Earnings call transcript Q4 2022

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Operator

Welcome to the FREYR Battery Q4 2022 Earnings Conference Call. My name is Nadia, and I'll be coordinating the call today. [Operator Instructions]

I will now hand over to your host, Jeffrey Spittel, Vice President of Investor Relations to begin. Jeffrey, please go ahead.

Jeffrey Spittel

and afternoon good morning, good evening. Good FREYR earnings conference to Battery's fourth XXXX year full and call. quarter Welcome With me President Operating today Chief on of and the call are Vice Executive Battery Jan our Financial President Haugan, U.S. Jeremy Brown, Bezdek, Executive Development Tom-Einar Arve our FREYR Oscar Chief and Officer; Corporate Chief Officer; of Officer; Jensen, our

materially statements and During today's results from significant These risks uncertainties forward-looking factors FREYR's could business. Most are to call, management difficult control expectations. differ about may these of and statements our make to actual that forward-looking cause outside involve predict. are

information are S-X materially affect and available Relations section on Additional and website. filed our FREYR's on that report Securities in XX-K the Form Investor available risk about our annual with of factors which business Commission, could the are Exchange

With call that, to Tom. I'll the over turn

Tom-Einar Jensen

morning, year wherever went for and Jeff, or our full and public present you, on might Thank call New Stock to July FREYR for on seventh honor Exchange us afternoon good true XXXX. earnings X, Again, York we pleasure This since Battery. be. XXXX call and is earnings quarter a fourth the evening, you this

the We through since you all earnings call. updates will last take our notable

of emerging in Western battery scratch easy battery as dream say Today, we I'm have a at of in then. to cemented is position dream our and a a humble a from company sustainable one companies to XXXX. company the of company. back a company ahead. see beginnings PowerPoint the becoming battery champion real this The XXXX few the creating have have reality I that not a had moving back challenges turned company amazed has Building solutions we lots from into all since real is announce founders to as we Hemisphere. of the our battery

however, execution skills thrive project problems. is and a team based which Our in industrial excellence operational solving DNA, on with world-leading

leading in industry. next world and battery battery choice battery battery are exponentially with becoming to important clean of approach being Today, we journey detail-oriented proud painstakingly this very industrialization step technology. next-generation our experts booming this provider an in fundamentally combined of partner have We solutions a and a announce

will nascent Qualification Mo scale era We stream a Norway All battery to for of line the our gigawatt-hour equipment that no technology world-class preparations Plant This weeks a have up be with completed for marks has information start the open for not in done We from been less Customer but four trivial production platform, i breakthrough robust and true technology the we a erected live. how now industry. Stay will SemiSolid Rana, on installed place. on-site in which announce than testing today. gigawatt-hour the had event tuned scale it. this of we

previously to you. said, We near coming a theater are, as

Let key the will which we dive me into so. start or over focusing on by detail XX highlights minutes some next of more the

but at document will production scale. this gigawatt-hour fundamental ahead. competitive the the battery triple-digit The The production. previously conventional deeply as platform for is already Japan commercial challenges the which globally facility very will Live platform platform At be gigawatt-hour is scale, with hard, for are at battery ready we production SemiSolid up stated, this in platform all, megawatt-hour milestone a is of is quarter First FREYR. first in CQP starting scale. CQP

to into It for is similar is United significant it's to the bill U.S. efforts now capture responses Europe, of and most Secondly, deep start a But we are capitalize Act, driven as the in regional Climate which Inflation States. and by such yet inflation target the This with security in XXXX. energy again in Summit benefits accelerating climate the driving and Reduction reduce the announcing in stakeholders we local XXXX. note are to meant since also our important is in well. also production is Act Paris energy that processes the

Unfortunately, heart brutal critical rely, that cannot the seen of infrastructure. for the too energy heavily have all as today, At of the materials Hemisphere. this, Hemisphere we examples they localized from supply the Eastern need Western create many do on continue energy supply decarbonized and to to as chains

partner Finally, chain real customers see chain with increase value from for wanting across value FREYR globally created supply has now entire leading our the We strong option and interest in companies partners. to us.

large and end to evaluation expand opportunities the all markets. under other into ongoing have technologies We

are and We ended strong. it, XXXX with formation as opportunities very started we capital as an sheet strong balance

are would becoming in execution this very companies. choice project We energy, industries. strong world-leading and process the operational position a [indiscernible] and been acquired process-intensive partner skills experience industrialization from [indiscernible]. of We with We world-leading over excellence This an stems decade. Norwegian energy-intensive the truly not have industrial

take it now Arve Officer to Battery to Norway. With Chief hand over Jan in and you our operations status this, the FREYR through let me of Norway, Haugan, President of our Operating

Jan Arve Haugan

in to Tom, Thanks a I'm the lot, everybody give now hello latest in on operations. you earnings this our update to listening going call. and

first. So quarter reported without had say incidents. any that can I'm another serious glad I yet safety have that we

at in a However, workforce The after we the in approximately December all high now three XXX Mo have for of at at them the XX two Qualification Giga to close reported peak sites related is to current XX construction at operations Arctic. potentials, Norway. construction Plant site locations and lifting the incidents by the Customer of three with subcontractors in

ground. construction elevated for to XXX we work workforce the close As persons expect complex More now growing, March. is in and is above installations

to remind it find safe here of coordination. also discipline everybody job importance wider [indiscernible] a I that it's relevant

FREYR almost week, CQP. system in permit And is is all operations our last now the the for work now activities the group of XX team Mo. managing in As operations people currently, totaling

instance, progressing logistics. for in like to noted we But the previous our I noted we not to are call, our course, are earnings As that of schedules. we according previously, immune challenges

But solid performance progress the very being delivering lost teams some recovering and completed. as critical still that projects, the final sub restrictions are acceptance in COVID-XX speak, I semiconductors. tests our have also on We are scarcity we say of and will

and all completion is system manufacturer we deliveries fund detailed the is control the in the and or from project needed in is of Our that CQP, all any the as modification are and site incomplete test into results recorded implemented issue system contractors.

ramp-up. the site process and operations the is site control for equipment representatives to implementation team, another done to Following punch final is the step in Each over can test which final guarantee running acceptance the joint training commissioning operations reasons. out production of of CQP, start performed then is front suppliers, site gradually the handover in the handed for and with before

on formation noted last As fourth Hana and the complete team the section during and I the earnings aging the Tech in did and the call, Korea from installation quarter. mechanical completion the South

systems to on handed -- upstream this you see photo out And over currently being Here slide, imminent. and can all over operations. completed are to handing the all punched the system are of operations

of equipment and SemiSolid delivered U.K. core assembly in the is cell by the Lambert the unit casting Mpac platform The

first As this noted previously, critical milestone. on our the is path battery the delivery towards

at transport is being under milestone is the for and tests caster last the same to mezzanine caster factory in week, in caster As dry its Mo. being the which is U.K. of in delivery, room CQP elevated while March. the merging to completion order for in which the cathode unit installation to unit was reassembly meet and completed. the the caster, today, anode last from our ready next connection room merging final is the And platform the Mo in The into unit, agreed now in in anode the are reassembled acceptance the for mechanical

the today, operations. of in in here As safe preparing group. secure for FREYR to you on ready operators we on way shows see we opening it's an we clear And and various slide transform the completion again, punch the are project The remind key March the into as you delays check through that deliver items verify the quarter commit the is deliver is integrated system, way commissioning first component are be XX. of with that out to the mitigate can part the executions to we key as committed. event the and delivery, And And XXXX. jointly and we each suppliers project the FREYR have for us

sourcing available. made our that team managing on the briefly are further are now strategic progressing into materials -- is our Now that raw sure making

all at CQP, materials the and have are the secured. site the Rana. even For physically i been ordered arrived Materials deliveries Mo have in first

Arctic. to including secure the Giga also some needed the of the started XX the prepare acceleration, for to of close we process volumes Giga major raw And have by for secured We approaching to suppliers, U.S.-based. have a share them materials America

activities have supply to forward regional we driven addition, integration chains. build upstream In sustainable our

we joint ambition signing of a a a Finland Aleees development Finland and plant The FREYR develop approach. partnership the partnership is license the an With into Vaasa went in in business for the the Very Nordics. between common city outside LFP an of signature by of plant design case to the of agreement. started Finnish with recently, of Minerals in this Group LFP agreement a we

last you next we elevated will from Since the market On Giga out the the heavily page, have update, of see latest ground. construction site. Arctic the update

will mixing infrastructure installed the The the dry the in continuing of roofs photo. floors As building four and first being prefabricated completed structure prefabricated and upstream Arctic you be are the slurry at see aging photo, installed the steel end formation and place. is first line and the in Giga can and is of the for room where for are at and of contractors one the to building part powder back

Project control the production execution and and integrated production system. continues equipment, the now focus design with with engineering on line integrated

being As side implemented module with Nidec Nidec early final pack parameters the the west noted plot. of production operations Currently, with from plant configuration and Energy. the the these Energy design previously, into are layout of pending is

development America ongoing Tom, builds the first me also and plant. delivery give that design for plant engineering equipment in the in of close can production I U.S. team Currently, with accelerated before the for up managed re-engineering the for Finally, U.S. line note Arctic continued word cooperation required our please a FREYR in is to Giga scoping the of an the that initiate the Giga let

was you, This Tom. the to and now word update operational give back today the I of

Tom-Einar Jensen

Arve. Jan professional, Encouraging as you, Thank and always.

audience SemiSolid now Technologies, Let provide updates around XXM our remind platform. me the to and some

the we a choosing to is for it commercial platform batteries that, time which cost step selected the The this further two improvement when over for we aim change potential other all, criteria of it to and license was production aspect it. in offered today, performance a key produce. First was in us and when

various deepened our have say we ceramics manufacturing and markets fortified platform production, automotive with geographical States. ultra-high I'm speed regions. world-leading in working India, that is presence it to and localized based in include deep all discussions and supply industries [coating] These different relationships by from Secondly, a of the chain companies them. and United companies with proud Europe, China, Southeast leaders Asia, knowledge (ph) complemented energy and our from

due be cost effective at the will In the positioned we than fourth process analyses Arctic, quartile be have producers. our These the cost absolute that of ongoing for to Giga platform up the gigawatt we to curve. again at confirmed side show scale are more that hour diligence left-hand XX%

me highly market occur this over deeply decade. likely a Let you be remind will products that which is the short coming in battery to

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producer, important battery global in fundamentally for able In necessary components are a of these to all to to is which be batteries. competitive race elements addition scale, be for any

and activity With this security. already and incentives influx in The mind, massive energy ongoing governments has let me European in U.S. IRA of the to the U.S. ensure efforts created by now turn interest to

a battery a XX% are in as relative incentives direct to environment. as the For cost market can much Furthermore, our deeply important the producer, short which also incentivized structure. is incentives customers create very

response is While intense response, are coming. ongoing takeaway EU's Norway's is such on key debates heated a and the that and

included, for Batteries catalyst is transition. be globally many energy of the system by efforts increasingly batteries core XX% decarbonizing have energy clean recognized all the and to will transportation, redesign.

agenda. clean key working FREYR the and responses. is stakeholders We solutions are favor the optimistic actively in the U.S. drive same to European ensure competitive Giga to end Norway simultaneously. and Union FREYR attack and with cost targeted in results therefore is two will that to Norway projects comfortable

our Arctic increased regional capacity. and for financial for environment value fundamental and cost interest provides that global developments the will triggering battery create impact accelerating credits effective provide production is support Their believe option from from economics alone Giga America tax Giga This players. new the We short partners. strong

For U.S., capacity much capacity off the every U.S. installed per total a with with to associated yearly million exceed in the will, we in This XXXX gigawatt hour see produced as tapering batteries in until as $XX gigawatt such margin, installing hour by a healthy of the incentives be clear, XXXX. until CapEx

developments Corporate over U.S. in hand it mind, EVP to let this With of status you Jeremy Jeremy? the our and over now Mr. take through Bezdek, of there. Battery me FREYR our to Development of President

Jeremy Bezdek

Tom. you, Thank

about beginning and together such solutions Battery joining January. an across globe. is that FREYR end team for honored motivated I'm First, low multiple excitement battery I the cost, high provide of to express like work my back markets striving to experienced would quality team to with the

accelerate to U.S. Tom we chain our As to project. we partners sense alluded It our are need ignore our to in our investors. supply time and the simply customers, where point at cannot the makes earlier,

place site the land FREYR Georgia, was that the key over site attractive the U.S. last of the With acquisition for and the November in took milestone project. selection an in of Coweta in half XXXX, County, development culminating process the

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while have product evaluating that will a market providing options for multiple are faster, We fit we get purpose us the that desires. into production that

we engineering replicable and on into Arctic Slide X, is from project As noted line Giga the America. equipment Giga production the

to invest, ESS and customer We that are as domestic for in looking that downstream be an focused think for base partners them States not block expressed into move on production are supply. economic have we to project cell of as that for Many United in our FREYR enticing will standpoint, well the module of is need preference DC FREYR well. only the a solution their but from as

as So to of as also to options, continue explore acceleration would we are they to we what going demand product. available see meet our like the customer

there Slide our and of upstream opportunity strategic initial partners motivation well for incentive FREYR, the ability faster the work as provides The to acceleration flow product with well. the incentives, with The as fast-tracking on highlighted for As need. see from us available who to both demand multiple an to benefits downstream work simply move for standpoint, XX, and to cash as are IRA from U.S. the project. the FREYR drive development surging

in project. us fundamentally in margin Those believe to a expressed the potentially project that market. project, the options provide could In to we've opportunity from for financing have lengthy short phase sponsors to heard out supporting opportunity capture later the additional interest merchant would what provide through a financial the maximum which us process financing push we to addition, the is U.S. ESS sales

last State was was The from we wanted State on County with grant XX, quick million package Slide next week Coweta and the approved to the a to Georgia from two in closing closed tax land Moving the for are negotiated days. Coweta three of to abatement update There programs. incentive the and land that incentive provide $XX approved different million $X should two also of both the and The Georgia of be County. in months. be grant the coming will application

The well. with abatement million County Georgia package for the first process to We're of closed as tax which State $XXX in $XXX Coweta with the million. the close of

approximately the of These incentives project. $XXX in phases FREYR over total provide with million multiple

investment be both will believe Georgia. are we project both meet, there number to the from jobs growth phases standpoint. will that But of minimums in course, of requirements two created FREYR and a our Of through need met a capital

faster to our excited excited of build high To emerging and moving States. about ESS market to bringing Georgia in a Giga we're quality pace the the America the United restate, State we're forward about site in batteries in

With that, Tom, you. I'll you. send it Thank back over to

Tom-Einar Jensen

provides and and Thank honor globally ton you, already your massive for with our a progress both also background Jeremy. team. someone our partners experience have comfort It It is in development. with accelerating not and and true pleasure of the to a U.S. join least

solar has company example, view load our Supply see demand batteries in our to obvious, are as matters why coal dynamics plants, turn in cost battery why solution base now, zero most investor plus for suggesting displace installed should trigger replacing the solar battery sources temporary us. and matter to that together is level, of me grow only driven effect the price its and This a costs will today doubling the it therefore to of let generation. chain problem. peaker we converge Batteries seen with as capacity. mature, that massive intermittency and we the XX% the best one and even now as wind intensify more the solar are for inflation a cheapest most for curve today XXXXs. furthermore have will marginal decline energy in power learning back soon state this every Battery markets and of larger the community. At is importantly of me Let cost as they generation and fundamental energy will underlying when all And installed. it to other

cost have them. behind curve at past while has quite kilowatt to will instance learning couple lead of in dynamics for total been the decades much across reduction potential economics. cost the hour batteries more to hour scale over on Current XX the years, $XXX gigawatt learning for addressable all scope, only halving due market curve ESS with to a are $XXX ESS in and doubling cost a market, Solar's large per consistent system than

the Our secular homo therefore platform by too the downstream, focus in with on should history. exceptional fundamentally an alluded us platform SemiSolid in sapiens largest also shift provide growth Jeremy, as integrating

on enable be will level. front will not will also there reduction higher in cost fundamentally the our and for in solutions. and price the reduction of market battery, thicker lower This batteries will decade system merchant larger be new project markets the the electrodes off us the and both be are key costs, also short long price only enable take cost While to will battery decade of focus on finance solutions, significant which it us in reasonably unlocking technology critical to term play the but

will up of to and make approach International to system incorporate scenario, market such Let men. more energy new is why our we building as as can expected guidance variable some confident predictions Most and And the analysts by intermittent opinion, Electricity of other presentation. provide a sustainable can we me Energy future In probably sell-side large and energy strong to we by being generation currently Driven provide the previous XX% development what see which Agency's in deeper have how of adopted than the exponential that some agencies to ESS fails exemplified ahead to around approach in system coal thoughts XXXX we very in disruption energy forecasters, or us. are solar, what renewable projections. by scenario, let's using are or the linear now bullish are try increasingly by total. measure. our this triple part

is low earlier, the same bias Based system alluded the to with on record IEA's as side. likely track on this

solar Solar the in new times of are This source the XX in electricity period XXXX wind probably made capacity question, generation a and number of in and implies and and much in wind increase services. already plant capacity. higher for for cheapest in the up need XX% turn in widest system, the Distributed storage renewable a which connected the storage ultimate grid lowering providing generates expansion variable plus set the need and through a a reducing It's of grid power solution for indeed the virtual is cost energy consumers. massive XXXX.

democratized Several storage of the is and ESS solar as growth from plus therefore China, on material experience fundamental our with a can hour decentralized for world decarbonized, Germany. optimal is decades. We geothermal deployed hydro in and a in largest believe installed the is where backbone the solutions and already XXM coming deep terawatt over from wind, cost capacity markets, a partners, water and opportunity Distributed such solution. system, that This which effective very studies a at plus acumen scale indicate modularized Australia, ESS world reach solutions totaled industrial solar, and renewable of tidal, triple-digit energy pace a in plus that for segments investors. energy solution exciting our ESS regional FREYR, instance creates

parallel. to While are Giga positions together signals with purpose. already with Giga perspectives responses the for Strategy the Norway's CQP two summarize and at Arctic Union now of work in be sites the projects. launched are Arctic secured Norwegian main National electricity. material Giga stakeholders exciting, these strong me the ensure green IRA continue developed world-leading will have Giga to has and the already We XXX% Norway and Battery longer-term now in localized Arctic fit and America let increasingly our European support and key seen Government and

companies leading industrial near the incentives grow the multiple an should combination future. been these In seeing the to local, and FREYR number see the is the of the through expect platform more from provides production profitable. which to developed the we from partnership announcements heritage geographically This federal a with technology you platform specific from and and are increasing diversified global faster experience the U.S., leveraging in robust and with already U.S., CQP in and state, Norwegian of have

globally and of Beyond an the geographical diversification, our us across increasing set is with presence industry opportunity. even providing broader visibility and

the E-Mobility take the ESS first our to with alluded announcement strong E-Mobility complementing stronger this and speak. the from operationally. growing XXM earlier battery the with a but on our to global us also of very choice have partner have approach, by industrialization for interest have, platform, as of by Catalyzed Jeremy Solutions mark partner traction industry driven sector also already strategically agreement has off we year, lot which deep we We set our both also already the is we

have financing of triple partnership and from projects which hours ongoing capitalize EV-focused larger solutions a level should gigawatt deeper strategic with We number discussions, and project RFQs the also scale OEMs, further partnerships to annually. digit at scale double

While and we materials products, and unlocking chemistries US. Norway camp target of facilities over accretive for our products other securing supply into and other to, critical other time Jan opportunities our Arve upstream raw LFP-based value as that decarbonized with facilities is for finance the large-scale also also in focus and upstream alluded

development on All realizing U.S., traction the stronger project our for ever Norway against before. providing our term always in shareholder basis focus than in all, return. ongoing maintain prioritization commercial the and is and long ensure sustainable on the optionality, will these But efforts highest solutions we and balance the

a ended As And to as a me sheet word underline as our XXXX Financial discipline, for that, we our all the unlock with to of Officer, a financing to and efforts QX to let and Oscar we Brown, leave Chief over strategy our financials with. with you of year rundown potential. started this and provide strong subtle point, the it with the balance

And over Oscar. to you,

Oscar Brown

Tom. you, Thank

will our financial update the the update financial results as I and for quarter financing provide So and initiatives. our I'm the review year earnings in deck, full on slide an on of XXXX, as fourth well the

end most gain adjustment of the the a same value in million For of XXXX, with income for company's net last income our net of loss period compared warrant stock per $X.XX million the fair net the for non-cash to due share million recent quarter of the reported FREYR XX, liability on our result December quarter. price or changes ended quarter The $XX third was $XX $XX a from year. a

or company share million reported XXXX, share $XX year the a $XX of a for per compared full $X.XX loss XXXX. per million the For loss of with or $X.XX

based reminder, the at in value declines moves the when as things, the the a end stock adjustment quarter company's liability rises. each price the case other As of gains among stock on stock upon, fourth warrant around reporting period, fair was generally the and period-to-period, losses the

For a the was gain. $XX million full year XXXX, this adjustment

rate. the of the today spent $XXX $XX and all cash in We debt. quarter XXXX. during ended million compared fourth $XXX no net cash restricted of More of third cash importantly investment We year and for million and million quarter $XXX cash equivalents is with cash, the for our million with

offset were burn almost offering successful million. Our rate $XXX netted cash and capital expenditures completely company by our the December follow-on that equity in

Arctic, our overhead, earnings acre as and business site the on Georgia expenses our shown was financial corporate the for on XXX and Gigafactories operating purchase cash the expenditures, activities. U.S. the As well and update slide Gig naturally in as development of deck, spent capital primarily supporting other customer plant qualification

expenditures, that the going is we look reduce of capital burn but multiple the to development per factories, forward. activity, Excluding at $XX SG&A million our year, or including will current rate rates level overhead and of R&D around

Regarding XXXX, as by the of XXX is Section Under declining production will in the end XXXX, sooner time tax and to organization, on U.S., the broader credits are essence. focused in of our we Act, so be we can soon accelerate the as of phased and Inflation product get developing options the so Reduction capital in U.S. completely expenditures take Act began to the the efforts possible. market advantage out

progress our make this plans, significant will key equity U.S. on journey. to offering has and the but us in flexibility development Partnering be the to financing in given early December

have we in Union, i response as Rana, but We Giga pace the we measured Mo European anticipate a a continue will spending the from on IRA Arctic far so at to all us in our of Norway. to programs in favorable potential of projects importantly potential incentive the from economics significant. on U.S. responses and the around the as more The is impact Europe

up focus a in we our central is is highest-return policy. to capital projects Despite and allocating financing these financial stakeholders and and key event of the as our getting batteries have While XXM is at from qualification list primary testable to of longer-term This perspective. SemiSolid important FREYR, customer possible. de-risking long the validating as an a term then to producing plant Giga scale the soon the running near activities, platform

to successful institutional Arctic, spending general we $XX.XX begin shares December Giga previously, on to $XXX.X are progress project being investors of offering corporate complete development raising placed with of while Net early XX of Giga used share, offering per the gross continue for working purposes. proceeds mentioned financing, at ordinary on million. million America, As and in its this proceeds completed project

now will We advantage accelerate evaluating energy U.S. to to taking is expend of U.S. well battery Accelerating key robust the pricing in for and IRA. solutions effort the the options strategy significant as US as and the in address demand batteries storage spot both sooner. extremely and in to U.S. the market battery our market the also

to respect covering phase and financing, market Arctic, deep consultant With being project the of for insurance, second this Giga is by and engineering supply, due into the ESG, process lenders. the documentation phase and are of technology, diligence we led the with legal which five benefit

sheet bringing term to syndication. also our bank on of long mandated in preparation with arrangers initiated form the have lead We discussions project the

itself In driver ramp the on extend timing meantime, and While financing to formal our enabling second Depending financing broad quarter. will we make the progress, lenders' the course, of important beyond satisfying process. efforts the it before a up, due acceleration those diligence timing. EU we the syndication to project IRA overall and, understand terms which emphasizing are continue U.S. of Giga requirements, of CQP likely in is key the and of to responses, development where response Arctic on a is U.S. will could the continue launching land Norway of

the should in integration, long-term mentioned with I as us other has Arctic, strategic, with for growth interest As be widespread FREYR potential and and battery We financial projects market QX add existing institutions. demand EV robust interest This into appears we formation and Stock field expected entrance and in that I opportunities like belief America, fundamentals driven New strive continue the made for Giga commercial, and since report, and opportunities. for Exchange listing potential, down industrial a wide the its further the we evaluate to range capital mission ESS and by grow to believe as the both partners, well markets behind ago. progress and partners and from upstream take XX along the the months short FREYR's as who for our mobility incredible and York the Giga evaluate

as US another Act see have major when the a our Inflation Reduction as qualification the such plan the commercial catalyst financial customer and catalyst. and Again, we acted of ramp yet initiatives discussions, for

our as the are especially for outlook of for businesses around world. and grateful improvement governments being -- support addressing the demand and the financial shareholders as change on our the all ongoing are our we progress of well We fronts, urgency our climate the products as and and demonstrated in industrial all partners, continuous by of

closing With that, I'll Tom it turn to back over comments. for

Tom-Einar Jensen

year a has of year it been in we have us. a you, what Oscar. and Thank What front

our is then into me and a FREYR following. and to technology, live the accelerating ready chain production opportunity is value partners U.S. and efforts global company support from has FREYR capture champion with a number solutions battery becoming to from in challenge. are U.S. we multi-project financial, Let partners. FREYR technology growth. is, FREYR the space. large interest become FREYR of the battery track geography, a and is short, a on deep with for perspective. to summarize clean in global strategic the industrial the moving our

Finally, patience. advice stay or our support for should main is I My all thank your to go would like I say to long your longer. investors all to you and

the is March preface The over. a event starts clean Let the for one of history on Chapter solutions battery month more. upcoming me XX. and again Stay remind you today. finally from tuned

As our we the on put commit we deliver [indiscernible] and commitments. to excellently it, deliver

us I that, Jeffrey hand the back it to Q&A With guide through to session.

Jeffrey Spittel

think I up Operator, to Tom. open line Thanks, we're the ready questions, for please.

Operator

of Daoud Please Cowen. first go Instructions] today Gabe. to our [Operator And ahead. you. Thank question Gabe go

Your is open. line

Gabe Daoud

gigawatt-hour start you. a guess, just pretty us here the we Thank that getting remarks, real scale XQ targeting. all color that can for with really ramp. helpful. the maybe around Tom, CQP. Thanks give Obviously close first could Hi, curious everybody. prepared timing to production, little if you maybe really XXXX targeting for just to if But I you're

certain production? to do long how level So long that we or it of to get will take how

get to much of what really sense conditional, level CQP convert scale? around off-take to up in And how want see then of Just that the your maybe timing from follow-up to trying order would be get firm to gigawatt-hour they the to to want really -- that just customers, the a volume that. do Do the see? they

Tom Einar Jensen

for Gabe. morning, that you Thank good question. Yes,

the when course, the site. for will of equipment is So, start all basically important us on We XX operations of be March an date of CQP.

as gigawatt As continuously new the talked scale commercial hour but our customer we're actual platform not We're to have to the previously, it equipment, facility, time. over qualify going it to we different going and a to test solutions, SemiSolid is operators, run to facility. an qualification to run improve about plant train

in customers couple of so volume are our In important to things terms batteries there keep require, of of a that mind. there that are

First we have to already showed of all, excellent samples especially we and during batteries sent of as prepared performance. Nidec, strong remarks, mentioned XXM, very which from characteristics the

batteries not which Our batteries by the Nidec which off-take that going be to in agreements, objective, need deliver but as the XXM. but way good at to is as conditional the we the is for deliver firm, produced least from CQP key first performance

of chemistry, that. ones it going will that the a ones material we is batteries But don't the be the qualify require and and a XXM to per customer huge larger between amount factor. We into cathode form in same. anode difference the produced The will the produce

batteries second most and the these at Rana, we test will in our with up will So, lab. during start party production but third we on-site Mo ramp likely quarter customers, also i to

So, hour the then XXM, which also have, already batteries off-take in will at with other of what terms we agreements during produced with we and validating second from question. facility the the produced demonstrated produced all progress lot from CQP of both a at the quarter of see facility XXXX, scale a in gigawatt Nidec we've start testing now should batteries the in

continuous gradually that of the into journey a increase in and equipment quarter that increase third another and the quarter, and not of this the all availability important. the also year, of fourth second feature stopping be done yield, will the the next increase always going to first When but be is we is also quarter will speed, is going and that

be and CQP incentives facility. aligned is Arctic we relevant the So the news support our the ones Giga the performance very in will regard can with good scale all to need that have up that this from ecosystem the all us and The of in development. of show and the customers we are site XXM that to extrapolate to to on able be

Gabe Daoud

well. then standpoint, I around off-take, -- they from capital. Really start-up, you to little helpful. as also requires a check, guess of follow-up from want I want which then potentially do talk maybe egg about chicken bit more customer the a But I operations bit but maybe timing as far a a so And because as to clarity scenario a Tom. America. guess Thanks, order a pivoting of or Giga Can see writing maybe there? of as guess there strategic they to

that accelerated So truly Giga could how think about do Giga America? be how And Arctic? we alongside

Tom Einar Jensen

and around function only think many see who do having right? of a actually Well, risk" business who to alluded of let's call working of America "take coming the some what function to, viable things, more as larger out in development. fast-tracking we different a CQP. ready more function is in a the it's different CQP, variety to a plate developing perspectives the not of would of to and in it's of brownfield a do it, greenfield levels think a like options participating we of Giga function the interest, I from from, up to I Some case the of we are see sort IRA. various of production lines first that so couple options results on Jeremy type more which step interest are a But more data and It's

All development plan. coming to weeks narrow of into which we specific the are a in going down

number I have presenting are is these say that, with we industrial to strategic parallel options a of interest to in financial these partners, strong. the And and very and

bring more to So that are equation. what egg yes, of into that a we problem, deciding sense say, want will and deciding to then much the in of it's chicken right go I somewhat this is us and but how you on on partners

Gabe Daoud

guys. Thanks, Understood. Thanks, Tom.

Tom Einar Jensen

Thanks, Gabe.

Operator

of Thank America. please ahead. next Smith of to go Julien you. Dumoulin And the Bank question goes Julien,

line open. Your is

Alex Rabell

I appreciate Hey, guys Julien. Rabell guys. question. the It's on taking Alex for you

source bit monetize little all thought Just have if you Giga a think sort also capital? on on through to And credits upfront a here to story guys tax with curious U.S. the possibly follow it as of I'm ability the if of America. we from an based fast a balance talking there? more here to gigawatt risk lines. and hours, the like I eight to mean, take about an sheet then into opportunity effectively branch startup strategic do you're essentially track, try XX equity on is Thanks. there just

Tom Einar Jensen

over how Oscar, Oscar that about monetization different solutions? provide options on development to color we're hand on in one. for to this you can have it to chime Thanks I'm question. I going and some thinking

Oscar Brown

thanks, Yes, certainly. Thanks, Tom, and Alex.

you opportunities as is tax sure, have laws. And past to great of for options credits. simplified the yes, IRA, So with the a relative lot monetization these been there monetize know to

forward to to that. and do we're commercial the So talked We've several U.S. on of to in investors other the looking this. how banks

an But we do key to of that, the sort So of that's so up we far finance how pull see opportunity we the all that, pull can in real and do that, can will question to evolving how volumes be, market what production can there. time. close we

remind giga sort scale the to XX sense to give on Slide how economics the of you, you some did of a And it math centers. we hugely on just to production is impactful

see, that and think developing for can sure, we'll happen. but we that's So

I -- you want on will how America? to Tom, to sort flip address options on you for the just of Giga it different back

Tom Einar Jensen

Yes.

that that over Jeremy? fast-track a So, who more different for Giga call going to maybe the looking hand Jeremy, development. around also talk America in I'm bit little to the options to is a into we're on nuance

Jeremy Bezdek

a pace I in have mean, the put mentioned couple of well. next his of this figure couple answer to a have acquired different fast. of to initial to Tom the best we involve I Yes, question. will really that we're team, the for earlier weeks thanks on it got place. the that a lines I way, those last remarks, maybe in four land couple as and a that the is six evaluating could that as We've my which over Tom, early out move question, mentioned we in could around options options sprint the Thanks,

is of weeks the which time. bit said, defined team here approach coming And -- be be is in a hard actual it frankly, a and quite the of next on, but like an we the over six of this at to from yet, XXXX, will back work, overly narrow about the sort of we're short production into start previously timeline XXXX, bringing had -- we production announcing I we'll with so, it's plan acceleration over it's and it period as four very not talked the, into

rapidly I the but right something wish had it's is team now. it's quite evolving at describe frankly, with that point, I very this more So to

Tom Einar Jensen

complement just me bit. a Let

we're how thinking and you're directionally what of question. financial astute clearly kind part looking I quite As into the industrial course, of these and obviously as get in that, is path least option asking can think of the different evaluating. financing is and well, the evaluating. it's resistance in real options we're which, of lines side But whatever function We're discussions are up sort of strategic that, the are based running the same something a we also up against Alex, fast when of we partnership you production on of

produce to CQP we that of a for can we're on as accelerate. this. updates have as tuned capture the moving The we is, to as batteries quickly And message to as we from IRA different more main fast benefits can. which in the we're platform stay starting So kind now,

Alex Rabell

I it. And here. Got appreciate the color

similar for Giga we look I'm I to capital a spend land housekeeping I like piece, on the Just QX. out, the guess, seems point, pretty spend when the said at Georgia, Arctic it back just,

to currently So, curious Giga if here run about what ratable far as think to rate that's you're you willing sort on allocate of a Arctic? as

a could you method as little parallel if this expand you piece of and out you that think far what Thanks. investment look sort keeps European curious then, as sort what do a the here? response IRA far of as bit confident you're as like on that laying And might of

Tom Einar Jensen

to response going IRA I'm in to or first Oscar, on weigh part and ask So IRA the the answer you the question, of localized in then I'll the Europe.

Oscar Brown

Sure, yes.

it's So -- run fourth the third not a bad the rate quarter. in in

In the on of response a and on move to I projects. quarters to to the we've going the lot little and, to under on sort plan sort in terms progress move that. your CapEx. how enough got the question But our within cash our building what's be of on to is bit first Norway a of view think we'll course, change here, few might of of cover to we happen back on make of IRA could in available watching made sure half all some progress these fast we any of want this moment

continued and going years run a as buffer to rate finish safety America Giga have then a Giga on the And a then, have progress a cash for Arctic. We of overall out -- of still rate. of CQP. couple runway burn

the of Tom? that board in sort not specific out heard from you've approvals we're So previous a giving but quarters. we're guidance, line about with

Tom Einar Jensen

level, a variety national investigated Yes. both the well is of European as level. the at response, Union being IRA broad at there When as that it tools to localized discussed the are comes and

solutions fair Government largely to to direct of accelerated and say from, quite the will to follow advise related and which that et credit it's sort Norwegian an ongoing what it, heated grants, Union incentive the tax debate European call think that mechanisms let's spans will CapEx is I cetera. depreciation production

best speak, all realm, in call to relative on we're evaluating at advising, are would it, So Norwegian to the looking and the these and what work for counterpart us U.S. in our seeing what so we let's of

we it will Giga under so going it of optimistic early what too to the it's the be improve So IRA. to be, will Arctic that we're and closer that say economics significant, seeing but exactly what significantly to it it's are becomes definitely

expect a hopeful too jury that one-to-one we will is you'll IRA are But to what reasonably have the it of confident material still something that that project happen. is and will But to quite But that profitability that we're be is already profitable the improve something not probably underlying out. the is of. dramatically response a

be We and and on as we those when processes the providing this they will with are emerge. updates deep relevant stakeholders, into

Alex Rabell

it. Got guys, Thanks, congrats.

Tom Einar Jensen

Alex. Thanks,

Operator

Goldman question please next Philipp, the open. ahead, goes And is Philipp line go Koenig to you. Thank Sachs. your of

Philipp Koenig

are in taking on Yes. coming very presentation. how your long in that continue capital European pivot terms maybe of for are you question, also to how spend you and on dependent progress question And for factories? the can you to Norwegian external out going for Thank progressing the I how thank invest to IRA faster My is or U.S. you are pocket? first to willing guess just the of own the quickly to to how on basically much you CapEx you in or willing my response in sort long to moving the long for does both and back the wait get of the U.S.

the sort of bit second side. question And commercial my just is a then on

potential with technology. referenced your OEMs LFP no discussions for You

your know far takes you FREYR? there have now color LFP would much uptake off in by as in initially of passenger space. huge appreciated. car are see the be been in most OEMs. We and are of Thanks. Any lots I OEMs clearly possibility seeing a a But interest do ESS you Western targeting very for so of

Tom Einar Jensen

you, Thank Philipp.

So, projects depends, -- mean, so, we parallel. currently a the in on are to of it pursue -- comfortable end the both how this of I kind would day, right? I long at

localized we're measured being. primarily potentially kind about are of will at because into to the we process in we Gig talking And again weeks and the will before processes that's materials, evaluate project does main what see the the pace this. to being what As and then leads months that conversations Arctic in develop We're elements incentives clarity while describing end finance continuing to a see here up we this. on

in relative the have we project and project is the of before relative in its some As function a economics of alluded performance CQP to the to to similar a Norway the America. of extent project finance

the measuring when we So as to happening both be we again, and we will in monitoring closely this be they And material, consequences and the as them term. projects, will will optimistic pushing it near those we're responses with come and mentioned be the actions, forward and clearly. carefully more of are we'll the that that market, then see back

implemented. So see when National reasonably also that. will what we relevant last makers comes Union announced it understanding of let's Giga Battery Norway the to Strategy, sort June, are Arctic that strong in be we but by can reasonably imagine to far and how announcing these the incentives mentioned how have to when year access when news is European optimistic, exemplified happens decides decision Good response the the signals Norwegian you as

piece. So that's on that

ESS us we and/or relevant OEMs But for to just in today. applications When The it and clear, have, to for battery OEM could Asia with XXM and, be who from LFP-based mentioned, choice. large be want to the e-mobility partner not-so-distant interest future. to develop manufacturers partner come supply. relevant large parallel, to be we interest with partner in as comes and Europe from of It aspiring the to technology is industrialization are EV applications an

looking LFP the absolutely OEMs You're indicating to on to in drive supply spot large that increasingly are down cost.

larger batteries are be of high-nickel LFP-based picture cost large a better, is system replicate battery solutions. the sort extent, the are replaced into back improving, by content of becoming design Now and or these packs -- coming that will, and to level

And providing a having and One conversation cathode over announced opportunities. the company Europe we be OEM's announced or very -- been the have half we with time, production LFP on LFP-focused indicates to, additional we of us The large final have Group. to has we're this thing LFP in being that Finnish it have say pivoted ambition Nordics. now I'll of active with announced material that Minerals is needs more our an is will partnership and localize in specifically our

So LFP we localizing capacity are large-scale there. into looking

LFP need supply call others is localized in LFP potentially it, the of this the potentially that one we into need producers of not vacuum. if partners, We're something we're doing large also from with doing batteries for that. as material same. the of together be LFP Today, not let's most all it, as an of decarbonized sourced well that larger increasing, OEMs Asia, the And that large and and the will batteries, are the for

So clear yet. how this strong very not situation setting a turn and to is the to for back is is, Exactly market. in. will us come when it's to out be And it going we

Philipp Koenig

sales them first you question Thank to the and like the line, of verify is you. because just assume Nidec with agreement one validate Maybe of if already off quick that on of sort I to come on it cells? CQP, quality the first have call fair ask that have firm sort of seems a sort the -- the

Tom Einar Jensen

assume. fair absolutely That to is

Philipp Koenig

Thank Okay. you.

Tom Einar Jensen

Phillip. Thanks

Operator

Thank your you. Clarksons Nili, please go And the Eslah next Securities. is Nili ahead, line question to goes open. of

Nili Eslah

Southern financing continue on And milestones, start on large different major could get ramp I you CQP, on just about will that certainly, part says comments CQP provide financing. of but to production is guidance the -- How like any that? on, capitalize everyone. -- or ramp-up ramp-up other the of dependent just up would what will Hi, the at it as or

Tom Einar Jensen

Yes, I'm ask -- going to

Oscar Brown

Oscar maybe -- I'll is this Yes, start

Tom Einar Jensen

Yes.

Oscar Brown

thank So that. you for

by many but sheet CQP primary ramped getting yes, our that so Giga or to in for about, precedent we've so production, that piece term has customer, this in acceptance the financing primarily, the it project things case, part, batteries testable in an negotiating as key Nidec. we're relates Arctic conditions is So a the talked up, that

that's a item. So timing key

working already of in our we've mandated our on arrangers with financiers the then, other ECAs all terms and market project. -- the lead with of sounding the been and progressing and In course, market and

sort EU seeing some out combined sort complete will judgment be of of call see based financial the whatever on syndication of out Formal with kind CQP to and the Norway a full picture. activity we of response the of

the that's driver. So primary

But a does side. with want other lot particularly of looks. activities. the deep impact come strategics are it CQP and People high those discussions, and see to the on something It of technical already pretty out financing how

huge the it's don't well. going until anticipate we implications that timing So around ramp while long -- we as CQP as up

something? might Sorry, to want Tom, you add

Tom Einar Jensen

astute an think I that was answer. No,

Nili Eslah

raw if do for? that remind two can follow-up besides bottlenecks the us then go And know you I And that Thanks Great. I securing have far to do probably on could materials, that. for you right. deals, you on of you And point of have beyond All but where time, largest how securing those? the how see you ahead lithium?

Oscar Brown

been CQP call, to Mo has needed raw and while, all has out securing the i gone I've had for and secured a and as everything we quite the also lots that already First the the materials Rana. now said of of material in is startup delivered for up ramp of

for to indicated, we the Gigafactories. we suppliers approximately America. the is for XX as have to approached approaching I And obviously actually Giga necessary also think I suppliers. step next also start the volumes committing So are And now

Some actually the located supply. on that to one. of sourcing as commented to that's important you U.S. strategy And them yourself continue on us in Criticalities think extremely lithium for broaden I our

We on of have we license with to Taiwan, remember, agreement you a as one continue that as in Tom have, developing probably need indicated, expand alternatives obviously and we were different ourselves that we addition we're the to have to one. Aleees

when go back important for And one. will I from you correct sure there, raw to materials. yes, announce probably into we that's to most not here, the it if I'm but that And going the is come think more commitments details

Tom Einar Jensen

do before as the and have that the up and further continuing on both needs covered to we to decarbonized to we Giga will additional said our raw material for down this drive cost think Again we production something not to XXXX own. its. largely in I and Arctic of are we're opportunities evaluate is localize

collaboration will for going production into critical solutions, LFP others large with the do also of localized tapping materials other it batteries but in context. in raw deep a demand the We strategic into

the critical And battery Remember, into to of are manufacturing will supply want catalyst an necessarily in not owner that Asian decarbonized also as an it. but localized localized off the you about in but well chain, battery a Asia. for in raw manufacturing. as States, we to on to be gradually battery we predominantly ramp-up, production United it's rely Europe and in a to It's as materials pivot taker secure stages a about from going supply. sustainable, partner early and to a the it supply unlock and strategic the need supply, cell not existing dominant cell only the But in which

Nili Eslah

for question. our taking Thanks Great.

Tom Einar Jensen

Nili. Thanks,

Operator

go the Thank Morgan is ahead, Adam, goes open. question you. next Stanley. of your to line please Jonas And Adam

Adam Jonas

Thanks, everybody.

sign you one, first partners from in the to agreement us ramp? binding remind a your that consider rate success what a minimum the Just if consider what's could the would order CQP, essentially reject that they would

Tom Einar Jensen

you question. So that Adam, for thank

that performance basically out first that's form think the XX/XX performing is need centimeter that factor see in the that. they that of actually electrochemical to factor we XX/XX we producing, form with a large XXM, the are example which and electrode the that came accordance foremost, recreate is I So

of the yield facility low have uptime and in low the will early We days.

progress is on can electrochemical the which yield Nidec both there uptime be and as a long our function the uptime from we is in As that will gradually equipment samples. efficiency, overall as compensation replicate as long movement you towards initial show a this targeted and is moving of yield, of the and properties view know, as of good enough point we that

also And inside have at point Nidec take as been are and approach transparent same as the customers. other that we our have from we we together established that activities long will least is roadmap these suffice roadmaps with very our be will trending view, which what on various an customers. and Then we with this should of

issues basis regular have low, be and will off we lot reporting on on that expect a So will problems. uptime will we very of time, yield start and they over a

all probably as many them error that and potential procedures previously, of as than X,XXX we sources more and operating established twice will mentioned identified problems. have of standard have for We I

experience into So, the good face, based to processes process their different mechanics own to but stakeholders are a working start but electrochemistry working plus from have view to XXM And we of course, as plus of from but view, expertise many also at provide of SemiSolid high-speed of these combination actively will with coating support in the manufacturing many the Nidec of also point that. sort we scaling in well production as energy a it's with things. transferable least deep a challenges relevant they the point in things an as ecosystem of intensive We're scaling of are that field. ramp-up

as good Nidec. enough trending demonstrated properties of the right electrochemical are reject as that produce with and have are long we will But long we for rate as high direction within be the in tolerances the we initial that previously the as batteries that

Adam Jonas

financing are that one tax unchartered think gas I experience pull kind the Thanks, compare extensive precedence know oil credits Tom. from or for of project you, an we didn't to world could territory. of in Oscar any that? on there's and your anything forward monetizing the we if

Oscar Brown

there's have renewables and that other around seen, comparable. Yes, in in more actually completion. of more typically, plant we financing of think Adam. in Thanks, Yes. is And the I past, sort probably right solar sort comes

so be market. forward hopeful that I opportunity here So it this the optimistic may But ahead ease of trick in -- a and there we're development, pull plant is to bit would think, completion of an the that to some little that. be given a and from monetization,

what kind And to. alluding so that's was of Tom

so the the the and around But minimum, translate commit that merchant under to a it is because willing financing bit my production, it have plant right the a to if great it's at be development contract, to that to we might that especially how of monetize think market we'll a we can forward are time would forward. do you ahead banks pull is pretty completed think of be would we But a little bit understanding -- So they're time. that little balance now. a into

the real-time sort of it's improve understanding And IRA, say regs be evolving may This to but anything, the which see just course, quite we'll clarify there So straightforward. as people is some is good. of of what treasury their benefits. pretty

to how we've But see. we'll with might work. it So got out our a sort of few counterparties months figure

Adam Jonas

Oscar. Thanks Thanks everybody. a lot,

Oscar Brown

Adam. Thanks

Operator

Thank go next ahead. Mandloi to Maheep, goes of Credit Maheep you. And Suisse. question the please

line open. Your is

Maheep Mandloi

Hey, for the good morning [indiscernible]. Thanks questions here.

included here, XXXX to out it talked at factory, you module about look revision talk about like, guidance? of or expecting manufacturing CapEx as estimate? you module like just the and U.S. initial the that on kind accelerating the for the the the is of Are could CapEx could also, in manufacturing any you us early Just as remind mid timing build you you to

Tom Einar Jensen

Maheep, thank you question. for that

us, alluded deep to, options we Jeremy finance, evaluating initial equity line, that greenfield, different arrangements partnership and first brownfield, different of it. As around different neck of we are couple scenarios of in front in project sort the have finance, production step

to for up. be little So can us concrete bit of start we sort too as a early it's when we believe to

say then like be terms in more XXXX done when looks of specific have initial the we investigation. So we for what now, that and we'll

something to of a the and only block we need actually can we developing that Jeremy in This product. obviously cells, the of necessarily options evaluating customer because don't number together looking as area we're how want engagements module in with also our U.S. of And that, downstream are, DC of that. as part a Nidec various Norway. play into alluded they ESS also to was that kind final development also What is we are in battery

specific that the cell on us is manufacturing per more work less. hour in to with next six done weeks. the to basis But know, relative four significantly As kilowatt on when the come let we've CapEx related to back a that you estimates

Maheep Mandloi

some Got its supply you. earlier supply lithium from then And news something hubs one Yichun potentially more on in timely today China, province. of reducing --

I does how supply these does but understand have assumptions exposure in of global pricing Thanks. about like, global lithium challenges? should you that get pricing, how directly, curious, we probably don't cost like, and all because how that, curious Then all assumption? -- just you China Just impacted of impact of that kind think lithium your your

Tom Einar Jensen

Yes.

critical the are But agreements, of and volatile, is with. hydroxide a a are industry take also at they and lithium the in that it's mechanisms in materials So that grappling both raw battery have in have spoke defense as you and critical we are off carbonate. many big course pass-through question this lithium market the our one most a that most know, that for in and

exposure agreements. long-term part passed price off contractual is And on impacting in in the is that to our that something that structure of to take So large the obviously pricing the negotiations overall customers.

the contractual Now, that like through are that so feel is constructed. things. of quite that's on we kind the if hedging significantly side of being volatility how framework you We commercial

day Now at large -- coming a people are are the material end businesses. the people behind we upstream extent raw FREYR of based to from

do the understand we material So fundamentally in profitability industry. a bit raw secure based little how around to

what embedded of way approach. profit to the that it company most, choice call let's the label industrialization in for do partner accretive in how and the is we So

actually also partner view triggering companies see variety and large And industries hand our we carbonate, so of anode hand, of We or on material, and on production of the on the part dollar to multibillion volume in lithium again to will a intensive not lithium broad upstream. off-taker of from of thing copper opportunity only forth. and offer combination hydroxide, what a energy, other cell one but and LFP foil FREYR that to product be one intensive material, so energy an is process stakeholders is global with potentially battery experience point

in And itself the essentially. that is United over years, something States and Europe that will the play coming months and both in out

of So variety we the cognizant we to Clearly, a us. up with have partners challenge. that are team of broad want

raw We mentioned, contractually, materials Arctic as have to Giga secured until XXXX. up

XX raw processes ongoing about materials looking have now out, secure the broadening for U.S. into that how including to also from We

in decent all, we shape are this regard. in I think So all in

Maheep Mandloi

Thank And Got rest you. that. it. appreciate take the offline. Really I'll

Tom Einar Jensen

Maheep. Thanks,

Operator

BTIG. Thank go you. And our Lewis final question today please ahead. of goes to Gregory Greg,

open. is line Your

Gregory Lewis

morning much, that you the one exciting. was to everybody. next question. keep Tom, I realizing realizing that hoping month good very to thank the Hey, good afternoon I'll is stream along, just it be like and live pretty just and CQP causal going

flow, kind path, we of way hurdle as the forward? of that, as any how about kind up once we there think CQP of kind news we is basically think event timelines, should XXXX is rates moves Beyond for

Tom Einar Jensen

Yes. be sure. a FREYR events XXXX, going and news lot that's to in of Well, flow there's coming for from

company a headache We opportunities a that. being are moving to battery come becoming I've said, Company" as that from, "PowerPoint with with and a

all the front potential, an XX event including more sort and think around of will the I color around how where course what of be March in is, partnership-based more of approach of us presented is we're of and faring nuance that.

And then expect report the us of principally, in CQP. you performance should course to

expect on You produce. report properties batteries us we to the the should electrochemical of

You and facility. should yield, uptime report expect us the to development and on the and

the You to on might sort should course otherwise industrial should EV mainstream us a traction, of on customer or or or financing we finance on additional communicate see financial and partners strategic branch ESS as report expect also us appropriate. could side to and you project project additional expect into level which around progress

asset, exciting pace to been prepared of be the smooth moving challenge, we will a we produce document year. but don't have expect doing to as which be it ride, forward we real we for We to but at expect we degree of batteries, to will sort ability well now our world a and it very the be have a and the are

Gregory Lewis

great day. a the have and of much very rest you Thank day. Great Okay.

Jeremy Bezdek

Thanks, Greg.

Tom Einar Jensen

Greg. you, Thank

Operator

Thank you.

any further no remarks. to questions. have I'll We Jeffrey back for hand closing Spittel

Jeffrey Spittel

you Thanks, in you hesitate out we on all time this forward much Well, starting questions person or Please reach conclude interest. will Nadia. That again. week. road to don't and very of a for virtually and number to the thank me look the with your seeing to additional call. Thanks

FREYR Battery (FREY) 27 Feb 232022 Q4 Earnings call transcript