FREYR Issues Invitations to Tender for the Purchase of Battery Cell Manufacturing Equipment for Pilot Plant

• FREYR has released Invitations to Tender for equipment packages needed for the battery cell assembly line for FREYR's pilot plant in Mo i Rana, Norway. The statement of the selected vendor is targeted for completion of May 2021.

"The pilot plant site is prepared to ensure that the initial stage of building can begin. With the tender processes for the assembly line equipment underway, FREYR is on track to attain the milestones outlined in our project strategy," said Einar Kilde, FREYR exec vice head of state in charge of projects.

Prior to providing the ask for tender, pre-qualification of potential suppliers was executed in close collaboration with 24M Technologies ("24M"). FREYR has a definitive License as well as Services Agreement to use 24M's SemiSolid lithium-ion battery platform technology. The license agreement offers FREYR with rights to limitless production of battery cells based upon every one of 24M's existing and also future technology.

"FREYR is well on our method to building Norway's very first lithium-ion battery cell manufacturing facility at industrial scale. In the pilot plant, we will certainly enhance and further industrialize 24M's technology to produce clean, low-priced and high-energy density battery services based upon renewable energy. It is exciting to see the development of our pilot plant emerge according to strategy, that includes finishing building of the facility in 2022," says Tom Einar Jensen, Chief Executive Officer of FREYR.

On 29 January 2021, FREYR introduced that it will come to be a publicly-listed firm through an organization combination with Alussa Energy Acquisition Corp., elevating about USD 850 million in equity proceeds to increase the advancement of tidy battery cell production ability in Norway. Based on closing problems being fulfilled, the consolidated company will certainly be named "FREYR Battery" ("Pubco") and also its ordinary shares is anticipated to start trading on the New York Stock Exchange under the ticker icon FREY upon closing, expected in the 2nd quarter of 2021. On 16 February 2021, the remarkable general meeting of FREYR AS approved the business combination.