Alussa Energy Acquisition Corp. (“Alussa Energy”) (NYSE: ALUS),
a Cayman Island exempted special purpose acquisition company,
announced that its shareholders approved all proposals related to
the previously announced business combination (the “Business
Combination”) with FREYR AS (“FREYR”), a Norway-based developer of
clean, next-generation battery cell production capacity, at a
special meeting of Alussa Energy’s shareholders held today.
Approved votes for the five proposals for shareholder consideration
represented a range of between approximately 89.0%-99.6% of votes
cast at the meeting, depending on the proposal. Total votes cast at
the meeting represented approximately 58.8% of Alussa Energy’s
outstanding shares. The formal results of the vote will be included
in a Current Report on Form 8-K to be filed by Alussa Energy with
the U.S. Securities and Exchange Commission.
Alussa Energy and FREYR expect to close the Business Combination
on July 9, 2021. Following closing, the combined company will be
known as FREYR Battery and its common stock and warrants are
expected to trade on the New York Stock Exchange under the ticker
symbols “FREY” and “FREY.WS”, respectively. At the closing of the
Business Combination, each Alussa Energy unit will separate into
its components consisting of one Alussa Energy ordinary share and
one-half of one warrant and, as a result, will no longer trade as a
separate security.
“We are proud of this significant achievement for Alussa Energy.
We sincerely thank all of our sponsors, shareholders, investors in
the private investment in public equity offering and other
stakeholders for their dedication and support throughout the
transaction process,” said Daniel Barcelo, Chief Executive Officer
of Alussa Energy. “It has been a privilege to partner with FREYR
and we are excited to deliver the capital from the business
combination to support the company’s ambition of developing clean
battery solutions to decarbonize transport and energy systems
around the globe. We look forward to FREYR’s journey as a New York
Stock Exchange listed company.”
“We are ready to deploy the equity capital from the expected
completion of the business combination between Alussa Energy and
FREYR to advance our sustainable battery cell production in Norway
and accelerate commercial discussions across all market segments,”
remarked Tom Jensen, Chief Executive Officer of FREYR. “With the
completion of this transaction, FREYR is closer to realizing our
goal of producing clean, low-cost and low-carbon battery cells,
with the final investment decision for our pilot plant as the next
milestone.”
About Alussa Energy Acquisition Corp.
Alussa Energy is a blank check company formed for the purpose of
effecting a merger, share exchange, asset acquisition, stock
purchase, reorganization or similar business combination with one
or more businesses. While Alussa Energy may pursue an acquisition
opportunity in any industry or sector, Alussa Energy intends to
focus on businesses across the entire global energy supply chain.
For more information, please visit www.alussaenergy.com.
About FREYR AS
FREYR plans to develop up to 43 GWh of battery cell production
capacity by 2025 to position the company as one of Europe’s largest
battery cell suppliers. The facilities will be located 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 will 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
This press release contains, and certain oral statements made by
representatives of Alussa Energy and FREYR and their respective
affiliates, from time to time may contain, “forward-looking
statements” within the meaning of the “safe harbor” provisions of
the Private Securities Litigation Reform Act of 1995. Alussa
Energy’s, FREYR Battery’s and FREYR’s actual results may differ
from their expectations, estimates and projections and
consequently, you should not rely on these forward-looking
statements as predictions of future events. Words such as “expect,”
“estimate,” “project,” “budget,” “forecast,” “anticipate,”
“intend,” “plan,” “may,” “will,” “could,” “should,” “believes,”
“predicts,” “potential,” “might” and “continues,” and similar
expressions are intended to identify such forward-looking
statements. These forward-looking statements include, without
limitation, expectations with respect to the listing of FREYR
Battery’s common stock and warrants on the New York Stock Exchange,
the production of clean and cost-effective batteries, the plan to
deliver 43 GWh of next-generation battery cell manufacturing
capacity in Norway by 2025, collaborations with customers and
global supply chain partners across the transportation and energy
storage sectors, the ability to leverage the Nordic region’s
developing battery ecosystem and the closing of the Business
Combination shortly after the Special Meeting and related targeted
dates. These forward-looking statements involve significant risks
and uncertainties that could cause actual results to differ
materially from expected results. Most of these factors are outside
the control of Alussa Energy, FREYR Battery or FREYR and are
difficult to predict. Factors that may cause such differences
include, but are not limited to: the inability to consummate the
transaction; the inability to obtain the listing of FREYR Battery’s
common stock and warrants on the New York Stock Exchange following
the transaction; the failure of capital to be delivered in the
Business Combination; the risk that the transaction disrupts
current plans and operations as a result of the announcement and
consummation of the transaction; the inability to recognize
anticipated benefits of the proposed Business Combination; the
possibility that Alussa Energy, FREYR Battery or FREYR may be
adversely affected by other economic, business, and/or competitive
conditions that might lead to, among other things, a failure to
develop clean and cost-effective batteries, deliver on the targeted
battery cell manufacturing capacity, leverage Norway’s perceived
advantages in battery production and build collaborations with
customers in the transportation and energy markets; and other risks
and uncertainties identified in the registration/proxy statement
relating to the transaction, including those under “Risk Factors”
therein, and in other filings with the SEC made by Alussa Energy,
FREYR Battery and FREYR. Alussa Energy, FREYR Battery and FREYR
caution that the foregoing list of factors is not exclusive, and
caution readers not to place undue reliance upon any
forward-looking statements, which speak only as of the date made.
None of Alussa Energy, FREYR Battery or FREYR undertakes or accepts
any obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements to reflect any change
in its expectations or any change in events, conditions or
circumstances on which any such statement is based, subject to
applicable law.
No Assurances
There can be no assurance that the transaction will be
completed, nor can there be any assurance, if the transaction is
completed, that the potential benefits of combining the companies
will be realized.
Information Sources; No Representations
This press release has been prepared for use by Alussa Energy,
FREYR Battery and FREYR in connection with the transaction. The
information herein does not purport to be all-inclusive. The
information herein is derived from various internal and external
sources, with all information relating to the business, past
performance, results of operations and financial condition of
Alussa Energy was derived entirely from Alussa Energy and all
information relating to the business, past performance, results of
operations and financial condition of FREYR and FREYR Battery was
derived entirely from FREYR. No representation is made as to the
reasonableness of the assumptions made with respect to the
information herein, or to the accuracy or completeness of any
projections or modeling or any other information contained herein.
Any data on past performance or modeling contained herein is not an
indication as to future performance.
No representations or warranties, express or implied, are given
in respect of this press release. To the fullest extent permitted
by law in no circumstances will Alussa Energy, FREYR Battery or
FREYR, or any of their respective subsidiaries, affiliates,
shareholders, representatives, partners, directors, officers,
employees, advisors or agents, be responsible or liable for any
direct, indirect or consequential loss or loss of profit arising
from the use of this press release, its contents (including without
limitation any projections or models), any omissions, reliance on
information contained within it, or on opinions communicated in
relation thereto or otherwise arising in connection therewith,
which information relating in any way to the operations of FREYR or
FREYR Battery has been derived, directly or indirectly, exclusively
from FREYR and has not been independently verified by Alussa
Energy. Neither the independent auditors of Alussa Energy nor the
independent auditors of FREYR or FREYR Battery audited, reviewed,
compiled or performed any procedures with respect to any
projections or models for the purpose of their inclusion in this
press release and, accordingly, neither of them expressed any
opinion or provided any other form of assurances with respect
thereto for the purposes of this press release.
Source: FREYR Battery
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210630005988/en/
For investor inquiries, please contact:
For Alussa Energy: Chi Chow Investor Relations
cchow@alussaenergy.com Tel (+1) 929-303-6514
For FREYR: Jeffrey Spittel Vice President, Investor
Relations jeffrey.spittel@freyrbattery.com Tel: (+1)
281-222-0161
Harald Bjørland Investor Relations
Harald.bjorland@freyrbattery.com Tel: (+47) 908 58 221
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