T1 Energy Inc. · NYSE:TE
T1 Energy — FREYR Battery — Q3 2023 Earnings Presentation
14 slides from T1 Energy's earnings presentation, Nov 9, 2023
Slide 1: 3Q 2023 Conference Call
3Q 2023 CONFERENCE CALL November 9, 2023 #1
Slide 2: Important Notices
IMPORTANT NOTICES Forward Looking Statements All statements, other than statements of present or historical fact included in this presentation, including, without limitation, FREYR Battery’s (“FREYR”) ability to achieve automated, in-spec, customer-testable battery production beyond 4Q 2023; the dev
Slide 3: Revisiting the FREYR Investment Case
REVISITING THE FREYR INVESTMENT CASE The balance sheet, team, and strategy to build a global battery technology industrialization engine DIFFERENTIATED WESTERN BATTERY ROBUST BALANCE SHEET COMMITTED TO REAL OPTION VALUE COMPETITIVE POSITION AND DEVELOPMENT IS AND LIQUIDITY MAXIMIZING U.S. IN A VOLAT
Slide 4: Key Messages
4 KEY MESSAGES 1. BUSINESS UPDATE Work continues at the CQP: • The timeline for completion of commissioning has pushed beyond 4Q 2023 • Implementing detailed plan that is expected to prevent additional delays Giga America development: • Focusing on two parallel tracks for development of large-scale
Slide 5: Key Messages Cont.
KEY MESSAGES CONT. 3. RATIONALIZING COSTS AND EXTENDING THE RUNWAY • Maintaining robust liquidity profile and clean balance sheet ahead of anticipated next phase of capital formation • Intending to reduce total cash spending by over 50%, extending liquidity runway to two + years without any new proj
Slide 6: CQP Update
CQP UPDATE CURRENT STATUS WHAT’S CHANGED AND WHAT IMPLEMENTING PLAN TO PREVENT WE’VE LEARNED FURTHER DELAYS • The timeline to complete commissioning has pushed beyond 4Q • Completion of commissioning has • Applying One Plan and One Team 2023 proven to be more difficult than we approach originally th
Slide 7: Pursuing Our Technology Diversification Strategy
PURSUING OUR TECHNOLOGY DIVERSIFICATION STRATEGY Exploring additional technology partnerships in parallel to complement 24M PURSUING CONVENTIONAL TECHNOLOGY PARTNERSHIPS • Fits with FREYR’s previously communicated technology diversification strategy • Creates strategic alternatives to complement 24M
Slide 8: Minimizing Giga Arctic Spending for 2024
MINIMIZING GIGA ARCTIC SPENDING FOR 2024 Preserving real option value of the project based on current market and policy dynamics THE BACKGROUND • Prioritizing liquidity during scale up efforts at CQP and focusing on scaling opportunities to capture IRA incentives • FREYR sent a letter in March 2023
Slide 9: Giga America Update
GIGA AMERICA UPDATE Timing of project development driven by CQP and Financing PROJECT EQUITY FINANCING • CQP performance will drive customer acceptance of 24M platform • Customer acceptance unlocks financing (project equity and debt) • Financing timing expected to follow automated production of test
Slide 10: Redomicile Update
REDOMICILE UPDATE Headquarters move from Luxembourg to the U.S. expected by the end of this year TRANSACTION RATIONALE CURRENT STATUS • Simplifies corporate structure and streamlines reporting • S-4 registration statement filed with SEC and has been requirements declared effective • Enhances FREYR's
Slide 11: Financial Results
FINANCIAL RESULTS Preserving liquidity, extending the runway and ensuring optionality and financial discipline • Ended 3Q 2023 with $328 million of cash, and no debt • ~$35-40 million in Q4 to complete and secure initial buildings of Giga Arctic and for continued progress on the CQP & Test Center •
Slide 12: Well-Positioned for Current Environment
PROTECTING THE BALANCE SHEET AND LIQUIDITY RUNWAY • Targeting total cash spend in 2024 of less than half that of 2023, prioritizing the CQP and WELL- • Giga America Material incremental CapEx only deployed when new project-level funding is committed POSITIONED FOR • Built-in liquidity flexibility to
Slide 13: The Way Forward
THE WAY FORWARD ONE FREYR TEAM unified to deliver for our shareholders, customers, and strategic partners • Reducing costs to extend liquidity runway to two + years • Authorizing no material new CapEx in 2024 until new financing is committed • Pursuing conventional technology partnerships to mitigat
Slide 14: FREYR