FREYR attends upcoming investor conference events

NEW YORK & OSLO, Norway – (BUSINESS WIRE) – FREYR AS (the “Company” or “FREYR”), a Norway-based developer of clean production cells for next-generation battery cells, announced today that the Company’s Chief Executive Officer, Tom Einar Jensen, will meet with investors following upcoming conference events:

• B Riley Securities Sustainable Energy and Technology Conference, March 9, 2021

• Tudor, Pickering, Holt & Co. 2021 Battery Workshop (virtual conference), March 31, 2021

• UBS Global Energy Transition Call Series, April 16, 2021

Updated investor presentations will be made available on the FREYR website at www.freyrbattery.com in the Investors section.

On January 29, 2021, FREYR announced that through a business combination with Alussa Energy Acquisition Corp. will become a publicly traded company generating equity proceeds of approximately $ 850 million to accelerate the development of clean battery cell manufacturing capabilities in Norway. Subject to closing conditions, the combined company will be named “FREYR Battery” (“Pubco”) and its common stock is expected to trade in the second quarter under the symbol FREY on the New York Stock Exchange. On February 20, 2021, FREYR’s Extraordinary General Meeting approved the business combination.

About FREYR AS

FREYR plans to develop a production capacity of up to 43 GWh for battery cells by 2025 in order to position the company as one of the largest suppliers of battery cells in Europe. Located in the Mo i Rana industrial complex in Northern Norway, the facilities utilize Norway’s highly skilled workforce and abundant, inexpensive renewable energy sources from water and wind in a clear, crisp and energetic environment. FREYR will deliver safe, high-energy and low-cost 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 actors to support the expansion of the value chain for batteries in our region. Please visit www.freyrbattery.com for more information.

About Alussa Energy Acquisition Corp.

Alussa Energy is a blank check company formed for the purpose of merging, exchanging, acquiring assets, buying shares, reorganizing or similar business combination with one or more companies. While Alussa Energy has an acquisition opportunity in any industry or industry, Alussa Energy intends to focus on businesses in traditional energy markets as well as the accelerated energy transition towards renewable energies and decarbonization in transportation and industrial systems. Further information can be found at: https://www.alussaenergy.com.

Forward-Looking Statements

The information in this press release contains forward-looking statements and information based on management’s expectations as of the date of this press release. All statements other than statements of historical facts, including statements regarding FREYR’s business strategy, the anticipated business combination with Alussa Energy (the “Transaction”) and the terms of such combination, the expected benefits of FREYR’s technologies, and projected production capacity, are forward-looking Statement. The words “may,” “will,” “expect,” “plan,” “target” or similar terminology are intended to identify forward-looking statements, although not all forward-looking statements contain those identifying words. FREYR may not live up to the plans or expectations contained in these forward-looking statements and you should not place undue reliance on these forward-looking statements. Factors that could cause actual results to differ materially from current expectations include FREYR’s ability to execute its business strategy and develop and increase production capacity in a cost-effective manner. Changes adversely affecting the battery industry; the advancement and success of competing technologies; failure of FREYR’s 24M technology or batteries to perform as expected; and our ability to complete the business combination with Alussa Energy on the terms we currently or anticipate.

No offer or solicitation

This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities in connection with the Transaction or otherwise, nor is there a sale of securities in any jurisdiction in which the offer or the You are requested to collect securities or the sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. An offer of securities will only be made by means of a prospectus that complies with the requirements of Section 10 of the Securities Act of 1933, as amended.

No assurances

There can be no assurance that the Transaction will complete, and no assurance can be given that the potential benefits of combining the companies will be realized when the Transaction is completed.

Important information about the transaction and where to find it

In connection with the Transaction, Alussa Energy and Pubco will file relevant materials with the SEC including a Form S-4 registration statement (the “S-4”) containing a prospectus relating to Pubco’s securities with the proposed business combination and a letter of attorney (the “Power of Attorney”) relating to the general meeting of Alussa Energy asking Alussa Energy shareholders to vote on the proposed business combination and related matters. ALUSSA ENERGY SHAREHOLDERS AND OTHER INTERESTED PERSONS WILL, WHEN AVAILABLE S-4 AND OTHER CHANGES MADE WITH THE SEC IN CONNECTION WITH THE TRANSACTION, TO INCLUDE THESE MATERIALS AND THE TRANSACTION. If available, the letter of attorney contained in S-4 and other relevant materials for the transaction will be sent to Alussa Energy shareholders on a date to be set for voting on the proposed business combination and related matters. The S-4 Preliminary and Proxy Statements, S-4 Definitive and Definitive Proxy Statements, and other relevant materials relating to the Transaction (when they become available) and all other documents filed by Alussa Energy with the SEC are free Available for a fee on the SEC website (www.sec.gov) or in writing to Alussa Energy Acquisition Corp. at PO Box 500, 71 Fort Street, Grand Cayman KY1-1106, Cayman Islands.