FREYR to Participate in BTIG Energy Transition EV Day Conference

Rhea-AI Summary

FREYR AS announced that CEO Tom Einar Jensen will attend the BTIG Energy Transition EV Day conference on February 23, 2021. The company is set to go public through a merger with Alussa Energy Acquisition Corp., raising $850 million to enhance battery cell manufacturing in Norway. Upon completion of the merger, the new entity will be called "FREYR Battery" and will trade on the NYSE under the symbol FREY. FREYR aims to produce 43 GWh of battery capacity by 2025, supplying clean, cost-effective batteries for EVs and energy storage.

FREYR AS announced today that the company's Chief Executive Officer, Tom Einar Jensen, will attend the BTIG Energy Transition EV Day conference on Tuesday, February 23, 2021.

For more information about the conference go to www.btig.com/news.

On 29 January 2021 FREYR announced that it will become a publicly listed company through a business combination with Alussa Energy Acquisition Corp., raising $850 million in equity proceeds to accelerate the development of clean battery cell manufacturing capacity in Norway. Subject to closing conditions being met, the combined company will be named “FREYR Battery” and its common stock is expected to start trading on the New York Stock Exchange under the ticker symbol FREY upon closing, expected in the second quarter of 2021.

About FREYR AS

FREYR plans to develop up to 43 GWh of battery cell production capacity by 2025 to position the company as one of Europe’s largest battery cell suppliers. 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.

Forward-looking statements

The information in this press release includes forward-looking statements and information based on management’s expectations as of the date of this press release. All statements other than statements of historical facts, including statements regarding FREYR’s business strategy, anticipated business combination with Alussa Energy (the “Transaction”) and the terms of such combination, anticipated benefits of FREYR’s technologies and projected production capacity are forward-looking statements. The words “may,” will,” “expect,” “plan,” “target,” or similar terminology are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. FREYR may not actually achieve the plans or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Factors that may cause actual results to differ materially from current expectations, include FREYR’s ability to execute on its business strategy and develop and increase production capacity in a cost-effective manner; changes adversely affecting the battery industry; the further development and success of competing technologies; the failure of 24M technology or FREYR’s batteries to perform as expected; and our ability to complete the business combination with Alussa Energy on the terms that we currently expect or at all.

No Offer or Solicitation

This press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities pursuant to the Transaction or otherwise, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

No Assurances

There can be no assurance that the Transaction will be completed, nor can there be any assurance, if the Transaction is completed, that the potential benefits of combining the companies will be realized.

Important Information about the Transaction and Where to Find It

In connection with the Transaction, Alussa Energy and Pubco will file relevant materials with the SEC, including a Form S-4 registration statement to be filed by Pubco (the “S-4”), which will include a prospectus with respect to Pubco’s securities to be issued in connection with the proposed business combination and a proxy statement (the “Proxy Statement”) with respect to Alussa Energy’s shareholder meeting at which Alussa Energy’s shareholders will be asked to vote on the proposed Business Combination and related matters. ALUSSA ENERGY SHAREHOLDERS AND OTHER INTERESTED PERSONS ARE ADVISED TO READ, WHEN AVAILABLE, THE S-4 AND THE AMENDMENTS THERETO AND OTHER INFORMATION FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION, AS THESE MATERIALS WILL CONTAIN IMPORTANT INFORMATION ABOUT ALUSSA ENERGY, PUBCO, FREYR AND THE TRANSACTION. When available, the Proxy Statement contained in the S-4 and other relevant materials for the Transaction will be mailed to shareholders of Alussa Energy as of a record date to be established for voting on the proposed business combination and related matters. The preliminary S-4 and Proxy Statement, the final S-4 and definitive Proxy Statement and other relevant materials in connection with the Transaction (when they become available), and any other documents filed by Alussa Energy with the SEC, may be obtained free of charge at the SEC’s website (www.sec.gov) or by writing to Alussa Energy Acquisition Corp. at c/o PO Box 500, 71 Fort Street, Grand Cayman KY1-1106, Cayman Islands.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210222005549/en/

FAQ

What is the significance of the BTIG Energy Transition EV Day conference for FREYR AS?

CEO Tom Einar Jensen will represent FREYR AS at the BTIG Energy Transition EV Day conference on February 23, 2021, highlighting the company's initiatives in the clean energy sector.

What financial plans does FREYR AS have following its merger with Alussa Energy?

FREYR AS plans to raise $850 million through its merger with Alussa Energy Acquisition Corp. to accelerate clean battery cell production in Norway.

When is FREYR Battery expected to start trading on the NYSE?

FREYR Battery is expected to start trading under the ticker symbol FREY upon completion of its merger with Alussa Energy, anticipated in the second quarter of 2021.

What is FREYR's production capacity target by 2025?

By 2025, FREYR aims to develop up to 43 GWh of battery cell production capacity, positioning itself as one of Europe's largest battery suppliers.

What types of markets will FREYR Battery serve?

FREYR Battery will supply safe and cost-competitive battery cells for growing global markets including electric vehicles, energy storage, and marine applications.