Freyr Battery provides update on progress at CQP in Norway

FREYR Battery has provided an update on the Company’s operational progress at the Customer Qualification Plant, or CQP, in Mo i Rana, Norway; and a financial update on FREYR’s cash position at year-end 2023. FREYR’s team at the CQP reached a key milestone by producing automatically casted electrodes with active electrolyte slurry in a dry room environment starting on January 31. The introduction of active electrolyte slurry and the safe commencement of dry room operations was one of the most significant remaining milestones before completing the Casting and Unit Cell Assembly commissioning packages and the anticipated start of automated CQP production on the 24M Technologies SemiSolidTM platform. Following the successful electrode casting trials with active electrolyte slurry, FREYR has completed handovers of 363, or 94%, of the 388 discrete production line equipment commissioning and testing packages at the CQP. The final technical milestones to commence automated cell production at the CQP are: Successfully conducting production trials on the anode casting system with solvent slurry before proceeding to casting with active anode slurry, Integrating the casting webs across the cathode, anode, and merge units of the Casting and Unit Cell Assembly equipment using the highly complex Multi-Carrier Systems. FREYR’s team continues to process Part 2 of its Title 17 application to the U.S. Department of Energy Loan Programs Office. The Company expects to submit the completed Part 2 application to the DOE during Q1. FREYR ended 2023 with $275.7M of cash, cash equivalents, and restricted cash, or $1.97 per common share, compared with previous guidance of $250M.