Norway-based FREYR Battery plans to make a public offering of 13,500,000 of its Ordinary Shares, without nominal value, in an underwritten registered public offering. FREYR expects to grant the underwriters a 30-day option to purchase up to 2,025,000 additional Ordinary Shares as part of this offering.

FREYR intends to use the net proceeds from this offering for (i) the continued construction of Giga Arctic facilities, (ii) development expenditures for Giga America and (iii) general corporate purposes.

Credit Suisse, BofA Securities and Morgan Stanley are acting as book-running managers for the offering. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed or as to the final size or terms of the offering.

The offering is being made only by means of a previously filed effective registration statement (including a base prospectus) and a preliminary prospectus supplement.

FREYR has commenced building the first of its planned factories in Mo i Rana, Norway and announced potential development of industrial scale battery cell production in Vaasa, Finland, and the United States. FREYR intends to install 50 GWh of battery cell capacity by 2025 and 100 GWh annual capacity by 2028 and 200 GWh of annual capacity by 2030.