FREYR Battery Receives Invitation from U.S. Department of Energy to Submit Part II Application for Giga America Title 17 Loan

FREYR Battery (NYSE: FREY) ("FREYR" or the "Company"), a developer of clean, next-generation battery cell production capacity, announced today that the U.S. Department of Energy ("DOE") has invited the Company to submit the Part II loan application under the DOE Title 17 program for FREYR's Giga America project.

"The Part II DOE loan application invitation is an important next step in FREYR's journey to fund our Giga America project," commented Birger Steen, FREYR's Chief Executive Officer. "With our redomiciliation to the U.S. now approved by our shareholders, FREYR is uniquely positioned to establish the Company as the U.S.-based industrialization partner of choice for clean battery technology solutions and to access the benefits of the U.S. Inflation Reduction Act utilizing the U.S.-based 24M Technologies SemiSolid^TM platform for the manufacture of utility scale energy storage LFP battery systems."

As previously indicated, the DOE loan application process is a key element of FREYR's capital formation strategy to fund construction of the Giga America project. FREYR also continues to engage with potential investors in project-level equity to finance the equity component of anticipated capital expenditures and organizational development associated with the project.

FREYR will continue to work on advancing the DOE Title 17 process during 2024 and will provide further updates as appropriate.

The following is a disclaimer from the DOE regarding the Part II application process:

The DOE's invitation to submit a Part II application is not an assurance that the DOE will invite the applicant into the due diligence and term sheet negotiation process, that the DOE will offer a term sheet to the applicant, or that the terms and conditions of a term sheet will be consistent with terms proposed by the applicant. The foregoing matters are wholly dependent on the results of DOE review and evaluation of a Part II Application, and DOE's determination whether to proceed.

About FREYR Battery

FREYR Battery is a developer of clean, next-generation battery cell production capacity. The Company's mission is to accelerate the decarbonization of global energy and transportation systems by producing clean, cost-competitive batteries. FREYR seeks to serve the primary markets of energy storage systems ("ESS") and commercial mobility, and the company maintains an ambition to serve the passenger electric vehicles market ("EV"). FREYR's Customer Qualification Plant ("CQP") for technology development is in service in Mo I Rana, Norway, and the Company is commencing development of the Giga America battery manufacturing project in Coweta County, Georgia, in the U.S. To learn more about FREYR, please visit www.freyrbattery.com.

Cautionary Statement Concerning Forward-Looking Statements

All statements, other than statements of present or historical fact included in this press release, including the expected completion date for the redomicile and the potential strategic opportunities and benefits of the redomicile are forward looking statements.

These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside FREYR's control and are difficult to predict. Additional information about factors that could materially affect FREYR is set forth under the "Risk Factors" section in (i) FREYR's Registration Statement on Form S-3 filed with the Securities and Exchange Commission (the "SEC") on September 1, 2022, (ii) FREYR Battery, Inc.'s Registration Statement on Form S-4 filed with the SEC on September 8, 2023 and subsequent amendments thereto filed on October 13, 2023, October 19, 2023, and October 31, 2023, (iii) FREYR's Annual Report on Form 10-K filed with the SEC on February 27, 2023, and (iv) FREYR's Quarterly Reports on Form 10-Q filed with the SEC on May 15, 2023, August 10, 2023 and November 9, 2023 and available on the SEC's website at www.sec.gov. Except as otherwise required by applicable law, FREYR disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this presentation. Should underlying assumptions prove incorrect, actual results and projections could differ materially from those expressed in any forward-looking statements.