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News Release Exhibit 99.1 FREYR Clean battery solutions FREYR Battery Reports Third Quarter 2021 Results New York , Oslo and Luxembourg , November 15 , 2021 , FREYR Battery ( NYSE : FREY ) ( " FREYR ” ) , a developer of clean , next - generation battery cell production capacity , today reported financial results for the third quarter of fiscal year 2021 . Highlights of the third quarter 2021 and subsequent events : • • • In advanced stages of negotiations with two leading global companies to sign conditional offtake agreements representing more than 50 GWh of estimated potential cumulative demand In negotiations with seven additional companies for offtake agreements representing more than 100 GWh of estimated potential cumulative demand with several other leads in the FREYR commercial pipeline Concept selection for Gigafactories 1 and 2 at Mo i Rana completed , resulting in an anticipated uplift in annual throughput capacity compared to the previous estimate of 13 GWh On track for Customer Qualification Plant start - up in 2H 2022 with initial raw materials secured Maintain ambition for start of production from Gigafactories 1 and 2 in 2H 2023 , with Final Investment Decision ( " FID " ) targeted in 1H 2022 • Signed supply contract with Glencore for the supply of up to 1,500 metric tons of high grade , sustainably sourced cobalt metal cut cathodes with cobalt produced at Glencore's Nikkelverk facility in Norway • Announced the formation of 50/50 U.S. joint venture with Koch Strategic Platforms ( " KSP " ) to advance the potential development of an initial 50 GWh of clean , next- generation battery cells in the U.S. • In conjunction with the formation of the U.S. joint venture with KSP , announced $ 70 million combined investment in convertible promissory notes with 24M Technologies , Inc. ( " 24M " ) and an expanded licensing agreement between U.S. joint venture partners and 24M Technologies " Our team continued to advance several important strategic initiatives during the third quarter , " said Tom Jensen , the CEO of FREYR . " As we continue to build the foundations of our business , we will remain acutely focused on achieving commercial successes , funding our expansion efficiently , and establishing localized supply chains of clean , next- generation battery cell production in accordance with our core tenets of speed , scale and sustainability . " Business Update • Negotiating terms and conditions of potential offtake agreements with prospective customers across the energy storage systems and commercial mobility sectors exceeding 150 GWh in estimated potential cumulative demand Increasing and advancing technical discussions across all market segments with prioritized customer leads representing unmet estimated potential cumulative demand 1 | News Release | FREYR Battery | www.freyrbattery.com/news