T1 Energy Inc. · NYSE:TE
T1 Energy — Freyr AS — SPAC Merger (March 2021)
33 slides from T1 Energy's SPAC merger presentation, Mar 9, 2021
Slide 1: Clean Battery Solutions for a Better Planet
M a r c h 2 02 1 Clean Battery Solutions for a Better Planet
Slide 2: Legal Disclaimer
Legal Disclaimer 2 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 pot
Slide 3: Our Mission
O u r M i s s i o n : Accelerating the decarbonization of all transportation and energy systems by delivering the world’s cleanest and most cost - effective batteries “As a society, we must substantially accelerate our efforts to reduce CO 2 emissions at scale over the next ten years. Electrificatio
Slide 4: FREYR: A Low Carbon, Cost Advantaged Battery Supplier
F R E Y R : A L o w C a r b o n , C o s t A d v a n t a g e d B a t t e r y S upp l i e r Shift to renewable power grids and electric vehicles driving demand for energy storage Shift to renewable power grids and electric vehicles driving demand for energy storage A highly attractive market entry opp
Slide 5: Norway's Advantage: Low Carbon Intensity and Electricity Prices
2022 N o r w ay ( N O 4 ) G e r m a n y N e t he r l a n d s U K Norway’s Advantage: Among the Lowest Carbon Intensity & Electricity Prices in Europe Carbon Intensity of Electricity Produced E l e c t r i c i t y P r i c e E s t i m a t e s , 2 0 2 2 - 4 0 1 ) Source: electricityMap.org, Dec 2020 FR
Slide 6: Alussa Energy Transaction Overview
Alussa Energy Transaction Overview Overview ▪ FREYR entered into a definitive business combination agreement with Alussa Energy Acquisition Corp. (NYSE: ALUS) on January 29, 2021 ▪ Alussa Energy Acquisition Corp. is a Special Purpose Acquisition Company focused on global energy markets with $290 mil
Slide 7: Clean and Low-Cost Battery Cells
Mo i Rana, Norway C l e a n a n d L o w - C o s t B a t t e r y C e ll s
Slide 8: FREYR Focuses on the Core of the Battery Value Chain
F R E Y R F o c u s e s o n t h e C o r e o f t h e B a tt e r y V a lu e C h a i n 1) Percentage of total value added per value chain step, based on expected 2030 demand from transportation, energy storage and consumer electronics applications + battery pack prices 2 8 % 1 1 % 2 5 % 4 % Value add:
Slide 9: Aiming to be the Lowest Carbon Battery Cell Producer in the World
Aiming to be the Lowest Carbon Battery Cell Producer in the World 0 2 0 1 0 3 0 90 0 80 0 70 0 40 0 60 0 4 0 1 , 0 0 0 10 0 50 0 0 6 0 8 0 30 0 7 0 5 0 20 0 1,100 1,200 P l a n t s i z e , G W h O t h e r A s i a Other F R E Y R China N o r t h A m e r i c a Europe L i f e c y c l e e m i s s i o n
Slide 10: Emerging European Battery Supply Chain Facilitates Full-Cycle Sustainability
Emerging European Battery Supply Chain Facilitates Full - Cycle Sustainability S o u r c e s : B a tt e r y N o r w a y , F R A M E , C o m p a n y d a t a Development across all aspects of the emerging European battery supply chain, from raw materials to recycling Map of Energy Critical Elements: C
Slide 11: FREYR Positioned as a Low-Cost Producer
FREYR Positioned as a Low - Cost Producer Projected 2025 Global Battery Cell Cost 1) F R E Y R v s B o t t o m 5 FREYR C h i n a USA Europe S ou t h K o r e a Japan Other C e l l C o s t $/kWh 1) Total cost including profit to ensure ROI for various battery cell manufacturing factories based on outs
Slide 12: Our Targeted Value Chain Partners are Innovative, Global Leaders
O u r T a r g e t e d V a lu e C h a i n P a r t n e r s a r e I nn o v a t i v e , G l ob a l L e a d e r s ▪ Global technology leader in renewable and fuel - efficient conventional energies ▪ MOU on offtake for marine and energy storage systems (ESS) applications ▪ Revolutionizing the lithium - io
Slide 13: High Growth Energy Storage and Electric Vehicle Markets
High Growth Energy Storage and Electric Vehicle Markets S o r t l a n d , N o r w a y
Slide 14: Lower Cost Solutions Accelerate Battery Demand Across Markets
2 , 6 2 2 82 9 806 19 6 19 3 202 5 202 6 202 7 202 8 202 9 22 8 365 388 670 3,869 203 0 19 1 24 1 40 6 1 , 4 1 0 59 0 1 , 0 6 8 1 , 9 2 6 Other Commercial Vehicles Energy System Storage 1) Passenger Vehicles 21 4 Lower Cost Solutions Accelerate Battery Demand Across Markets Global Battery Demand Exp
Slide 15: Significant Global Battery Supply Shortfall by 2030
1 , 0 0 0 2 , 0 0 0 3 , 0 0 0 4 , 0 0 0 5 , 0 0 0 6 , 0 0 0 2 0 2 6 202 8 2 0 3 0 C hi n a S u p p l y N o r t h A m e r i c a Supply E u r op e S u p p ly A s i a e x . C h i n a Supply G l ob a l B a t t e r y Demand Significant Global Battery Supply Shortfall by 2030 ▪ ~ 5 , 3 0 0 G W h p r oj e
Slide 16: Innovative and Disruptive Semi-Solid Technology
Innovative and Disruptive Semi - Solid Technology N o r s k T e k n i s k M u s e u m , O s l o , N o r w a y
Slide 17: FREYR's Technology Leadership
FREYR’s Technology Leadership ▪ Co - Founder Peter Matrai: accomplished executive in executing disruptive, IP - centric technology strategies ▪ Over 20 years experience in technology commercialization & operations ▪ Developed, implemented and successfully executed technology licensing strategies and
Slide 18: 24M Technologies: Disruptive, Innovative Design and Process Technology
24M Technologies: Disruptive, Innovative Design and Process Technology 24M Technology Advantages 1. Revolutionizing the lithium - ion cell manufacturing process and platform, allowing cell production for different battery applications within one facility 2. Semi - solid technology that provides a si
Slide 19: Streamlined FREYR Production Process vs. Conventional Solutions
Streamlined FREYR Production Process vs. Conventional Solutions E l e c t r o ly t e Cathode Anode Separator N M C LCO S N C A NM L M O LFP LTO Natural Gr T i O 2 A r t i f i c i a l G r Si Sn Li metal Prismatic cell P o u c h c el l C y li n d r i c c el l Multiple thin layers C o n d u c t o r Ele
Slide 20: 24M: A Next Generation Technology Commercially in the Market Today
2 0 Source: Kyocera press release, website, Company internals 1) O v e r 1 0 y e a r s o pe r a t i o n @ 80% D o D 2) @ 30 ƒ C, 100% DoD; nominal charge time 3 hrs (Automotive standard) 3) (Ready for) Start of (Commercial) Production 4) Cycle life estimates are based on the assumptions that a) cell
Slide 21: Advantaged Margins from a Partnership-Based Business Model
Advantaged Margins from a Partnership - Based Business Model Mo Industrial Park, Mo i Rana, Norway
Slide 22: FREYR Long-Term Margin Advantage
FREYR Long - Term Margin Advantage ▪ Technology Strategy – Partnership with 24M Technologies – Lowers footprint and costs ▪ Partnership Strategy – Limits need for internal R&D – Partnering for low - cost materials ▪ Nordic Ecosystem – Low cost, 100% renewable power – Lower logistics costs to Europe
Slide 23: Phased Development from Balanced Partnership-Based Strategies
Phased Development from Balanced Partnership - Based Strategies ▪ Next Generation Technology Solution : Partnership with 24M Technologies to industrialize improved process technology ▪ Traditional Technology Solution : Joint venture partnership of proven OEM technology Source: 24M Technologies, Comp
Slide 24: Planned Construction of FREYR Production Facilities
M o In d u s t r i al Pa r k 1 ) ▪ Gigafactory 1 (5.3 GWh) ▪ Gigafactory 2 (8.0 GWh) M o In d u s t r i al Pa r k – Q u a y 1 ) ▪ Pilot/Customer Qualification Plant (375 MWh) ▪ Gigafactory 3 (10.6 GWh) ▪ Gigafactory 4 (10.6 GWh) Planned Construction of FREYR Production Facilities Mo i Rana, Norway M
Slide 25: FREYR's Phased Gigafactory Development
0 1 0 2 0 3 0 5 0 6 0 20 2 2 20 2 3 20 2 4 2 0 2 5 202 6 20 2 7 20 2 8 2 0 2 9 20 2 5 T a r g e t I n s t a lle d C a p a c i t y : 4 3 G W h 40 F R E Y R ’ s P h a s e d G i g a f a c t o r y D e v e l op m en t : 8 0 + G W h I n s t a l l e d b y 2 0 2 8 Capex Capac i t y 1 ) Operational Asset ($
Slide 26: FREYR Updates Since Alussa Energy Business Combination Announcement
FREYR Updates Since Alussa Energy Business Combination Announcement ▪ Enhancement of Battery Raw Material Supply Chain February 1, 2021 ▪ LOI signed with Glencore for supply of up to 3,700 tonnes of cobalt metal cathodes ▪ Provides FREYR facilities with sustainably - sourced and traceable cobalt ref
Slide 27: Pilot/Customer Qualification Plant: Sanctioned
▪ Mo Industrial Park - Quay, Mo i Rana, Norway ▪ 13,000 m 2 ▪ I s o l a t e d s t ee l construction ▪ Production hall, o f f i c e s a n d wardrobes ▪ District heating ▪ Two crane a s s e m b li e s ▪ Access to quay, railroad and n a t i o n a l r o a d Pilot/Customer Qualification Plant: Sanctioned
Slide 28: Experienced Execution Team
E x pe r i e n c e d E x e c u t i o n T e a m S k a g s a n d en B e a c h , F l a k s t a d , N o r w a y
Slide 29: FREYR's Experienced Execution Team
FREYR’s Experienced Execution Team ▪ ▪ ▪ Torstein Dale Sjøtveit Executive Chair & Founder ▪ 35+ years of experience in utility, shipbuilding & upstream energy businesses ▪ Former CEO, Sarawak Energy, Malaysia ▪ P r e s i d e n t & C E O , A k e r Y a r d s ▪ EVP Aluminum Metal, Norsk Hydro Tom Einar
Slide 30: FREYR Post-Transaction Proposed Board of Director Nominees
3 0 FREYR Post - Transaction Proposed Board of Director Nominees T o r s t e i n D al e S jø t v e i t Director ▪ Founder, Executive Chairman & Director, FREYR ▪ 35+ years of experience in utility, shipbuilding & upstream energy businesses ▪ F o r m e r C E O , S a r a w a k E ne r g y , M a l a y s
Slide 31: FREYR Financial Overview
F R E Y R F i n a n c i a l O v e r v i e w B a r c o de B u s i n e s s D i s t r i c t , O s l o , N o r w a y
Slide 32: Pro Forma Financial Projections
3 2 P r o F o r m a F i n a n c i a l P r o j e c t i o n s 1) Non - GAAP financial metric – Adjusted EBITDA defined as earnings before interest expense, interest income and other income, taxes, depreciation, amortization and stock - based compensation Projected annual free cash flow of ~$1.6 billio
Slide 33: Closing Quote: Accelerating Emissions Reduction
“As a society, we must substantially accelerate our efforts to reduce CO 2 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.” T o r s t e i n D a l e S