T1 Energy Inc. · NYSE:TE
T1 Energy — FREYR Battery — Q1 2024 Earnings Presentation
12 slides from T1 Energy's earnings presentation, May 8, 2024
Slide 1: Q1 2024 Earnings Call
Q1 2024 EARNINGS CALL May 8, 2024 Photo: FREYR team member evaluating a cell at CQP. #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, Inc.’s (“FREYR”) ability to conduct initial unit cell production trials, commencing initial volume production
Slide 3: FREYR's Growing Stationary Storage Opportunity
FREYR’S GROWING STATIONARY STORAGE OPPORTUNITY FREYR is commercially focused on a market growing structurally and exponentially FREYR’s ESS opportunity: • Growing global power demand driven by electrification of society and decarbonization mandates 1,000 TWh • Expanding renewables penetration across
Slide 4: New Additions Strengthen FREYR's Board of Directors
NEW ADDITIONS STRENGTHEN FREYR’S BOARD OF DIRECTORS Appointments of Todd Kantor, Tore Ivar Slettemoen, and David Manners underscore FREYR’s commitment to shareholder alignment FOUNDING INVESTORS JOIN FREYR’S BOARD • Todd Kantor and Tore Ivar Slettemoen bring decades of energy sector and investing ex
Slide 5: Key Messages
KEY MESSAGES Focused on execution and delivering for our shareholders APPROACHING FIRST AUTOMATED UNIT CELL PRODUCTION AT CQP • On track to produce first unit cells with the full automation of the Casting and Unit Cell Assembly in H1 2024 as previously communicated • Fine tuning next-generation syst
Slide 6: CQP Update
CQP UPDATE Detailed dimensional measurements FREYR expects to commence automated unit cell production in H1 2024 APPROACHING FIRST UNIT CELL PRODUCTION TRIAL • Preparations ongoing to conduct first unit cell production trial utilizing the full automation of the Casting and Unit Cell Assembly • Team
Slide 7: Update on FREYR's 2.0 Growth Initiative
UPDATE ON FREYR’S 2.0 GROWTH INITIATIVE Focusing on four commercial and project opportunities with highest return potential COMMERCIAL UPDATE • FREYR has refined its project focus list through ongoing project diligence and commercial discussions • Two of the five previously highlighted pursuits rela
Slide 8: Giga America Update
GIGA AMERICA UPDATE Initial site preparation underway at FREYR’s flagship U.S. project FOCUSED ON ACCELERATING PATH TO FIRST PRODUCTION • A conventional technology track is likely the fastest pathway to market • Technological maturity and established supply chains • The IRA 45X production tax credit
Slide 9: Optimizing Our Spending
OPTIMIZING OUR SPENDING Operational and financial discipline remain in focus • Ended Q1 2024 with $253 million of cash and no debt • Focusing core activities enabling cost reductions (20% reduction in FT employees, and 50% reduction in contractors/project support) • Extending our runway well beyond
Slide 10: Optimizing Our Balance Sheet
OPTIMIZING OUR BALANCE SHEET Prioritizing balance sheet strength by planning 2024 total cash uses well below 2023 • 2023 total cash uses were $287 million • 2024 cash use well below 2023; spend timing dependent on: • CQP & Test Center automation progress / cell production and testing ramp • Giga Ame
Slide 11: FREYR 2024 Outlook and Priorities
FREYR 2024 OUTLOOK AND PRIORITIES Near-term goals and commercialization road map H1 2024 H2 2024 CQP Conventional technology • Conduct first unit cell production trial with full automation of Casting • Secure customer offtake agreements and execute financing and Unit Cell Assembly plan for Giga Amer
Slide 12: Slide 12