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| Statement |
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| We are developing next-generation battery solutions that ultimately will be cost advantaged relative to conventional solutions, and our industrialization partner of choice approach is generating strong and increasing interest which is opening significant new near-term commercial opportunities |
| Everything else that can be electrified will be electrified, and be driven by continued energy density improvements and strong cost reductions |
| and in Europe, and build a profitable position as the leading U.S |
| Our FREYR 2.0 growth initiative to formalize commercial relationships and pursue the fire project opportunities I highlighted earlier, totaling more than 100 gigawatt hours of collective installed capacity is also gaining momentum |
| Technological differentiation is essential long-term but there is tremendous value in getting to market engaging with customers and driving transferable operational technical learnings, maturing our business as we grow our topline |
| We have a great team, a pristine balance sheet, and a long list of opportunities across the battery value chain |
| We have entered 2024 with the company well positioned for the current environment |
| Producing customer sample cells with a full automation of the CQP will be a major achievement and is the gateway to validation of the semi-solid process technology, demonstrating product performance attributes that can convert offtake agreements to binding sales contracts, and catalyzing capital formation through the DoE Title 17 process, and a project level equity race for Giga America |
| Demand for batteries will continue to grow at the highest growth rates within the renewable energy industry and could become the largest segment in the new energy economy as early as 2030 |
| has also the added benefit of aligning FREYR with a country that has offered the highest incentives for battery manufacturer in the free world, as well as the world's largest market for our products |
| I am therefore very proud to say that FREYR has now finally proven that we're capable of producing electrochemically active electrodes through fully automated production of anodes and cathodes with the next generation 24M technology |
| Our more run at CQP is the other area where we're seeing impressive performance from our people in close collaboration with our global network of vendors and strategic partners |
| The semi-solid technology track utilizing the 24M tech continues to advance on the back of the achievements realized at the CQP |
| As Birgir and the management team will take you through, our technology flexible strategy provides a differentiated and dual exposure to the battery industry, and we're making real headway along both tracks |
| This morning, we were pleased to announce that the asset Mo [ph] Team has realized another important milestone on the path to reaching fully automated production by successfully conducting anode casting trials with live electrolyte slurry |
| We're deeply grateful for the patience you have shown us, and I can reassure you that all stones have been turned and we pushed all possible boundaries to ensure we can get on the offense again and regain momentum and trust in the marketplace |
| 24M is our next-generation platform to scale a Western technology stack that we believe will be a source of long-term competitive differentiation |
| We love the dynamics of the SS market, and we believe that 24M has enormous potential to be a disruptive solution for storage, as well as selected transportation applications |
| Even though it is extremely challenging to build a battery company, we have been able to turn adversity into advantage and we now see that the actions we have undertaken since the third quarter reporting are starting to yield significant operational and commercial traction |
| EV sales momentum seem to be back on-track, with EV sales now showing 69% growth year-over-year from January ’23 to January ’24; and now surpassing 1 million cars in January for the first time ever |
| Mike Browse [ph], our site leading [indiscernible] brings more than 30 years of experience working in and managing complex manufacturing and processing facilities, and he and his new team have driven strong progress in recent months |
| Turning to Slide 4, let's look at where we stand today as our team is working on a number of exciting opportunities to generate value for you, our shareholders |
| Moving to Slide 5, our technology strategies yielding several promising opportunities to accelerate commercialization |
| The CQP is our means to achieve technical validation and broad customer acceptance of the 24M semi-solid product family |
| And cultivating partnerships across the cell production technology spectrum from conventional to next-generation, and with the 24M semi-solid platform as our foundational fit for purpose ESS and E-mobility solution as point two |
| It will enable us to capitalize on our core competency in manufacturing scaling while we expand our addressable markets in the U.S |
| I want to take this opportunity to provide some overall strategic reflections and perspective on where we are, where we're going, and why we're confident that we're on the right track to succeed as a company |
| While we scaled 24M on the path to mass production at Giga factories, establishing a conventional technology footprint should also enable us to accelerate our path to commercialization and new addressable end-markets |
| Moving to Slide 8, the Giga America project team is excited about the progress we're making at the CQP, and we look forward to being the flagship project that allows us to industrialize that technology at scale |
| As we progress into the second half of the year, we will re-energize our project level equity conversations demonstrating success from the CQP and the opportunity to fund the debt side of the capital stack from The Department of Energy |
| Statement |
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| However, while current installed capacity in China outstrips demand, there are increasing challenges for Chinese companies to export products and establish presence and invest abroad |
| FREYR reported a decline in G&A from the fourth quarter of 2022 compared with the fourth quarter of 2023 |
| For the quarter ended December 31, 2023, FREYR reported a net loss of $24 million or $0.17 per share, compared with net income of $25 million for the same period |
| For the full year ended December 31, 2023, the company reported a net loss of $72 million or $0.51 per share compared with a loss of $99 million or $0.83 per share for the same period last year, including warrant liability fair value adjustments of $32 million and $14 million, respectively |
| These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expectations |
| Total cash spending of $287 million during 2023 came in well under budget due primarily to a reduction in scope of our Giga Arctic spending plans during the year |
| This line item reflects a gain when our stock price declines during any reporting period, and a loss when our stock price increases |
| By the end of the first quarter we expect employee headcount will be reduced by 22% compared to November 2023, and the number of consultants and project support personnel will be reduced by 26% |
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