T1 Energy Inc. · NYSE:TE
T1 Energy — FREYR Battery — Q4 2023 Earnings Presentation
13 slides from T1 Energy's earnings presentation, Feb 29, 2024
Slide 1: 4Q and Full Year 2023 Earnings Call
4Q AND FULL YEAR 2023 EARNINGS CALL February 29, 2024 Photo: FREYR team member in dry room paraphernalia 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’s (“FREYR”) ability to achieve automated, functional, customer-testable battery sample cells in H1 2024; scalin
Slide 3: FREYR's Mission and Strategy
FREYR’S MISSION AND STRATEGY Our mission Our strategy Decarbonize transportation Be the Western technology and energy storage with the scaling and industrialization world’s most sustainable partner of choice batteries #
Slide 4: FREYR Today
FREYR TODAY Focused on execution and delivering for our shareholders STREAMLINED, FOCUSED ORGANIZATION • Flattened organizational structure to promote speed, collaboration, and execution • Changes to operational management at CQP yielding tangible progress against timelines and milestones COST AND C
Slide 5: FREYR's Technology Approach
FREYR’S TECHNOLOGY APPROACH Scale differentiated Western tech and become an industrialization partner of choice in parallel CONVENTIONAL TECHNOLOGY • Mature technology already proven at GWh scale SEMISOLIDTM PLATFORM • Opportunity to accelerate FREYR’s commercial journey while participating in techn
Slide 6: The Road Ahead: FREYR 2.0 Growth Initiative
THE ROAD AHEAD: FREYR 2.0 GROWTH INITIATIVE Pursuing commercial and project opportunities totaling more than 100 GWh REAL OPTIONS • Pursuing five major opportunities tied to specific projects in U.S. and Europe • Projects based on both 24M SemiSolid platform and potential conventional technology agr
Slide 7: CQP Update
CQP UPDATE Progressing to anticipated start of fully automated cell production in H1 2024 Active electrolyte slurry being prepared for casting ANOTHER KEY MILESTONE SURPASSED • Successfully conducted automated anode casting trials in February 2024 with active electrolyte slurry • Producing automated
Slide 8: Giga America Update
GIGA AMERICA UPDATE FREYR’S planned U.S. flagship project to capitalize on the benefits of the Inflation Reduction Act THE GIGA AMERICA ASSET • FREYR owns the 368-acre Giga America project site in Coweta County, GA • Georgia is evolving into a regional U.S. clear energy and battery hub • Giga Americ
Slide 9: Redomicile to the U.S. Completed
REDOMICILE TO THE U.S. COMPLETED FREYR successfully redomiciled from Luxembourg to the U.S. effective December 31, 2023 FREYR Battery, Inc. Founded: TRANSACTION RATIONALE 2018 ✓ Simplifies corporate structure and streamlines reporting requirements NYSE: ✓ Enhances FREYR's eligibility for inclusion i
Slide 10: Optimizing Our Spending
OPTIMIZING OUR SPENDING Operational and financial discipline remain in focus • Ended Q4 2023 with $276 million of cash • $6 million restructuring charge (22% reduction in full time employees, and 26% reduction in contractors/project support by end of Q1) • Focus on core objectives also enables a sig
Slide 11: 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 FREYR Full-Year
Slide 12: FREYR 2024 Outlook and Priorities
FREYR 2024 OUTLOOK AND PRIORITIES Near-term goals and commercialization road map H1 2024 H2 2024 CQP and 24M CQP and 24M • On track for automated production of functional customer sample cells • Potential validation on initial sample cells and production Conventional technology process from Nidec •
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