FREYR Battery (FREY) 10-Q 12 Aug 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Aug. 10, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Entity File Number	001-40581
Entity Registrant Name	FREYR Battery
Entity Incorporation, State or Country Code	N4
Entity Address, Country	LU
Entity Address, Address Line One	412F, route d’Esch
Entity Address, City or Town	Luxembourg
Entity Address, Postal Zip Code	L-2086
City Area Code	00 352
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		116,440,191
Entity Central Index Key	0001844224
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Ordinary Shares, without nominal value [Member]
Document Information [Line Items]
Title of 12(b) Security	Ordinary Shares, without nominal value
Trading Symbol	FREY
Security Exchange Name	NYSE
Warrants, each whole warrant exercisable for one Ordinary Share at an exercise price 0f $11.50[Member]
Document Information [Line Items]
Title of 12(b) Security	Warrants, each whole warrant exercisable for one Ordinary Share at an exercise price of $11.50
Trading Symbol	FREY WS
Security Exchange Name	NYSE

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jul. 09, 2021	Jun. 30, 2021
Current assets
Cash and cash equivalents		$ 1,638,218
Total assets		1,638,218
Current liabilities
Advance of equity contribution	$ 1,600,000	1,600,000
Accounts payable		246
Total current liabilities		1,600,246
Total liabilities		1,600,246
Ordinary shares subject to possible redemption, no nominal value, 40,000 shares authorized, issued and outstanding		40,000
Shareholders' equity (deficit)
Accumulated deficit		(2,028)
Total shareholders' equity (deficit)		37,972
Total liabilities and shareholders' equity (deficit)		$ 1,638,218

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical)	Jun. 30, 2021$ / sharesshares
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
Nominal value per share | $ / shares	$ 0
Ordinary Stock, Shares Authorized	40,000
Redeemable shares, issued	40,000

Background and Nature of Operat

Background and Nature of Operations	6 Months Ended
	Jun. 30, 2021
Background and Nature of Operations
Background and Nature of Operations	Note 1: Background and Nature of Operations FREYR Battery (the “Company”) was incorporated as a public limited liability company (“ société anonyme

Basis of Presentation and Accou

Basis of Presentation and Accounting	6 Months Ended
	Jun. 30, 2021
Basis of Presentation and Accounting
Basis of Presentation and Accounting	Note 2: Basis of Presentation and Accounting The condensed consolidated balance sheet is presented in accordance with accounting principles generally accepted in the United States of America. Separate statements of operations, comprehensive income, changes in shareholders’ equity, and cash flows have not been presented because there have only been nominal activities in this entity as of June 30, 2021. For the period ended June 30, 2021, the Company incurred a total of $893 in interest and other bank charges and a foreign currency transaction loss of $1,135 for a total impact of $2,028. The Company also received $1,600,000 in advanced funding related to the subscription agreements entered into between the Company and various investors (“the PIPE Investment”), which are contingent upon the Business Combination Agreement. As the Business Combination had not yet been consummated as of June 30, 2021, the Company recognized the advanced funding as an advance of equity contribution on the condensed consolidated balance sheet. Upon the consummation of the Business Combination, the Company will have the rights to the funds received and the liability will be reclassified into additional paid-in capital. Basis for Consolidation The condensed consolidated balance sheet includes the accounts of the Company and its wholly owned subsidiary. The Company did not have any operations for the period ended June 30, 2021.

Summary of Significant Accounti

Summary of Significant Accounting Policies - Use of Estimates	6 Months Ended
	Jun. 30, 2021
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies - Use of Estimates	Note 3: Summary of Significant Accounting Policies — Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet. Actual results could differ from those estimates.

Temporary Equity

Temporary Equity	6 Months Ended
	Jun. 30, 2021
Temporary Equity
Temporary Equity	Note 4: Temporary Equity The Company has issued share capital of 40,000 fully paid redeemable shares with no nominal value in exchange for $40,000. The shares are redeemable at any time by the Company; however, as the holder of the redeemable shares also controls the Company, the redemption option is not considered to be within the control of the Company. As a result, the redeemable shares are classified as temporary equity.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events
Subsequent Events	Note 5: Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the consolidated financial statements were issued. Except as described below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the consolidated financial statements. On July 9, 2021, in accordance with the Business Combination Agreement, the Company acquired 100% of the outstanding equity interests of FREYR and Alussa. In line with the Business Combination Agreement, FREYR merged with and into a wholly owned subsidiary of the Company, Freyr Battery Norway AS. For accounting purposes, the Business Combination will be accounted for as a reverse recapitalization whereby FREYR will be treated as the accounting acquirer and Alussa will be treated as the acquired company. In connection with the close of the Business Combination, the Company was listed on the New York Stock Exchange under the symbol FREY effective July 8, 2021. Cash received by the Company from the Business Combination included the PIPE Investment and Alussa cash on hand totaling $650,189,029, net of related transaction costs and inclusive of the $1,600,000 advanced funding. Concurrent with the close of the Business Combination, the Company’s board of directors resolved to grant discretionary options to certain employees up to a total of 2,000,000 options during 2021. Concurrent with the close of the Business Combination, the Company resolved to increase the share capital of Freyr Battery Norway AS from NOK 30,000 to NOK 60,000 by increasing the nominal value per share from NOK 10 to NOK 20 for an investment totaling NOK 606,130,000 ($70,000,000) at an extraordinary general meeting. Of the NOK 606,130,000 contribution, NOK 30,000 represents share capital and NOK 606,100,000 represents share premium. Concurrent with the close of the Business Combination, the 2,308,526 warrants held by the third-party service provider of FREYR were exchanged for 413,313 warrants in the Company and the exercise price of NOK 0.01 was adjusted to NOK 0.05546. On August 11, 2021, the board of directors of the Company approved the issuance of 413,313 ordinary shares of the Company in exchange for all warrants at an exercise price of NOK 0.05546 per warrant for total consideration of NOK 23,000. On July 19, 2021, the Company reached a final investment decision (“ FID

Basis of Presentation and Acc_2

Basis of Presentation and Accounting (Details) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jul. 09, 2021
Basis of Presentation and Accounting
Interest and other bank charges	$ 893
Foreign currency transaction loss	1,135
Total impact of accumulated deficit	(2,028)
Advance of equity contribution	$ 1,600,000	$ 1,600,000

Temporary Equity (Details)

Temporary Equity (Details)	Jun. 30, 2021USD ($)$ / sharesshares
Temporary Equity
Redeemable shares, issued | shares	40,000
Nominal value per share | $ / shares	$ 0
Ordinary shares subject to possible redemption, no nominal value, 40,000 shares authorized, issued and outstanding | $	$ 40,000

Subsequent Events - Additional

Subsequent Events - Additional information (Details)	Aug. 11, 2021USD ($)shares	Aug. 11, 2021kr / shares	Jul. 09, 2021USD ($)shares	Jul. 09, 2021NOK (kr)kr / sharesshares	Jul. 09, 2021NOK (kr)kr / sharesshares	Jun. 30, 2021USD ($)
Subsequent Event [Line Items]
Net cash received from business combination			$ 650,189,029	kr 606,130,000
Advanced funding | $			1,600,000			$ 1,600,000
Share capital | kr					kr 30,000
Investment amount			$ 70,000,000		606,130,000
Share premium | kr					kr 606,100,000
Consideration | $	$ 23,000
Number of shares authorized | shares			2,000,000		2,000,000
Third-party service provider
Subsequent Event [Line Items]
Number of warrants | shares			2,308,526		2,308,526
Number of shares issued on exchange of warrants | shares	413,313		413,313	413,313
Exercise price of warrants | kr / shares		kr 0.05546		kr 0.01
Adjusted exercise price of warrants per share | kr / shares					kr 0.05546
Alussa Energy Acquisition Corp
Subsequent Event [Line Items]
Percentage of ownership interest acquired			100.00%		100.00%
Maximum
Subsequent Event [Line Items]
Share capital | kr					kr 60,000
Nominal value per share | kr / shares					kr 20
Minimum
Subsequent Event [Line Items]
Share capital | kr					kr 30,000
Nominal value per share | kr / shares					kr 10

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS kr in Thousands	Jun. 30, 2021USD ($)	Jun. 30, 2021NOK (kr)	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2020NOK (kr)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Current assets
Cash and cash equivalents	$ 1,638,218
Total assets	1,638,218
Current liabilities
Accounts payable	246
Total current liabilities	1,600,246
Total liabilities	1,600,246
Shareholders' equity (deficit)
Accumulated deficit	(2,028)
Total shareholders' equity (deficit)	37,972
Total liabilities and shareholders' equity (deficit)	1,638,218
FREYR AS
Current assets
Cash and cash equivalents	11,279,000			$ 14,749,000		$ 1,610,000
Restricted cash	803,000			196,000		37,000
Prepaid assets	1,514,000			464,000
VAT receivable	477,000			442,000
Interest income receivable	8,000			0
Total current assets	14,081,000			15,851,000
Property and equipment, net	162,000			80,000
Other long-term assets	12,000			0
Total assets	14,255,000			15,931,000
Current liabilities
Accounts payable	1,955,000			888,000
Accrued liabilities	4,214,000			2,153,000
Accounts payable and accrued liabilities - related party	1,253,000			322,000
Redeemable preferred shares	15,000,000			7,574,000
Deferred income	1,421,000			0
Total current liabilities	23,843,000			10,937,000
Other long-term liabilities				38,000
Total liabilities	23,843,000			10,975,000
Commitments and contingencies (Note 5)
Shareholders' equity (deficit)
Ordinary share capital, NOK 0.01 par value, 209,196,827 shares authorized, issued and outstanding as of June, 30, 2021 and December 31, 2020	238,000	kr 2,092		238,000	kr 2,092
Additional paid-in capital	20,090,000	kr 185,470		14,945,000	kr 141,380
Accumulated other comprehensive income	892,000			658,000
Accumulated deficit	(30,808,000)			(10,885,000)
Total shareholders' equity (deficit)	(9,588,000)		$ (2,257,000)	4,956,000		$ (1,740,000)	$ (1,598,000)	$ (949,000)
Total liabilities and shareholders' equity (deficit)	$ 14,255,000			$ 15,931,000

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - FREYR AS - kr / shares	Jun. 30, 2021	Dec. 31, 2020
Nominal value per share	kr 0.01	kr 0.01
Ordinary Stock, Shares Authorized	209,196,827	209,196,827
Ordinary stock, shares issued	209,196,827	209,196,827
Ordinary stock, shares outstanding	209,196,827	209,196,827

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - FREYR AS - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating expenses:
General and administrative	$ 4,006		$ 413		$ 11,138	$ 1,007
Research and development	3,045		43		5,952	88
Depreciation	14		3		24	6
Other operating expenses	3,155		541		5,026	780
Total operating expenses	10,220		1,000		22,140	1,881
Loss from operations	(10,220)		(1,000)		(22,140)	(1,881)
Other income (expense):
Redeemable preferred shares fair value adjustment	69				75
Interest income	2				8
Warrant liability fair value adjustment			(159)			(225)
Convertible notes fair value adjustment			(59)			(34)
Interest expense			(34)			(42)
Foreign currency transaction (loss) gain	(209)		1		(188)	(4)
Other income	2,322		231		2,322	271
Loss before income taxes	(8,036)		(1,020)		(19,923)	(1,915)
Income tax expense	0		0		0	0
Net loss	(8,036)	$ (11,887)	(1,020)	$ (895)	(19,923)	(1,915)
Other comprehensive income (loss):
Foreign currency translation adjustments	177		(117)		234	129
Total comprehensive loss	$ (7,859)		$ (1,137)		$ (19,689)	$ (1,786)
Basic and diluted weighted-average ordinary shares outstanding	209,196,827		120,945,619		209,196,827	119,822,809
Basic and diluted net loss attributable to ordinary shareholders (Note 13)	$ (0.04)		$ (0.01)		$ (0.10)	$ (0.02)

UNAUDITED CONDENSED CONSOLIDA_6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ending balance	$ 37,972				$ 37,972
FREYR AS
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(2,257,000)	$ 4,956,000	$ (1,598,000)	$ (949,000)	$ 4,956,000	$ (949,000)
Beginning balance (shares)		209,196,827			209,196,827
Capital contributions from Rana municipality, net of issuance costs			995,000
Share-based compensation expense	528,000	$ 4,617,000
Net loss	(8,036,000)	(11,887,000)	(1,020,000)	(895,000)	$ (19,923,000)	(1,915,000)
Other comprehensive income	177,000	57,000	(117,000)	246,000
Ending balance	$ (9,588,000)	(2,257,000)	(1,740,000)	(1,598,000)	$ (9,588,000)	(1,740,000)
Ending balance (shares)	209,196,827				209,196,827
FREYR AS | Ordinary Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 238,000	$ 238,000	$ 143,000	$ 143,000	$ 238,000	$ 143,000
Beginning balance (shares)	209,196,827	209,196,827	118,700,000	118,700,000	209,196,827	118,700,000
Capital contributions from Rana municipality, net of issuance costs			$ 5,000
Capital contributions from Rana municipality, net of issuance costs (shares)			5,239,777
Share-based compensation expense		$ 0
Net loss			$ 0	$ 0
Other comprehensive income		0	0	0
Ending balance	$ 238,000	$ 238,000	$ 148,000	$ 143,000	$ 238,000	$ 148,000
Ending balance (shares)	209,196,827	209,196,827	123,939,777	118,700,000	209,196,827	123,939,777
FREYR AS | Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 19,562,000	$ 14,945,000	$ 192,000	$ 192,000	$ 14,945,000	$ 192,000
Capital contributions from Rana municipality, net of issuance costs			990,000
Share-based compensation expense	528,000	4,617,000
Net loss			0	0
Other comprehensive income		0	0	0
Ending balance	20,090,000	19,562,000	1,182,000	192,000	20,090,000	1,182,000
FREYR AS | Accumulated Other Comprehensive Income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	715,000	658,000	242,000	(4,000)	658,000	(4,000)
Capital contributions from Rana municipality, net of issuance costs			0
Share-based compensation expense		0
Net loss			0	0
Other comprehensive income	177,000	57,000	(117,000)	246,000
Ending balance	892,000	715,000	125,000	242,000	892,000	125,000
FREYR AS | Accumulated Deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(22,772,000)	(10,885,000)	(2,175,000)	(1,280,000)	(10,885,000)	(1,280,000)
Capital contributions from Rana municipality, net of issuance costs			0
Share-based compensation expense		0
Net loss	(8,036,000)	(11,887,000)	(1,020,000)	(895,000)
Other comprehensive income		0	0	0
Ending balance	$ (30,808,000)	$ (22,772,000)	$ (3,195,000)	$ (2,175,000)	$ (30,808,000)	$ (3,195,000)

UNAUDITED CONDENSED CONSOLIDA_7

UNAUDITED CONDENSED CONSOLIDATED INFORMATION OF CASH FLOWS - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Reconciliation to consolidated balance sheets
Cash and cash equivalents	$ 1,638,218				$ 1,638,218
FREYR AS
Cash flows from operating activities
Net loss	(8,036,000)	$ (11,887,000)	$ (1,020,000)	$ (895,000)	(19,923,000)	$ (1,915,000)
Adjustments to reconcile net loss to cash used in operating activities:
Share-based compensation expense					4,688,000
Depreciation	14,000		3,000		24,000	6,000
Redeemable preferred shares fair value adjustment	(69,000)				(75,000)
Foreign currency transaction loss on redeemable preferred shares					28,000
Warrant liability fair value adjustment			159,000			225,000
Convertible notes fair value adjustment			59,000			34,000
Other						106,000
Changes in assets and liabilities:
Prepaid assets					(1,049,000)	(142,000)
VAT receivable					(42,000)	149,000
Interest income receivable					(8,000)
Accounts payable and accrued liabilities					3,659,000	486,000
Accounts payable and accrued liabilities - related party					950,000	(6,000)
Deferred income					1,431,000
Net cash used in operating activities					(10,317,000)	(1,057,000)
Cash flows from investing activities
Purchases of property and equipment					(107,000)	(25,000)
Purchases of other long-term assets					(12,000)
Net cash used in investing activities					(119,000)	(25,000)
Cash flows from financing activities
Capital contributions - ordinary shares						1,000,000
Issuance cost						(5,000)
Proceeds from issuance of redeemable preferred shares					7,500,000
Proceeds from issuance of convertible debt						1,066,000
Proceeds from issuance of convertible debt - related party						412,000
Net cash provided by financing activities					7,500,000	2,473,000
Effect of changes in foreign exchange rates on cash, cash equivalents, and restricted cash					73,000	(1,000)
Net increase in cash, cash equivalents, and restricted cash					(2,863,000)	1,390,000
Cash, cash equivalents, and restricted cash at beginning of period		$ 14,945,000		$ 257,000	14,945,000	257,000
Cash, cash equivalents, and restricted cash at end of period	12,082,000		1,647,000		12,082,000	1,647,000
Supplemental disclosures of cash flow information
Cash paid for interest						13,000
Significant non-cash investing and financing activities
Settlement of accrued liabilities through issuance of non-employee warrants					460,000
Settlement of other long-term liabilities through issuance of employee options					38,000
Reconciliation to consolidated balance sheets
Cash and cash equivalents	11,279,000		1,610,000		11,279,000	1,610,000	$ 14,749,000
Restricted cash	803,000		37,000		803,000	37,000	196,000
Cash, cash equivalents, and restricted cash	$ 12,082,000		$ 1,647,000		$ 12,082,000	$ 1,647,000	$ 14,945,000

Business and Basis of Presentat

Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2021
FREYR AS
Business and Basis of Presentation	1. Business and Basis of Presentation Description of the Business FREYR AS (the “Company”) was founded on February 1, 2018 and is incorporated and domiciled in Norway. The Company registered with the Norway Register of Business Enterprises on February 21, 2018. The Company is planning the development of lithium-ion battery facilities in Mo i Rana, Norway. The Company’s principal executive offices are in Mo i Rana, Norway. FREYR’s mission and vision is to accelerate the decarbonization of the transportation sector and energy systems by delivering some of the world’s cleanest and most cost-effective batteries. FREYR aims to produce some of the most cost-competitive batteries with the lowest carbon footprints, which could further support the acceleration of the energy transition. FREYR is currently working to develop application of its in-licensed technology and planning the building of the battery factories in Mo i Rana. Planned principal operations have not yet commenced. As of June 30, 2021, FREYR has not derived revenue from its principal business activities. FREYR will initially target energy storage systems (“ESS”), marine applications, commercial vehicles and electric vehicles (“EV”) with slower charge requirements, and then plans to target additional markets, including consumer EVs, through both the licensing model and joint venture model. FREYR plans to produce faster charge battery cells for the broader consumer EV segment through the 24M platforms, as well as through the joint venture business model and potentially additional licensing partnerships. Basis of Presentation and Principles of Consolidation The Company’s condensed consolidated financial statements have been prepared in conformity with the accounting principles generally accepted in the United States of America (“U.S. GAAP”) as determined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and pursuant to the regulations of the U.S. Securities and Exchange Commission (“SEC”). The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements herein. Business Combination On January 29, 2021, the Company entered into a definitive business combination agreement (“BCA”) to merge with Alussa Energy Acquisition Corp. (“Alussa”) and certain other affiliated entities through a series of transactions (the “Business Combination”). The Business Combination was subject to approval by the shareholders of Alussa and the Company and other customary closing conditions. The Business Combination is anticipated to be accounted for as a reverse capitalization in accordance with U.S. GAAP. In connection with the Business Combination, a subscription agreement was entered into between an affiliate of Alussa and various investors for proceeds of $600,000 thousand (the “PIPE Investment”). The PIPE Investment was conditioned upon the closing of the Business Combination. The proceeds of the PIPE Investment, together with the amounts remaining in Alussa’s trust account following the closing of the Business Combination, will be retained by the post-combination business. On July 9, 2021, the Business Combination was consummated. See Note 14 – Subsequent Events for further discussion on the close of the Business Combination.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Summary of Significant Accounting Policies	Note 3: Summary of Significant Accounting Policies — Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet. Actual results could differ from those estimates.
FREYR AS
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Use of Estimates The preparation of the condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. On an ongoing basis, the Company evaluates its estimates, including those related to the valuation of preferred shares, among others. The Company bases these estimates on historical experiences and on various other assumptions that it believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates. Unaudited Condensed Consolidated Financial Statements The accompanying interim condensed consolidated balance sheet as of June 30, 2021, the interim condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2021 and 2020, the interim condensed consolidated statements of shareholders’ equity for the three and six months ended June 30, 2021 and 2020, and the interim condensed consolidated statements of cash flows for the six months ended June 30, 2021 and 2020, are unaudited. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in management’s opinion, include all adjustments, consisting of only normal recurring adjustments necessary for the fair statement of the Company’s financial position as of June 30, 2021 and its results of operations and cash flows for the six months ended June 30, 2021 and 2020. The financial data and other financial information disclosed in the notes to these condensed consolidated financial statements related to the three-month and six-month periods are also unaudited. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the full fiscal year or any other period. Although the consolidated balance sheet as of December 31, 2020 was derived from the audited annual consolidated financial statements as of December 31, 2020, these interim condensed consolidated financial statements do not contain all of the footnote disclosures from the annual consolidated financial statements. These unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes included in the Company’s annual financial statements for the fiscal year ended December 31, 2020. Significant Risk and Uncertainties The Company is subject to those risks common in the renewable energy and manufacturing industries and also those risks common to early stage development companies, including, but not limited to, the possibility of not being able to successfully develop or market its products, the ability to obtain or maintain licenses and permits to support future business, competition, dependence on key personnel and key external alliances, loss of its grant contributor, the ability to maintain and establish relationships with current and future vendors and suppliers, the successful protection of its proprietary technologies, the possibility of the factory development being disrupted, compliance with government regulations, and the possibility of not being able to obtain additional financing when needed. Restricted Cash Restricted cash consists of funds held in a restricted account for payment of upfront rental lease deposits and income tax withholdings to the Norwegian government, payable every other month. Fair Value Measurement The Company follows the accounting guidance in ASC 820, Fair Value Measurement, Fair value measurements of assets and liabilities are categorized based on the following hierarchy: Level 1 — Fair value determined based on quoted prices in active markets for identical assets or liabilities. Level 2 — Fair value determined using significant observable inputs, such as quoted prices for similar assets or liabilities or quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs that are derived principally from or corroborated by observable market data, by correlation or other means. Level 3 — Fair value determined using significant unobservable inputs, such as pricing models, discounted cash flows, or similar techniques. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. For the nine convertible notes issued in 2020 (“2020 Convertible Notes”), the Company has elected the fair value option. Such election is irrevocable and is applied on an instrument-by-instrument basis at initial recognition. Any changes in the fair value of these securities are recognized in the condensed consolidated statements of operations and comprehensive loss. Interest expense on the 2020 Convertible Notes for which the fair value option has been elected is based on stated interest rates and is recorded as interest expense within the condensed consolidated statements of operations and comprehensive loss.

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2021
FREYR AS
Property and Equipment	3. Property and Equipment Property and equipment as of June 30, 2021 and December 31, 2020, consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ ​ June 30, ​ December 31, ​ 2021 2020 Office equipment ​ $ 203 ​ $ 98 Less: Accumulated depreciation and amortization ​ (39) ​ (15) Less: Foreign currency translation effects ​ (2) ​ (3) Property and equipment, net ​ $ 162 ​ $ 80 ​ Depreciation expense related to property and equipment was $14 thousand and $24 thousand for the three and six months ended June 30, 2021, respectively, and $3 thousand and $6 thousand for the three and six months ended

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Jun. 30, 2021
FREYR AS
Accrued Liabilities	4. Accrued Liabilities Accrued liabilities as of June 30, 2021 and December 31, 2020, consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ ​ June 30, ​ December 31, ​ 2021 2020 Accrued research and development costs (Note 5) ​ $ 1,189 ​ $ 445 Accrued professional and legal fees ​ 1,599 ​ 245 Accrued payroll and payroll related expenses ​ 1,070 ​ 518 Accrued share-based compensation expense ​ — ​ 460 Accrued other operating costs ​ 356 ​ 485 Total accrued liabilities ​ $ 4,214 ​ $ 2,153 ​

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
FREYR AS
Commitments and Contingencies	5. Commitments and Contingencies Lease Commitments The Company currently leases its corporate headquarters as well as other real estate assets that are classified as operating leases. Total rent expense was $86 thousand and $157 thousand for the three and six months ended June 30, 2021, respectively, and $27 thousand and $54 thousand for the three and six months ended June 30, Other Commitments On December 1, 2020, the Company entered into a definitive licensing and services agreement effective December 15, 2020 with 24M to use its Semi-Solid lithium-ion battery platform technology in FREYR’s planned facilities in Mo i Rana, Norway. In accordance with this agreement and a letter agreement dated December 18, 2020, the Company has committed to pay $20,000 thousand for the rights to production of battery cells based on 24M’s current and future technology, as well as the provision of services to the Company, including technical training of engineers, the provision of information relevant to construct and operate the factory and on-site support. $700 thousand was paid and expensed in 2020 at the signing of the memorandum of understanding prior to entering into a definitive agreement. The Company determined that the remaining $19,300 thousand payable would be recognized straight-line over the service period through December 31, 2022, which was extended to December 31, 2023 through the first amendment to the definitive agreement dated January 18, 2021. As of December 31, 2020, $445 thousand was accrued related to the agreement. On January 12, 2021, $2,500 thousand was paid, as prescribed by the definitive agreement. As of June 30, 2021, $1,181 thousand was accrued related to the agreement and the Company’s remaining commitments were $2,500 thousand, paid as of July 31, 2021, as well as $14,300 thousand, payable upon the financial close of the Company’s commercial facility, but no later than December 31, 2021. In accordance with the definitive agreement, the Company will also pay an ongoing royalty fee based on sales volumes with minimum annual payments of $3,000 thousand beginning on the three-year anniversary of the effective date. All expenses related to this definitive agreement are recognized as research and development costs within the condensed consolidated statements of operations and comprehensive loss. The Company entered into agreements with a public Norwegian university to fund professorships and research within the field of energy-efficient battery plants. Under the agreements, the Company has committed to pay NOK 700 thousand annually for four years for a total of NOK 2,800 thousand to fund the professorships and NOK 1,000 thousand annually for eight years for a total of NOK 8,000 thousand to fund the research. As of June 30, 2021, the Company’s remaining commitments were NOK 1,225 thousand ($143 thousand) and NOK 6,000 thousand ($701 thousand) to fund the professorships and research, respectively. All expenses related to these agreements are recognized as research and development costs within the condensed consolidated statements of operations and comprehensive loss. On January 23, 2020, the Company entered into an agreement with the Nordland county municipality related to the mobilization of the battery factory in Mo i Rana. Under the agreement, the Company has committed to pay NOK 500 thousand per year over three years beginning in 2020. As of June 30, 2021, the Company’s remaining commitment was NOK 1,000 thousand ($117 thousand). All expenses related to this agreement are recognized as other operating expenses within the condensed consolidated statements of operations and comprehensive loss. ​ Contingent Liabilities — Litigation The Company is subject to legal and regulatory actions that arise from time to time in the ordinary course of business. The assessment as to whether a loss is probable or reasonably possible, and as to whether such loss or a range of such loss is estimable, often involves significant judgment about future events. In the opinion of management, there was not at least a reasonable possibility the Company may have incurred a material loss with respect to loss contingencies for asserted legal and other claims. However, the outcome of litigation is inherently uncertain.

Fair Value Measurement

Fair Value Measurement	6 Months Ended
	Jun. 30, 2021
FREYR AS
Fair Value Measurement	6. Fair Value Measurement The following table sets forth, by level within the fair value hierarchy, the accounting of the Company’s financial assets and liabilities at fair value on a recurring basis according to the valuation techniques the Company uses to determine their fair value (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2021 ​ Level 1 Level 2 Level 3 Total Liabilities ​ ​ ​ ​ Redeemable Preferred Shares ​ $ — ​ $ — ​ $ 15,000 ​ $ 15,000 Total fair value ​ $ — ​ $ — ​ $ 15,000 ​ $ 15,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 ​ Level 1 Level 2 Level 3 Total Liabilities ​ ​ ​ ​ ​ ​ ​ ​ Redeemable Preferred Shares ​ $ — ​ $ — ​ $ 7,574 ​ $ 7,574 Total fair value ​ $ — ​ $ — ​ $ 7,574 ​ $ 7,574 ​ As of June 30, 2021 and December 31, 2020, the carrying value of all other financial assets and liabilities approximated their respective fair values. As of June 30, 2021 and December 31, 2020, the Company measured its redeemable preferred shares (the “preferred shares”) at fair value based on significant inputs not observable in the market, which caused them to be classified as Level 3 measurements within the fair value hierarchy. The valuation of the preferred shares used assumptions and estimates that the Company believed would be made by a market participant in making the same valuation. The Company assessed these assumptions and estimates on an on-going basis as additional data impacting the assumptions and estimates was obtained. Changes in the fair value of the preferred shares related to updated assumptions and estimates were recognized as a redeemable preferred shares fair value adjustment within the condensed consolidated statements of operations and comprehensive loss. The preferred shares outstanding on June 30, 2021 and December 31, 2020 were valued using a scenario-based framework. Within each scenario, an income approach, specifically the discounted cash flow approach, was utilized based on the expected payoffs upon the conversion or redemption event, the estimated yield and the expected probability of occurrence, which management determined was a significant assumption. Using this approach, the Company determined that the fair value of the redeemable preferred shares was $15,000 thousand and $7,574 thousand as of June 30, 2021 and December 31, 2020, respectively. The Company noted that a change in the weighting of the expected forms of settlement would result in a change to the fair value ascribed to the redeemable preferred shares. See Note 7 — Redeemable Preferred Shares for further discussion on the preferred shares. During 2020, the Company issued the 2020 Convertible Notes, of which seven were issued to third-party investors and two were issued to related parties. The Company elected to apply the fair value option to the 2020 Convertible Notes at the time they were first recognized. On July 2, 2020 and July 8, 2020, the 2020 Convertible Notes were settled. Prior to settlement, the 2020 Convertible Notes were valued using a scenario-based framework. This analysis assumed two scenarios that were weighted based on the likelihood of occurrence, one in which a qualified financing event occurred and the other in which no qualified financing event occurred and the 2020 Convertible Notes were redeemed at maturity. On June 10, 2019, the Company entered into an agreement with a third-party investor (the “Investment Agreement”) to issue warrants in exchange for the investor funding cash investments in tranches to support the Company’s two battery projects for the period from the effective date of the agreement through September 30, 2021. The warrant liability was initially valued using a scenario-based framework that assumed varying levels of tranches of investments and the related equity valuation, which caused it to be classified as a Level 3 measurement within the fair value hierarchy. As of June 30, 2020, the Company measured its warrant liability using the indicated transaction price for the private placement that was finalized shortly after period end. This change in the valuation methodology was a result of the availability of inputs corroborated by an observable market transaction, which caused it to be classified as a Level 2 measurement within the fair value hierarchy. As of September 30, 2020, and through settlement on November 23, 2020, the Company measured the fair value of the warrant liability based on inputs corroborated by observable market transactions using the over-the-counter (“OTC”) trading price. The warrant liability was settled on November 23, 2020. The following table presents changes in the Level 3 instruments measured at fair value for the six months ended June 30, 2021 and 2020, respectively (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended June 30, 2021 ​ ​ Redeemable ​ 2020 ​ ​ ​ ​ preferred ​ Convertible ​ Warrant ​ shares Notes liability Balance (beginning of period) ​ $ 7,574 ​ $ — ​ $ — Additions ​ ​ 7,500 ​ ​ — ​ ​ — Fair value measurement adjustments ​ (74) ​ — ​ — Balance (end of period) ​ $ 15,000 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended June 30, 2020 ​ ​ Redeemable ​ 2020 ​ ​ ​ ​ preferred ​ Convertible ​ Warrant ​ shares ​ Notes ​ liability Balance (beginning of period) ​ $ — ​ $ — ​ $ 93 Additions ​ ​ — ​ ​ 1,479 ​ ​ 74 Accrued interest ​ — ​ 21 ​ — Fair value measurement adjustments ​ — ​ 35 ​ 225 Foreign currency exchange effects ​ — ​ (8) ​ (11) Balance (end of period) ​ $ — ​ $ 1,527 ​ $ 381 ​

Redeemable Preferred Shares

Redeemable Preferred Shares	6 Months Ended
	Jun. 30, 2021
FREYR AS
Redeemable Preferred Shares	7. Redeemable Preferred Shares On November 11, 2020, 7,500,000 redeemable preferred shares were issued, each with a nominal value of NOK 0.01 per share for an aggregate subscription amount of NOK 71,529 thousand ($7,500 thousand) to two affiliates of Alussa in exchange for a cash contribution of $7,500 thousand (the “Preferred Share Preference Amount”). Each preferred share is entitled to a distribution equal to $1, before and in preference to any distribution on the Company’s ordinary shares. Subsequently, each preferred share is entitled to the same distribution per share as the Company’s ordinary shares. The holders of preferred shares are entitled to the same right as ordinary shareholders including one vote per share at the Company’s general meetings. Each preferred share contained automatic settlement features on the earlier of June 30, 2021 or a qualified transaction event. The Company also issued 92,500,000 warrants that were subscribed together with the preferred shares discussed above. Each exercisable warrant shall give the right to subscribe for one new ordinary share of the Company with a subscription price of NOK 0.01 per share (the “Warrant Contribution Amount”). No ordinary shares may be issued pursuant to the warrants unless and until the preferred shares issued are converted into ordinary shares. As such, the warrants are not separately exercisable from the preferred shares and are considered an embedded feature. On February 16, 2021, an additional 7,500,000 redeemable preferred shares were issued, each with a nominal value of NOK 0.01 per share for an aggregate subscription amount of NOK 64,081 thousand ($7,500 thousand) to three affiliates of Alussa in exchange for a Preferred Share Preference Amount of $7,500 thousand. Each preferred share is entitled to the same distribution and rights as the initial 7,500,000 redeemable preferred shares issued. Each preferred share contains automatic settlement features on the earlier of September 30, 2021 or a qualified transaction event. The shareholders also approved to change the date of the automatic settlement features for the initial 7,500,000 redeemable preferred shares from June 30, 2021 to September 30, 2021. If a qualified transaction event occurs no later than September 30, 2021, the preferred shares will be exchanged for an amount of ordinary shares and exercisable warrants based on the sum total of (a) the Preferred Share Preference Amount and (b) the Warrant Contribution Amount divided by the lowest price paid per share in the qualified transaction event. The Business Combination and PIPE Investment are expected to meet the definition of a qualified transaction event. See Note 1 — Business and Basis of Presentation for further information on the Business Combination and PIPE Investment. If the Company determines that a qualified transaction event will not occur before September 30, 2021, the Company may also redeem, at its option, all of the preferred shares for a payment in cash equal to 105% of the Preferred Share Preference Amount. Upon the redemption of the preferred shares, the warrants will be cancelled for no consideration. On September 30, 2021, if the qualified transaction event has not yet occurred and the Company has not redeemed the preferred shares, the preferred shares will be exchanged for an amount of ordinary shares and exercisable warrants based on the sum total of (a) the Preferred Share Preference Amount and (b) the Warrant Contribution Amount divided by a conversion price equal to 80% of the volume weighted average price per ordinary share during the 40 business days immediately preceding September 30, 2021. The Company determined that the preferred shares and warrants should be considered a single financial instrument and recognized as a liability within the condensed consolidated balance sheets. The liability is measured at fair value and will be subsequently remeasured at each reporting date with changes being recorded as a redeemable preferred shares fair value adjustment within the condensed consolidated statements of operations and comprehensive loss. The fair value of the preferred shares and warrants was $15,000 thousand and $7,574 thousand as of June 30, 2021 and December 31, 2020, respectively. See Note 6 — Fair Value Measurement for further information on the preferred shares and warrants.

Shareholders' Equity (Deficit)

Shareholders' Equity (Deficit)	6 Months Ended
	Jun. 30, 2021
FREYR AS
Shareholders' Equity (Deficit)	8. Shareholders’ Equity (Deficit) As of June 30, 2021, the Company had ordinary shares with share capital of NOK 2,092 thousand ($238 thousand) comprising 209,196,827 shares at a nominal value of NOK 0.01 per share with NOK 185,470 thousand ($20,090 thousand) in additional paid-in capital. As of December 31, 2020, the Company had ordinary shares with share capital of NOK 2,092 thousand ($238 thousand) comprising 209,196,827 shares at a nominal value of NOK 0.01 per share with NOK 141,380 thousand ($14,945 thousand) in additional paid-in capital. The holders of ordinary shares are entitled to receive dividends as and when declared and are entitled to one vote per share at the Company’s general meetings.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2021
FREYR AS
Share-Based Compensation	9. Share-Based Compensation Employee Awards The Company has an Incentive Stock Option Plan (the “2019 Plan”) issued on September 11, 2019. According to the 2019 Plan, options or warrants may be granted to eligible employees, and a total of 5,000,000 ordinary shares may be issued pursuant to the exercise of options and warrants granted. On December 1, 2020, the board of directors approved to increase the amount of ordinary shares to be issued under the 2019 plan by 5,000,000 ordinary shares. As of June 30, 2021, the Company has issued offer letters to 33 employees under the 2019 Plan. Each offer letter provides a grant schedule including the number of options or warrants to be granted on each grant date, the vesting date and the exercise period of the options. For 29 of the employees, the options or warrants will be granted on a quarterly basis over a two-year period and can be exercised at the earliest three years and at the latest five years after the date of the first legal grant date. The options granted to three of the Company’s executives vest based on service-based conditions for a portion of the awards and upon service-based conditions and the achievement of a liquidity-event-driven performance condition In accordance with ASC 718, Stock-Based Compensation On January 29, 2021, the Company entered into the BCA, which was simultaneously approved by the board of directors. See Note 1 — Business and Basis of Presentation for further information on the BCA and respective Business Combination. Pursuant to the BCA, the exercise prices for certain employee awards that were not previously known were established. As such, a grant date for accounting purposes was achieved for these employee awards as there was a mutual understanding of the terms and conditions. However, the board of directors does not have the requisite authorization to settle the equity awards in ordinary shares. As such, the employee awards were initially treated as cash-settled liability awards as of January 29, 2021. On February 16, 2021, the share settlement of the employee awards was approved by the Company’s shareholders at an extraordinary general meeting, and as a result, the awards were reclassified from liability to equity. Furthermore, on The following table sets forth the activity relating to the employee awards outstanding for the six months ended June 30, 2021 (aggregate intrinsic value in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ Weighted ​ average ​ ​ ​ ​ ​ ​ average ​ remaining ​ Aggregate ​ ​ ​ ​ exercise price ​ contractual life ​ intrinsic Six Months Ended June 30, 2021 Number (NOK) (years) value Awards outstanding at beginning of period ​ 375,000 ​ 1.50 ​ 4.75 ​ $ 365 Awards granted ​ 2,454,583 ​ 3.87 ​ 4.22 ​ $ 3,038 Awards outstanding at end of period ​ 2,829,583 ​ 3.56 ​ 4.22 ​ $ 3,403 Awards exercisable at end of period ​ — ​ — ​ — ​ $ — ​ The following table sets forth the activity relating to performance employee awards outstanding for the six months ended June 30, 2021 (aggregate intrinsic value in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ Weighted ​ average ​ ​ ​ ​ ​ ​ average ​ remaining ​ Aggregate ​ ​ ​ ​ exercise price ​ contractual life ​ intrinsic Six Months Ended June 30, 2021 Number (NOK) (years) value Performance awards outstanding at beginning of period ​ 625,000 ​ 1.50 ​ 4.75 ​ $ 608 Performance awards granted ​ 2,291,667 ​ 4.04 ​ 4.44 ​ $ 2,922 Performance awards outstanding at end of period ​ 2,916,667 ​ 3.49 ​ 4.40 ​ $ 3,530 Performance awards exercisable at end of period ​ — ​ — ​ — ​ $ — ​ Assumptions used to determine the fair value of employee awards and performance employee awards using the Black-Scholes-Merton option pricing model are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2021 ​ Range of Assumptions Grant date fair value per warrant or option ​ $ 1.13 - $ 2.00 Valuation assumptions: ​ ​ ​ - ​ ​ Expected term (years) ​ ​ 4.12 - ​ 4.88 Expected volatility ​ 45.50% - ​ 46.93% Expected dividend yield ​ 0.00% - ​ 0.00% Risk-free interest rate ​ (0.66)% - ​ (0.63)% ​ The expected option and warrant terms were calculated using the remaining contractual term as the employee awards and performance employee awards were deeply in-the-money as of the valuation date. The expected volatilities were derived from the average historical daily stock volatilities of a peer group of public companies that the Company considers to be comparable to its business over a period equivalent to the expected terms of the share-based awards. The expected dividend yield was based on the Company’s expectation of not paying dividends in the foreseeable future. Consequently, the expected dividend yield used is zero. The risk-free interest rates were based on the AAA-Rated Euro Area Central Government Bond Yields. Compensation expense recorded for the employee awards for the three and Nonemployee Awards — Related Party On March 1, 2019, the Company entered into a consulting agreement with EDGE Global LLC (“EDGE”) for the Company’s CEO and Chief Commercial Officer to be hired in to perform certain services related to leadership, technology selection and operational services (the “2019 EDGE Agreement”). Per the 2019 EDGE Agreement, the Company agreed to issue 8,315,902 warrants to EDGE equaling 6.5% of the total outstanding shares of the Company as of the effective date of the 2019 EDGE Agreement. On July 8, 2020, the Company resolved to issue 8,315,902 warrants to EDGE under the 2019 EDGE Agreement upon the consummation of a New Capital Raise as defined in the 2019 EDGE Agreement. The warrants may be exercised at the latest of May 15, 2024. Each warrant shall give the right to subscribe for one new ordinary share of the Company with a subscription price of NOK 1.44 per share. On September 1, 2020, the Company amended the 2019 EDGE Agreement, effective as of July 1, 2020 (the “2020 EDGE Agreement”). This amendment extended the term of the 2019 EDGE agreement to December 31, 2021, and also set forth the new terms and conditions governing EDGE’s engagement with the Company. Under the 2020 EDGE Agreement, the Company agreed to issue 3,838,401 warrants to EDGE. The warrants will vest over an eighteen-month graded vesting period and expire on September 30, 2025. Each warrant provided the right to subscribe for one new ordinary share of the Company with a subscription price of NOK 1.50 per share. On September 25, 2020, the board approved the modification of the subscription price to be NOK 1.85 per share. On October 6, 2020, the issuance of warrants was approved by the Company’s shareholders at the extraordinary general meeting reclassifying the award from a liability to equity after which the fair value of the award was no longer remeasured. The following table sets forth the activity relating to warrants outstanding for the six months ended June 30, 2021 (aggregate intrinsic value in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Weighted ​ average ​ ​ ​ ​ ​ ​ average ​ remaining ​ Aggregate ​ ​ ​ ​ exercise ​ contractual life ​ intrinsic Six Months Ended June 30, 2021 Number price (NOK) (years) value Warrants outstanding at beginning of period ​ 12,154,303 ​ 1.57 ​ 3.81 ​ $ 11,724 Warrants granted ​ — ​ — ​ — ​ $ — Warrants outstanding at end of period 12,154,303 1.57 3.31 ​ $ 17,439 Warrants exercisable at end of period 10,874,836 1.54 3.20 ​ $ 15,645 ​ Assumptions used to determine the fair value of warrants under the EDGE Agreements using the Black-Scholes-Merton option pricing model are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 8, October 6, ​ ​ 2020 ​ 2020 ​ Grant date fair value per warrant ​ $ 0.05 ​ $ 0.07 Valuation assumptions: ​ ​ ​ Expected term (years) ​ 4.00 ​ 2.80 ​ Expected volatility ​ 43.29 % ​ 43.10 % Expected dividend yield ​ 0.00 % ​ 0.00 % Risk-free interest rate ​ (0.65) % ​ (0.71) % ​ The expected term was calculated using the simplified method based on the warrants vesting term and contractual terms as there was not sufficient relevant historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior. The expected volatility was derived from the average historical daily stock volatilities of a peer group of public companies that the Company considers to be comparable to its business over a period equivalent to the expected term of the share-based grants. The expected dividend yield was based on the Company’s expectation of not paying dividends in the foreseeable future. Consequently, the expected dividend yield used is zero. The risk-free interest rate was based on the AAA-Rated Euro Area Central Government Bond Yields. The fair value of warrants related to the EDGE Agreement which vested during the three and six months ended June 30, 2021 was $47 thousand and $93 thousand, respectively. No warrants vested during the three and six months ended June 30, 2020. Compensation expense recorded for the three and six months ended June 30, 2021 for the warrants was $47 thousand and See Note 12 — Related Party Transactions for further information on the non-equity-based compensation arrangements pursuant to the consulting agreements between the Company and EDGE. Nonemployee Awards On December 4, 2020, the Company entered into an agreement with a third-party service provider for its support in initiating and enabling high-level discussions with Japanese technology providers with the purpose of entering into license agreements. In accordance with the agreement, the Company planned to issue 2,308,526 warrants as payment-in-kind. Per the agreement, the warrants vest immediately and may be exercised at any time with the latest being September 30, 2023. As of December 31, 2020, as the warrants had yet to be approved by the shareholders, they were treated as cash-settled liability awards. Until the share issuance is approved by the shareholders, the third-party service provider retains a put option to demand cash payment in the amount of EUR 375 thousand ($427 thousand), which was recognized as accrued share-based compensation expense within accrued liabilities in the Company’s condensed consolidated balance sheet as of December 31, 2020. On February 16, 2021, the Company’s shareholders resolved to issue the 2,308,526 warrants with an exercise price of NOK 0.01. On March 8, 2021, the warrants were subscribed for by the third-party service provider, and as the put option was no longer in the control of the third-party service provider, the warrants were reclassified from liability to equity and remeasured to the fair value on the date of subscription. As part of this reclassification, the share-based compensation liability of $460 thousand recognized in accrued liabilities as of December 31, 2020 was reclassified to equity. The following table sets forth the activity relating to warrants outstanding for the six months ended June 30, 2021 (aggregate intrinsic value in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Weighted average ​ ​ ​ ​ ​ ​ average ​ remaining ​ Aggregate ​ ​ ​ ​ exercise price ​ contractual life ​ intrinsic Six Months Ended June 30, 2021 ​ Number ​ (NOK) ​ (years) ​ value Warrants outstanding at beginning of period 2,308,526 0.01 2.75 ​ $ 2,649 Warrants granted — — — ​ $ — Warrants outstanding at end of period 2,308,526 0.01 2.25 ​ $ 3,733 Warrants exercisable at end of period 2,308,526 0.01 2.25 ​ $ 3,733 ​ Assumptions used to determine the fair value of warrants using the Black-Scholes-Merton option pricing model are as follows: ​ ​ ​ ​ ​ ​ ​ March 8, ​ ​ 2021 Grant date fair value per warrant ​ $ 1.82 ​ Valuation assumptions: ​ ​ Expected term (years) ​ 3.00 ​ Expected volatility ​ 49.80 % Expected dividend yield ​ 0.00 % Risk-free interest rate ​ (0.66) % ​ The expected term is the contractual term per the agreement between the Company and the third-party service provider. The expected volatility was derived from the average historical daily stock volatilities of a peer group of public companies that the Company considers to be comparable to its business over a period equivalent to the expected term of the options. The expected dividend yield was based on the Company’s expectation of not paying dividends in the foreseeable future. Consequently, the expected dividend yield used is zero. The risk-free interest rate was based on the AAA-Rated Euro Area Central Government Bond Yields as well, as US Treasury Rates. The fair value of the warrants issued to the third-party service provider which vested during the six months ended June 30, 2021 was $4,200 thousand. No warrants vested during the t hree months ended June 30, 2021 nor the three or six months ended June 30, 2020. Compensation expense recorded for the three and six months ended June 30, 2021 for the warrants was nil and $3,739 thousand, respectively. As of June 30, 2021, all compensation expense was recognized related to the share-based compensation arrangement. There was no compensation expense recorded for the three and six months ended June 30, 2020. See Note 14 – Subsequent Events for discussion on the issuance of ordinary shares of FREYR Battery in exchange for these warrants.

Government Grants

Government Grants	6 Months Ended
	Jun. 30, 2021
FREYR AS
Government Grants	10. Government Grants On February 10, 2021, the Company was awarded a grant for research, development and innovation in battery cell technology. The grant was awarded to assist with the costs incurred associated with employees and staff, contract research and consultants, overhead and operating expenses and purchased research and development. The grant will be paid out over a period of two years . During the three months ended June 30, 2021, an initial grant was made for 50% of the expected grant for 2021. The Company will be required to submit annual expense reports with supporting documentation of costs incurred that must be approved before payment. The grant will cover up to 70% of total expected project costs with 75% being granted upon receipt of the annual expense report and the remaining 25% being paid upon the approval of the final project report and third-party attestation. Although a payment of the initial grant has been received, support for the related expenses will not be approved until the submission of the first annual expense report. As such, as of June 30, 2021, the Company recognized $55 thousand as deferred income in the condensed consolidated balance shee t . On February 12, 2021, the Company was awarded a grant for research, development and innovation in environmental technology. The grant was awarded to assist with the costs incurred associated with employees and staff, contract research and consultants, overhead and operating expenses and intellectual property, patents and licenses. The grant is paid out in three installments based on meeting certain milestones in the agreement, in which the last milestone is payable after the final project report is approved. The grant is subject to meeting certain business size thresholds and conditions, such as documenting and supporting costs incurred, obtaining a third-party attestation of the Company’s related records and implementing policies that demonstrate good corporate governance. For the portion of any grant received for which costs have not yet been either incurred or supported through the appropriate documentation, the Company recognizes deferred income in the condensed consolidated balance sheets. The first milestone of 30% and second milestone of 50% were met during the three months ended March 31, 2021 and three months ended June 30, 2021, respectively, and payment was received However, as of June 30, 2021, the appropriate documentation of the financing of project costs and third-party attestation had only occurred for the second milestone. As such, as of June 30, 2021, the Company recognized $1,366 thousand as deferred income within the condensed consolidated balance sheet. For the three and six months ended June 30, 2021, $2,330 thousand was recognized as other income within the condensed consolidated statements of operations and comprehensive loss. On March 1, 2021, the Company was awarded a grant for the development and construction of the pilot plant in Mo i Rana, Norway. The grant was awarded to assist with the costs incurred associated with payroll, rent and depreciation, research and development costs, costs directly related to the production of the pilot and other operating expenses. The grant is paid in arrears upon request based on progress and accounting reports with the last milestone becoming payable after the final project report is approved. The grant is subject to achieving successful financing of the pilot plant and other conditions, such as documenting and supporting costs incurred and obtaining a third-party attestation of the Company’s related records. For the six months ended June 30, 2021, the Company had not yet satisfied the requirements and thus did not recognize any income within the condensed consolidated statement of operations and comprehensive loss.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
FREYR AS
Income Taxes	11. Income Taxes The Company has no provision for income taxes for the three and six months ended June 30, 2021 and 2020. The Company has no current tax expense, as a result of historical losses, and has no current deferred tax expense, as a result of the valuation allowance against its deferred tax assets. Recognition of deferred tax assets is appropriate when realization of such assets is more likely than not. Based upon the available evidence, which includes the Company’s historical operating performance, cumulative net losses and projected future losses, the Company has recognized a valuation allowance against its deferred tax assets. The Company’s valuation allowance increased by $1,681 thousand and $3,382 thousand for the three and six months ended June 30, 2021, respectively, and $160 thousand and $347 thousand for the three and six months ended June 30, 2020, respectively. For the six months ended June 30, 2021 and 2020, the Company had net operating loss carryforwards of approximately $27,264 thousand and $3,581 thousand, respectively. These net operating loss carryforwards can be carried forward by the Company indefinitely. As of June 30, 2021 and December 31, 2020, the Company recorded $5,724 thousand and $2,397 thousand, respectively, in valuation allowance against the deferred tax assets. Any difference between the valuation allowance noted here and the change in valuation allowance noted above is due to foreign currency translation differences. The Company records unrecognized tax benefits in accordance with ASC 740-10, Income Taxes A reconciliation of the effective rate of tax and tax rate in the Company’s country of registration, Norway, (in thousands, except percentages): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended For the six months ended ​ ​ June 30, June 30, ​ ​ 2021 ​ 2020 2021 ​ 2020 Pretax net loss ​ $ (8,036) $ (1,020) ​ $ (19,923) $ (1,915) ​ Statutory tax rate ​ 22 % 22 % 22 % 22 % Income taxes calculated at statutory tax rate ​ $ (1,768) ​ $ (224) ​ $ (4,383) ​ $ (421) ​ Changes in valuation allowance ​ 1,681 ​ 160 ​ 3,382 ​ 347 ​ Permanent tax items ​ 87 ​ 64 ​ 1,001 ​ 74 ​ Effect of change in exchange rate ​ — ​ — ​ — ​ — ​ Effect of change in tax rate ​ — ​ — ​ — ​ — ​ Tax expense ​ $ — ​ $ — ​ $ — ​ $ — ​ Effective rate of tax ​ 0 % 0 % 0 % 0 % ​ Deferred taxes result from temporary differences between financial reporting carrying amounts and the tax basis of existing assets and liabilities. As of June 30, 2021 and December 31, 2020, the Company had no net deferred tax asset. The principal components of the deferred tax assets and liabilities are summarized as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ ​ June 30, ​ December 31, ​ 2021 2020 Deferred tax assets ​ ​ Tax losses carryforwards ​ $ 5,998 ​ $ 2,494 Accruals and provisions for liabilities ​ — ​ — Total deferred tax assets before valuation allowance ​ 5,998 ​ 2,494 Valuation allowance ​ (5,724) ​ (2,397) Total deferred tax assets ​ 274 ​ 97 Deferred tax liabilities ​ ​ Property and equipment ​ 1 ​ 2 Prepayment and deferred income ​ 273 ​ 95 Total deferred tax liabilities ​ 274 ​ 97 Net deferred tax asset ​ $ — ​ $ — ​

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2021
FREYR AS
Related Party Transactions	12. Related Party Transactions Accounts payable and accrued liabilities — related party as of June 30, 2021 and December 31, 2020, consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ As of As of ​ ​ June 30, ​ December 31, ​ ​ 2021 ​ 2020 Accounts payable ​ $ 1,197 ​ $ 320 Accrued professional and legal fees ​ 56 ​ — Accrued other operating costs ​ — ​ 2 Total accounts payable and accrued liabilities – related party ​ $ 1,253 ​ $ 322 ​ Consulting Agreements The 2019 EDGE Agreement provided that the Company shall pay EDGE a monthly retainer fee. See Note 9 — Share Based Compensation for further discussion on the option agreements between the Company and EDGE. Furthermore, the Company agreed to make certain milestone payments to EDGE based on the closing of certain additional financing rounds as defined within the 2019 EDGE Agreement. The 2019 EDGE Agreement was superseded on September 1, 2020 by the 2020 EDGE Agreement which extended the term of the 2019 EDGE agreement to December 31, 2021 and set forth the new terms and conditions governing EDGE’s engagement with the Company. Under the 2020 EDGE Agreement, the monthly cash retainer was adjusted to $40 thousand and EDGE was entitled to a discretionary annual cash bonus in 2020 up to 30% of the total amount of the monthly cash retainer. However, at its discretion, the Company decided not to pay the annual cash bonus. In addition, EDGE was eligible for 30% of the Company’s targeted management bonus pool of NOK 25,000 thousand ($2,000 thousand), which the Company established to reward management’s efforts upon the successful close of the financing of the battery facility prior to June 30, 2021. On January 18, 2021, the board resolved to terminate the 2020 EDGE Agreement and enter into individual contracts, subject to the closing of the Business Combination. Pursuant to the termination, EDGE will no longer be eligible to participate in the Company’s targeted management bonus pool. The expenses incurred in relation to the consulting services provided for the three and six months ended June 30, 2021 were $105 thousand and $235 thousand, respectively, and $89 thousand and $216 thousand, for the three and six months ended June 30, 2020, respectively. These expenses are recognized as general and administrative expenses within the condensed consolidated statements of operations and comprehensive loss. The unpaid amount of $45 thousand and $42 thousand was recognized in accounts payable and accrued liabilities — related party as of June 30, 2021 and December 31, 2020, respectively. In 2020, the Company entered into a framework agreement with Metier OEC, which provides for consulting services. The CEO of Metier OEC is the brother of the Executive Vice President Projects of the Company. The expenses incurred in relation to the consulting services provided for the three and six months ended June 30, 2021 were $1,251 thousand and $2,419 thousand, respectively, nd $43 thousand and $120 thousand for the three and six months ended June 30, 2020, respectively. These expenses are recognized as other operating expenses within the condensed consolidated statements of operations and comprehensive loss. The unpaid amount of $1,208 thousand and $280 thousand was recognized in accounts payable and accrued liabilities — related party as of June 30, 2021 and December 31, 2020, respectively. Convertible Debt During the six months ended June 30, 2020, the Company issued two related party 2020 Convertible Notes. See Note 6 — Fair Value Measurement for further discussion.

Basic and Diluted Net Loss Per

Basic and Diluted Net Loss Per Share	6 Months Ended
	Jun. 30, 2021
FREYR AS
Basic and Diluted Net Loss Per Share	13. Basic and Diluted Net Loss Per Share The Company uses the two-class method to calculate net loss per share for the three and six months ended June 30, 2021. Under the two-class method, undistributed earnings for the period are allocated to participating securities, including the redeemable preferred shares, based on the contractual participation rights of the security to share in the current earnings as if all current period earnings had been distributed. As there is no contractual obligation for the redeemable preferred shares to share in losses, the Company’s basic net loss per share attributable to ordinary shareholders for the three and six months ended June 30, 2021 is computed by dividing net loss attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding. The Company’s basic net loss per share attributable to ordinary shareholders for the three and six months ended June 30, 2020 was computed by dividing the net loss attributable to ordinary shareholders by the weighted-average ordinary shares outstanding. No dividends were declared or paid for the three and six months ended June 30, 2021 and 2020. Diluted net loss per share attributable to ordinary shareholders adjusts basic net loss per share attributable to ordinary shareholders to give effect to all potential ordinary shares that were dilutive and outstanding during the period. For the three and six months ended June 30, 2021 and 2020, no instrument was determined to have a dilutive effect. The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to ordinary shareholders for the three and six months ended June 30, 2021 and 2020 (amounts in thousands, except share and per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, ​ 2021 2020 2021 2020 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ Net loss attributable to ordinary shareholders – basic and diluted ​ $ (8,036) ​ $ (1,020) ​ $ (19,923) ​ $ (1,915) Denominator: ​ ​ ​ ​ ​ Weighted average ordinary shares outstanding – basic and diluted ​ 209,196,827 ​ 120,945,619 ​ ​ 209,196,827 ​ 119,822,809 Earnings per share: ​ ​ ​ ​ ​ Basic and diluted ​ $ (0.04) ​ $ (0.01) ​ $ (0.10) ​ $ (0.02) ​ The following table discloses the weighted-average shares outstanding of securities that could potentially dilute basic net loss per share in the future that were not included in the computation of diluted net loss per share as the impact would be anti-dilutive: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended For the six months ended ​ ​ June 30, ​ June 30, ​ 2021 2020 2021 2020 EDGE warrants ​ 12,154,303 — 12,154,303 — Other nonemployee warrants ​ 2,308,526 — 2,308,526 — Employee options ​ 4,749,792 — 4,148,996 — Employee warrants ​ 900,000 — 755,801 — 2018 Convertible Notes ​ — 954,219 — 954,219 2020 Convertible Notes ​ — 8,739,525 — 5,397,170 Warrant liability ​ — 2,305,662 — 2,305,662 ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable preferred shares ​ 15,000,000 — 13,052,486 — ​

Subsequent Events_2

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events	Note 5: Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the consolidated financial statements were issued. Except as described below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the consolidated financial statements. On July 9, 2021, in accordance with the Business Combination Agreement, the Company acquired 100% of the outstanding equity interests of FREYR and Alussa. In line with the Business Combination Agreement, FREYR merged with and into a wholly owned subsidiary of the Company, Freyr Battery Norway AS. For accounting purposes, the Business Combination will be accounted for as a reverse recapitalization whereby FREYR will be treated as the accounting acquirer and Alussa will be treated as the acquired company. In connection with the close of the Business Combination, the Company was listed on the New York Stock Exchange under the symbol FREY effective July 8, 2021. Cash received by the Company from the Business Combination included the PIPE Investment and Alussa cash on hand totaling $650,189,029, net of related transaction costs and inclusive of the $1,600,000 advanced funding. Concurrent with the close of the Business Combination, the Company’s board of directors resolved to grant discretionary options to certain employees up to a total of 2,000,000 options during 2021. Concurrent with the close of the Business Combination, the Company resolved to increase the share capital of Freyr Battery Norway AS from NOK 30,000 to NOK 60,000 by increasing the nominal value per share from NOK 10 to NOK 20 for an investment totaling NOK 606,130,000 ($70,000,000) at an extraordinary general meeting. Of the NOK 606,130,000 contribution, NOK 30,000 represents share capital and NOK 606,100,000 represents share premium. Concurrent with the close of the Business Combination, the 2,308,526 warrants held by the third-party service provider of FREYR were exchanged for 413,313 warrants in the Company and the exercise price of NOK 0.01 was adjusted to NOK 0.05546. On August 11, 2021, the board of directors of the Company approved the issuance of 413,313 ordinary shares of the Company in exchange for all warrants at an exercise price of NOK 0.05546 per warrant for total consideration of NOK 23,000. On July 19, 2021, the Company reached a final investment decision (“ FID
FREYR AS
Subsequent Events	14. Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the condensed consolidated financial statements were issued. Except as described below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the condensed consolidated financial statements. On July 9, 2021, in accordance with the BCA, FREYR Battery acquired 100% of the outstanding equity interests of Alussa and the Company. In line with the BCA, the Company merged with and into a wholly owned subsidiary of FREYR Battery, Freyr Battery Norway AS. For accounting purposes, the Business Combination will be accounted for as a reverse recapitalization whereby FREYR will be treated as the accounting acquirer and Alussa will be treated as the acquired company. In connection with the close of the Business Combination, FREYR Battery was listed on the New York Stock Exchange under the symbol FREY effective July 8, 2021. Costs incurred by the Company related to the Business Combination were $3,784 thousand and will be treated as issuance costs and netted against additional paid-in capital in the condensed consolidated balance sheet of FREYR Battery as of September 30, 2021. Cash received by the Company from the Business Combination included the PIPE Investment and Alussa cash on hand totaling $650,189 thousand, net of related transaction costs. Concurrent with the closing, the Company also demerged its wholly owned subsidiary related to the future construction of a wind park in accordance with the BCA. Concurrent with the close of the Business Combination, FREYR Battery’s board of directors resolved to grant discretionary options to certain employees up to a total of 2,000,000 options during 2021. Concurrent with the close of the Business Combination, Freyr Battery Norway AS’ sole shareholder, FREYR Battery, resolved to increase the share capital from NOK 30 thousand to NOK 60 thousand by increasing the nominal value per share from NOK 10 to NOK 20 for an investment totaling NOK 606,130 thousand ($70,000 thousand) at an extraordinary general meeting. Of the NOK 606,130 thousand contribution, NOK 30 thousand represents share capital and NOK 606,100 thousand represents share premium. Concurrent with the close of the Business Combination, the 2,308,526 warrants held by the third-party service provider were exchanged for 413,313 warrants in FREYR Battery and the exercise price of NOK 0.01 was adjusted to NOK 0.05546. On August 11, 2021, the board of directors of FREYR Battery approved the issuance of 413,313 ordinary shares of FREYR Battery in exchange for all warrants at an exercise price of NOK 0.05546 per warrant for total consideration of NOK 23 thousand. On July 19, 2021, FREYR reached a final investment decision (“FID”) to proceed with the construction of the customer qualification plant and first battery cell production line in Mo i Rana, Norway. The FID comes after completing the tender processes and allows for the award of contracts for key production equipment supply. Preparatory work on the pilot plant is ongoing with a targeted start of initial operations in the second half of 2022.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Policies) - FREYR AS	6 Months Ended
	Jun. 30, 2021
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. On an ongoing basis, the Company evaluates its estimates, including those related to the valuation of preferred shares, among others. The Company bases these estimates on historical experiences and on various other assumptions that it believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates.
Unaudited Condensed Consolidated Financial Statements	Unaudited Condensed Consolidated Financial Statements The accompanying interim condensed consolidated balance sheet as of June 30, 2021, the interim condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2021 and 2020, the interim condensed consolidated statements of shareholders’ equity for the three and six months ended June 30, 2021 and 2020, and the interim condensed consolidated statements of cash flows for the six months ended June 30, 2021 and 2020, are unaudited. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in management’s opinion, include all adjustments, consisting of only normal recurring adjustments necessary for the fair statement of the Company’s financial position as of June 30, 2021 and its results of operations and cash flows for the six months ended June 30, 2021 and 2020. The financial data and other financial information disclosed in the notes to these condensed consolidated financial statements related to the three-month and six-month periods are also unaudited. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the full fiscal year or any other period. Although the consolidated balance sheet as of December 31, 2020 was derived from the audited annual consolidated financial statements as of December 31, 2020, these interim condensed consolidated financial statements do not contain all of the footnote disclosures from the annual consolidated financial statements. These unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes included in the Company’s annual financial statements for the fiscal year ended December 31, 2020.
Significant Risk and Uncertainties	Significant Risk and Uncertainties The Company is subject to those risks common in the renewable energy and manufacturing industries and also those risks common to early stage development companies, including, but not limited to, the possibility of not being able to successfully develop or market its products, the ability to obtain or maintain licenses and permits to support future business, competition, dependence on key personnel and key external alliances, loss of its grant contributor, the ability to maintain and establish relationships with current and future vendors and suppliers, the successful protection of its proprietary technologies, the possibility of the factory development being disrupted, compliance with government regulations, and the possibility of not being able to obtain additional financing when needed.
Restricted Cash	Restricted Cash Restricted cash consists of funds held in a restricted account for payment of upfront rental lease deposits and income tax withholdings to the Norwegian government, payable every other month.
Fair Value Measurement	Fair Value Measurement The Company follows the accounting guidance in ASC 820, Fair Value Measurement, Fair value measurements of assets and liabilities are categorized based on the following hierarchy: Level 1 — Fair value determined based on quoted prices in active markets for identical assets or liabilities. Level 2 — Fair value determined using significant observable inputs, such as quoted prices for similar assets or liabilities or quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs that are derived principally from or corroborated by observable market data, by correlation or other means. Level 3 — Fair value determined using significant unobservable inputs, such as pricing models, discounted cash flows, or similar techniques. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. For the nine convertible notes issued in 2020 (“2020 Convertible Notes”), the Company has elected the fair value option. Such election is irrevocable and is applied on an instrument-by-instrument basis at initial recognition. Any changes in the fair value of these securities are recognized in the condensed consolidated statements of operations and comprehensive loss. Interest expense on the 2020 Convertible Notes for which the fair value option has been elected is based on stated interest rates and is recorded as interest expense within the condensed consolidated statements of operations and comprehensive loss.

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2021
FREYR AS
Schedule of Property and Equipment	Property and equipment as of June 30, 2021 and December 31, 2020, consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ ​ June 30, ​ December 31, ​ 2021 2020 Office equipment ​ $ 203 ​ $ 98 Less: Accumulated depreciation and amortization ​ (39) ​ (15) Less: Foreign currency translation effects ​ (2) ​ (3) Property and equipment, net ​ $ 162 ​ $ 80 ​

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2021
FREYR AS
Schedule of Accrued Liabilities	Accrued liabilities as of June 30, 2021 and December 31, 2020, consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ ​ June 30, ​ December 31, ​ 2021 2020 Accrued research and development costs (Note 5) ​ $ 1,189 ​ $ 445 Accrued professional and legal fees ​ 1,599 ​ 245 Accrued payroll and payroll related expenses ​ 1,070 ​ 518 Accrued share-based compensation expense ​ — ​ 460 Accrued other operating costs ​ 356 ​ 485 Total accrued liabilities ​ $ 4,214 ​ $ 2,153

Fair Value Measurement (Tables)

Fair Value Measurement (Tables) - FREYR AS	6 Months Ended
	Jun. 30, 2021
Schedule of financial assets and liabilities at fair value on a recurring basis	The following table sets forth, by level within the fair value hierarchy, the accounting of the Company’s financial assets and liabilities at fair value on a recurring basis according to the valuation techniques the Company uses to determine their fair value (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2021 ​ Level 1 Level 2 Level 3 Total Liabilities ​ ​ ​ ​ Redeemable Preferred Shares ​ $ — ​ $ — ​ $ 15,000 ​ $ 15,000 Total fair value ​ $ — ​ $ — ​ $ 15,000 ​ $ 15,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 ​ Level 1 Level 2 Level 3 Total Liabilities ​ ​ ​ ​ ​ ​ ​ ​ Redeemable Preferred Shares ​ $ — ​ $ — ​ $ 7,574 ​ $ 7,574 Total fair value ​ $ — ​ $ — ​ $ 7,574 ​ $ 7,574 ​
Schedule of changes in the Level 3 warrant liability measured at fair value	The following table presents changes in the Level 3 instruments measured at fair value for the six months ended June 30, 2021 and 2020, respectively (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended June 30, 2021 ​ ​ Redeemable ​ 2020 ​ ​ ​ ​ preferred ​ Convertible ​ Warrant ​ shares Notes liability Balance (beginning of period) ​ $ 7,574 ​ $ — ​ $ — Additions ​ ​ 7,500 ​ ​ — ​ ​ — Fair value measurement adjustments ​ (74) ​ — ​ — Balance (end of period) ​ $ 15,000 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended June 30, 2020 ​ ​ Redeemable ​ 2020 ​ ​ ​ ​ preferred ​ Convertible ​ Warrant ​ shares ​ Notes ​ liability Balance (beginning of period) ​ $ — ​ $ — ​ $ 93 Additions ​ ​ — ​ ​ 1,479 ​ ​ 74 Accrued interest ​ — ​ 21 ​ — Fair value measurement adjustments ​ — ​ 35 ​ 225 Foreign currency exchange effects ​ — ​ (8) ​ (11) Balance (end of period) ​ $ — ​ $ 1,527 ​ $ 381

Share-Based Compensation (Table

Share-Based Compensation (Tables) - FREYR AS	6 Months Ended
	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of fair value of employee awards and performance employee awards granted	​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2021 ​ Range of Assumptions Grant date fair value per warrant or option ​ $ 1.13 - $ 2.00 Valuation assumptions: ​ ​ ​ - ​ ​ Expected term (years) ​ ​ 4.12 - ​ 4.88 Expected volatility ​ 45.50% - ​ 46.93% Expected dividend yield ​ 0.00% - ​ 0.00% Risk-free interest rate ​ (0.66)% - ​ (0.63)%
Employee options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of activity relating to options outstanding	The following table sets forth the activity relating to the employee awards outstanding for the six months ended June 30, 2021 (aggregate intrinsic value in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ Weighted ​ average ​ ​ ​ ​ ​ ​ average ​ remaining ​ Aggregate ​ ​ ​ ​ exercise price ​ contractual life ​ intrinsic Six Months Ended June 30, 2021 Number (NOK) (years) value Awards outstanding at beginning of period ​ 375,000 ​ 1.50 ​ 4.75 ​ $ 365 Awards granted ​ 2,454,583 ​ 3.87 ​ 4.22 ​ $ 3,038 Awards outstanding at end of period ​ 2,829,583 ​ 3.56 ​ 4.22 ​ $ 3,403 Awards exercisable at end of period ​ — ​ — ​ — ​ $ —
Performance employee awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of activity relating to options outstanding	The following table sets forth the activity relating to performance employee awards outstanding for the six months ended June 30, 2021 (aggregate intrinsic value in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ Weighted ​ average ​ ​ ​ ​ ​ ​ average ​ remaining ​ Aggregate ​ ​ ​ ​ exercise price ​ contractual life ​ intrinsic Six Months Ended June 30, 2021 Number (NOK) (years) value Performance awards outstanding at beginning of period ​ 625,000 ​ 1.50 ​ 4.75 ​ $ 608 Performance awards granted ​ 2,291,667 ​ 4.04 ​ 4.44 ​ $ 2,922 Performance awards outstanding at end of period ​ 2,916,667 ​ 3.49 ​ 4.40 ​ $ 3,530 Performance awards exercisable at end of period ​ — ​ — ​ — ​ $ —
Warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of activity relating to warrants outstanding	The following table sets forth the activity relating to warrants outstanding for the six months ended June 30, 2021 (aggregate intrinsic value in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Weighted ​ average ​ ​ ​ ​ ​ ​ average ​ remaining ​ Aggregate ​ ​ ​ ​ exercise ​ contractual life ​ intrinsic Six Months Ended June 30, 2021 Number price (NOK) (years) value Warrants outstanding at beginning of period ​ 12,154,303 ​ 1.57 ​ 3.81 ​ $ 11,724 Warrants granted ​ — ​ — ​ — ​ $ — Warrants outstanding at end of period 12,154,303 1.57 3.31 ​ $ 17,439 Warrants exercisable at end of period 10,874,836 1.54 3.20 ​ $ 15,645
Schedule of assumptions used to determine the fair value of warrants	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 8, October 6, ​ ​ 2020 ​ 2020 ​ Grant date fair value per warrant ​ $ 0.05 ​ $ 0.07 Valuation assumptions: ​ ​ ​ Expected term (years) ​ 4.00 ​ 2.80 ​ Expected volatility ​ 43.29 % ​ 43.10 % Expected dividend yield ​ 0.00 % ​ 0.00 % Risk-free interest rate ​ (0.65) % ​ (0.71) %
Warrants payment-in-kind
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of activity relating to warrants outstanding	The following table sets forth the activity relating to warrants outstanding for the six months ended June 30, 2021 (aggregate intrinsic value in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Weighted average ​ ​ ​ ​ ​ ​ average ​ remaining ​ Aggregate ​ ​ ​ ​ exercise price ​ contractual life ​ intrinsic Six Months Ended June 30, 2021 ​ Number ​ (NOK) ​ (years) ​ value Warrants outstanding at beginning of period 2,308,526 0.01 2.75 ​ $ 2,649 Warrants granted — — — ​ $ — Warrants outstanding at end of period 2,308,526 0.01 2.25 ​ $ 3,733 Warrants exercisable at end of period 2,308,526 0.01 2.25 ​ $ 3,733
Schedule of assumptions used to determine the fair value of warrants	​ ​ ​ ​ ​ ​ ​ March 8, ​ ​ 2021 Grant date fair value per warrant ​ $ 1.82 ​ Valuation assumptions: ​ ​ Expected term (years) ​ 3.00 ​ Expected volatility ​ 49.80 % Expected dividend yield ​ 0.00 % Risk-free interest rate ​ (0.66) %

Income Taxes (Tables)

Income Taxes (Tables) - FREYR AS	6 Months Ended
	Jun. 30, 2021
Schedule reconciliation of the effective rate of tax	A reconciliation of the effective rate of tax and tax rate in the Company’s country of registration, Norway, (in thousands, except percentages): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended For the six months ended ​ ​ June 30, June 30, ​ ​ 2021 ​ 2020 2021 ​ 2020 Pretax net loss ​ $ (8,036) $ (1,020) ​ $ (19,923) $ (1,915) ​ Statutory tax rate ​ 22 % 22 % 22 % 22 % Income taxes calculated at statutory tax rate ​ $ (1,768) ​ $ (224) ​ $ (4,383) ​ $ (421) ​ Changes in valuation allowance ​ 1,681 ​ 160 ​ 3,382 ​ 347 ​ Permanent tax items ​ 87 ​ 64 ​ 1,001 ​ 74 ​ Effect of change in exchange rate ​ — ​ — ​ — ​ — ​ Effect of change in tax rate ​ — ​ — ​ — ​ — ​ Tax expense ​ $ — ​ $ — ​ $ — ​ $ — ​ Effective rate of tax ​ 0 % 0 % 0 % 0 %
Schedule of principal components of the deferred tax assets and liabilities	​ Deferred taxes result from temporary differences between financial reporting carrying amounts and the tax basis of existing assets and liabilities. As of June 30, 2021 and December 31, 2020, the Company had no net deferred tax asset. The principal components of the deferred tax assets and liabilities are summarized as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ ​ June 30, ​ December 31, ​ 2021 2020 Deferred tax assets ​ ​ Tax losses carryforwards ​ $ 5,998 ​ $ 2,494 Accruals and provisions for liabilities ​ — ​ — Total deferred tax assets before valuation allowance ​ 5,998 ​ 2,494 Valuation allowance ​ (5,724) ​ (2,397) Total deferred tax assets ​ 274 ​ 97 Deferred tax liabilities ​ ​ Property and equipment ​ 1 ​ 2 Prepayment and deferred income ​ 273 ​ 95 Total deferred tax liabilities ​ 274 ​ 97 Net deferred tax asset ​ $ — ​ $ —

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2021
FREYR AS
Schedule of accounts payable and accrued liabilities ? related party	Accounts payable and accrued liabilities — related party as of June 30, 2021 and December 31, 2020, consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ As of As of ​ ​ June 30, ​ December 31, ​ ​ 2021 ​ 2020 Accounts payable ​ $ 1,197 ​ $ 320 Accrued professional and legal fees ​ 56 ​ — Accrued other operating costs ​ — ​ 2 Total accounts payable and accrued liabilities – related party ​ $ 1,253 ​ $ 322 ​

Basic and Diluted Net Loss Pe_2

Basic and Diluted Net Loss Per Share (Tables) - FREYR AS	6 Months Ended
	Jun. 30, 2021
Schedule of Basic and Diluted Net Loss Per Share	The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to ordinary shareholders for the three and six months ended June 30, 2021 and 2020 (amounts in thousands, except share and per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, ​ 2021 2020 2021 2020 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ Net loss attributable to ordinary shareholders – basic and diluted ​ $ (8,036) ​ $ (1,020) ​ $ (19,923) ​ $ (1,915) Denominator: ​ ​ ​ ​ ​ Weighted average ordinary shares outstanding – basic and diluted ​ 209,196,827 ​ 120,945,619 ​ ​ 209,196,827 ​ 119,822,809 Earnings per share: ​ ​ ​ ​ ​ Basic and diluted ​ $ (0.04) ​ $ (0.01) ​ $ (0.10) ​ $ (0.02)
Schedule of Weighted average shares represented as Anti-dilutive	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended For the six months ended ​ ​ June 30, ​ June 30, ​ 2021 2020 2021 2020 EDGE warrants ​ 12,154,303 — 12,154,303 — Other nonemployee warrants ​ 2,308,526 — 2,308,526 — Employee options ​ 4,749,792 — 4,148,996 — Employee warrants ​ 900,000 — 755,801 — 2018 Convertible Notes ​ — 954,219 — 954,219 2020 Convertible Notes ​ — 8,739,525 — 5,397,170 Warrant liability ​ — 2,305,662 — 2,305,662 ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable preferred shares ​ 15,000,000 — 13,052,486 —

Business and Basis of Present_2

Business and Basis of Presentation (Details) $ in Thousands	Jan. 29, 2021USD ($)
FREYR AS
Proceeds from reverse capitalization	$ 600,000

Property and Equipment (Details

Property and Equipment (Details) - FREYR AS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Office equipment	$ 203		$ 203		$ 98
Less: Accumulated depreciation and amortization	(39)		(39)		(15)
Less: Foreign currency translation effects	(2)		(2)		(3)
Property and equipment, net	162		162		$ 80
Depreciation	$ 14	$ 3	$ 24	$ 6

Accrued Liabilities (Details)

Accrued Liabilities (Details) - FREYR AS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accrued research and development costs (Note 5)	$ 1,189	$ 445
Accrued professional and legal fees	1,599	245
Accrued payroll and payroll related expenses	1,070	518
Accrued share-based compensation expense		460
Accrued other operating costs	356	485
Total accrued liabilities	$ 4,214	$ 2,153

Commitments and Contingencies -

Commitments and Contingencies - Lease commitments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
FREYR AS
Total rent expense	$ 86	$ 27	$ 157	$ 54

Commitments and Contingencies_2

Commitments and Contingencies - Other Commitments (Details) - FREYR AS kr in Thousands, $ in Thousands	Jan. 23, 2020NOK (kr)	Jun. 30, 2021NOK (kr)	Dec. 31, 2020USD ($)Y	Jun. 30, 2021USD ($)	Jun. 30, 2021NOK (kr)	Jan. 12, 2021USD ($)	Dec. 18, 2020USD ($)
Other Commitments [Line Items]
Prepaid assets			$ 464	$ 1,514
Accrued amount			2,153	4,214
Commitments outstanding
Professorships | Norwegian university
Other Commitments [Line Items]
Commitment Annual Amount | kr		kr 700
Commitments outstanding				143	kr 1,225
Research | Norwegian university
Other Commitments [Line Items]
Commitment amount | kr					8,000
Commitment Annual Amount | kr		kr 1,000
Commitments term		8 years
Commitments outstanding				701	6,000
Mobilization of the battery factory | Nordland county municipality
Other Commitments [Line Items]
Commitment Annual Amount | kr	kr 500
Commitments term	3 years
Commitments outstanding				117	1,000
Definitive licensing and services agreement | 24M
Other Commitments [Line Items]
Commitment amount							$ 20,000
Commitment amount paid during the year			700
Commitment amount to be paid in next seven months				2,500		$ 2,500
Commitment amount to be paid in next twelve months			14,300
Commitments recognized over straight-line basis			19,300
Accrued amount			445	$ 1,181
Minimum annual royalty payments			$ 3,000
Effective year from which royalty is payable | Y			3
Definitive licensing and services agreement | Professorships | Norwegian university
Other Commitments [Line Items]
Commitment amount | kr					kr 2,800
Commitments term		4 years

Fair Value Measurement - Financ

Fair Value Measurement - Financial assets and liabilities at fair value accounting (Details)1 - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair value recurring basis
Liabilities
Redeemable Preferred Shares		$ 7,574
Total fair value		7,574
Level 3 | Fair value recurring basis
Liabilities
Redeemable Preferred Shares		7,574
Total fair value		7,574
FREYR AS
Liabilities
Redeemable Preferred Shares	$ 15,000	$ 7,574
FREYR AS | Fair value recurring basis
Liabilities
Redeemable Preferred Shares	15,000
Total fair value	15,000
FREYR AS | Level 3 | Fair value recurring basis
Liabilities
Redeemable Preferred Shares	15,000
Total fair value	$ 15,000

Fair Value Measurement - Additi

Fair Value Measurement - Additional Information (Details) - FREYR AS $ in Thousands	Jun. 10, 2019project	Dec. 31, 2020USD ($)item	Jun. 30, 2021USD ($)
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Fair value of the redeemable preferred shares | $		$ 7,574	$ 15,000
Number of debt instruments issued | item		7
Number of battery projects | project	2

Fair Value Measurement - Change

Fair Value Measurement - Changes in the Level 3 warrant liability measured at fair value (Details) - FREYR AS - Level 3 - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Redeemable preferred shares
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance (beginning of period)	$ 7,574
Additions	7,500
Fair value measurement adjustments	(74)
Balance (end of period)	$ 15,000
2020 Convertible Notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Additions		$ 1,479
Accrued interest		21
Fair value measurement adjustments		35
Foreign currency exchange effects		(8)
Balance (end of period)		1,527
Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance (beginning of period)		93
Additions		74
Fair value measurement adjustments		225
Foreign currency exchange effects		(11)
Balance (end of period)		$ 381

Redeemable Preferred Shares (De

Redeemable Preferred Shares (Details) kr / shares in Units, $ / shares in Units, kr in Thousands	Sep. 30, 2021USD ($)shares	Feb. 16, 2021USD ($)itemshares	Nov. 11, 2020USD ($)itemVote$ / sharesshares	Jun. 30, 2021USD ($)$ / sharesshares	Jun. 30, 2021kr / shares	Feb. 16, 2021NOK (kr)kr / sharesshares	Dec. 31, 2020USD ($)	Nov. 11, 2020NOK (kr)Votekr / sharesshares
Redeemable preferred shares, issued				40,000
Redeemable preferred shares, par value | $ / shares				$ 0
Aggregate subscription amount | $				$ 40,000
FREYR AS
Redeemable preferred shares, issued	7,500,000	7,500,000	7,500,000			7,500,000		7,500,000
Redeemable preferred shares, par value | kr / shares						kr 0.01		kr 0.01
Aggregate subscription amount		$ 7,500,000	$ 7,500,000			kr 64,081		kr 71,529
Number of affiliates of Alussa to which redeemable preferred shares issued | item		3	2
Distribution price per redeemable preferred share | $ / shares			$ 1
Redeemable preferred shares, vote per share | Vote			1					1
Number of warrants Issued (in shares)				92,500,000
Number of shares for each warrant				1
Subscription price of warrant | kr / shares					kr 0.01
Number of common stock issued in pursuant to warrants before conversion of preferred stock				0
Redemption price as a percentage on preferred share preference amount (in percent)	105.00%
Consideration on cancellation of warrants | $	$ 0
Percentage of volume weighted average price per ordinary share determined for exchange of preference shares	80.00%
Threshold business days for calculation of volume weighted average price (in days)	40 days
Fair value of the redeemable preferred shares | $				$ 15,000,000			$ 7,574,000

Shareholders' Equity (Deficit)

Shareholders' Equity (Deficit) (Details) - FREYR AS kr / shares in Units, kr in Thousands, $ in Thousands	Jun. 30, 2021USD ($)Voteshares	Jun. 30, 2021NOK (kr)Votekr / sharesshares	Dec. 31, 2020USD ($)shares	Dec. 31, 2020NOK (kr)kr / sharesshares
Class of Stock [Line Items]
Ordinary share capital	$ 238	kr 2,092	$ 238	kr 2,092
Ordinary stock, shares issued | shares	209,196,827	209,196,827	209,196,827	209,196,827
Ordinary shares, par value | kr / shares		kr 0.01		kr 0.01
Additional paid in capital	$ 20,090	kr 185,470	$ 14,945	kr 141,380
Ordinary shares, vote per share | Vote	1	1

Share-Based Compensation - Empl

Share-Based Compensation - Employee Awards (Details) $ / shares in Units, $ in Thousands	Feb. 16, 2021USD ($)$ / sharesshares	Dec. 01, 2020shares	Jun. 30, 2021USD ($)shares	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)employee$ / sharesshares	Jun. 30, 2021USD ($)kr / shares	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)shares	Jul. 09, 2021shares	Sep. 11, 2019shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized									2,000,000
2019 Plan | Employee Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards grant period					2 years
FREYR AS
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized									2,000,000
FREYR AS | Maximum
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Grant fate fair value per warrant or option | $ / shares					$ 2
Expected term (years)					4 years 10 months 17 days
Expected volatility					46.93%
Expected dividend yield					0.00%
Risk-free interest rate					(0.63%)
FREYR AS | Employee Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amount of liability reclassified to equity | $	$ 38
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected dividend yield					0.00%
Compensation expense | $			$ 481	$ 0	$ 857		$ 0
Number of options or warrants to be vested upon business combination closure	5,649,792
Weighted-average grant date fair value per option or warrant | $ / shares	$ 1.65
FREYR AS | Employee Awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Grant fate fair value per warrant or option | $ / shares					$ 1.13
Expected term (years)					4 years 1 month 13 days
Expected volatility					45.50%
Expected dividend yield					0.00%
Risk-free interest rate					(0.66%)
FREYR AS | Employee options | Employee Awards
Number
Awards outstanding at beginning of period					375,000
Awards granted					2,454,583
Awards outstanding at end of period			2,829,583		2,829,583			375,000
Weighted average exercise price (NOK)
Awards outstanding at beginning of period | kr / shares						kr 1.50
Awards granted | kr / shares						3.87
Awards outstanding at end of period | kr / shares						3.56
Weighted average remaining contractual life (years)
Awards outstanding at end of period					4 years 2 months 19 days			4 years 9 months
Awards granted					4 years 2 months 19 days
Awards exercisable at end of period					0 years
Aggregate intrinsic value
Awards outstanding at beginning of period | $					$ 365
Awards granted | $					3,038
Awards outstanding at end of period | $			$ 3,403		$ 3,403			$ 365
FREYR AS | Performance employee awards | Employee Awards
Number
Awards outstanding at beginning of period					625,000
Awards granted					2,291,667
Awards outstanding at end of period			2,916,667		2,916,667			625,000
Weighted average exercise price (NOK)
Awards outstanding at beginning of period | kr / shares						1.50
Awards granted | kr / shares						4.04
Awards outstanding at end of period | kr / shares						kr 3.49
Weighted average remaining contractual life (years)
Awards outstanding at end of period					4 years 4 months 24 days			4 years 9 months
Awards granted					4 years 5 months 8 days
Awards exercisable at end of period					0 years
Aggregate intrinsic value
Awards outstanding at beginning of period | $					$ 608
Awards granted | $					2,922
Awards outstanding at end of period | $			$ 3,530		$ 3,530			$ 608
FREYR AS | 2019 Plan | Employee Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized										5,000,000
Number of additional shares authorized		5,000,000
Number of employees in which offer letters issued | employee					33
Number of employees who have 2 year grant period | employee					29
Awards grant period					2 years
Number of executive employees | employee					3
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Unrecognized compensation expense related to non-vested stock-based compensation arrangements | $			$ 4,043		$ 4,043	kr 4,043
Period over which unrecognized compensation expense expected to be recognized					2 years 2 months 12 days
FREYR AS | 2019 Plan | Employee Awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards exercise period					3 years
FREYR AS | 2019 Plan | Employee Awards | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards exercise period					5 years

Share-Based Compensation - Non-

Share-Based Compensation - Non-Employee Awards - Related Party (Details) - FREYR AS - Nonemployee Awards - Warrants - EDGE $ / shares in Units, $ in Thousands

Oct. 06, 2020$ / shares

Sep. 01, 2020kr / sharesshares

Jul. 08, 2020kr / sharesshares

Mar. 01, 2019shares

Jun. 30, 2021USD ($)shares

Jun. 30, 2020USD ($)shares

Jun. 30, 2021USD ($)kr / shares

Jun. 30, 2021USD ($)shares

Jun. 30, 2020USD ($)shares

Dec. 31, 2020USD ($)kr / sharesshares

Sep. 25, 2020kr / shares

Jul. 08, 2020$ / sharesshares

Number

Warrants outstanding at beginning of period

12,154,303

Warrants outstanding at end of period

12,154,303

12,154,303

12,154,303

Warrants exercisable at end of period

10,874,836

Weighted average exercise price (NOK)

Warrants outstanding at beginning of period | kr / shares

kr 1.57

Warrants outstanding at end of period | kr / shares

1.57

kr 1.57

Warrants exercisable at end of period | kr / shares

kr 1.54

Weighted average remaining contractual life (years)

Warrants outstanding at end of period

3 years 3 months 21 days

3 years 9 months 21 days

Warrants exercisable at end of period

3 years 2 months 12 days

Aggregate intrinsic value

Warrants outstanding at end of period | $

$ 17,439

kr 17,439

$ 17,439

kr 11,724

Warrants exercisable at end of period | $

15,645

15,645

15,645

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]

Grant date fair value per warrant | $ / shares

$ 0.07

$ 0.05

Expected term (years)

2 years 9 months 18 days

4 years

Expected volatility

43.10%

43.29%

Expected dividend yield

0.00%

0.00%

Risk-free interest rate

(0.71%)

(0.65%)

Fair value of warrants vested | $

47

93

Number of warrants vested

0

0

Compensation expense | $

47

$ 0

93

$ 0

Unrecognized compensation expense related to non-vested stock-based compensation arrangements | $

$ 91

kr 91

$ 91

Period over which unrecognized compensation expense expected to be recognized

6 months

2019 EDGE Agreement

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of warrants agreed to be issued

8,315,902

8,315,902

8,315,902

Percentage of warrants to be issued on total outstanding shares

6.50%

Number of shares subscribed for each warrant

1

Subscription price | kr / shares

kr 1.44

2020 EDGE Agreement

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of warrants agreed to be issued

3,838,401

Warrants vesting period

18 months

Number of shares subscribed for each warrant

1

Subscription price | kr / shares

kr 1.50

kr 1.85

Share-Based Compensation - No_2

Share-Based Compensation - Non-Employee Awards (Details) - Warrants payment-in-kind - Nonemployee Awards $ / shares in Units, € in Thousands, $ in Thousands	Mar. 08, 2021USD ($)$ / shares	Feb. 16, 2021kr / sharesshares	Jun. 30, 2021USD ($)shares	Jun. 30, 2020USD ($)shares	Jun. 30, 2021USD ($)kr / shares	Jun. 30, 2021USD ($)shares	Jun. 30, 2020USD ($)shares	Dec. 31, 2020USD ($)kr / shares	Dec. 31, 2020USD ($)shares	Dec. 31, 2020EUR (€)shares	Dec. 04, 2020shares
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected dividend yield	0.00%
FREYR AS
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of warrants agreed to be issued | shares		2,308,526									2,308,526
Accrued share-based compensation expense									$ 427	€ 375
Exercise price of warrants | kr / shares		kr 0.01
Amount of liability reclassified to equity | $	$ 460
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Warrants outstanding at beginning of period | shares						2,308,526
Warrants outstanding at end of period | shares			2,308,526			2,308,526			2,308,526	2,308,526
Warrants exercisable at end of period | shares						2,308,526
Weighted average exercise price (NOK)
Warrants outstanding at beginning of period | kr / shares					kr 0.01
Warrants granted | kr / shares		kr 0.01
Warrants outstanding at end of period | kr / shares					0.01			kr 0.01
Warrants exercisable at end of period | kr / shares					kr 0.01
Weighted average remaining contractual life (years)
Warrants outstanding at end of period						2 years 3 months			2 years 9 months	2 years 9 months
Warrants exercisable at end of period						2 years 3 months
Aggregate intrinsic value
Warrants outstanding at end of period | $			$ 3,733		kr 3,733	$ 3,733		kr 2,649	$ 2,649
Warrants exercisable at end of period | $			$ 3,733		kr 3,733	3,733
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Grant date fair value per warrant | $ / shares	$ 1.82
Expected term (years)	3 years
Expected volatility	49.80%
Expected dividend yield	0.00%
Risk-free interest rate	(0.66%)
Fair value of warrants vested | $						4,200
Number of warrants vested | shares			0	0			0
Compensation expense | $			$ 0	$ 0		$ 3,739	$ 0

Government Grants (Details)

Government Grants (Details) - FREYR AS $ in Thousands	Feb. 12, 2021item	Feb. 10, 2021	Jun. 30, 2021USD ($)	Mar. 31, 2021	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Equity, Class of Treasury Stock [Line Items]
No of installments | item	3
Period of grant payable		2 years
Percentage of expected grant made			50.00%
Maximum percentage of expected project costs covered under grant		70.00%
Percentage of project costs granted on receipt of the annual expense report		75.00%
Percentage of project costs granted on approval of final project and third-party attestation		25.00%
Deferred income			$ 1,421		$ 1,421	$ 0
Grant for Research, Development and Innovation in Battery Cell Technology
Equity, Class of Treasury Stock [Line Items]
Deferred income			55		55
Grant for Research, Development and Innovation in Environmental Technology
Equity, Class of Treasury Stock [Line Items]
Deferred income			1,366		$ 1,366
First milestone
Equity, Class of Treasury Stock [Line Items]
Percentage of milestone met				30.00%
Second milestone
Equity, Class of Treasury Stock [Line Items]
Percentage of milestone met					50.00%
Other income
Equity, Class of Treasury Stock [Line Items]
Grant income recognized			$ 2,330		$ 2,330

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of the effective rate of tax (Details)1 - FREYR AS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Pretax net loss	$ (8,036)	$ (1,020)	$ (19,923)	$ (1,915)
Statutory tax rate	22.00%	22.00%	22.00%	22.00%
Income taxes calculated at statutory tax rate	$ (1,768)	$ (224)	$ (4,383)	$ (421)
Changes in valuation allowance	1,681	160	3,382	347
Permanent tax items	87	64	1,001	74
Tax expense	$ 0	$ 0	$ 0	$ 0
Effective rate of tax	0.00%	0.00%	0.00%	0.00%

Income Taxes - Components of th

Income Taxes - Components of the deferred tax assets and liabilities (Details) - FREYR AS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Deferred tax assets
Tax losses carryforwards	$ 5,998	$ 2,494
Total deferred tax assets before valuation allowance	5,998	2,494
Valuation allowance	(5,724)	(2,397)
Total deferred tax assets	274	97
Deferred tax liabilities
Property and equipment	1	2
Prepayment and deferred income	273	95
Total deferred tax liabilities	274	97
Net deferred tax asset	$ 0	$ 0

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - FREYR AS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Provision for income taxes	$ 0	$ 0	$ 0	$ 0
Current tax expense			0
Current deferred tax expense			0
Valuation allowance	1,681	160	3,382	347
Net operating loss carryforwards	27,264	$ 3,581	27,264	$ 3,581
Deferred Tax Assets, Valuation Allowance	5,724		5,724		$ 2,397
Net deferred tax asset	$ 0		$ 0		$ 0

Related Party Transactions (Det

Related Party Transactions (Details) - FREYR AS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accounts payable	$ 1,197	$ 320
Accrued professional and legal fees	56
Accrued other operating costs		2
Total accounts payable and accrued liabilities-related part	$ 1,253	$ 322

Related Party Transactions - Co

Related Party Transactions - Consulting Agreements (Details) - FREYR AS kr in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)item	Jun. 30, 2021NOK (kr)	Dec. 31, 2020USD ($)
Related Party Transaction [Line Items]
Unpaid amounts	$ 1,253		$ 1,253			$ 322
2020 Convertible Notes
Related Party Transaction [Line Items]
Number of convertible notes issued | item				2
Consulting agreement with EDGE
Related Party Transaction [Line Items]
Monthly cash retainer			$ 40
Percentage eligible on targeted management bonus pool in case of non-payment of annual cash bonus	30.00%		30.00%		30.00%
Amount of percentage eligible on targeted management bonus pool in case of non-payment of annual cash bonus	$ 2,000		$ 2,000		kr 25,000
Expenses incurred in relation to the consulting services	105	$ 89	235	$ 216
Unpaid amounts	$ 45		$ 45			42
Consulting agreement with EDGE | Maximum
Related Party Transaction [Line Items]
Percentage of discretionary annual cash bonus	30.00%		30.00%		30.00%
Consulting agreement with Metier OEC
Related Party Transaction [Line Items]
Expenses incurred in relation to the consulting services	$ 1,251	$ 43	$ 2,419	$ 120
Unpaid amounts	$ 1,208		$ 1,208			$ 280

Basic and Diluted Net Loss Pe_3

Basic and Diluted Net Loss Per Share - Schedule of Basic and diluted Net Loss per share (Details) - FREYR AS - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net loss attributable to ordinary shareholders - basic and diluted	$ (8,036)	$ (11,887)	$ (1,020)	$ (895)	$ (19,923)	$ (1,915)
Denominator:
Weighted average ordinary shares outstanding - basic and diluted	209,196,827		120,945,619		209,196,827	119,822,809
Earnings per share:
Net loss attributable to ordinary shareholders - basic and diluted	$ (0.04)		$ (0.01)		$ (0.10)	$ (0.02)

Basic and Diluted Net Loss Pe_4

Basic and Diluted Net Loss Per Share - Schedule of Weighted average number of Shares (Details) - FREYR AS - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
EDGE warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average Number of shares to be excluded from Computation of EPS to be anti-dilutive	12,154,303		12,154,303
Other nonemployee warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average Number of shares to be excluded from Computation of EPS to be anti-dilutive	2,308,526		2,308,526
Employee options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average Number of shares to be excluded from Computation of EPS to be anti-dilutive	4,749,792		4,148,996
Employee Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average Number of shares to be excluded from Computation of EPS to be anti-dilutive	900,000		755,801
2020 Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average Number of shares to be excluded from Computation of EPS to be anti-dilutive		8,739,525		5,397,170
2018 Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average Number of shares to be excluded from Computation of EPS to be anti-dilutive		954,219		954,219
Warrant liability
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average Number of shares to be excluded from Computation of EPS to be anti-dilutive		2,305,662		2,305,662
Redeemable preferred shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average Number of shares to be excluded from Computation of EPS to be anti-dilutive	15,000,000		13,052,486

Basic and Diluted Net Loss Pe_5

Basic and Diluted Net Loss Per Share - Narrative (Details) - FREYR AS $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)item	Jun. 30, 2020USD ($)item
Dividend declared or paid | $	$ 0	$ 0
Number of instruments with dilutive effect | item	0	0

Subsequent Events (Details)

Subsequent Events (Details)	Aug. 11, 2021USD ($)shares	Aug. 11, 2021NOK (kr)kr / sharesshares	Jul. 09, 2021USD ($)shares	Jul. 09, 2021NOK (kr)kr / sharesshares	Jun. 09, 2021USD ($)shares	Jun. 09, 2021NOK (kr)kr / sharesshares	Jul. 09, 2021NOK (kr)kr / sharesshares	Jun. 30, 2021kr / shares	Jun. 09, 2021NOK (kr)kr / sharesshares	Dec. 31, 2020kr / shares
Subsequent Event [Line Items]
Net cash received from business combination			$ 650,189,029	kr 606,130,000
Share capital | kr							kr 30,000
Investment amount			$ 70,000,000				606,130,000
Share premium | kr							kr 606,100,000
Consideration | $	$ 23,000
Number of shares authorized | shares			2,000,000				2,000,000
Maximum
Subsequent Event [Line Items]
Share capital | kr							kr 60,000
Nominal value per share | kr / shares							kr 20
Minimum
Subsequent Event [Line Items]
Share capital | kr							kr 30,000
Nominal value per share | kr / shares							kr 10
Third-party service provider
Subsequent Event [Line Items]
Number of warrants | shares			2,308,526				2,308,526
Exercise price of warrants | kr / shares		kr 0.05546		kr 0.01
Number of shares issued on exchange of warrants | shares	413,313	413,313	413,313	413,313
Adjusted exercise price of warrants per share | kr / shares							kr 0.05546
Alussa Energy Acquisition Corp
Subsequent Event [Line Items]
Percentage of ownership interest acquired			100.00%				100.00%
FREYR AS
Subsequent Event [Line Items]
Issuance costs related to business combination | $					$ 3,784,000
Net cash received from business combination					650,189,000	kr 606,130,000
Share capital | kr									kr 30,000
Nominal value per share | kr / shares								kr 0.01		kr 0.01
Investment amount					$ 70,000,000				606,130,000
Share premium | kr									606,100,000
Consideration | kr		kr 23,000
Number of shares authorized | shares			2,000,000				2,000,000
FREYR AS | Maximum
Subsequent Event [Line Items]
Share capital | kr									kr 60,000
Nominal value per share | kr / shares									kr 20
FREYR AS | Minimum
Subsequent Event [Line Items]
Share capital | kr									kr 30,000
Nominal value per share | kr / shares									kr 10
FREYR AS | Third-party service provider
Subsequent Event [Line Items]
Number of warrants | shares					2,308,526				2,308,526
Exercise price of warrants | kr / shares		kr 0.05546				kr 0.01
Number of shares issued on exchange of warrants | shares	413,313	413,313			413,313	413,313
Adjusted exercise price of warrants per share | kr / shares									kr 0.05546
FREYR AS | Alussa Energy Acquisition Corp
Subsequent Event [Line Items]
Percentage of ownership interest acquired					100.00%				100.00%