FREYR Battery: FREYR to Accompany Crown Prince of Norway on Official U.S. Visit

FREYR Battery (NYSE: FREY) ("FREYR"), a developer of clean, next-generation battery cell production capacity, is pleased to announce that CEO, Tom Einar Jensen, will participate in the delegation of His Royal Highness the Crown Prince of Norway during his official visit to New York on December 6^th and 7^th

FREYR's Tom Einar Jensen and Marte Mjøs Persen, the Norwegian Minister of Petroleum and Energy, will participate in a panel discussion entitled 'Financing the Green Transition' alongside Idar Kreutzer, CEO of Finance Norway, Sara Neff, Head of ESG for LendLease, Casey C. Clark, Deputy CIO and Global Head of ESG Investments at Rockefeller Management, and FrancoisLaboriePresident,Cognite North America. The panel will be moderated by Lynn Doan, Bloomberg's Team Leader of Power Gas-Americas, at the New York Stock Exchange (NYSE) on December 7^th

Additionally, Jensen will meet industry leaders, UN dignitaries and investors to discuss the working relationship between Norwegian and American-based businesses.

"The FREYR team is looking forward to meeting industry leaders with a shared goal of creating clean energy solutions," said Tom Einar Jensen, CEO of FREYR Battery. "In Norway, we are leveraging renewable energy sources to power low-carbon battery cell manufacturing, and we want to share our plans for making the same sustainable approach financially and commercially viable in the U.S."

FREYR, listed on the New York Stock Exchange, plans to develop up to 43 GWh of battery cell production capacity by 2025 with an ambition of up to 83 GWh in total capacity by 2028 to position the company as one of Europe's largest battery cell suppliers.

In October, FREYR announced the formation of a joint venture ("JV") in the United States between Koch Strategic Platforms and FREYR. The JV, with a 50/50 ownership structure, has been established to develop an initial 50 GWh of Gigafactory-scale battery cell manufacturing capacity in the U.S. based on 24M's SemiSolid platform technology. The JV is currently evaluating a potential Gigafactory location in the U.S.

About FREYR Battery

FREYR Battery aims to provide industrial scale clean battery solutions to reduce global emissions. Listed on the New York Stock Exchange, FREYR's mission is to accelerate the decarbonization of energy and transportation systems globally. 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 deliver up to 43 GWh of battery cell capacity by 2025 and up to 83 GWh annual capacity by 2028. To learn more about FREYR, please visit www.freyrbattery.com

Forward-looking Statements

All statements, other than statements of present or historical fact included in this press release, including, without limitation, statements regarding FREYR's ability to leverage renewable energy sources to power low-carbon battery cell manufacturing, utilize 24M's technology, make its sustainable approach financially and commercially viable in the U.S., develop up to 43 GWh of battery cell production capacity by 2025 with an ambition of up to 83 GWh in total capacity by 2028, position the company as one of Europe's largest battery cell suppliers, develop an initial 50 GWh of Gigafactory-scale battery cell manufacturing capacity in the U.S. based on 24M's SemiSolid platform technology and commence green battery production in the U.S. over the next 12 months are forward-looking and 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 difficult to predict. Information about factors that could materially affect FREYR is set forth under the "Risk Factors" section in FREYR's Registration Statement on Form S-1 filed with the Securities and Exchange Commission (the "SEC") on August 9, 2021, as amended, and in other SEC filings available on the SEC's website at www.sec.gov.

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