FREYR – Demerger of wind business effective

OSLO, Norway, July, 2, 2021 – Reference is made to the release made by FREYR AS (“FREYR”) on June 30, 2021. The demerger of FREYR’s wind business into Sjonfjellet Vindpark Holding AS (“SVPH”) in accordance with the plan of demerger approved by FREYR’s general meeting on February 16, 2021, has been effected. One share and one warrant has been issued in SVPH in respect of each share and each warrant in FREYR, in each class of shares and each class of warrants.

Trades in FREYR’s shares, as listed on the NOTC, will after today be trades without any rights to the SVPH shares. As set out in the June 30, 2021 release, it is expected that the last day for which trades are listed will be July 5, 2021, as the merger of FREYR AS into Norway Sub 1 AS is expected to become effective on that day.

For further information, please contact:

Steffen Føreid

Chief Financial Officer

steffen.foreid@freyrbattery.com

(+47) 975 57 406

Harald Bjørland

Investor Relations

Harald.bjorland@freyrbattery.com

(+47) 908 58 221

Hilde B. Rønningsen

Director of Communications 

(+47) 4539 7184

hilde.ronningsen@freyrbattery.com