Resignation of Director

Rhea-AI Summary

FREYR Battery announced the resignation of board member German Curá, effective by August 1, 2022. Curá stepped down for personal reasons and had no disagreements with the company. The Chairman, Torstein Dale Sjøtveit, expressed gratitude for Curá's contributions. FREYR Battery is focused on providing clean battery solutions to reduce global emissions, with plans to deliver up to 43 GWh of battery cell capacity by 2025 and 83 GWh by 2028 as it builds factories in Norway and explores expansions in Finland and the U.S.

Positive

• Curá's resignation opens the door for potential new board members, which could bring fresh perspectives and strategies.
• FREYR aims to significantly increase production capacity, targeting 83 GWh by 2028, which could enhance market position.

Negative

• The resignation of a board member may raise concerns about continuity in leadership and experience, potentially affecting strategic decisions.

NEW YORK & OSLO, Norway & LUXEMBOURG--(BUSINESS WIRE)-- FREYR Battery ("FREYR" or the "Company"), a developer of clean, next-generation battery cell production capacity, has announced that German Curá, a member of the board of directors of the Company (the "Board") and the chairperson of the Nominating and Corporate Governance Committee, has informed the Company today that he will be tendering his resignation as a director of the Company on June 16, 2022, which is expected to be effective not later than August 1, 2022. Mr. Curá will be resigning for personal reasons and did not advise the Company of any disagreement with the Company on any matter relating to its operations, policies or practices.

The Company's Chairman, Mr. Torstein Dale Sjøtveit, said, "On behalf of the Board, I would like to thank German for the invaluable advice and experience he has brought to FREYR in the last year and wish him every success for the future."

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 deliver up to 43 GWh of battery cell capacity by 2025 and up to 83 GWh annual capacity by 2028. To learn more about FREYR, please visit www.freyrbattery.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20220610005114/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) 9920 54 570

Source: FREYR Battery

FAQ

What was the reason for German Curá's resignation from FREYR Battery?

German Curá resigned for personal reasons and did not express any disagreements with the company.

When is German Curá's resignation effective at FREYR Battery?

German Curá's resignation is expected to be effective no later than August 1, 2022.

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

FREYR Battery aims to deliver up to 43 GWh of battery cell capacity by 2025.

Who expressed appreciation for German Curá's contributions to FREYR Battery?

The Chairman of FREYR, Torstein Dale Sjøtveit, expressed gratitude for Curá's contributions.