First FREYR Battery Unit Cell Production Trial

Mpac Group plc (AIM: MPAC) and FREYR Battery ("FREYR") are pleased to announce that the first production trial of 24M Technologies SemiSolidTM unit cells has been completed at FREYR's Customer Qualification Plant ("CQP") in Mo I Rana, Norway.

In the next phase, the CQP will move to continuous production, manufacture sample cells, and increase production speeds.

The casting and unit cell assembly equipment, provided by Mpac, automates the manufacturing of cathode and anode electrodes and the production of pouch cells.

Adam Holland, Chief Executive Officer at Mpac Group plc said:

"Progress at the CQP continues to demonstrate Mpac's ability to support innovative Clean Energy technologies. I would like to thank the hard-working team, and our partners at Siemens and Festo for their support. There remains much work ahead to deliver our vision for a sustainable future, and this is just one step in the journey."

Birger Steen, Chief Executive Officed at FREYR, stated:

"I am proud to report this latest achievement at the CQP. We have demonstrated FREYR's technical and operational qualifications as an emerging industrialization partner of choice in the battery industry. The next step on our road map is to replicate what we have just done in an uninterrupted process, which will mark FREYR's initial cell production with the full automation of the CQP."

Mark Dudziak, Senior Director, Advanced Manufacturing at 24M Technologies, said,

"This is an important step toward demonstrating the production of SemiSolid technology at GWh-scale."

Brian Holliday, Managing Director at Siemens Digital Industries said,

"This has been an amazing team effort between Freyr, Mpac, Festo and Siemens working together at the leading edge to highly automate battery production."

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. To learn more about FREYR, please visit www.freyrbattery.com.