FREYR Battery Announces Austin, Texas as Location for New Corporate Headquarters

FREYR Battery (NYSE: FREY) (“FREYR” or the “Company”) announced that the Company has selected Austin, Texas, as the location for its new global headquarters to geographically align the Company’s workforce with its operations and strategy to provide solar modules made in the United States. This announcement coincides with the ongoing ramp of production at FREYR’s G1 solar module facility in Wilmer, Texas, which already employs more than 1,000 people across the Wilmer and Dallas communities.

Establishing Corporate Headquarters in Austin, Texas

FREYR has selected Austin, Texas as the location for the Company’s global headquarters in support of FREYR’s corporate development, operations, and strategy. Austin is strategically located near FREYR’s operating U.S. solar module manufacturing facility in Wilmer, Texas, and provides access to an emerging talent pool within the booming, business-friendly Texas economy to support the Company’s growth aspirations. FREYR’s global headquarters will be located at 1211 E 4th St., Austin, TX 78746.

“Today marks another important step for FREYR as we execute our strategic plan to establish an integrated U.S. solar + battery storage manufacturing enterprise built on advanced technology,” commented Daniel Barcelo, FREYR’s Chairman of the Board and Chief Executive Officer. “Our global headquarters will be in Austin, Texas, which is a vibrant and fast-growing hub of renewable energy and advanced technology development, strategically located close to our operations. As we move forward with our strategy to build an integrated American solar + storage manufacturing network, we intend to bring more than 1,000 new American jobs to the Texas economy. We look forward to building our teams in Austin and Wilmer, establishing a Texas job creation engine, and working with our partners across industry and government to invest in critical U.S. infrastructure.”

Sale of Coweta County Site in Georgia

In conjunction with the Company’s relocation to Texas, FREYR has entered into a definitive agreement to sell its 368-acre site in Coweta County, Georgia, to an undisclosed party for gross sales proceeds of $50 million. The transaction is expected to close on February 15, 2024. Estimated net proceeds to FREYR are expected to total $22.5 million following repayment of previously received state and local grants.

FREYR | www.freyrbattery.com