FREYR Battery (NYSE: FREY) (“FREYR”) has published a letter to
shareholders co-authored by Co-Founder and Executive Chairperson
Tom Einar Jensen and Chief Executive Officer Birger Steen. The
content of the shareholder letter, which is posted to the investor
relations section of FREYR’s website, is also included below:
Dear Shareholders,
We, Tom Einar Jensen, and Birger Steen, are writing to you today
to encourage you to participate and vote at our upcoming
Extraordinary General Meeting (“EGM”) on December 15, 2023, in
connection with our previously announced process to redomicile from
Luxembourg to the U.S. The decision to redomicile to the U.S.,
which is home to the world’s deepest capital markets, is aligned
with FREYR's strategy, the development of Giga America, and
intended to add value for our shareholders, the majority of whom
are based in the U.S.
Following our third-quarter results, we are also writing to
reiterate our commitment to executing and generating long-term
value for shareholders through a recap of our value proposition and
our Board and management team’s commitment to FREYR’s mission.
We started FREYR with the vision to create an independent
western producer of clean battery solutions by developing an
industrialization partner of choice strategy. At our inception, we
went through a rigorous technology selection process that
ultimately yielded our partnership with 24M Technologies Inc.
(“24M”). The 24M Technology offers a potential step change in
performance and cost when operating at GWh scale. The expected
advantages stem from thicker and potentially larger electrodes,
potentially smaller factory footprints and lower capex, less energy
consumption and fewer operators compared to conventional technology
when operating at GWh scale.
We complemented this approach with an ambition to take select
minority positions up and down the value chain and, when value
accretive, to diversify our technology footprint to unlock new
commercial opportunities and funding avenues. Here is where we
stand today in the development of our strategy:
24M SemiSolid™ batteries work and are already
industrialized. 24M batteries are already commercially
introduced and therefore entail less technological risk than many
other unconventional next generation technology options. Kyocera,
another 24M licensee, have been commercially producing 24M
SemiSolid™ batteries since 2019. 24M, FREYR and several of the 24M
licensees have demonstrated that SemiSolid™ batteries work across
different chemistries, electrode sizes and with next-generation
materials. As of right now, FREYR has already semi-automatically
made functional 24M pouch batteries at the Customer Qualification
Plant (“CQP”) and at our technology centers in Trondheim, Norway
and Fukuoka, Japan.
The CQP will demonstrate and unlock the 24M platform at GWh
scale. The benefits of producing SemiSolid™ batteries are
expected to be demonstrated at the CQP through producing at a
higher speed, larger scale, and size than any other 24M licensee
has done before, while maintaining satisfactory yields and
equipment uptime. Although the process of completing commissioning
is taking longer than we initially envisioned, our confidence is
founded in the achievements our teams have already made; 1) all the
production line equipment units are successfully installed, 2) 87%
of the commissioning is complete, and 3) we have semi-automatically
made and successfully charged and discharged multiple batteries in
the plant.
We believe that the remaining challenges are not fundamental in
nature but require highly accurate software/hardware alignment and
more iterations and debugging than we originally anticipated. At
this advanced stage of commissioning at the CQP, we are connecting,
integrating, and tuning the production line equipment to enable the
continuous flow of materials through the entire system at high
speed. We will continue to solve these challenges and report
progress from the CQP to our shareholders including 3rd party
progress reports.
Our pursuit of a conventional partnership is consistent with
FREYR’s industrialization strategy and a potentially faster path to
first revenues. Since our inception, our strategy has been to
build FREYR into an industrialization partner of choice with
offerings across the technology spectrum and at multiple points of
the value chain. Based on the opportunities we are seeing, a
conventional technology partnership is a viable path to potentially
accelerating FREYR’s timeline to achieve first production and
revenues, and to diversify into additional end markets.
FREYR’s customers, partners and vendors are committed to our
industrialization journey. Our world-class partners, who
operate across multiple segments of the battery value chain,
recognize the impact we can have in the industry as an independent
western provider of clean battery solutions. They stand with us as
we scale up 24M and pursue our conventional technology strategy in
parallel to develop gigafactories while we gradually establish a
decarbonized supply chain.
We are re-aligning our organizational structure with our
strategy and highest priority projects. In our respective new
roles as Executive Chairperson and CEO, we are implementing changes
designed to strengthen and expedite our ability to execute on our
vision.
FREYR’s Board of Directors and management are demonstrating
our commitment to FREYR’s mission by re-investing in our
company. We are as confident as ever in our ability to build
FREYR into a diversified global producer of clean battery
solutions. Today, we are demonstrating that confidence and our
commitment to you as certain members of our management team and
board informed us of their intention to acquire common stock in our
company in the open market. The details of such purchases will
become available through SEC filings posted to the IR section of
our website.
As we look toward the future, we see the U.S. as core to our
strategy as we pursue the opportunities available under the
Inflation Reduction Act. We look forward to capitalizing on the
favorable legislative environment, strong capital markets, deep
talent pool and proximity to natural resources in the U.S. and ask
for your support and participation in voting for the
redomiciliation.
We are excited to execute against our value proposition to
create an independent, western producer of clean battery solutions.
We are grateful for your support, we are determined to reward your
confidence, and we are excited to deliver on FREYR’s mission
together.
Tom Einar Jensen Chairperson and Co-Founder
Birger Steen Chief Executive Officer
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 clean 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 the United States. To learn more about FREYR,
please visit www.freyrbattery.com.
Cautionary Statement Concerning Forward-Looking
Statements All statements, other than statements of present or
historical fact included in this letter, including, without
limitation, any potential benefits of redomiciling to the U.S.; the
development, financing, construction, timeline, capacity, and other
usefulness of FREYR Battery’s (“FREYR”) production facilities or
gigafactories; FREYR’s successful partnership with 24M Technologies
Inc. (“24M”); FREYR’s ability to complete commissioning of its
Customer Qualification Plant (“CQP”) and to achieve the targeted
improvements, including producing SemiSolid™ batteries at speed and
scale while maintaining satisfactory yields and equipment uptime;
FREYR’s ability to achieve software/hardware alignment with more
iterations and debugging and to connect, integrate and tune its
production line equipment; FREYR’s ability to scale next generation
technology; the 24M platform’s potential to outcompete conventional
technology and its ability to lead to better application and
end-user products; the acceleration of the energy transition across
existing and market verticals; FREYR’s potential to become an
industrialization partner of choice with offerings across the
technology spectrum and at multiple points of the value chain; a
conventional technology partnership’s ability to accelerate FREYR’s
timeline to achieve first production and revenue by 2025 and to
diversify into additional end markets complementing the initial 24M
ESS and lower C-rate mobility market; FREYR’s ability to achieve
scale-up of new and conventional technology into gigafactories; the
commitment and any potential benefits of FREYR’s partnerships,
including with Nidec and Siemens; the sufficiency of FREYR’s
liquidity to respond to engineering challenges at the CQP and
continue its diversification strategy with prioritized high-impact
solutions; any potential benefits of the U.S. Inflation Reduction
Act; the implementation and effectiveness of FREYR’s overall
business, technology, capital-raising and liquidity strategies; and
any potential common stock acquisition by certain members of
FREYR’s management team and board of directors are forward-looking
statements.
These forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially from the expected results. Most of these factors are
outside FREYR’s control and are difficult to predict. Additional
information about factors that could materially affect FREYR is set
forth under the “Risk Factors” section in (i) FREYR’s Registration
Statement on Form S-3 filed with the Securities and Exchange
Commission (the “SEC”) on September 1, 2022, (ii) FREYR Battery,
Inc.’s Registration Statement on Form S-4 filed with the SEC on
September 8, 2023 and subsequent amendments thereto filed on
October 13, 2023, October 19, 2023 and October 31, 2023, (iii)
FREYR’s annual report on Form 10-K filed with the SEC on February
27, 2023, and (iv) FREYR’s quarterly reports on Form 10-Q filed
with the SEC on May 15, 2023, August 10, 2023, and November 9, 2023
and available on the SEC’s website at www.sec.gov. Except as
otherwise required by applicable law, FREYR disclaims any duty to
update any forward-looking statements, all of which are expressly
qualified by the statements in this section, to reflect events or
circumstances after the date of this presentation. Should
underlying assumptions prove incorrect, actual results and
projections could differ materially from those expressed in any
forward-looking statements.
FREYR intends to use its website as a channel of distribution to
disclose information which may be of interest or material to
investors and to communicate with investors and the public. Such
disclosures will be included on FREYR’s website in the ‘Investor
Relations’ sections. FREYR also intends to use certain social media
channels, including, but not limited to, Twitter and LinkedIn, as
means of communicating with the public and investors about FREYR,
its progress, products, and other matters. While not all the
information that FREYR posts to its digital platforms may be deemed
to be of a material nature, some information may be. As a result,
FREYR encourages investors and others interested to review the
information that it posts and to monitor such portions of FREYR’s
website and social media channels on a regular basis, in addition
to following FREYR’s press releases, SEC filings, and public
conference calls and webcasts. The contents of FREYR’s website and
other social media channels shall not be deemed incorporated by
reference in any filing under the Securities Act of 1933, as
amended.
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version on businesswire.com: https://www.businesswire.com/news/home/20231113018645/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 katrin.berntsen@freyrbattery.com Tel: (+47) 920 54
570
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