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FREYR Battery Submits an Environmental Impact Assessment Program to Finland for Planned Battery Cell Production

FREYR Battery Submits an Environmental Impact Assessment Program to Finland for Planned Battery Cell Production

NEW YORK & OSLO, Norway & LUXEMBOURG & VAASA, Finland–(BUSINESS WIRE)–FREYR Battery (FREYR), a developer of clean, next-generation battery cell production capacity, has developed a program for the Environmental Impact Assessment (EIA) and submitted its proposal to Finlands Centre for Economic Development, Transport and the Environment (ELY Centre).

This is a significant step in the approval process for FREYR’s proposed battery plant project in Vaasa (Finland). FREYR has started building the first of its planned factories, in Mo i Rana (Norway), and announced potential development for industrial scale battery cells production in Vaasa and the United States. FREYR plans to deliver 43 GWh annually of battery cell capacity in 2025 and 83 GWh in 2028.

FREYR identified Vaasa a promising production location due to its availability of affordable, renewable energy locally and its proximity to raw material and a highly skilled workforce. Vaasa will produce advanced, cost-effective battery cells with low CO2 emissions. Before construction can begin, approval from the EIA is required.

Vaasa, a Nordic center for battery industry, is a landmark. This city was founded nearly five years ago. FREYR’s Vaasa is a great location for Gigawatt hours scale production in Scandinavia. We can attract talent and work across the value chains as we move towards becoming Europes largest producer low-carbon battery cells. Tom Einar Jensen, CEO of FREYR.

He said that the EIA process is crucial to both take the right steps to construct the phase and to understand the potential impact on the local environment and what we can do to minimize or eliminate that impact.

FREYR Battery is Finland’s first large scale cell project. We are proud that FREYR Battery has made these preparations. We have worked with many operators in the GigaVaasa Region at different stages during the environmental impact assessment process, and we have learned a lot. FREYR Battery’s EIA process is meticulous and provides a solid foundation for future permit procedures, according to Ulla Mkii-Lohiluoma, CEO of the GigaVaasa group.

The assessment will identify, evaluate, and describe the likely environmental effects of FREYRs project at Vaasa. The goal is to complete the assessment process by the end of 2022 and make a decision on a possible investment in Finland’s first Gigawatt-hour scale battery cell facility.

The ELY Centre will base their EIA assessment for the FREYR plant proposal on environmental factors such as location, physical characteristics, and other factors that could affect the project. They will also evaluate how the project will impact the predicted residues, emissions, and the use of natural resource and the wider environmental impact on Vaasa.

About FREYR Batteries

FREYR Battery is a company that provides industrial-scale clean battery solutions to reduce global carbon emissions. FREYR Battery is listed on New York Stock Exchange. Its mission to produce green batteries to accelerate the global decarbonization of energy, transportation and other systems. FREYR announced the possibility of developing industrial scale battery cell production in Vaasa (Finland) and the United States. FREYR expects to deliver battery cells with a capacity of 43 GWh by 2025, and 83GWh per year by 2028. Please visit FREYR for more information. www.freyrbattery.com

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Cautionary Statement Regarding Forward-Looking Statements

Forward-looking statements that involve substantial risks and uncertainties, which could cause actual results to differ materially from those expected, are forward-looking.

These factors are often out of FREYRs reach and are difficult to predict. Information about factors that could significantly affect FREYR can be found in the Risk Factors Section of FREYRs registration statement on Form S-1 (as amended) filed with Securities and Exchange Commission (the “SEC”) on August 9, 2021. www.sec.gov.

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