FREYR Joins the Business Council for Sustainable Energy

Rhea-AI Summary

FREYR Battery (NYSE: FREY) has joined the Business Council for Sustainable Energy (BCSE), enhancing its commitment to clean energy solutions. This membership allows FREYR to advocate for sustainable energy policies and participate in initiatives like the UN Climate Change Conference (COP26). The company aims to develop up to 43 GWh of battery production capacity by 2025, scaling up to 83 GWh by 2028, positioning itself as a leading supplier in Europe. FREYR's activities focus on decarbonization and support for global energy transition efforts.

Positive

• Joins the Business Council for Sustainable Energy, enhancing advocacy for clean energy.
• Participation in UN Climate Change Conference (COP26) to support climate goals.
• Plans for 43 GWh battery production capacity by 2025, aiming for 83 GWh by 2028.

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• None.

NEW YORK & OSLO, Norway & LUXEMBOURG--(BUSINESS WIRE)-- FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity, is joining the Business Council for Sustainable Energy (BCSE), a coalition of companies and trade associations from the energy efficiency, natural gas and renewable energy sectors that advocates for sustainable energy solutions (the “Council”).

“With this membership, FREYR becomes an active member in an organization that promotes clean energy technologies for a cleaner environment, a thriving economy and greater energy security. We are joining this important initiative to meet the challenges of climate change and drive the decarbonization of energy and transportation systems for a better planet,” said Tom Einar Jensen, Chief Executive Officer of FREYR.

The Business Council for Sustainable Energy (BCSE) is a coalition of companies and trade associations from the energy efficiency, natural gas, and renewable energy sectors in the United States, and includes investor-owned utilities, public power, independent power producers, project developers, equipment manufacturers, and environmental and energy market service providers. Established in 1992, the Council advocates for policies that expand the use of commercially available clean energy technologies, products, and services.

As a BCSE member, FREYR will also participate in the UN Climate Change Conference (COP26) that helps accelerate collaboration between governments, businesses, and civil society to deliver on climate goals faster.

“The Council advocates for energy and environmental policies that promote markets for clean, efficient and sustainable energy products and services to meet the climate challenges of today,” said Lisa Jacobson, BCSE President. “With FREYR, we are getting a member who fits right in by being in the forefront of sustainable energy transformation.”

About FREYR Battery

FREYR plans to develop up to 43 GWh of battery cell production capacity by 2025 with an ambition of up to 83 GWh in total capacity by 2028 to position the company as one of Europe’s largest battery cell suppliers. Five of the facilities are planned to be 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 aims to 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

All statements, other than statements of present or historical fact included in this press release, including, without limitation, statements regarding FREYR’s ability to deliver on its decarbonization goals 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-1 filed with the Securities and Exchange Commission (the "SEC") on August 9, 2021, as amended, 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/20211020005393/en/

Media contact:

Katrin Berntsen

Vice President, Communication and Public Affairs

katrin.berntsen@freyrbattery.com

Tel: (+47) 9920 54 570

Investor contact:

Jeffrey Spittel

Vice President, Investor Relations

jeffrey.spittel@freyrbattery.com

Tel: (+1) 281-222-0161

Source: FREYR Battery

FAQ

What is FREYR Battery's stock symbol?

FREYR Battery's stock symbol is FREY.

What is the significance of FREYR joining the Business Council for Sustainable Energy?

Joining BCSE allows FREYR to advocate for policies supporting clean energy technologies and participate in climate initiatives.

What are FREYR's battery production capacity targets?

FREYR aims to develop 43 GWh of battery production capacity by 2025 and up to 83 GWh by 2028.

Will FREYR participate in COP26?

Yes, as a member of BCSE, FREYR will participate in the UN Climate Change Conference (COP26).

What does FREYR's membership in BCSE indicate about its business strategy?

The membership indicates FREYR's commitment to sustainability and its role in advancing clean energy technologies.