CORRECTING and REPLACING Minister of Trade and Industry to Launch the Norwegian Government’s Battery Strategy at FREYR Battery’s Mo i Rana Site

NEW YORK & OSLO, Norway & LUXEMBOURG--(BUSINESS WIRE)--Please replace the release with the following corrected version due to multiple revisions.

The updated release reads:

MINISTER OF TRADE AND INDUSTRY TO LAUNCH THE NORWEGIAN GOVERNMENT’S BATTERY STRATEGY AT FREYR BATTERY’S MO I RANA SITE

FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production, is pleased to confirm that the company will welcome the Minister of Trade and Industry to launch the Norwegian Government’s National Battery Strategy at FREYR’s planned gigafactory location on June 29^th in Mo i Rana, Norway.

FREYR’s Chief Executive Officer, Tom Einar Jensen, remarked, “We are exceptionally proud that the Norwegian Government has selected FREYR’s planned gigafactory site in Mo i Rana to make this historic announcement. We look forward to extending a warm welcome to the delegation from the Ministry of Trade and Industry, and we appreciate the Norwegian Government’s support as we advance our aspirations to establish FREYR as a global champion of clean battery production.”

The news release from the Norwegian government on the battery strategy, includes the following:

On Wednesday 29 June at 10.30 am CET, Minister of Trade and Industry Jan Christian Vestre will present Norway's first battery strategy at FREYR Battery in Mo i Rana.

Vestre will present 10 measures for how Norway will develop a coherent and profitable battery value chain, from sustainable mineral extraction to battery recycling. The goal is for Norway to be an attractive host country for profitable activity throughout the battery value chain and to attract large battery investments and gigafactories.

The need for batteries globally towards 2030 is increasing very rapidly, and Norway has good prospects of gaining market share along the entire battery value chain. The battery strategy is part of the government's green industrial boost that will help create new jobs throughout Norway, strengthen investments on the mainland, increase exports outside oil and gas by 50% by 2030 and cut 55% of greenhouse gas emissions by the same year.

The battery strategy is launched by a player who has come a long way with the ambition of establishing the first battery cell factory in Norway.

The press conference will be streamed live beginning at 10:30 am Central European Time on June 29^th. Registration and streaming information can be found by clicking the following link: https://www.regjeringen.no/no/aktuelt/naringsministeren-lanserer-regjeringens-batteristrategi/id2920877/

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 deliver up to 43 GWh of battery cell capacity by 2025 and up to 83 GWh annual capacity by 2028. To learn more about FREYR, please visit www.freyrbattery.com

Cautionary Statement Concerning Forward-Looking Statements

All statements, other than statements of present or historical fact included in this press release, including, without limitation, (i) FREYR’s aspirations to become a global champion of clean battery production, (ii) the ability of the Norwegian government’s battery strategy to help Norway develop a coherent and profitable battery value chain, (iii) the Norwegian government’s goals of empowering Norway to be an attractive host country for profitable activity throughout the battery value chain and to attract the large battery investments and gigafactories, (iv) Norway’s prospects of gaining market share along the entire battery value chain and to attract large battery investments and gigafactories, (v) the ability of the Norwegian government’s green industrial boost to help create new jobs throughout Norway, strengthen investments on the mainland, increase exports outside oil and gas by 50% by 2030 and cut 55% of greenhouse gas emissions by the same year and (vi) FREYR’s ambitions of establishing the first battery cell factory in Norway 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 (i) 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 Securities and Exchange Commission on March 9, 2022, and available on the SEC’s website at www.sec.gov.