Honeywell and FREYR Collaborate to Deploy Energy Storage Solutions via Next-Generation Battery Cells

Honeywell (NASDAQ: HON) and FREYR Battery (NYSE: FREY) today announced they have signed an agreement pursuant to which FREYR will, subject to viability, leverage Honeywell’s leading technology offerings, including integrated automation, field instrumentation and security integration solutions in their manufacturing process. As part of the collaboration, Honeywell will purchase 19 GWh of battery cells produced by FREYR from 2023 through 2030 for a multitude of energy storage systems applications.

Through the agreement, Honeywell and FREYR intend to provide smart energy storage solutions to address the needs of a wide range of commercial and industrial customers alike. Subject to viability, FREYR will leverage Honeywell’s broad automation and software expertise including automation systems, quality assurance and controls, and industrial software to provide manufacturing capacity at scale in Europe and the U.S.

The battery cells produced through this project can be utilized by “behind-the-meter” or industrial locations, as well as “front-of-the-meter” locations like large solar and wind renewable power generation sites.

“Battery storage will play a crucial role as organizations transition to clean power generation,” said Tom Einar Jensen, FREYR’s Chief Executive Officer. “Honeywell is an ideal partner with world class teams, technology and industrial expertise and our shared commitment to decarbonizing the global energy systems sector will serve as the foundation for our continued work together. Today’s announcement is also an important milestone as we advance to a potential H1 2022 Final Investment Decision (“FID”) on our first Gigafactory in Mo i Rana, Norway.”

Battery Energy Storage Systems (BESS) technology development is vital to the continued decarbonization of global power systems. According to a recently published research report by Stanford University, the U.S. power grid could reach 100% renewable power penetration by 2050. This new cost competitive electricity mix would rely largely on solar, wind and hydro development as well as energy storage technology. According to the study, BESS would spearhead this trend and could reach total installed capacity of 15,700 GWh by 2050.

“Introducing decarbonized storage solutions at scale across multiple geographic markets is vital to our continued sustainability efforts and in turn, helps to make renewable energy accessible and efficient,” said Ujjwal Kumar, President & CEO, Honeywell Process Solutions. “This collaboration will pair FREYR’s next-generation battery solutions with Honeywell’s 20 years of lithium-ion battery industry know-how and established routes to markets and customers.”

Honeywell has committed to achieve carbon neutrality in its operations and facilities by 2035. The work Honeywell is doing with FREYR builds on the company's track record of sharply reducing the greenhouse gas intensity of its operations and facilities as well as its decades-long history of innovation to help its customers meet their environmental and social goals. About half of Honeywell's new product introduction research and development investment is directed toward products that improve environmental and social outcomes for customers.

To learn more please visit: https://pmt.honeywell.com/us/en/initiative/renewable-and-distributed-assets

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 deliver up to 43 GWh of battery cell capacity by 2025 and up to 83 GWh annual capacity by 2028. To learn more about FREYR, please visit www.freyrbattery.com

About Honeywell

Honeywell (www.honeywell.com) is a Fortune 100 technology company that delivers industry-specific solutions that include aerospace products and services; control technologies for buildings and industry; and performance materials globally. Our technologies help aircraft, buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.

Cautionary Statement Concerning Forward-Looking Statements

All statements, other than statements of present or historical fact included in this press release, including, without limitation, statements regarding FREYR’s ability to leverage Honeywell’s technology offerings, including integrated automation, field instrumentation and security integration solutions in their manufacturing process; the parties’ entry into any definitive agreement in relation to the teaming agreement; the parties' ability to provide smart energy storage solutions to address the needs of a wide range of commercial and industrial customers; the next-generation battery cells’ “behind-the-meter” industrial applications or ability to be delivered to “front-of-the-meter” customers and co-located with large solar and wind power generation sites; FREYR’s ability to leverage Honeywell’s broad automation and software expertise including automation systems, quality assurance and controls, and industrial software to provide manufacturing capacity at scale in Europe and the U.S.; BESS technology development’s role in the decarbonization of global power systems and clean power generation; decarbonized storage solutions’ role in making renewable energy accessible and efficient; the parties’ ability to pair FREYR’s next-generation battery solutions with Honeywell’s 20 years of lithium-ion battery industry know-how and established routes to markets and customers; Honeywell’s commitment to achieving carbon neutrality in its operations and facilities by 2035; and Honeywell’s products that are aimed at improving environmental and social outcomes for customers are forward-looking and involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.

Most of these factors are outside FREYR’s control and difficult to predict. Information about factors that could materially affect FREYR is set forth under the “Risk Factors” section in FREYR’s Registration Statement on Form S-1 filed with the Securities and Exchange Commission (the "SEC") on August 9, 2021, as amended, and in other SEC filings available on the SEC’s website at www.sec.gov.

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