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Press Release Exhibit 99.1 FREYR Battery Reports Second Quarter 2021 Results New York , Oslo and Luxembourg , August 12 , 2021 - FREYR Battery ( NYSE : FREY ) ( " FREYR ” ) , a developer of clean , next - generation battery cell production capacity , today reported financial results of FREYR AS for the second quarter of fiscal year 2021. FREYR listed on the New York Stock Exchange ( " NYSE " ) following the completion of the Business Combination between Alussa Energy Acquisition Corp. ( " Alussa ” ) and FREYR AS on July 9 , 2021 ( the " Business Combination ” ) . Highlights of the second quarter 2021 and subsequent events : • • • • • • • Completed the Business Combination and NYSE listing , raising $ 704 million in gross proceeds as equity financing for the development of low - cost , low- carbon battery cell manufacturing capacity FREYR continues to progress towards the development of up to 43 Gigawatt hours ( " GWh " ) of battery cell production capacity by 2025 with an ambition of up to 83 GWh in total capacity by 2028 Made the Final Investment Decision ( " FID " ) for the Customer qualification plant ( “ CQP ” ) , which is scheduled to commence operations from the second half of 2022 Announced ongoing negotiations to potentially build battery production facilities in North America Announced two non - binding memoranda of understanding ( " MoU ” ) with Finnish Minerals Group and the City of Vaasa , respectively , targeting potential strategic collaborations and industrial scaling of clean battery cell technology in Finland FREYR AS second - quarter net loss of $ 8.0 million , or ( $ 0.04 ) per fully diluted share , reflects the costs of organizational expansion and preparations to start construction of the CQP The combined balance sheet of FREYR and Alussa , presented as if the Business Combination had been completed as of June 30 , 2021 , had cash and cash equivalents of $ 652 million . " FREYR is focused on executing our plan to develop clean , cost - efficient battery cell production capacity at scale by 2025 , which we expect will position FREYR as one of Europe's largest battery cell suppliers . Our near - term priorities are to build our commercial portfolio , establish our operations in accordance with key milestones , and fund our continued expansion , " said Tom Jensen , the CEO of FREYR . " The NYSE listing is a critical milestone that supports FREYR's long - term ambition to decarbonize transport and energy systems by delivering sustainable and cost - effective batteries to energy storage systems ( ESS ) , electric vehicles and other applications , thereby generating returns for our shareholders and stakeholders . " Business Update • The ESS market represents a rapidly growing opportunity for FREYR . In May 2021 , Rystad Energy forecasted that approximately 1,800 GWh of battery capacity or flexible energy sources will be required to back up solar and wind power in the U.S. by 2030 based on the Biden administration's announced decarbonization goals . In May 2021 , FREYR announced that it entered into an MoU with ESS manufacturer Eguana Technologies Inc. for the potential offtake of high - density and cost - competitive battery cells over five years . Under the agreement , FREYR will also engage Eguana in designing and producing cost - optimized , standardized battery modules .