FREYR Battery Enters into Agreement with HENT AS to Construct Giga Arctic Battery Production Facility

Rhea-AI Summary

FREYR Battery (NYSE: FREY) has signed an agreement with HENT AS, a leading Norwegian contractor, to manage the construction of its Giga Arctic battery factory in Mo i Rana, Norway. This partnership marks a significant milestone in FREYR's objective to establish clean battery production. The agreement follows an initial collaboration in December 2021 and initiates the second phase of Giga Arctic's development, aimed at enhancing battery cell production capabilities. FREYR plans to achieve 50 GWh of battery cell capacity by 2025 and 100 GWh by 2028.

Positive

• FREYR has partnered with HENT AS for the construction of the Giga Arctic battery factory, indicating robust project execution capabilities.
• The project will enhance FREYR's production capacity, contributing to its goal of producing 50 GWh of battery capacity by 2025.

Negative

• None.

NEW YORK & OSLO, Norway & LUXEMBOURG--(BUSINESS WIRE)-- FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity, has entered into an agreement with HENT AS (“HENT”), one of Norway’s largest general contractors and project developers. HENT will be responsible for the planning, project management and construction of FREYR’s 120,000 square-meter battery factory building including facilities and infrastructure in Mo i Rana, Norway, known as Giga Arctic.

Knut Alstad, EVP Market & Development HENT, and COO Jan Arve Haugan FREYR Battery (Photo: Business Wire)

HENT has previously delivered several large construction projects across the Nordics to companies in both the public and private sectors. For Giga Arctic, HENT’s role includes the construction, technical installations, and related infrastructure.

“This is an exciting milestone for us. With HENT now at the helm of constructing Giga Arctic, we expect to be well-positioned to meet our targets for clean battery production. We selected HENT as our partner on this journey due to their great track record in building and developing large and complex facilities, as well as their work with us so far on Giga Arctic,” says Einar Kilde, EVP Project Execution, FREYR.

“In addition, HENT’s commitment to Health, Safety, Security and Environment (“HSSE”) is well aligned with our own, and we see that along with the much-needed speed and scale we target for battery production, sustainability is of equal weight and importance,” Kilde adds.

In December 2021, FREYR announced an initial collaboration agreement with HENT. This contract covered the first stage of development for FREYR’s Giga Arctic Factory in the Mo Industrial Park. The new agreement marks the start of phase two and the commencement of construction of the Giga Arctic plant.

“We’re extremely pleased and proud to be on board for the next phase of FREYR’s battery development in Norway. This is a testament to our strong alignment and positive collaboration as we navigate these large-scale construction projects side-by-side. At HENT, we are active proponents of building as safely and sustainably as possible, and when working with FREYR, we find a like-minded partner with a clear vision of a strong and sustainable battery industry in Norway, one that starts in the heart of Rana municipality,” says Knut Alstad, EVP Market & Development, HENT.

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 HENT AS

HENT is a leading construction company that mainly works with new construction of public and commercial real estate. HENT focuses on project development, project management and purchasing. Its projects are carried out with its own project administration and in collaboration with a knowledgeable network of quality-assured subcontractors. It conducts projects throughout Norway and in selected segments in Sweden and Denmark.

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 ability to meet its targets for clean battery production; HENT’s ability to deliver on the planning, project management and building of FREYR’s more than 80,000 square-meter battery production facilities in Mo i Rana, Norway, known as Giga Arctic; HENT’s role in the construction, technical installations, and related infrastructure of Giga Arctic; and FREYR’s and HENT’s commitment to HSSE and its ability to deliver speed, scale and sustainability in battery 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-3 filed with the Securities and Exchange Commission (the "SEC") on September 1, 2022, and (ii) FREYR’s annual report on Form 10-K filed with the SEC on March 9, 2022, available on the SEC’s website at www.sec.gov.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220930005249/en/

Investor contact:

Jeffrey Spittel

Vice President, Investor Relations

jeffrey.spittel@freyrbattery.com

Tel: (+1) 281-222-0161

Media contact:

Hilde Rønningsen

Communications Director

hilde.ronningsen@freyrbattery.com

Tel: (+47) 453 97 184

Source: FREYR Battery

FAQ

What is the recent agreement between FREYR Battery and HENT AS?

FREYR Battery has signed an agreement with HENT AS for the construction of its Giga Arctic battery factory in Mo i Rana, Norway.

What is FREYR Battery's goal for production capacity by 2025?

FREYR aims to achieve 50 GWh of battery cell capacity by 2025.

When was the initial collaboration agreement between FREYR and HENT announced?

The initial collaboration agreement was announced in December 2021.

Where is the Giga Arctic battery factory located?

The Giga Arctic battery factory is located in Mo i Rana, Norway.

What is the significance of the agreement for FREYR's production targets?

The agreement with HENT is crucial for FREYR to meet its targets for clean battery production.