European Union Innovation Fund selects FREYR for €122 million grant award to support FREYR’s potential joint venture Cathode Active Materials manufacturing project in Finland

FREYR Battery, Inc. (NYSE: FREY) (“FREYR” or the “Company”), a developer of sustainable battery and clean energy solutions, confirmed this morning that the European Union Innovation Fund (“EUIF”) has selected FREYR for a €122 million grant award to develop the Company’s potential joint venture Cathode Active Material (“CAM”) manufacturing project in Vaasa, Finland.

“We are very grateful to be selected for this grant award from the EU Innovation Fund, which demonstrates the EU’s continued support for FREYR’s ongoing industrialization efforts of sustainable battery value chain solutions,” commented Tom Einar Jensen, FREYR’s Co-founder and Chief Executive Officer. “FREYR is focused on its development efforts in the U.S. while we continue to explore avenues to unlock shareholder value from our portfolio of real assets and potential projects in Norway and Europe such as the proposed CAM facility in Finland. We look forward to collaborating with our colleagues at the EUIF to finalize this grant.”

This EUIF grant is tied to a proposed Cathode Active Materials (CAM) project in Vaasa, Finland and the project is targeting development of an industrial scale LFP CAM facility with an initial nameplate capacity of 30,000 tons per year.

The selection for a grant award is an important step towards formal finalization of the award upon satisfaction of various criteria, expected to be completed during the 1^st quarter of 2025. Concurrently, FREYR continues the work with its technology licensor, partners, customers, and other stakeholders to further develop the basis for the CAM project.

About FREYR Battery

FREYR Battery is a developer of sustainable battery and clean energy solutions. The Company’s mission is to accelerate the decarbonization of global energy systems by industrializing technologies across the battery and renewables value chains. FREYR’s portfolio of real assets includes its Customer Qualification Plant (“CQP”) for technology research and development in Mo i Rana, Norway, and the Giga Arctic and Giga America project site assets. To learn more about FREYR, please visit www.freyrbattery.com.

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