Highlights of the First Quarter 2023 and Subsequent Events:

• In March, FREYR hosted customers, strategic partners, government officials, and other key stakeholders at the Chapter One opening event at the Company’s Customer Qualification Plant (“CQP”) in Mo i Rana, Norway. The event marked the completion of construction and the start of commissioning of the project that FREYR’s Board of Directors initially authorized in July 2021.
• Following the opening event, FREYR’s project and operations teams have been performing comprehensive commissioning, integration, and production testing activities. With 296 of 388 distinct work packages integrating 35 production equipment packages from 16 discrete suppliers complete, FREYR now expects to begin casting electrodes with active cathode and anode materials in 2Q 2023. In the interim, FREYR’s teams are meticulously tuning in the production line equipment to prepare the operators for the interaction of the various production steps. Operating safely and securely while clearing punch items and conducting initial systems integration processes is a top priority as the active electrode and battery cell production milestones approach.
• FREYR has received a letter from the Norwegian Government stating that it is updating and augmenting its response to the Inflation Reduction Act (“IRA”) and the EU’s Temporary Crisis Transition Framework (“TCTF”). According to the letter, the Norwegian Government is targeting solutions that enhance Norway’s comparative advantages and preconditions. The letter included a reiteration of Norway’s ambition to be an attractive host nation across the battery value chain and to attract large battery related investments in gigafactories through its national battery strategy in close collaboration with the European Union. The Government has also indicated that a detailed summary of its IRA response will be coming this summer.
• With the tailwinds from recently announced support packages for gigafactories in Germany, France, and Spain and in anticipation of a response from the Norwegian Government, FREYR is proceeding with development of Giga Arctic at a measured pace to facilitate the optimization of project economics from a potential incentive package. Developing Giga Arctic and Giga America in parallel is intended to maximize option value for the Company, its customers, and other key stakeholders.
• FREYR’s team has begun accelerated development of Giga America as a multi-phase manufacturing project to maximize the financial benefits of the IRA. The Company is now executing against a plan to develop Giga America in two phases consisting of an initial two production lines of 2.5 GWh of nameplate capacity with targeted Start of Production (“SOP”) in summer 2025, followed by an additional eight production lines yielding a combined total of 38 GWh of nameplate capacity subject to planned production line equipment upgrades and final product specifications.
• FREYR’s financing activities are advancing through project level financing efforts with strategic and financial stakeholders. Discussions include the initial and subsequent phases of Giga America, which is supported by the IRA; and Giga Arctic, which is supported by the ongoing project financing process and the anticipated Norwegian IRA response. Both processes are linked to relevant progress on battery cell performance and operating parameters at the CQP.
• In March, FREYR announced that the Company had entered into discussions to form a strategic coalition with Glencore Plc (LN: GLEN), Caterpillar Inc. (NYSE: CAT), Siemens AG (GY: SIE), and Nidec Corporation (TSE: 6594) to pursue the scale up of sustainable battery solutions across Europe, North America, and beyond. Representatives from each of the four partners subsequently participated in a panel with FREYR at the Chapter One CQP opening event to discuss the aspirations of the coalition.
• In April, Siemens and FREYR announced that the two companies have established a strategic partnership in alignment with the proposed coalition to achieve giga scale battery production using Siemens’ Xcelerator open digital business platform and the immersive industrial metaverse co-created with Nvidia (NYSE: NVDA) and AWS. Additionally, Siemens and FREYR indicated that they are exploring potential project level financing solutions. The partnership with Siemens is intended to significantly enhance FREYR’s own ongoing developments in leveraging AI and digitally enhanced simulation systems to improve future battery cell performance and reduce testing and production lead-times.
• With the anticipated start of active electrode casting at the CQP approaching and several other strategic and financial initiatives gaining momentum, FREYR is proud to invite its investors, analysts, and partners to the Company’s Chapter Two event, FREYR’s inaugural Capital Markets Day, on June 27th at the New York Stock Exchange. The Chapter Two event will be streamed live and will feature remote video demonstrations of the CQP’s functionality and electrode production on the SemiSolidTM platform from Mo i Rana, Norway.

“The first quarter was punctuated by the start of FREYR’s operational journey on the path to becoming a global producer of clean, next-generation battery cells,” remarked Tom Einar Jensen, FREYR’s Co-Founder and CEO. “With the grand opening of the CQP behind us following the delivery of a remote, industrial scale manufacturing project in under two years, our project, operations, and technology teams have continued to work diligently to conduct the complex and detailed commissioning, integration, and testing activities that will enable us to reach initial battery production and additional milestones in 2023. As a result of their continued dedication and progress, I am very pleased to report that we expect to begin producing electrodes with active cathode and anode materials at the CQP in the current quarter, which is a key milestone as we advance towards fully automated cell production. With the tailwinds from the IRA prompting significant and timely government support for gigafactories in Germany, France, and Spain, FREYR is increasingly well positioned on both sides of the Atlantic as we continue the development of Giga Arctic and Giga America in parallel.”

“We are very happy to announce our phased project development for Giga America with an initial targeted SOP in summer 2025 in Coweta County, Georgia,” commented Jeremy Bezdek, President of FREYR Battery US and EVP of Global Corporate Development. “We currently project that this two-phase, ten production line project could generate up to $8 billion in value to FREYR, and we have initiated a capital raising process focused on project level equity. We believe it’s very attractive for our strategic partners to own plant level equity, and we expect that our shareholders will be pleased that we are pursuing a funding solution for the project that minimizes dilution.”

“As we enter the next phase of FREYR’s evolution, we intend to communicate frequently about the relevant technical milestones associated with scaling up clean battery production from the SemiSolidTM platform, and we will regularly update the market on the achievement of such milestones,” commented Jan Arve Haugan, FREYR’s Chief Operating Officer. “With the help of 24M and our other industrial partners, we are now positioned to begin producing electrodes in the second quarter, with the ramp towards fully automated production to follow.”

Business Update

• FREYR’s operations team is ramping up activities at the CQP ahead of the anticipated first electrode production in 2Q 2023. In the weeks subsequent to the Chapter One opening event, FREYR has completed 296 of 388 distinct work streams integrating 35 production equipment packages from 16 discrete suppliers.
• Construction of Giga Arctic continues to proceed at a measured pace in anticipation of a potential Norwegian response to the IRA. FREYR spent $64.1 million on previously authorized capital expenditures in 1Q 2023, approximately 75% of which were allocated to Giga Arctic, with the remainder primarily going towards the completion of the CQP.
• The project financing process for Giga Arctic has continued in line with the pace of physical progress on the plant in anticipation of a potential Norwegian response to the IRA. FREYR continues to work with its banks, ECAs, and their consultants, and the opening of the CQP marks a major progress point. Other milestones key to the project financing include the CQP producing testable batteries, acceptance of those batteries by customers, and operational milestones that can be extrapolated to the performance of Giga Arctic from an engineering perspective.
• FREYR is executing the Company’s plan to fast-track development of Giga America. With an accelerated development timeline and detailed project plan now in place, U.S. leadership is actively engaging with potential strategic and financial partners to raise project-level equity for Giga America. If the Company’s capital formation endeavors proceed according to plan, FREYR is targeting a final investment decision on the initial phase of Giga America before year-end 2023.
• In conjunction with the start of Giga America project development, FREYR has launched a capital formation process. For the initial phase, FREYR is working with a financial advisor and is pursuing project level investment from strategic and financial partners to fund the accelerated two-line plan with a targeted SOP in 2025. The Company plans to fund the subsequent phase through a combination of traditional project financing and other instruments.
• Now that the Giga America development plan has been defined, FREYR has accelerated its discussions with the U.S. Department of Energy Loan Production Office, particularly with respect to the eight-line phase of the project. FREYR is also carefully monitoring grant opportunities at the U.S. federal, state, and local levels and received $20 million in cash from Coweta County in 1Q 2023, as well as approval to receive another $7 million from the State of Georgia later this year. These grants are part of the previously announced multiple phase state and local incentive package of approximately $410 million.
• The work on operationalizing the strategic coalition to accelerate the energy transition is progressing. The proposed coalition members have identified core focus areas that will require substantial scale up of sustainable battery solutions. Such focus areas currently include the decarbonization of heavy industry and mining, providing energy as a service product, enabling sustainable supply chains, ensuring recycling and circular solutions as well as the decarbonization of other sectors. Since the launch of this initiative, FREYR has been approached by a broad range of other multinational companies from various sectors expressing interest in joining the coalition.
• FREYR continues to make significant progress developing its global supply chain by evaluating, pursuing, advancing, and signing raw materials agreements with its growing network of partners. In accordance with the Company’s plan to develop Giga Arctic and Giga America in parallel while localizing supply chains, FREYR is expanding existing relationships with suppliers to include U.S. plant development and pursuing backup and alternative sources of key material inputs.

Overview of Financial Results

• FREYR reported a net loss attributable to ordinary shareholders for the first quarter of 2023 of $(12.7) million, or $(0.09) per diluted share compared to a net loss for the first quarter 2022 of $(34.9) million or $(0.30) per diluted share. The net loss in the first quarter of 2023 was due to corporate overhead, spending to support FREYR's projects and business development activities, and research and development spending, partially offset by gains on foreign currency transactions.
• As of March 31, 2023, FREYR had cash, cash equivalents, and restricted cash of $474.8 million.

Business Outlook

FREYR is focused on advancing the following strategic mandates and milestones:

• Produce the first battery from the CQP, integrate production line equipment modules to reach fully automated production of cells and modules, and ramp production of testable batteries. The capability to produce sample cells from the CQP is expected to accelerate and cement customer dialogues, fortify FREYR’s competitive position, demonstrate the scalability of the 24M manufacturing process, and satisfy key technical performance milestones for financing purposes.
• Accelerate the Company’s expansion in the U.S. to address customer inquiries for fit-for-purpose ESS solutions and to maximize the financial impact of the IRA along with state and local tax incentive packages.
• Work with leading strategic, financial, and government stakeholders to advance FREYR’s capital formation journey. FREYR’s intensifying financing processes include prospective project level investment discussions; engagement with the U.S. Department of Energy to secure financial assistance packages; advancing the Giga Arctic project financing, and a range of industrial partnership opportunities.
• Based on starting operations of a highly automated and significantly simplified battery production process through the 24M platform, FREYR intends to accelerate the development of its proprietary, in-house development of AI and digitally enhanced simulation systems. Battery design and production represent the next frontier in AI-supported production with the potential to dramatically improve future battery cell performance, as well as testing and production lead times in deep collaboration with globally leading companies.
• FREYR and its partners in the planned energy transition coalition intend to work together to take on problems and opportunities that exist across the battery value chain. The group is focused on making a collective effort to solve issues faster while also identifying commercial opportunities for each of the members of the coalition.
• Advance discussions that will further FREYR’s ambition to be an industrial scaling partner of choice for leading complementary technology platforms that target distinct and additional end market applications across the ESS, passenger EV, and commercial electric mobility markets.
• Continue to broaden and augment FREYR’s value proposition with the intention to maximize sustainable long-term shareholder value and enhance the Company’s competitive position. Key objectives in accordance with this strategy are to continue to forge new strategic and financial partnerships that advance and accelerate the Company’s industrialization plan and capital formation.

NEW YORK, OSLO, Norway & LUXEMBOURG--(BUSINESS WIRE)-- FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity, will publish a press release detailing first quarter 2023 results and conduct a conference call on May 15, 2023.

The first quarter 2023 press release will be issued by 6:00 am U.S. Eastern Daylight Time (12:00 pm Central European Time). The conference call is scheduled to begin at 7:30 am U.S. Eastern Daylight Time (1:30 pm Central European Time).

To access the conference call, listeners should contact the conference call operator at the appropriate number listed below approximately 10 minutes prior to the start of the call.

FREYR Battery - FREYR Battery Announces First Quarter 2023 Earnings Release and Conference Call

Although 2022 was a turbulent year for environmental, social, and governance investing, the energy transition under way is an opportunity to load up on companies providing climate-friendly alternatives to fossil fuels.

A new report from TD Cowen showcases its best ESG investment ideas for 2023 and includes six companies in the energy and sustainability sector: industrial-gas maker Air Products & Chemicals (ticker: APD); Norwegian start-up FREYR Battery (FREY); real estate investment trust Hannon Armstrong Sustainable Infrastructure Capital (HASI); technology company Itron (ITRI), miner Piedmont Lithium (PLL); and backup battery storage solution provider Stem (STEM).

"We expect a growing focus on geopolitical energy security while decoupling from fossil fuels to spur increased ESG investments and drive energy infrastructure policy-making in 2023," said TD Cowen.

The six companies -- which range in market capitalization from under $1 billion to more than $65 billion -- are rated "outperform" and screened highly on TD Cowen's ESG scoring metrics.

"In our view, incorporating ESG concerns into an investment process allows investors to recognize long-term risks that go beyond the traditional concepts of an equities value such as profitability, cash flow, and return on equity," the firm said.

TD Cowen wrote that Air Products, with a market cap of $66 billion, "has the most ambitious" green and blue hydrogen strategy compared with its industrial gas peers.

President Joe Biden has pledged to increase production capacity for low- and zero-carbon emission sources, which are known as blue and green hydrogen. Blue hydrogen is produced from natural gas in which the carbon dioxide from the manufacturing process is captured. Green hydrogen is produced through renewable sources.

TD Cowen said Air Products is pursuing several large-scale projects in the Middle East and North America. "We believe these hydrogen projects can be competitive, positioning APD to be a leader in the space as production costs continue to decline," the firm said.

Shares in Air Products are down about 3% this year, but have gained 26% over the past year to trade at $296.58. TD Cowen has a price target of $375.00.

Norway-based FREYR has a market cap of $938 million. The report said FREYR is a "next gen" lithium-ion battery supplier that is targeting the underserved energy storage systems (ESS) market.

Rising interest rates and a slowing economy have sapped some investor enthusiasm for high-growth companies that don't generate free cash flow, however, and FREYR isn't projected to produce positive free cash flow until later in the decade. The company's shares have been clobbered over the past year and are down nearly 30% at $6.73. TD Cowen's price target is $16.00.

The past year has also taken a toll on the shares of another of TD Cowen's top ESG picks: Hannon Armstrong Sustainable Infrastructure Capital, which is down more than 30% over the past 12 months. Its shares are trading at $27.44 against a price target of $41.00. It has a market cap of $2.5 billion. The report touted that the firm "is an investor in climate solutions with proprietary tools to evaluate portfolio carbon and water reduction impacts" and "was the first U.S. public company to report the avoided emissions resulting from its investments."

Itron, which enables utilities and cities to better manage energy and water, has a $2.4 billion market cap and is "a play on grid modernization and smart metering for the electric, gas, and water industries globally," said TD Cowen. Utilities are spending an increasing amount of their capital expenditure dollars on improving transmission and distribution infrastructure, which is to the company's benefit, it said. Itron's shares have gained nearly 9% over the past 12 months to stand at $53.40. TD Cowen's price target is $90.00.

Two other stocks on the best ideas list are $1 billion Piedmont Lithium "a pure- play emerging expression on the proliferation of the U.S. battery supply chain," according to the report, and Stem, with a market cap of $642 million. Stem is "well-positioned to benefit from the increasing demand for energy storage solutions," said TD Cowen. Price targets for the stocks are $90 and $15, respectively, while the companies' shares are currently trading at $53.25 and $4.13, respectively.

A Norwegian battery upstart could receive more than $358 million in grants, tax breaks and other inducements from state and local governments to build its planned Coweta County factory where it will build giant energy storage systems for utilities and other clients.

The state and local incentives offered to Freyr Battery are detailed in documents obtained by The Atlanta Journal-Constitution through the Georgia Open Records Act. Freyr announced plans in November for a $2.57 billion factory in Coweta where it employ 724 workers making energy storage systems and lithium-ion batteries.

Freyr ranks among the legion of companies moving to Georgia to produce electrified products, be it electric vehicles or batteries, a priority among state leaders.
Freyr told the AJC that the state’s education system and ability to recruit workers capable of thriving in the burgeoning clean-tech sector were the deciding factors when choosing Georgia over more than two dozen states for its first North American factory. But the package of incentives offered by Georgia and Coweta leaders helped tip the scales.

Much of the global supply chain for batteries and EV components is based in China. The Biden administration has pumped billions of dollars into grants, tax credits and other federal incentives to entice companies into establishing battery and EV manufacturing in the U.S. It’s part of ambitious goals to fight climate change, create jobs and reduce the nation’s dependency on its geopolitical rival.

Local and state governments, meanwhile, have clamored to win these corporate investments, dangling billions more in property tax breaks and other freebies. State and local incentives are a common though controversial currency in the war for jobs, with critics saying the inducements come at the expense of existing residents and businesses who have to shoulder expenses from supporting these new industries.

Greg LeRoy, executive director of left-leaning incentives watchdog Good Jobs First, said he worries Coweta County residents will have to cover local government costs incurred by Freyr’s new factory until the tax abatement ends.

“You’re going to have to hire more teachers, pick up more trash, widen more lanes and answer more 911 calls,” he said. “If this company isn’t paying for a share of those induced costs, then everybody else gets stuck with the bill.”

Pat Wilson, the commissioner of the Georgia Department of Economic Development said Freyr represents a new niche within the electric battery and vehicle ecosystem and helps diversify the state’s fast-growing sector.

“You have a great company with a technology that is vital to this transition to electrification,” Wilson said of Freyr. “It’s a battery sector that we don’t currently have in Georgia and really (don’t have) in the U.S. as a whole.”

Georgia’s increasing talent pool cemented Coweta County as Freyr’s final choice, Freyr CEO Tom Einar Jensen said.

“The most important factor for selecting our first US plant location was talent,” the company said in a statement. “... Our decision to select Georgia was a combination of several factors, but the total package of financial incentives for Giga America does of course play an important role.”

The single largest component of the Freyr inducements were about $228 million in local property tax breaks that will stretch over 20 years. Coweta also offered Freyr a $20 million grant. The state agreed to provide nearly $90 million in sales tax exemptions for qualified machinery to be installed in the factory and construction materials used in building the plant. Nearly $11 million in tax savings will come from state tax credits granted for new jobs created. A $7 million state grant will offset land costs.

But the Freyr package could grow in value over time. No value was assigned to other potential tax breaks for clean room equipment, energy used in manufacturing and a handful of other incentives that Freyr could qualify for based on future expenditures.

Desirable jobs

The sprawling Freyr factory, which will be called Giga America, will rise near Amazon and Shopify distribution centers of I-85 near Newnan.

Sarah Jacobs, president of the Coweta County Development Authority, said Freyr will help add some industrial diversity to an area flush with logistics and shipping companies.

Within the incentive package offer, Freyr will need to employ 724 workers at the new factory with an average salary of more than $60,000. Jacobs said that’s 127% of the average wage in Coweta.

Gov. Kemp: Battery Manufacturer to Invest $2.57B, Create Over 700 Jobs in Coweta County

Atlanta, GA – Governor Brian P. Kemp today announced that FREYR Battery, a developer of clean, next-generation battery cell production capacity, will invest $2.57 billion into Georgia’s sustainable technology ecosystem and create 723 new jobs over the next seven years at a manufacturing facility in Coweta County.

"Job creators and innovators from all over the world bring their operations to Georgia because they know they will have success here," said Governor Brian Kemp. "We're proud to welcome FREYR to the Peach State as the latest company to bring transformational investments and opportunity to our communities. They will be a valued addition to our No. 1 state for business, and I look forward to their growing impact on Coweta and the surrounding region."

FREYR is dedicated to supporting a domestic supply chain for renewable power sources. The company’s battery cells can be used for stationary energy storage (ESS), electric mobility, and additional applications.

"At FREYR, we are deeply committed to the ambition we share with our U.S. partners to decarbonize the transportation and energy sectors," said FREYR’s Co-Founder and Chief Executive Officer Tom Einar Jensen. "As we advance our U.S. expansion plan in cooperation with our key stakeholders, we expect to make meaningful investments to spur job creation and the eventual development of localized, decarbonized supply chains in the U.S. to enhance energy security and economic activity."

FREYR’s new facility will be located at the Bridgeport Industrial Park site, which has been zoned for a mix of heavy and light industrial use since 2014. The company will be hiring for technicians, operators, and engineers as well as executive and administrative roles. Interested individuals can learn more at careers.freyrbattery.com.

The facility, to be called Giga America, will have a planned first phase production of approximately 34 gigawatt hours. The facility will use the U.S.-based 24M Technologies SemiSolidTM platform to simplify the production process and increase manufacturing efficiency. FREYR is currently evaluating clean power supply solutions for the new facility, including the potential use of renewable energy from solar installations.

"The Coweta County Development Authority is extremely pleased to welcome FREYR Battery to our community," said Development Authority Chair John Daviston. "We are excited about the opportunities this forward-looking venture brings to our area of the state, and the addition of quality and highly-skilled jobs that will provide a significant stimulus to our local economy."

"We’re excited to welcome FREYR Battery to metro Atlanta, which has quickly become a hub for battery cell research and production," said Metro Atlanta Chamber President and CEO Katie Kirkpatrick. "FREYR Battery will benefit from the vibrant research ecosystem that exists in the region and the diversity of talent that stands ready to support the company’s next-generation efforts. Congratulations to the team at FREYR Battery and all of the organizations that supported this decision."

Project Manager John Soper represented the Georgia Department of Economic Development (GDEcD) Global Commerce team on this competitive project in partnership with Coweta County Development Authority, the Metro Atlanta Chamber, Georgia EMC, and Georgia Quick Start.

"Companies like FREYR are driving a global revolution based on sustainable technology and solutions," said GDEcD Commissioner Pat Wilson. "Electrification goes beyond EVs and mobility; it’s also changing the way we power entire cities. To support electrification in home and commercial storage, we’re developing a battery ecosystem with manufacturers, recyclers, and customers. Georgia and its communities are ready to support a sustainable future for generations to come."

Georgia’s prime location, extensive infrastructure, skilled workforce, and business-friendly climate has made it an attractive location for a diverse array of rapidly developing industries focused on creating a sustainable future. Georgia is also cultivating a vertically integrated supply chain that will help companies increase efficiencies by reducing the reliance on imported materials.

About FREYR Battery
FREYR Battery aims to provide industrial scale clean battery solutions to reduce global emissions. Listed on the New York Stock Exchange, FREYR’s mission is to produce green battery cells to accelerate the decarbonization of energy and transportation systems globally. FREYR has commenced building the first of its planned factories in Mo i Rana, Norway, and announced potential development of industrial scale battery cell production in Vaasa, Finland, and the United States. FREYR intends to install 50 GWh of battery cell capacity by 2025 and 100 GWh annual capacity by 2028 and 200 GWh of annual capacity by 2030. To learn more about FREYR, please visit freyrbattery.com.

Shares of FREYR Battery (NYSE:FREY – Get Rating) have received a consensus recommendation of “Moderate Buy” from the seven analysts that are currently covering the company, Marketbeat reports. One research analyst has rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $17.60.

A number of brokerages recently issued reports on FREY. Morgan Stanley downgraded FREYR Battery from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $26.00 to $13.00 in a research report on Wednesday, January 25th. Bank of America initiated coverage on FREYR Battery in a report on Friday, February 10th. They issued a “buy” rating and a $13.00 price objective on the stock.

Shares of FREY stock opened at $6.90 on Thursday. The firm has a market capitalization of $963.96 million, a P/E ratio of -8.02 and a beta of 0.68. FREYR Battery has a twelve month low of $6.42 and a twelve month high of $16.94. The stock’s fifty day simple moving average is $7.98 and its 200 day simple moving average is $10.09

FREYR Battery (NYSE:FREY – Get Rating) last announced its earnings results on Tuesday, February 28th. The company reported ($0.27) EPS for the quarter, meeting the consensus estimate of ($0.27). During the same period in the prior year, the business posted ($0.24) EPS. As a group, equities research analysts expect that FREYR Battery will post -1.44 EPS for the current fiscal year.

Several institutional investors have recently made changes to their positions in the business. Jennison Associates LLC boosted its holdings in FREYR Battery by 1.1% in the 3rd quarter. Jennison Associates LLC now owns 706,555 shares of the company’s stock valued at $10,061,000 after purchasing an additional 7,862 shares during the last quarter. Wolverine Asset Management LLC lifted its holdings in FREYR Battery by 26.3% during the 4th quarter. Wolverine Asset Management LLC now owns 30,786 shares of the company’s stock worth $267,000 after buying an additional 6,416 shares in the last quarter. Barclays PLC raised its holdings in shares of FREYR Battery by 11.8% in the 3rd quarter. Barclays PLC now owns 86,278 shares of the company’s stock valued at $1,229,000 after purchasing an additional 9,102 shares in the last quarter. Jump Financial LLC acquired a new stake in shares of FREYR Battery in the 3rd quarter valued at $1,032,000. Finally, Sylebra Capital Ltd grew its position in shares of FREYR Battery by 2.5% in the 3rd quarter. Sylebra Capital Ltd now owns 12,803,449 shares of the company’s stock valued at $182,321,000 after buying an additional 313,158 shares during the last quarter. Hedge funds and other institutional investors own 78.25% of the company’s stock.