FREYR Signs Global SME Climate Commitment

New York, Oslo and Luxembourg, November 10, 2021, FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity, joins the United Nations Race to Zero campaign by signing the SME Climate Commitment. As part of the commitment, FREYR pledges to halve its greenhouse gas emissions before 2030, achieve net zero emissions before 2050, and disclose progress on a yearly basis.

“We are on a mission to decarbonize the society for a better planet. It is an obvious step for us to join the governments and businesses around the world to take immediate action to tackle climate change,” said Tom Einar Jensen, the CEO of FREYR.

The small and medium-sized enterprises (SME) Climate Commitment provides SMEs with the opportunity to make an internationally recognized climate commitment which is aligned with the latest climate science. SMEs that make the SME Climate Commitment will be recognized by the United Nations Race to Zero campaign and join a wide range of governments, businesses, cities, regions, and universities around the world that are committed to achieving net zero carbon emissions.

“The science is clear, climate change poses a real threat to the economy, nature, and the society.  We are proud to join the other SMEs around the globe on the journey towards net zero emissions. Together, we can make a real impact in cutting the carbon emissions to protect our planet for future generations,” said Elizabeth Tate, VP Sustainability.

In November 2021, the UK is hosting the UN Climate Change Conference (COP26) in Glasgow that helps accelerate collaboration amongst governments, businesses and civil society to deliver on climate goals faster. In addition to signing the SME Climate Commitment, Tom Einar Jensen, the CEO of FREYR is speaking at The Building a Better Battery panel led by the US Department of Energy. The event will be livestreamed via the U.S. Center YouTube Page.

About FREYR Battery

FREYR 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. Five of the facilities will be located in the Mo i Rana industrial complex in Northern Norway, leveraging Norway’s highly skilled workforce and abundant, low-cost renewable energy sources from hydro and wind in a crisp, clear, and energized environment. FREYR will supply safe, high-energy density and cost competitive clean battery cells to the rapidly growing global markets for electric vehicles, energy storage, and marine applications. FREYR is committed to supporting cluster-based R&D initiatives and the development of an international ecosystem of scientific, commercial, and financial stakeholders to support the expansion of the battery value chain in our region. For more information, please visit www.freyrbattery.com.

About the SME Climate Hub

The SME Climate Hub is an initiative founded by the International Chamber of Commerce, the Exponential Roadmap Initiative, the We Mean Business coalition and the UNFCCC Race to Zero campaign. It aims to support small and medium-sized businesses to build business resilience, both financially and environmentally, by providing access tools, incentives and other resources that make it easier to cut carbon emissions and bring innovative green solutions to market.

Media contact:

Katrin Berntsen

Vice President, Communication and Public Affairs

katrin.berntsen@freyrbattery.com

Tel: (+47) 9920 54 570

Investor contact:

Jeffrey Spittel

Vice President, Investor Relations

jeffrey.spittel@freyrbattery.com

Tel: (+1) 281-222-0161

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 pledge to halve its greenhouse gas emissions before 2030 and achieve net zero emissions before 2050, FREYR’s impact on cutting carbon emissions and FREYR’s yearly progress towards fulfilling the SME Climate Commitment pledges 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.