FREYR Battery announced that on March 16, 2023, Monica Tiúba notified the Board of Directors of the company on March 12, 2023, that she would not stand for re-election as a director of the Company, and therefore will no longer serve as a director of the Company or on any committee of the Board. Her decision to not stand for re-election was for personal reasons and not due to any disagreement with the Company on any matter relating to the Company's operations, policies or practices (financial or otherwise). By a resolution of the Board, her resignation became effective on May 10, 2023.

The Board appointed Daniel Barcelo, a current director on the Board and a member of the Audit and Risk Committee (the “Committee”), as chairperson of the Committee, effective May 10, 2023. On May 10, 2023, the Board also appointed Tom Einar Jensen as a director of the Company, effective on May 10, 2023. Mr. Jensen has served as Chief Executive Officer (“CEO”) of FREYR since July 2021.

Mr. Jensen was a Co-Founder of FREYR Legacy and served as FREYR Legacy's CEO since October 2018. Prior to and concurrently with FREYR Legacy, Mr. Jensen has served as Co-Founder and Partner of EDGE Global LLC since September 2017. Prior to EDGE Global LLC and FREYR Legacy, Mr. Jensen served in multiple positions, most recently as Partner and Senior Advisor, at SYSTEMIQ Ltd. from April 2016 to September 2017.

Prior to SYSTEMIQ Ltd., Mr. Jensen was Executive Vice President Head at Joule Unlimited Technologies Inc. (“Joule Unlimited”) from April 2014 to March 2016. Prior to Joule Unlimited, Mr. Jensen was CEO at Agrinos AS from September 2009 to September 2013. Prior to Agrinos AS, Mr. Jensen held various positions in finance, strategy, and business development at Norsk Hydro.

Mr. Jensen holds an M.Sc. in Finance and Economics from the Norwegian School of Economics. Mr. Jensen currently receives compensation from the Company related to his position as CEO, and will receive no additional compensation for his service as a director of the Board.