FREYR Battery Announces Public Offering of 13,500,000 Ordinary Shares

Rhea-AI Summary

FREYR Battery (NYSE: FREY) plans to publicly offer 13,500,000 Ordinary Shares in an underwritten registered offering, with a 30-day option for underwriters to purchase an additional 2,025,000 shares. Proceeds will support the construction of Giga Arctic facilities, development for Giga America, and general corporate purposes. Credit Suisse, BofA Securities, and Morgan Stanley are managing the offering, which is subject to market conditions. This move aims to enhance FREYR's clean battery production capacity to accelerate decarbonization efforts.

Positive

• Public offering of 13,500,000 shares to finance Giga Arctic construction and Giga America development.
• Intended use of funds supports growth in clean battery production capacity.

Negative

• Share dilution risk from the offering.
• Market conditions may affect the timing and completion of the offering.

NEW YORK & OSLO, Norway & LUXEMBOURG--(BUSINESS WIRE)-- FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity, today announced that it plans to make a public offering of 13,500,000 of its Ordinary Shares, without nominal value, in an underwritten registered public offering. FREYR expects to grant the underwriters a 30-day option to purchase up to 2,025,000 additional Ordinary Shares as part of this offering.

FREYR intends to use the net proceeds from this offering for (i) the continued construction of Giga Arctic facilities, (ii) development expenditures for Giga America and (iii) general corporate purposes.

Credit Suisse, BofA Securities and Morgan Stanley are acting as book-running managers for the offering. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed or as to the final size or terms of the offering.

The offering is being made only by means of a previously filed effective registration statement (including a base prospectus) and a preliminary prospectus supplement. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to the proposed offering, when available, may be obtained from Credit Suisse Securities (USA) LLC, Attn: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, North Carolina 27560, by telephone at (800) 221-1037 or by email at usa.prospectus@credit-suisse.com; BofA Securities, Inc., Attn: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Dg.prospectus_requests@bofa.com; or Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014. Before you invest, you should read the prospectus in that registration statement and other documents FREYR has filed with the Securities and Exchange Commission for more complete information about FREYR and the proposed offering.

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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.

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 FREYR’s use of proceeds from the offering 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-3 filed with the Securities and Exchange Commission (the "SEC") on September 1, 2022, and in other SEC filings available on the SEC’s website at www.sec.gov.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221130006112/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

FAQ

What is the purpose of FREY's public offering?

FREY plans to use proceeds for Giga Arctic construction, Giga America development, and general corporate purposes.

How many Ordinary Shares is FREY offering?

FREY is offering 13,500,000 Ordinary Shares, with a potential additional 2,025,000 shares.

Who is managing the FREY stock offering?

Credit Suisse, BofA Securities, and Morgan Stanley are acting as book-running managers.

What are the potential risks of the offering for FREY shareholders?

The offering may lead to share dilution, and its completion is subject to market conditions.

When was FREY's registration statement filed with the SEC?

The registration statement was filed on September 1, 2022.