Slide 1: FREYR 4Q and Full Year 2022 Earnings Call
FREYR 4Q and Full Year 2022 Earnings Call February 27, 2023
Slide 2: Important notices
Important notices Forward looking statements All statements, other than statements of present or historical fact included in this These forward-looking statements involve significant risks and uncertainties that presentation, including, without limitation, regarding the Customer Qualification Plant
Slide 3: Today's Agenda
Today’s Agenda • Key messages • CQP spotlight • Update on Giga Arctic • Benefiting from 24M's technology and ecosystem • Positioned to leverage U.S. IRA and potential EU / Norwegian responses • Accelerating FREYR’s U.S. development • BESS demand growth update • FREYR is creating real option value •
Slide 4: Clean Battery Solutions
AN BATTERY SOLUTIONS
Slide 5: Key messages
Key messages Focused on rapidly de-risking FREYR’s business plan Customer Qualification Plant (CQP) Starting Up - Unlocking the SemiSolid™ Technology Platform at GWh Scale Announcing the official opening of the Customer Qualification Plant (CQP) on March 28th, 2023 FREYR has conducted extensive and
Slide 6: CQP starting up operations in 1Q 2023
CQP starting up operations in 1Q 2023 Major milestone to unlock SemiSolidTM platform at giga scale FREYR announces the formal opening of the CQP on March 28th, 2023 The CQP is a core asset in the 24M ecosystem to validate performance of the SemiSolidTM technology platform at GWh scale FREYR is colla
Slide 7: Giga Arctic Update
Giga Arctic Update Construction ongoing in Mo i Rana Constructing one of Norway's largest buildings: Approximately 9,000 tons of concrete and 2,000 ton of rebar are in place for the foundations 2,500 tons of steel structures and 1,800 tons of concrete beams, floors and roofing in place Continued eng
Slide 8: Strategic alignment with 24M Technologies
Strategic alignment with 24M Technologies FREYR is benefitting from deepening technical and commercial collaboration across the 24M licensee ecosystem FREYR is working together with licensee partners to bring next- generation SemiSolidTM technology to scale via FREYR’s CQP Simplified SemiSolidTM man
Slide 9: Positioned to benefit from new policy tailwinds in batteries
Positioned to benefit from new policy tailwinds in batteries U.S. Inflation Reduction Act likely to trigger a meaningful policy response from EU and Norway IRA subsidies appear readily accessible in stationary battery storage market Production Tax Credits (PTCs) feature direct pay option ($35/kWh fo
Slide 10: IRA will enhance FREYR's project economics
IRA will enhance FREYR’s project economics EU & Norwegian responses expected to improve local project economics in a market short battery environment FREYR has created real option value by initiating parallel development of Giga Arctic and Giga America Illustrative IRA Project Economics Giga America
Slide 11: Accelerating FREYR's Development in U.S.
Accelerating FREYR’s Development in U.S. FREYR’s ambition is to maximize IRA incentives and to capture surging ESS demand Updated U.S. development plan summary Benefits of fast-tracked U.S. development Exploring fast-track options to establish Fastest path to giga scale production and rapid producti
Slide 12: Giga America update
Giga America update Significant state and local incentive packages Grants in process: Coweta County grant of $20MM approved on February 23rd with closing anticipated in short order Application nearing completion for $7MM state grant with final approval expected within 90 days Tax abatement incentive
Slide 13: BESS is the essential net zero enabling technology
BESS is the essential net zero enabling technology Use cases for batteries across the future energy system underpin exponential demand growth forecasts BESS demand growth potential is underappreciated Battery Solar Wind Hydro Nuclear Fossil Solar and wind displace all other sources of energy Transmi
Slide 14: BESS demand is surging and consistently underestimated
BESS demand is surging and consistently underestimated Long-term demand forecasts for battery storage reaching non-linear growth trajectories As witnessed previously in several sectors, and illustrated below by solar pv Global Cumulative BESS Capacity (IEA WEO 2021 – 2023), GW deployments, technolog
Slide 15: FREYR is creating real option value
FREYR is creating real option value Strategic flexibility to pursue evolving geographic and end market opportunities in parallel Norway → Giga Arctic United States → Giga America FREYR is working with various stakeholders to develop a Inflation Reduction Act localized response to the U.S. IRA incent
Slide 16: Gaining traction in commercial and passenger EV verticals
Gaining traction in commercial and passenger EV verticals Inaugural E-mobility COA signed and partnership discussions deepening with OEMs Commercial E-mobility Announced COA with Impact Clean Power Technology in January to supply 10 – 14 GWh of next-generation cells Clean battery cell solutions will
Slide 17: Financial update
Financial update Maintained high level of liquidity and while advancing FREYR’s development throughout the year Strong Liquidity and Balance Sheet FREYR Full-Year 2022 Cash Bridge Ended 4Q 2022 with $563 million of cash 2022 CapEx focused on the CQP, Giga Arctic and the U.S. site purchase Capital Al
Slide 18: Key Priorities
Key Priorities Focused on delivery of FREYR’s strategic objectives on the path to giga scale production Start Operations of CQP in 1Q 2023 and accelerate sample cell production Accelerate investment in U.S. to maximize the financial and strategic benefits of the IRA Optimize economic value of subsid
Slide 19: Clean Battery Solutions
AN BATTERY SOLUTIONS
Slide 20: Q&A
Q&A