T1 Energy Inc. · NYSE:TE
T1 Energy — FREYR Battery — Merger or Acquisition (November 2024)
19 slides from T1 Energy's merger presentation, Nov 6, 2024
Slide 1: Transformative Acquisition of Trina Solar's U.S. Photovoltaic Module Manufacturing Assets
Transformative Acquisition of Trina Solar’s U.S. Photovoltaic Module Manufacturing Assets November 5, 2024
Slide 2: Important Notices
IMPORTANT NOTICES 2 Forward Looking Statements All statements, other than statements of present or historical fact included in this presentation, including, without limitat ion , FREYR Battery, Inc.’s, a Delaware corporation, (“FREYR”) ability to establish a commercial presence in the U.S. solar mar
Slide 3: FREYR's New Executive Leadership Team
3 FREYR’s New Executive Leadership Team • 30 years of experience as an institutional investor, equity research analyst, and energy company executive and board director • Founder and CEO of Alussa Energy, which led the 2021 business combination with FREYR • Chairman of FREYR’s Board of Directors, for
Slide 4: Transformative Acquisition of U.S. Solar Assets
0 2 4 6 8 10 Hanwha Q-Cells First Solar FREYR Canadian Solar LONGi&Invenergy Solar4America Silfab JA Solar Runergy Imperial Star SEG Solar Meyer Burger Heliene Jinko Elin Hounen Mission Solar Others US Module Capacity (GW) Transformative Acquisition of U.S. Solar Assets FREYR is acquiring Trina’s U.
Slide 5: FREYR is Partnering with a Global Solar Leader
FREYR is Partnering with a Global Solar Leader 5 Trina is competitively differentiated by technology, supply chain and financial strength Asset Map Global #2 2023 solar module manufacturing capacity (97 GW) 2 Global #3 2023 solar cell manufacturing capacity (97 GW) 2 140+ GW Global solar modules shi
Slide 6: Trina Solar Transaction Overview
Trina Solar Transaction Overview 6 Trina Solar US Module Plant Transaction Consideration Transaction - Related Financing Asset purchase Trina Solar US Solar Module Plant Expected close date December 2024 Location Wilmer, TX Facility size (million sq ft) 1.35 Solar module production capacity (GW) 5.0
Slide 7: Guidance and Implied Valuation Metrics
2025e: $100 $500 $600 $700 $800 Wilmer Annual Run-Rate: $200 $1,000 $1,200 $1,400 $1,600 Wilmer + U.S. Cell Annual Run-Rate: $675 $3,375 $4,050 $4,725 $5,400 EBITDA ($ millions) Assumed EV/EBITDA multiples 5.0x 6.0x 7.0x 8.0x Guidance and Implied Valuation Metrics 7 Guidance: Operations, Sales and E
Slide 8: Timeline and Steps to Transaction Closing
Timeline and Steps to Transaction Closing 8 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Operational Steps First Conversion Upon obtaining CFIUS approval (bringing total to 19.9% of FREYR shares pre - transaction) Transaction Announcement Closing ( 9.9% of FREYR shares post - money) Second Conversion Upo
Slide 9: FREYR: Investing in American Clean Energy Manufacturing
9 FREYR is U.S. headquartered and NYSE listed • FREYR redomiciled to the U.S. in early 2024 • NYSE listed since July 2021 Advanced solar module manufacturing in the U.S. • 5 .0 GW solar module facility started production on November 1, 2024 • Expected to create 1,500 local jobs • Facility is fully c
Slide 10: Planning to establish a vertically integrated U.S. solar manufacturing presence to maximize IRA tax credits
Planning to establish a vertically integrated U.S. solar manufacturing presence to maximize IRA tax credits 10 • The IRA production tax credits for solar are intended to spur investment in a U.S. solar manufacturing base • FREYR’s strategy is to establish a vertically integrated U.S. solar module +
Slide 11: FREYR Investment Highlights
FREYR Investment Highlights 1. Complementary Solar + Battery Energy Storage Strategy 2. Significant U.S. Solar Manufacturing Footprint 3. Leveraging Trina’s Global Execution Excellence 4. The Trina Technology Advantage 5. U.S. Solar Cell Production: Driving Growth and Margin 11
Slide 12: Complementary Solar + Battery Energy Storage Strategy
1. Complementary Solar + Battery Energy Storage Strategy Pursuing a future integration strategy to fill a rapidly growing need for customers Long - term strategy to capture market opportunity • Solar + battery storage solutions are the fastest growing clean power generation applications • There is u
Slide 13: Significant U.S. Solar Manufacturing Footprint
2. Significant U.S. Solar Manufacturing Footprint 13 ▪ Location: Wilmer, TX, ~17 miles south of Dallas, TX ▪ 1.35 million square feet, business - friendly Texas location ▪ 5.0 GW solar module manufacturing capacity ▪ 7 module assembly lines producing three types of modules for utility, commercial &
Slide 14: Significant U.S. Solar Manufacturing Footprint (continued)
2. Significant U.S. Solar Manufacturing Footprint (continued) 14 Wilmer Ramp Up: Production Lines 0.0 1.0 2.0 3.0 4.0 5.0 6.0 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 Nov-25 Module Line Nameplate Capacity (MW) Line 7 Line 6 Line 5 Line 4 Line 3 Line 2 Line 1 Wilmer nameplate capacity: 5.2 GW 0.0 1.
Slide 15: Leveraging Trina's Global Execution Excellence
3. Leveraging Trina’s Global Execution Excellence 15 China 63% Other 37% China 95% Other 5% China 97% Other 3% China 79% Other 21% China 71% Other 29% Solar Module Value Chain Global Market Share China dominates global solar manufacturing 1 Entrenched and experienced player across all elements of th
Slide 16: The Trina Technology Advantage
Trina produces modules that perform at the leading edge 16 4. The Trina Technology Advantage • Silicon - based PV technologies are the global industry standard • Silicon - based PV technologies are cheaper and more efficient than alternatives without relying upon toxic elements • Trina produces sili
Slide 17: U.S. Solar Cell Production: Driving Growth and Margin
17 5. U.S. Solar Cell Production: Driving Growth and Margin 2025 strategic focus on advancing U.S. solar cell manufacturing Target U.S. Cell Facility Development Unlocking Accretive Economics to FREYR • Integrated module/cell estimated EBITDA (full year run rate): $650 million • Estimated capex: $85
Slide 18: FREYR Implementing Value Optimization in Europe
FREYR Implementing Value Optimization in Europe Committed to generating value from monetization of strategic and non - core assets Strategy • FREYR’s Co - founder Tom Einar Jensen appointed CEO of FREYR Europe • Jensen will lead the value optimization and monetization of European portfolio FREYR’s G
Slide 19: SREYR Trinasolar
SREYR Trinasolar
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