FREYR Battery Selects NTE Process as Equipment Supplier

NEW YORK, OSLO, Norway & LUXEMBOURG--(BUSINESS WIRE)-- FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity, has awarded an agreement to Italy-based NTE Process to supply a complete and integrated drying and powder handling system for FREYR’s planned battery cell Gigafactory in Norway, known as Giga Arctic.

Signing ceremony, NTE and FREYR Battery at Lysaker office, Oslo, Norway. (Photo: Business Wire)

NTE Process is a service-oriented industrial automation and bulk material handling company that delivers custom solutions to their partners. With NTE Process’ automated solution for drying and powder handling, FREYR aims for safe, consistent, and properly contained powder transfer procedures in the manufacturing process. NTE Process is currently delivering solutions for FREYR’s Customer Qualification Plant (“CQP”) in Mo i Rana, Norway, and will transfer the knowledge gained to the Giga Arctic project.

“Partners are a key part of our roadmap as we work towards greater speed and scale in battery production, and NTE Process plays a vital role in ensuring that we run a safe and seamless manufacturing process,” says Jan Arve Haugan, Chief Operating Officer for FREYR. “They have served as an important partner to us in the development of our CQP, and we believe NTE Process to be the right fit for our Gigafactories, in addition to being a strong contributor to our technical development.”

NTE Process is a pre-qualified vendor of 24M Technologies, Inc. (“24M”), the maker of the 24M SemiSolid^TM production platform which enables lower-cost and more sustainable lithium-ion battery production.

“We’re eager to support FREYR on the road to large-scale battery cell production, and their ambitions for Giga Arctic are a strong fit with our experience in delivering custom, automated solutions to industrial partners. Battery production will be key to our energy future, and we will strive to be active co-developers of clean battery solutions with FREYR,” says Fabio Novelli, President & CEO, NTE Process.

“Our future Gigafactories require expertly-designed solutions that meet our high standards of engineering safety and efficiency in production. We are pleased that NTE Process will transfer the lessons from our CQP to Giga Arctic, helping us maintain our momentum towards full-scale battery production,” adds Haugan.

About FREYR Battery

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

About NTE Process

NTE Process (www.nte-process.com) is a single source provider that supports its customers from the engineering to the construction and start-up of turnkey plants. As a specialist in pneumatic transport for the handling of powders and granules, the company offers the best process solutions, Industry 4.0 ready, thanks to patented proprietary technologies and international partnerships. The NTE Process solutions include innovative and sustainable technologies for pneumatic mixing, spray drying, drying, grinding, packaging, filtration and control of harmful emissions.

Cautionary Statement Concerning Forward-Looking Statements

All statements, other than statements of present or historical fact included in this press release, including, without limitation, statements regarding the ability of NTE Process to supply a complete and integrated drying and powder handling system for FREYR’s Giga Arctic, manage the up- and downstream interfaces, and transfer the knowledge gained through its involvement with FREYR’s CQP; FREYR’s ability to establish safe, consistent, and properly contained powder transfer procedures in the manufacturing process based on the NTE Process automated solution for drying and powder handling; the 24M platform’s ability to reduce the steps in the battery cell manufacturing process and reduce carbon emissions; and FREYR’s ability to develop clean battery solutions and achieve large-scale battery cell production; 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 (i) FREYR’s Registration Statement on Form S-1 filed with the Securities and Exchange Commission (the "SEC") on August 9, 2021, as amended, and (ii) FREYR’s annual report on Form 10-K filed with the SEC on March 9, 2022, and available on the SEC’s website at www.sec.gov.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220908005598/en/

Investor contact:

Jeffrey Spittel

Vice President, Investor Relations

jeffrey.spittel@freyrbattery.com

Tel: (+1) 281-222-0161

Media contact:

Katrin Berntsen

Vice President, Communication and Public Affairs

katrin.berntsen@freyrbattery.com

Tel: (+47) 920 54 570

Source: FREYR Battery