FREYR Battery signs agreement with HENT AS to build battery manufacturing facility in Giga Arctic

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NEW YORK & OSLO, Norway & LUXEMBURG–(BUSINESS WIRE)–FREYR Battery (NYSE: FREY) (“FREYR”), a developer of next-generation clean battery cell manufacturing capabilities, has entered into an agreement with HENT AS (“HENT”), one of Norway’s largest general contractor project developers. HENT will be responsible for the design, project management and construction of FREYR’s 120,000 square meter battery factory building including facilities and infrastructure in Mo i Rana, Norway, known as Giga Arctic.

HENT has already delivered several large construction projects to companies in the public and private sectors across Scandinavia. For Giga Arctic, HENT’s role includes construction, engineering installations and associated infrastructure.

“This is an exciting milestone for us. With HENT now at the forefront of construction at Giga Arctic, we expect to be well positioned to meet our clean battery production goals. We chose HENT as our partner on this journey because of their great track record of building and developing large and complex facilities, as well as their previous collaboration with us at Giga Arctic,” says Einar Kilde, EVP Project Execution, FREYR.

“Furthermore, HENT’s commitment to Health, Safety and Environment (“HSSE”) is well aligned with our own and we see that alongside the much-needed speed and scale we are aiming for in battery production, sustainability is of equal importance and meaning,” adds Kilde.

In December 2021, FREYR announced a first cooperation agreement with HENT. This order comprised the first stage of development of FREYR’s Giga Arctic Factory at Mo Industrial Park. The new agreement marks the beginning of phase two and the start of construction of the Giga Arctic facility.

“We are very excited and proud to be on board with the next phase of FREYR’s battery development in Norway. This is a testament to our strong alignment and positive collaboration as we navigate these major construction projects side-by-side. At HENT we are active advocates of building as safely and sustainably as possible, and in working with FREYR we find a like-minded partner with a clear vision of a strong and sustainable battery industry in Norway, starting in the heart of Norway’s Rana municipality,” says Knut Alstad, EVP Market & Development, HENT.

About FREYR Battery

FREYR Battery aims to provide clean battery solutions on an industrial scale to reduce global emissions. New York Stock Exchange-listed company FREYR’s mission is to manufacture green battery cells to accelerate the decarbonization of energy and transportation systems worldwide. FREYR has begun construction of the first of its planned factories in Mo i Rana, Norway and has announced the potential development of industrial scale battery cell production in Vaasa, Finland and the United States. FREYR intends to install battery cell capacity of 50 GWh by 2025 and 100 GWh annual capacity by 2028 and 200 GWh annual capacity by 2030. To learn more about FREYR, please visit www.freyrbattery.com

About HENT AS

HENT is a leading construction company primarily engaged in new construction of public and commercial real estate. HENT focuses on project development, project management and purchasing. The projects are carried out with our own project management and in cooperation with a competent network of quality-assured subcontractors. It carries out projects throughout Norway and in selected segments in Sweden and Denmark.

Cautionary Note Regarding Forward-Looking Statements

All statements, other than statements of current or historical fact, contained in this press release, including but not limited to statements regarding FREYR’s ability to achieve its clean battery production goals; HENT’s ability to provide the design, project management and construction of FREYR’s 80,000+ square meter battery manufacturing facility in Mo i Rana, Norway, known as Giga Arctic; HENT’s role in the construction, engineering installations and related infrastructure of Giga Arctic; and FREYR’s and HENT’s commitment to HSSE and their ability to deliver speed, scale and sustainability in battery production are forward-looking and involve significant risks and uncertainties that could cause actual results to differ materially from anticipated results.

Most of these factors are beyond FREYR’s control and are difficult to predict. Information about factors that could materially affect FREYR is set forth in the “Risk Factors” section of (i) FREYR’s Registration Statement on Form S-3 filed with the Securities and Exchange Commission (the “SEC”) on September 1, 2022 and ( ii) FREYR’s Annual Report on Form 10-K filed with the SEC on March 9, 2022, available on the SEC’s website at www.sec.gov.

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