FREY - Earnings call 2 2021

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Jeffrey Spittel

Good day, and welcome, everyone, to FREYR Batteries Second Quarter 2021 Earnings Conference Call. With me today on the call are Tom Jensen, our Chief Executive Officer; and Steffen Foreid, our Chief Financial Officer.

During today's call, management may make statements related to our business that are forward-looking under federal securities laws and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations.

For a discussion of material risks and other important factors that could affect our actual results, please refer to our filings with the Securities and Exchange Commission, which are available on the Investor Relations section of our website and the earnings press release issued earlier today.

file made the our XXXX, over quarter reports we be Form report and to will that, that for SEC. With XX-Q ended may Tom. information available the quarterly in on other I'll Additional turn the call with June XX,

Tom-Einar Jensen

wherever from Thank Jeff, Norway. We'll agenda Slide X. evening start morning be calling afternoon and and today's you, might good in good good and you from here on

market priorities, Slide to begin please. and cover the X, highlights, key turn So with QX I'll overview update. business some

walk CFO before an Our remarks for the handing it you of will through some finance back extensive ahead me part Q&A. over to concluding

to battery Next on earlier cells solutions on this is stronger, electrification the that to up ambition proposition solutions. that backdrop IPCC globally, has speed slide, decarbonization request for core and the towards have is systems only today an with global our the not next energy main compelling of regard. significantly in FREYR please. catalyst message FREYR becoming global decade urgent in never is next-generation champion been value most The week the decarbonized My for also market battery but out progressing worldwide. Clean society the a sending transportation, clean, in this battery

We are build-out. capacity going to maximize speed and

of Our we're in that in, scale core strong believe and tenets market are backdrop we're speed, with a strategic those sustainability. the And we position. fundamentally

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please. Next,

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Next, please.

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Next, please.

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the turn our to around with quarter CFO, of aspects to second you Steffen? some comments call me reporting. financial Let our the provide Steffen, now over

Steffen Foreid

It's everyone. day, be Thank you, to and today. Tom, here good a pleasure

area. Turning and page. and for to is The combination business completed, raising growth the of key raise focus another capital next page, a debt now the please, business the financing

commitment our responsible put remain mindful we to we in financing will As of capital place, management.

We returns financial will of cost focus financial on capital managing optimizing and while risk.

profiles that funding sources of we to staggered the We financing maturity will raised. and debt diversify ensure seek of

produced finance plan cash discussions export renewable sources cash credit battery growing mandate with is with plant agreements underpinned the global is parallel, financing project and/or June financial by XXXX. with which million and its is well cells $XXX a linked sheet, positioned of FREYR's forma to we with secure of as other sources. supported and included institutions. And of for to low-cost attractive to pro other of XXth position FREYR wide offering energy. offtake of agencies, Our supporting balance agreements. In from strength further bank commercial customer sources first debt, a banks markets range favorable by financing to the equivalents offtake in financing ongoing raise exposure of multilaterals leading are rapidly are exploring to

and value enhancing is continuously call improve capital closing alluded the committed to already has to, Tom note, optimizing you configurations. And I'll on and to Finally, turn by efficiency Tom. FREYR is as again seeking for remarks, for over that to factory

Tom-Einar Jensen

Thank you, Steffen.

we in go and in delivering about on combining chain with deliver that terms advantaged at all operational input the of these industrial on in Let is the way from value differentiate from competence strategies what of that ambitions. Having the just industry-leading are please, competitors. from our those the objectives. processing well see What the day. They Norway our is factors, module combining to offering and location. the is and requirement important best But with region capabilities region all planet. slides in develop going core backdrop people raw of advantaged something as other competence to the that how built a way, on has X Asia. as a our industry best the all to strong Nordic the most FREYR's because is across competence is is strong across competitors large to our we're fundamental We're the is also something entire is is lot well very batteries partnership-based effort to on ultimately offering available this disciplines partnerships, is partners batteries project on from back, a customers an providers excellence, capabilities a partnership to core scaling on. that much concerted also us agenda offer we This interactive to as to pack so the are materials through the through execution, battery for And of focus team ruled our that so recycling and really opportunity focused the compelling will and FREYR me the resonating the FREYR battery of end that on material

Let summarize the of me to to now slide to FREYR. move last try the focus

succeeding portfolio and with production. materials for and we're put terms to attract that our Nordic that now strategy, delivering tenets to to capacity, further production to that right sustainability region raw into of fundamental enhance is portfolio. all expanding We're our We rollout this commercial of FREYR the modularized our value. offering for and our in into footprint matching we're steps scale our core taking better speed, are that to a on We're customers The that for of optimize conditions and even key customer this to we optimizing and showcase are the now bold space.

first for large-scale Plant. Customer our battery through lithium-ion have Qualification investment We made the first facility our decision

to for we track budget the And established have with in half that in that line second facility. so far, year we're the that start next up on of

potentially decisions & a X roll a and in on Gigafactory combined matching as optimized will, unlock investment capacity, out X from an running demand view. mentioned, customer value of We basis, point

that And efficiency, As lowest capacity. We attention. the to debt industry-leading to our and the cost might are pleased capital we returns forward ensure expanding our in look very our of linked for are now track to any rapidly we you focused your base to will equity alluded agreements to, we we strategy. also making to deliver investors, investor raise the really deliver date capital with in have complement CFO and and on on driving our questions we you to aim financing our production our with on possible to are have. Thank offtake

Operator

first Our comes Jonas Instructions] line question [Operator from of the Adam from Stanley. Morgan

Adam Jonas

Tom, a of questions. couple

between development, regarding chemistry. application. weight, of in in stationary terms of LFP storage First, of trade-offs been chemistry proving in There's density, the momentum a life, lot cycle teams, lately of energy in cost, terms particularly

it of you your explain between to to manufacturing applications the preparation or wanted there know anything of of opinion So or the and materials some to material LFP, alluded XXM I you is LFP addressing. love of highlight you're cells any could -- the NMC of else materials, FREYR's thick agnosticism that and in technology in in of process if those treating I cathode you would terms or for the LFP the of difference move a or

Tom-Einar Jensen

And you So so question you it's increasing on Adam, an astute and an question, chemistry the deployment, to in great is true use anode chemistry or and and label that flexible. a that chemistry can what as that cathode call, is LFP agnostic speak. system. can for have technology any be any production is it effectively observation, anode Any the to material important of We thank for and XXM lithium-ion material. platform we existing in cathode that cathode utilized the matter, and course,

of chemistry different very So size question. flexible. but kind that's a flexible, it's It is also

the back rollout markets, and of capacity. linking FREYR's to LFP that the to particularly Now ESS

to executing location cells. will applications. sample which of will LFP we for underway Customer consecutive strategy have That Rana, Customer remember, the X and well on thereafter, our many Qualification start might are Mo i EV developing in initial of Plant. producing NMC-based And of in As the call initially Plant first sample cells we produce also be Qualification the an mobility facilities we

of in modular to production rolling On as market. But have be but to are follows production the and our alluded primary mix efficiency the to development and first LFP, into earlier which can LFP-based will & opportunity a NMC-based X flexibility X, that to & consecutive provide customers, interesting thereafter, gains optimization with products with those of that facility, X development X to of specific of lines lines applications products and combine the for will and call, potentially some in dedicate rollout one we considering that capital also X plants both We to facility. predominantly somewhat facilities after this that infrastructure line dedicated later. be X Gigafactory offers of production substantial believe the production and ESS out production line for tailor opportunities the offers EV mobility focus Gigafactory

is area licensees, gives There in family. also or and for -- Adam, hopefully, the or the has the what pause that makes metrology the us would nothing is of answers licensees question. really of been sort I predominant XXM that products concern early So any other of the your cause focus surface LFP or say,

Adam Jonas

And maybe if be Or licensees confirm the that. today? you Can a being the that the of is -- FREYR manufactured any the by to application first on would XXM of chemistry? follow-up just as LFP XXM

Tom-Einar Jensen

produced applications I the can is other confirm today. that on that, being

Adam Jonas

you or you want that on is to potential within have non-exclusivity would the give exclusivity, to agreement. market around of application it, might We're licensing then agreement. key some summarize points where including U.S. on that But And or or in, license European particular changes just exclusivity, convey helpful. follow-up opportunity the your to market. I the I be a with agreement And could expansion, that an approach points the it in exclusivity just to just and it the where of region around where license as end by questions lot say, of you the of on you Europe a have alluded a Tom, by one, Another salient details getting areas about XXM.

Tom-Einar Jensen

Sure, Adam.

Southeast agreement licensing future the developments right of evergreen technology. can to sort So anywhere deep Every XXM. we we and the use. in in existing world and license Asia, Kyocera a temporary We for have and that licensees, have technology, a products It's speaking, existing temporary given of restrictions and services sell restriction. and produce with an GPSC, is Japan summarize broadly the with production the

in to if have comes we be production and/or regional do that establish to market in could There not batteries we develop exclusivity exclusivity we because Europe. able it in to to And build Nordic believe for strong licensees segment. region out areas. When maximum licensees other we do also European to to the the into economic no particular. were the one ESS the area in market and two So capacity, licensees of products that market any sell have and is we want ESS the so, plans area do provision, produce so for segment. are are entire That we in immediate in same the

first are track first the the Adam, as licensee of develop So your to market. that well facility ESS production our strategy mentioned, say, let's And are, we with chemistry fits LFP, on that the the choice question, for given first emerging, very Europe. and regard. And we in in on

Adam Jonas

confirm Nordic or what's could region? production and sorry I produced sold overly region? specific just region of want for the the Great. And from outside not for to in that's be Nordic but the Nordic being that And exclusivity easier,

Tom-Einar Jensen

the sell market. in products for nobody Absolutely. ESS else Nordic but these We the these products region anywhere, can produce can

Adam Jonas

for one questions. last appreciate I you commenting my Just me.

about breaking the conglomerates, just On views could not and loan I of new with accessing anything -- would would Energy Department obviously, here, of that you realistic what on that news as or these discussions, ATVM you're having your be share learning love large to -- any a time more program. whether U.S. referring expansion, to industrial line on us, wanted

I what then with as those ESS license affect just on your related may if the Your as mentioned -- before, what as have bill of your and the that EV far objectives might are could, discussions opinions and agreement XXM? and as modifying discussions, that the and how you -- that infrastructure you points and bill

Tom-Einar Jensen

Yes.

you again, thank question for that So Adam.

these is transportation is require which in then in more this therefore, why will So and accelerating the having for more a license. from road push the that's context clear of you U.S. is much or of opinion the transition from developing in than part the around thicker be ongoing. our ESS charge. the close cell situation, sort and to These thicker focus of increased battery but decade, know the actually partnership be the fast our of view, have energy are and greater We United U.S. electrodes push a very more more cost in to administration's core with say, are better electrification electrifying ESS up into United backdrop on solutions liberty more I'm at of decarbonizing a advantage economically manufacturing X-hour any may, comes sort the the that. on discussions, being with do, in XXM require The that market, transition strong I that direction make more that ESS relative let's you obviously the States. catalyst the Needless is we for move current the a for macro and equation for that in thicker to capacity believe And you details probably largest energy disclose our discussions. as the States, the backdrop conversations electrodes et picking of to very very technology and coming to production as first favorable for and the suitable and more, where say, U.S. We And world not it's possible and again, pace will much worldwide for the you that's viable the the steroids, believe, point fast the very in market it that. don't charge And ambition with the us. a we don't storage, is to thick if energy already sort cetera. When systems be X-hour, going the and sense electrodes coupled U.S.

to core for the U.S. therefore, looking and/or in that that's partner. but on agreement all could, the those in And that our are be U.S., for So with a U.S., strategy wanting technology. doesn't of this part of our to we our a to cater we've with to clearly and consider optimize in we that rollout We is the on strengthen something industrial this we that we're partnership-based the licensing in we XXM we will mean tenet pretend looking market will need been own, U.S. utilizing based the strong clear have But how to, of only taking our we what choice we what be sort backing U.S. to technology facilities don't could about scale nor and in do. but market. Therefore, and of strategy U.S. as the operate that along, to that's the approach that establish understand

color So to that that. provides some hopefully,

Operator

line BTIG. of Our next Instructions] Greg the [Operator question comes Lewis from from

Gregory Lewis

out customers. event path terms we be could to of signing to for should qualification in center, was of guess, I about the up think from there talk bit breaking start customer now-ish? hoping of look Asia using technology something get run build is your book? year can potential comfort by go where are kind forward up customer XXM FREYR, and and a customers of you up the qualification are about customers thinking be but I Realizing in the ongoing, running little needing Tom, ground. Or center is a going these it facilities about the kind to of as not kind Should existing that move you and we some to conversations

Tom-Einar Jensen

Yes.

So thanks, Greg. question. Important

et qualification side, that in our requirement prior process. let's So up already with on of that ultimately the leveraging cetera, licensees processes well XXM customers, is and cetera, initial as and cells, sample irrespective The that actually et what what you our want technology family access testing, and initial Plant both to right. their is it, customer for that are they We're entering Qualification having, to customer up the do of into Customer can not facilities the buying brother beauty from. It a running we'll as with which customers. we is in or validation starting end call sister

an have as is part enhancing qualification broader optimize and decarbonized well also solutions. the and materials optimized sort sort to of this localized materials the course, of a when of us, again, sort least, further material important journey they time of products and of So over and as qualified which the raw raw customers, optimizing need and go part into big for for localized raw is driving not cost to be ultimate longer-term down

before. the I the customer the an unlock our can encouraging fundamental presentation, modularized value. We themselves, top actually that alluded give also considering rollout specific and production dedicate customers, to be line X to we quite again gives combine "select" creation space to Gigafactory we or now to & by that tailor of of production financing on of to lines do development optimize line the which to an long-term value are an or a this number conclusive gives it and actually us in project-based allow is On roll that. dialogues us offering X customer which production obviously of this equity more of lines our us to to very want further for as which as advantages, ensure to might us in the opportunity customers, the some to interesting might gives which the discussion sort to on to is what out. structured customers facilities, terms financing will particular production of us us too of can that optimize we had of early be It's But same a we on increase acreage for sort opportunity

So we're we very as it. situation comfortable with have the

We sense in are the facilities. the out first want patient value that the the gate maximize for we of to

is and speak, in. Final thing say situation of number on of before we increasing. to concluded We mix unmet will updates will reiterate like first just basis speak, when to and as market hourly have up demand flexibility demand is market, the again, are to our investor setup, this an the back production unmet community commercial earlier, that our targeted of this match, the as be be be also iterating increasingly LFP-based favorable coming targeted ESS said interested to sort per this again, are relative have so to and that to parties towards sufficient question offtake again, that on the and we we unlock capacity. products, we Adam's what is with but I'd facility. And exceeds primarily to, to production an going have, the volume And on to the we far

Of will supplier that course, we we for on be confident many ESS are but very feel a based capacity, chemistry. LFP competing that products of very core

Gregory Lewis

are? little then with MoUs decision the Group Minerals the this about it's I a the bit And city you about the Finnish we the little Great. more talk and a talk then, with that, decision could the just Okay. bit where to where with morning news located guess, do and

Tom-Einar Jensen

Yes.

materials. Norway strategy. will City offers for of graphite. It processing is and semi Finland is Finland the of But electricity. lot top synthetic announcement renewable giga-scale all on just in but be very of Hemisphere's more of copper what actually it Western this even And natural, Finland graphite on and for Glencore's in largest MoU on and Norway. facilities morning, battery development Norway, of sort what Kristiansand. largest supports shoulders the Northern Minerals much or our also comes it with Norway. Nikkelverk But also Finnish available Vaasa of sort in the of So This continuation in the investigating our of and we are cobalt in a a world's a the low-cost are graphite. And we're Group doing what deposits of nickel, facility based there with has Norway access to than strongly lot has doing raw rests

perspectives annual very So equity nickel, strong is in Finland with of have Group and emerging of development cobalt Minerals covered cost the competitive critical raw very from Norway very and the particular, Finnish mining, longer-term processes which of and materials the of well concentration, lithium a ongoing part high have equation in offshore raw sort supply. But positions material whether you it or of New are core different against whoever going backdrop localized Finance advisory of time developments predictions ask developing the decarbonized and Finland, and/or keeps Energy and Bloomberg analytics the up. be market every growing. which chain. And which it supply might establishing market, course, And is exponentially sort again, firms to a we of on is in houses in this

XXX previously. So into to XXXX, gigawatt on battery Since of did to XXXX. communicated in have our today. This offering, decarbonized the Norway to by and raw expand this be delivering region ambition, that materials able XX gigawatt say investors of also we want strengthened fundamentally early. the the but projections what announced capacity course, have gigawatt by of much of very hours we announcement increased we our to based Nordic fits localized XXXX, further capacity of the secure through cells We XX been our next strategy hours and demand hours is sort and by XXX wave

us, and when Battery along multiple every the strengthen believe we So will the Nordic the activities, excellent an of Vaasa Nordic environmental and become but taken the location the already approach, relevant to beginning, we have a the for do each steps developing location the subscribed have is of for say, battery have et and that chain, activities techno-economic, work let's to ahead of impact multiple region, cetera, different chain since studies, battery this. assessment value City believe we They and one value Belt initiatives.

we've brings as So excited our done well. announced why what in hopefully, and and Norwegian We're And very realism the it. it perspective speed we've about fundamentally rollout why that we some to strengthens done.

Operator

will questions. questions. At have any further stage, back no you. speakers or web we this further I to hand the for remarks Thank

Jeffrey Spittel

with All you, forward Thank up to you, the we interest next talk around for our virtually and the calls, Thank you story, very will with to you following soon. road right. in everyone, we days and look operator. over several the

FREYR Battery (FREY) 12 Aug 212021 Q2 Earnings call transcript