state-of-the-art production technology to significantly simplify 100 2) -53% manufactu

31. Slide 31: FREYR's Experienced Execution Team

    FREYR’s Experienced Execution Team Torstein Dale Sjøtveit Tove Nilsen Ljungquist Executive Chair & Founder Executive Vice President Operations  35+ years of experience in utility, shipbuilding & upstream energy businesses  30 years experience in global manufacturing and oil & gas businesses  Form

32. Slide 32: FREYR Post-Transaction Identified Board of Director Appointees

    FREYR Post-Transaction Identified Board of Director Appointees Torstein Dale Sjøtveit, FREYR Daniel Barcelo, Alussa Energy Director Director  Executive Chairman and Founder, FREYR  25+ years of experience in international energy finance and emerging markets  35+ years of experience in utility, sh

33. Slide 33: Rapidly Expanding Presence Across the Battery Value Chain

    Rapidly Expanding Presence Across the Battery Value Chain Initial Focus Added Focus Mining and Active Pack/ Refining materials Cell Modules Recycling Value add: 1) 28% 11% 32% 25% 4% = 100% Developing FREYR Partnerships: North American Additional Potential partner JV process potential partner discus

34. Slide 34: FREYR: Disruptive, Commercially Introduced Technology In Favored Location

    Sustainability Scale Speed FREYR: Disruptive, Commercially Introduced Technology In Favored Location Cost Breakdown of the EV Battery Value Chain, 2020 Global Average  Primary differentiating factor for battery cell production at scale: Advantages driving down conversion costs 4% 7% 3% Fewer employ

35. Slide 35: Pro Forma Financial Projections

    Pro Forma Financial Projections ($ millions) 2021 2022 2023 2024 2025 2026 2027 2028 Income Statement Items Customer Qualification Plant $0 $11 $16 $16 $16 $16 $16 $16 Gigafactories 0 0 305 877 2,154 2,869 3,451 4,073 Joint Venture Gigafactories 0 0 0 499 705 687 1,132 1,307 Total Revenue $0 $11 $32

36. Slide 36: Attractive Valuation Metrics: Battery Comps EV/EBITDA

    Attractive Valuation Metrics: Battery Comps EV/EBITDA FREYR 1) US Battery Comps At Deal 2) Asian Battery Comps (‘21 EV/EBITDA) 3) Fuel Cell Comps (‘25 EV/EBITDA) 3) 66.0x 59.3x 32.0x 31.3x Avg. 25.6x 17.7x 16.4x 10.2x 8.5x 5.2x 4.1x 2.9x '25e '27e '25e CATL BYD Samsung SDI SK Innovation LG Chem Ball

37. Slide 37: Thank You

    Thank You “As a society, we must substantially accelerate our efforts to reduce CO2 emissions at scale over the next ten years. Electrification and batteries are instrumental parts of the solution, representing one of the most exciting and sustainable growth vectors in the market.” Torstein Dale Sjø

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