FREYR Battery receives invitation from U.S. Department of Energy to submit part II application for Giga America Title 17 Loan

FREYR Battery, a developer of clean, next-generation battery cell production capacity, announced today that the U.S. Department of Energy (“DOE”) has invited the Company to submit the Part II loan application under the DOE Title 17 program for FREYR’s Giga America project.

The Part II DOE loan application invitation is an important next step in FREYR’s journey to fund our Giga America project,” commented Birger Steen, FREYR’s Chief Executive Officer. “With our redomiciliation to the U.S. now approved by our shareholders, FREYR is uniquely positioned to establish the Company as the U.S.-based industrialization partner of choice for clean battery technology solutions and to access the benefits of the U.S. Inflation Reduction Act utilizing the U.S.-based 24M Technologies SemiSolidTM platform for the manufacture of utility scale energy storage LFP battery systems.”

As previously indicated, the DOE loan application process is a key element of FREYR’s capital formation strategy to fund construction of the Giga America project. FREYR also continues to engage with potential investors in project-level equity to finance the equity component of anticipated capital expenditures and organizational development associated with the project.

FREYR will continue to work on advancing the DOE Title 17 process during 2024 and will provide further updates as appropriate.

The following is a disclaimer from the DOE regarding the Part II application process:

The DOE’s invitation to submit a Part II application is not an assurance that the DOE will invite the applicant into the due diligence and term sheet negotiation process, that the DOE will offer a term sheet to the applicant, or that the terms and conditions of a term sheet will be consistent with terms proposed by the applicant. The foregoing matters are wholly dependent on the results of DOE review and evaluation of a Part II Application, and DOE’s determination whether to proceed

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