Welcome, and thank you for standing by. Welcome to the FREYR Battery Q1 2022 earnings call. All lines have been placed on mute to prevent any background noise. Should you require assistance, please press star zero on your telephone keypad and an operator will assist you. During today's call, there will be a question and answer session, and instructions will be provided at that time. I will now turn the conference over to you, speaker. Please go ahead. Good morning, good afternoon, and good evening. Welcome to FREYR Battery 's Q1 2022 earnings conference call. With me today on the call are Tom Einar Jensen, our Chief Executive Officer, Jan Arve Haugan, our Chief Operating Officer, and Oscar Brown, our Chief Financial Officer. During today's call, management may make forward-looking statements about our business. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expectations. Most of these factors are outside FREYR's control and are difficult to predict. Additional information about risk factors that could materially affect our business are available in FREYR's S-1 and annual report on Form 10-K, filed with the Securities and Exchange Commission, which are available on the investor relations section of our website. With that, I'll turn the call over to Tom. Thank you, Jeff. Again, good morning, good afternoon, good evening, everyone dialing in to this first quarterly result of 2022, FREYR's fourth quarterly result report since we went public on the New York Stock Exchange back on July 8, 2021. Just repeating what Jeff has just been through and then moving to slide three, today's agenda. What I'm really proud of and find very compelling is that we're here showing you a picture of the dry room in the customer qualification plant. Our Chief Operating Officer will come back to the status of our operational progress later today. Today we'll go through some of the commercial developments which continue at accelerating pace, general market backdrop, our augmented value proposition to deliver into an unprecedented decade, the decade of the battery. We'll talk about our operations and supply chain. Our new Chief Financial Officer will take you through the financial status of the company. We'll focus on the strategic priorities moving forward while we open up for Q&A. We find ourselves in quite challenging environments in difficult times. We obviously reach out to all the people in Ukraine that have a very tough time these days. That is obviously impacting markets all around us. From a battery producer's point of view, what this is underlining is the need for an accelerated energy transition. The energy transition requirement is now clearer than ever, and batteries form, as I've been underlining many times, a critically important part of that. Not only to decarbonize transportation, but also to decarbonize energy systems globally. To basically eliminate the need for Russian gas into the European market will need an unprecedented development in renewable energy in Europe, which again, will be capitalized to a large extent by more storage and lithium-ion battery supply. Freyr has very strong momentum across all market verticals. We announced yesterday an additional offtake agreement with Powin, and today we're very pleased to announce an additional 25 GW-hours of offtake agreements that we have entered into over the recent weeks. This means that we have more than doubled our offtake agreements since our previous earnings call, equating more than 100 GW-hours worth of offtake from our initial gigafactories. This principally means that we're sold out on capacity from our Gigafactory one and two in Norway up until and including 2030. Freyr is committed to deliver on speed, scale, and sustainability, and this is ever more important than it ever has been, and our team is delivering on our commitments. We are finding ourselves, as mentioned, in highly volatile and challenging markets, but our financial position remains very strong, and the financing options that we are progressing is progressing according to plan. Capital is available for the right projects, and we are finding ourselves in a very interesting sweet spot to accelerate the even more urgently required energy transition. Talking about commercial traction. Commercial traction continues on all fronts for Freyr. If I'm moving on this slide from the right to the left, let me now start by saying that we've now signed more than 100 GW-hours of initial offtake agreements. 50 of those with Honeywell and a leading global ESS player, now in closing stages of negotiation. 50 GW-hours is now close to becoming definitive sales agreements. These are critically important aspects of unlocking project finance to our Gigafactory one and two, which our CFO will come back to in a second. As announced yesterday and augmented today, we have an additional 50 GW-hours on top of that 50, on track to definitive sales agreement, an additional conditional offtake agreement. Bringing, again, the total signed agreements now to more than 100 GW-hours. We have an additional 100 GW-hours under negotiation, and we have those across commercial mobility and EV segments, in addition to our very strong penetration in the ESS market. On top of that, we're starting to see very strong traction, in particular in the EV market. We have now in discussion more than 200 GW-hours worth of annualized supply, leading up to 2030. This could turn Freyr from a triple-digit gigawatt-hour player to a terawatt-hour player over time. This is supporting our ambition to diversify the technology offering, as well as diversifying our geographical footprint. To have an integrated supply chain approach with localized and decarbonized raw material supply is a critical component in this to ensure that we have a very cost-competitive solution to offer to our customers. We alluded to yesterday, we announced our agreement with Powin, one of the leading ESS players and longest standing ESS players in the U.S. A 28.5 GW-hour offtake agreement is a milestone for Freyr, adding to our already announced agreement with Honeywell and the leading ESS player. On top of this, we have also signed an additional 25 GW-hours from two of the leading ESS players in U.S. and Europe. We will, as we progress towards definitive sales agreements for the not yet disclosed names, be announcing who these players are, but I can assure our investors that these are absolutely leading players in the ESS space, fundamentally supporting the fact that we have a leading technology solution to offer to our customers. The 24M technology with thick and larger electrodes is generating a lot of traction, in particular in the ESS space. As you also are aware of, with Volkswagen coming into the 24M family towards the end of last year and starting to develop together with 24M EV solutions based on the SemiSolid technology, the 24M technology suite is applicable across the space. ESS players in general, and this is in particular for us exciting, are too now, to a large extent, being marginalized by the EV demand. Recent price increases from Tier one producers in Asia are fundamentally supporting our accelerated development in the ESS space, supported to a large extent by our ambition to have localized and decarbonized value chains to develop security of supply of critical energy infrastructure. Larger and thicker electrodes, when produced at gigawatt hour scale locally with decarbonized supply chain, is gaining very strong market share driven by, as mentioned, the security of supply considerations, but ultimately it's a function of cost and decarbonization advantages. We believe that when we produce these solutions at scale, that we will have a fundamental cost advantage relative to conventional production. While there are multiple initiatives for cell production globally, in particular in the European market, crowded with startups, we believe many of these will struggle to deliver technology, commercial wins, and ramp-up capability. When we move into the next decade, we believe a select few major players will remain, and Freyr is on track to become a global champion in the battery, clean battery solution space. As we presented in the PIPE presentation when we went public on the New York Stock Exchange, Freyr is a technology agnostic or technology flexible organization, and we are increasingly recognized by a broader and broader suite of partners across the value chain as an industrialization partner of choice. This goes, as mentioned, both for battery cell technology providers as well as for up- and downstream players, seen from the vantage point of a battery cell producer. Localized and decarbonized supply chains coupled with world-leading project execution and operational excellence skills, which Freyr has been very focused on developing over the last 18 months, is attracting significant partnership potential for us upstream, downstream, and horizontally. We are now taking significant steps to expand our total addressable market potential by also diversifying technology to conventional technology solutions as well as into solid-state solutions. Product differentiation and diversification is going to be key to become a leading provider of clean battery solutions over time. All of this is happening while we are progressing and accelerating our plan to develop the 24M technology suite. We are seeing increasing and accelerating interest of the 24M technology, as mentioned and articulated with our traction on the ESS side, but also in commercial mobility and EV solutions. All market verticals are seeing the dramatic cost potential in the 24M technology, and we are, as previously mentioned, going to be the first one to take this technology to gigawatt-hour scale in the most favored locations globally. What you should expect moving forward from FREYR is a lot of momentum on numerous fronts, including diversification up and downstream, as well as technology diversification to essentially increase our total addressable markets. With this, I will turn over to Jan Arve, who has, in an excellent way, been leading our efforts in delivering on our commitments and basically committing to deliver moving forward. With that, Jan Arve, I'll turn it over to you. Thanks, Tom, and hello to everyone listening to us today on our call. I'll start with an update on our operations. The key message that I have to share with you today is that our teams are making remarkable progress on both the CQP construction and the preconstruction activity on the combined Gigafactory one and two in Mo i Rana, Norway. As a lot of other industries, we too experienced related to the COVID-19 situation and, of course, supply chain disruptions. However, I'm pleased to report that the construction of the customer qualification plant, or the CQP as we abbreviate it, is progressing very close to the schedule. As previously reported, we are expecting to complete the site acceptance test now for the first sample test soon in the facility in Mo i Rana near year-end 2022. Hopefully, many of you have seen the materials we have posted on social media detailing the work that's been done by our skilled project execution team. Thanks to their effort and the outstanding support they are receiving from our technical staff in Oslo, we are advancing steadily towards factory acceptance testing during the summer and into the fall. Our Gigafactory 1 and 2 team is also making excellent progress in advance of the start of the construction. Groundwork preparations on the site and detailed engineering is largely complete. Indicative quotes from the different suppliers of production line equipment are now being analyzed, and the structure of framework agreement contracts are being formalized. We intend to present the project plan for final investment decision to the FREYR board during next month. In the interim, the board has approved additional capital spending to facilitate the long lead time orders on building and infrastructure materials. This is mainly to support and optimize the installation of the production line equipment in the factories. Recruitment for the workforce is progressing well, and we are currently updating the standard operating procedure for all key operations. I'm also very pleased with the efforts and achievements we have made in recent months to secure key raw materials for the combined Gigafactory one and two. Amidst an increasingly challenging environment for upstream raw materials, our team has completed qualification program on technical comparability, capacity, and quality control for most of the raw materials that we need for the factories. We are now working to finalize the volumes, delivery, and pricing terms with our suppliers. At FREYR, we believe that developing the localized and decarbonized supply chain at giga scale is an essential competitive differentiator, and we are already implementing our strategy by moving closer to final investment decision on our collaboration with Aleees to construct an LFP cathode plant in the Nordic region. By localizing upstream elements of the value chain, we can reduce our emission profile over the life cycle of our battery production, and we can simplify the process of delivering decarbonized cells to our customers in Europe and the US. Our teams are focusing on arriving rapidly at final investment decision on the proposed LFP cathode plant in conjunction with a combined Gigafactory 1 and 2. This is not a small undertaking, and there have been and will be, continue to be challenges along the way. We are in progress of doing something that never has been done before in the Nordic region. The startup of a company, FREYR, is developing now that will be a complex, multi-billion dollar manufacturing facilities in a somewhat remote, yet industrialized region of Norway, but with unrelenting commitments to decarbonization, operational excellence, and strong financial returns on the capital that we are deploying. My reassurance to you today on this call is that this task is in reliable and experienced hands. Our projects, supply chain, and technical people are the best that they can do, and they are collectively focused on our goal to deliver clean next generation batteries to our customers. On behalf of the entire operations team in FREYR, thank you for your confidence in us. Our mantra is to commit to deliver and deliver on our commitments. With that, I turn the call over to Oscar. Thanks, Jan Arve, and hello, everyone, listening today. Since this is the first time I've had the privilege of speaking to you at FREYR as the CFO, I thought I'd start by sharing some of my observation as a new joiner to the company. I'm very excited to be here at FREYR because of the people, the opportunity, and our unique competitive position in the sector with strong secular, not just cyclical tailwinds. After just five weeks with the company, I'm incredibly impressed with the quality of the people we have in our organization. FREYR has attracted seasoned dynamic leaders and vibrant creative teams around them, driving our execution, our strategy, and our business development. I personally believe FREYR is the best positioned new battery industry play in the market. Less than a year ago, the company brought together the best of Norway and the United States. From Norway, incredible people with both a strong entrepreneurial spirit and deep execution and operational experience and excellence from major projects around the world. The country has a very supportive government, vast natural resources, including abundant, cost-competitive, renewable energy, and a global credibility that's unmatchable around sustainability and the energy transition. From the U.S., the company enjoys a New York Stock Exchange listing, a substantial U.S. investor base, access to the U.S. capital markets, U.S. technology through MIT spin-off 24M, and its investment by and U.S. joint venture with affiliates of Koch Strategic Platforms. When you couple our brilliant people with our growth trajectory and the growth trajectory of the battery market overall, and FREYR's opportunity to develop sustainable competitive advantages from our decarbonization commitment and our technological differentiation, you have a powerful story. FREYR is part of the solution for energy inflation, energy security, and climate change. As excited as I am to be here, I also recognize the importance of capital formation to enable us to deliver on our strategic objectives. We are moving swiftly toward initial gigascale development, and we are being presented with several promising business development opportunities, all of which require additional capital over time. Turning to slide 11, I'll note that we're already in discussions with several key stakeholders to explore options to finance our growth as efficiently as possible. The potential sources of capital for FREYR can be grouped into three buckets. The first is support from government entities in Norway, the EU, and the United States. FREYR's mission to decarbonize battery production at gigascale is resonating with all of these, within all of these spheres, and in the wake of the deeply troubling events in Ukraine, is becoming increasingly clear that developing localized supply chains of batteries is a matter of national security. The forms of potential financial support that could originate from government organizations include grants, direct lending, and guarantees, all of which could enable us to accelerate our growth ambitions. The second major source of potential funding is, of course, project financing. As we convert our initial conditional offtake agreements to bankable definitive sales agreements, FREYR will accelerate the project financing process with our banking partners and government agencies. Although project financing is a time-intensive and lengthy process, the quantum and low cost of capital that should be available to us as construction begins to ramp up will be exceptionally helpful, and this market remains quite strong today. The final potential funding bucket is from private and public capital raising activity. We are quite aware that the capital markets have been volatile and challenging thus far in 2022, but we believe that FREYR's unique story and the opportunity in the battery market will continue to attract interest from global capital providers and other stakeholders. Our team is evaluating several potential financing structures, and we look forward to sharing additional details with you when appropriate. Turning to slide 12 now, I'll walk you through a brief financial overview. The key point is our balance sheet remains incredibly strong. We concluded the Q1 of 2022 with $525 million of cash equivalents and no debt, which provides us with great financial flexibility. As we look ahead to the Q2 of 2022, our total net cash uses, including operations and capital expenditures, should be expected to increase from what we saw in the Q1. This is due to both organizational development and preparatory work on the gigafactory, in addition to high activity on the construction of the customer qualification plant and the testing center nearby. Our priorities in 2022 are to deploy growth capital responsibly, evaluate and select the best strategic investment options for FREYR, and to progress our capital formation efforts. Our finance and leadership teams are working around the clock, and in many time zones, to advance these objectives. We're excited and we look forward to exploring opportunities to partner together with our investors, our industrial partners, and other stakeholders as FREYR grows. With that, I'll turn the call back over to Tom for some closing remarks. Thank you, Oscar, and thank you, Jan Arve Haugan. It's of course easier to be the CEO of FREYR when I have such capable people helping and supporting the development of the company. To summarize, FREYR's strategy is built up around three core tenets. These tenets are speed, scale, and sustainability. We are committed to deliver, and we're delivering on our commitments. Our near-term priorities is to fund the expansion of our growth trajectory. The capital formation plan is accelerating on multiple paths. Our intention is to prioritize speed and to optimize the cost of capital. Capital is available, and it's deeply supported by Norwegian, E.U., and U.S. governmental support across the capital structure. We are continuing to expand and establish our operations and supply chain. We're starting to look like a battery company. We're releasing additional CapEx for the pre-construction of Gigafactory one and two, and we're reaching FID on Gigafactory one and two in parallel with the proposed LFP cathode plant, all of which is going to happen later this year, as previously announced. On the commercial side, we have very strong momentum, which is continuing to grow on a daily basis. We are focusing on converting our initial conditional offtake agreements to definitive sales agreements, and we expect them to exceed 100 gigawatt-hours by 2030, and to have them converted later this year. We will secure additional conditional offtake agreements in the ESS and now also in the mobility space with an additional 100 GW-hours by 2030, supporting an accelerated development of additional capacity beyond Gigafactory one and two. Finally, we're now seeing very strong traction based on an industrialization partner of choice approach, vertically integrated up and downstream in a partnership-based way, but also with diversification on technology that we're seeing very strong traction across all market segments, including mobility and EV commitments. We are in dialogue and commercial negotiations where we exceed 200 GW-hours in yearly offtake potential by 2030, and our ambition is to secure at least 100 GW-hours per year of that well before 2030 on an annualized basis, allowing us to unlock further capacity expansion in the geographical regions that we are currently located in and potential others. With that, I'm going to turn it over to Q&A. I thank everyone for your attention. Thank you for your trust and patience with FREYR. We will continue to look over the horizon, commit to deliver, and deliver on our commitments. Back to you, Jeff. Thanks, operator. I think we can open up the line for questions now. Thank you. If you would like to ask a question, please press star followed by one on your telephone keypad. One moment please. Your first question comes from the line of Jose Asumendi of JP Morgan. Please go ahead. Hi, Tom. It's Jose Asumendi, JP Morgan. A few questions, please. The first one, I'd love to hear when we think about your ESS contracts, can you maybe lay out a little bit what are the unique selling points or the reasons why you're winning these contracts? So what makes FREYR, you know, different to the competitors out there? And then second answer, maybe just put to put the questions together. As we try to map a little bit revenues and CapEx on a five-year perspective, I'm thinking about slide number five. How do we put together their, you know, their revenue projection four or five years out? When do you start getting the revenues into the business? And second, can you maybe give us a bit of a. Not a five-year CapEx projection, but a 12- to 16-month CapEx projection so we can, you know, mold the company a bit better. Thank you. Thank you, Jose. On the first question, why we are progressing and winning contracts, ultimately, I think that question should be posed to the ones we are winning them with. I think the way in which we are positioning this clean battery solutions with localized production and over time decarbonized and localized supply chains is obviously something that is resonating, and ultimately a critical component of ensuring decarbonization of the energy systems. four-hour storage solutions, two-hour storage solutions, and maybe even eight-hour storage solutions are today's solutions that can be delivered with lithium-ion battery solutions. The 24M technology, where we can produce larger and thicker electrodes, basically reducing the need for additional, let's call it modules and packs and racks around them, because we're just building larger energy carrying solutions, obviously allows us to drive down system level costs on the ultimate ESS solution as well. This means that it's a cost competitive, localized solution, which is really driving the interest. In addition, as also mentioned, there is, to a certain extent, the EV market is in a way vacuuming the current supply chains of batteries from predominantly the Asian providers. And therefore, they're being, in a way, pushed out a little bit, and they want to try to secure additional supply sources. Those are some of the key points around why we are winning these contracts. We do believe that we will continue to generate a lot of traction in the ESS space. We also do believe that the ESS space is much larger than most people have anticipated so far for the exact purpose of decarbonizing energy systems. The sun shines when it shines and the wind blows when it blows, but we need to store that energy to basically have electricity at night and when the wind isn't blowing. Eighty percent of the world's electricity generation today, give or take, is non-renewable, and it needs to move to 20% non-renewable in less than 20 years. That is impossible without large amounts of storage. This is now gradually starting to come to realization with more and more stakeholders around the world, basically requiring accelerated deployment of ESS solutions. That's kind of point number one. On point number two, during our investor presentation, when we went public back last year, we said that we were gonna target 43 GW-hours of installed capacity by 2025, 83 GW-hours of installed capacity by 2028, and more than 100 GW-hours of capacity in the 2030 horizon. We have no reason to sort of change that assumption today. We are looking into what extent we can potentially accelerate it. We are, as also mentioned by our chief operating officer, of course, exposed to inflationary pressure. We're putting together an updated project finance package with our project finance banks and advisors and looking into it. What I can generally say is that, of course, currently we're seeing price inflation also impacting the battery cells. Some of our Asian competitors have been increasing prices on LFP-based cells 2x, so 20% each. We still think that over time, those prices will start to gradually come back again as more and more raw material supply comes on stream. Our general sales agreement will have pass-through mechanisms in them to cater for those price hikes on certain raw materials. That price increase really is something that, you know, is shared to a large extent with our customers. On the CapEx front, we're also, of course, experiencing inflationary pressure. Everyone with a Reuters screen can obviously sort of see that, but the relative CapEx advantage of the 24M technology remains the same. We've previously argued that we believe in a 50% lower CapEx spend for our technology if you compare it to conventional, as long as we build at large scale. That is why also having this commercial traction and having an ability to have visibility on larger installed capacity will allow us to negotiate even better terms for the CapEx figures. That's kind of as long as I think I can go at this point. We will of course come back to the market when we are presenting the final investment decision on the first facility, and that will obviously be done in a value-accretive manner, generating robust returns for our investors. I think I'll leave it at that and jump to the next question. Thanks, folks. Thank you. Thank you. Your next question will come from the line of Maheep Mandloi of Credit Suisse. Please go ahead. Hey. Hi, everyone. Thanks for taking my questions. Just maybe quickly on the technology side, did hear a lot of emphasis on LFP on this call. Could you just clarify on that and, like, on your mix of LFP and the nickel manganese batteries? Like how should we think about that going forward? In terms of your contracts also with ESS and potentially that new auto OEM, what those technologies could be for those as well? Thanks. Yeah. Good morning, Maheep. Thank you for the question. Gigafactory one and two will predominantly be, if not entirely, an LFP based solution. That is obviously supported by the offtake agreements, where all the ESS players are predominantly focusing on LFP solutions due to the lower cost of that technology and also the inherent characteristics of LFP with lower energy density potentially than NMC, but obviously with a very long cycle life. Typically you want these ESS solutions to last for 20 years plus, and therefore having lower energy density and longer cycle life is really again very suiting the 24M technology very well. However, I'd like to sort of hurry to mention that our production platform is chemistry agnostic, which means that if we were to get traction, which we're already seeing that we have, on NMC and higher nickel content batteries or other sort of cathode solutions for that matter, we could rejig one of our production lines to basically produce a different cathode material. Right now we have more demand than what we can produce in Gigafactory one and two, so we will now be accelerating the efforts that we already have ongoing for Gigafactory three and four, the Gigafactory development plants in Finland, as well as our joint venture development in the U.S. with Koch Strategic Platforms, which by the way is also progressing very well. There's very strong interest across the United States for establishing additional gigafactories through the partnership with FREYR and Koch. We got an initial 130 parties who are interested in attracting us as a producer. We're now going through, you know, a funneling and high-grading, let's say, process around that, and we'll come up obviously back to our investors with updates on this when we have a little bit more free to offer. The long story short, LFP is behind most of, if not all of the offtake agreements that we have announced so far. Got it. No, that's a really helpful color. Just in terms of the value for the new 50 GW-hour supply agreement, is that like the dollar amount you could kind of talk about, or should we expect something similar to the ones we saw with Honeywell in the previous years as company? Maheep, I think, you know, right now, the price pressure on batteries is reasonably high, and many of the Asian providers have increased their prices quite significantly, driven in large part by the increase in lithium prices. Now our commercial agreements with these players will have pass-through mechanisms in them, so depending on where you are and what sort of underlying prices you're getting for the raw materials, that will ultimately impact the price on an ongoing basis of the products that we produce. Generally speaking, we are committing to reduced prices of these products over time, as we are continuously increasing and improving the energy density and the general technical characteristics of the batteries we produce. We're also constantly focusing on increasing the overall equipment efficiency, which is a function of yield and uptime in the machinery. Again here, that conversion cost part of the picture is an area where FREYR's operators and FREYR's experienced personnel led by Jan Arve will be world-leading in terms of reaching as high yield and uptime in our machinery as possible. We come from an industry, many of us in the aluminum industry, where a very high OEE is always kind of targeted, and the organizational structure and how we're sort of implementing this will basically support getting very high uptime and we believe higher uptime than what is common in the conventional lithium-ion battery space today. The 24M technology being a much simplified production process should also allow us over time to get better and better in producing this. Over time you should expect the prices to come back to longer term trends of reduction, albeit at a slower reduction pace than what we've seen in the last 10 years. This is a long way of sort of not answering your questions, so to speak, but I think you would have to think about long-term trends in pricing. We are implementing a technology that has a significant cost advantage relative to marginal cost and marginal producer. As these markets get larger and larger, you would start to see more normal, let's say, behavior also on the pricing side for more and more standardized products across the different chemistries. No, I really appreciate the answer here. I guess, yeah, the cost factors just make it somewhat difficult at this stage. I guess, like one last question from me, just on the, you know, conversion of these conditional agreements. Could you just, like, walk us through, like, what is kind of required here or what should we look for over here in terms of, you know, agreements with the customers? Like, what could move the needle towards finalizing those agreements? Thanks. Well, I mean, it's a normal process. Nothing sort of sinister or very complicated about it. It is basically ironing out the specific technical and commercial details and negotiating that in, let's call it the environment we find ourselves in. These are advancing and getting into closing mode for Honeywell and the global ESS player, as mentioned. We will be announcing the conversion of those imminently, and we will start the similar process with the three additional ones immediately. We're already in that process. You should expect us to continuously announce additional, let's call it initial agreements, and then over time, converting them to firm agreements. When we convert them to firm agreements, of course, more commercial details around the agreements will be communicated. This is also, I've mentioned, important from a project finance point of view. Of course our lenders will require visibility on the commercial terms of the agreements that will underpin the development of capacity. Clearly, that is going to be required for that to be unlocked. We have no reason to believe that we're not going to get there in time for the FID that we have previously communicated. No, I really appreciate it, taking all those questions, and, congratulations on the strong pipeline growth. Thank you. Your next question comes from the line of Nili Eslah of Clarksons Securities. Please go ahead. Good afternoon, guys. First of all, congratulations with wrapping up the quarter and, of course, the latest conditional offtake agreements you announced. It was nice to see that they also start touching up on supplies from future gigafactories in U.S. I know you've touched upon this on the last question, but could you provide any color on your progress there and what we could expect in the near future, in this any timeline details, that would be great. My second question is regarding your cash burn guidance from slide 12. You mentioned that there will be some slight increase in the coming quarter related to ramp up and construction activity. Is there any possibility to get a range there? If not, or if so, would all those could this be expected in the coming quarters as well? I mean, you have it all ramp up in your pipeline if everything goes as planned. Thanks. Thanks for that question. Let me take the first one, and then I'll have Oscar take the second one. As previously mentioned, 43 GW-hours installed by 2025, 83 GW-hours by 2028, and more than 100 by 2030 is what we have previously communicated. We're looking into whether we have an opportunity to accelerate some of that. Once we've sort of done all the math on that, we will obviously update the markets accordingly. When it comes to Gigafactory one and two, that's an 18 GW-hour LFP capacity, eight production lines, up at what we label the Sentraltomta, the central sort of area of Mo Industrial Park. As our Chief Operating Officer indicated, we're getting very close to having the technical basis to make the final investment decision, and we'll be recommending that to the board of directors later this summer. These eight production lines and the whole sort of setup, we've also created what we label an idealized eight production line system, which then forms as a blueprint for additional gigafactories to be developed. We've also now come quite far in doing the detailed investigation of what we label Gigafactory three and four, which we're targeting to locate right next to the Customer Qualification Plant. The idealized footprint can then be localized there. Constantly over time, we will obviously also be improving the production process and implementing new generations of the Twin Frame technology, which basically means increasing the speed of production. Going from 20 to 30 to 40 meters per minute in sort of how we're pushing the raw materials through the system. That, of course, increases the capacity that we can produce with a given system. If we were on top of that to sort of move from LFP to NMC, the energy density in NMC of course means that you're getting more watt-hours per kilogram and therefore more kilowatt-hours per production line. To actually sort of give very precise guidance on where this is going to be is a moving target, let's say. It is not difficult for me to imagine much higher numbers much faster than what we have previously indicated, but that needs to be supported by commercial traction, and it also needs to be supported by, of course, getting bankable agreements in place so that we can project finance a large part of that CapEx spend. On that note, I'm gonna hand it over to Oscar to talk about the other question. Yeah. I'll disappoint you on the longer out quarters, of course, similarly. A lot of this has to do with what Tom just mentioned in terms of the timing of s ome of these decisions and so forth for the out quarters. For next quarter, for this quarter we're in now. In the Q1 we spent, from the balance sheet, $41 million net. This quarter, as I mentioned, it'll be a bit higher. Directionally, again, very hard to target because of all the changes in working capital. We have some small grants that we expect to come in, and things like that. Focused just on our change in cash, directionally more towards $50 million than $40 million last quarter, I think is the way to think about it. Some of that could move around a bit dramatically. The breakdown is also gonna be moving, right? Whereas last quarter we had, you know, OpEx, many OpEx items that'll be in the future, become CapEx as we, you know, get closer to taking FID and complete some of the engineering and so forth. Hopefully it's directionally helpful, but that's kind of where we were getting to. No, yeah, that's great. Can I just follow up with one more question, actually related to my first question. My impression is now that you're targeting potentially, I know everything's a moving target, but the Gigafactory three and four prior to any factories in U.S. and/or Finland, is that the case, or have I misunderstood? That might be the case, or we might move faster in Finland or in the United States. I think we are contemplating making additional investment decisions in all three of these locations quite rapidly after making the FID of Gigafactory One and Two. We need to sort of get all the ducks in a row, so to speak, and ensure that, you know, raw material supply is secured, of course the offtake agreements are there and that they're bankable, and then, you know, that we have funding in place for it, et cetera. We need to marry that up with whether we are going to produce all of the cathode material ourselves, so whether we sort of in the interim source it from an, you know, an additional qualified supplier, et cetera, et cetera. This is a fairly complicated puzzle. The good news is, as also alluded to by Jan Arve, we have a very capable team who have done this many times in other industries, built multiple projects in parallel, secured supply chains, et cetera, et cetera. This is now what we're doing, albeit for the first time in Norway, but we're doing it at lightning speed, in my opinion, and moving quite forcefully forward. We'll come back to the market and our investors with updates on all of this as we have a little bit more definition around it. All right. Thank you guys. Thank you for clarification. Your next question comes from the line of Evan Silverberg of Morgan Stanley. Please go ahead. Good morning, guys. Evan Silverberg on for Adam Jonas. As you guys are having your early discussions with government entities, what exactly do they need to see from FREYR, prior to providing funding? Thanks. Good morning, Evan. Great to hear from you. Let me talk about Norway first and then maybe, Oscar, you can talk a little bit about DOE as two examples. We're obviously also in dialogue with EU-based institutions and the European Investment Bank and there's other institutions. From a Norwegian government standpoint, in June, the Norwegian government will launch a national battery strategy. It's quite rare that they actually establish battery strategies or strategies for a particular industry, but they are increasingly recognizing that the battery value chain is a very suitable, let's call it energy transition industry for Norway to be a leading part of. That has been a rapidly working, I would say, five-six-month process where we have obviously been quite integral into it since we are the leading and largest initiative on battery production in Norway. We've had multiple iterations with them where we've provided them with our input, not only on what such a strategy should include, but also, of course, what commercial stakeholders like us would require. What we have submitted to them is that there needs to be a level playing field. Basically meaning that grants such as other battery initiatives in Europe are receiving under E.U. competition law needs to be similar in Norway. We have said that guarantees leveraging basically the Norwegian government's balance sheet, which as we all know, is fairly significant, needs to be leveraged to ensure that we can get as high fraction of a project finance-based structure, guaranteed through internationalization guarantees to basically promote and accelerate the development of green solutions in Norway. Different sorts of bridge mechanisms until the project finance solution is in place, et cetera. All of this is resonating very well, and we will know a lot more about this when Norway's Battery Strategy is launched in the not so distant future. It's weeks out, really. Stay tuned, Evan, and then you will get more visibility on this. This is obviously key for us to basically provide risk mitigation for you know building gigawatt-hour scale facilities of a new industry that is inherently of course risky. They're increasingly understanding it and supporting it greatly. Oscar, maybe some thoughts on the DOE. Sure. Yeah. Before I get there too, I mean, for example, in the E.U., we've already made progress. We have applications in for, you know, significant grants as well as, guarantees and the support, as Tom mentioned. In some cases we've matured to that level to have those applications in. You guys, you know, probably follow in detail the DOE in the U.S. has a whole bunch of programs, particularly on the loan side that are very attractive for building facilities like what we're building in Norway in the U.S. One of the, you know, the things you kind of need is, you know, progress and development and a detailed plan of what you plan to build and where your sourcing and raw materials are coming from and so forth and the like. We've been in good dialogue with them on a number of programs as well as on the grant side. It's just a matter of progressing those. Some of these are brand new, some of these have been around a little bit. As you know, as the programs that the administration are rolling out, you'll get more clarity. You know, we're right in there trying to understand them. We've got a call on Friday, in fact. I was just there in Washington a couple of weeks ago. We're active on this. It's kind of progress on both sides that needs to be shown. Right now, I mean, we don't have a specific plant lined up for the U.S. We're looking at site selection and the like with our partner. That's the kind of thing you need to face. I think the requirements are similar as in Europe, but just sort of different, you know, with a U.S. spin on it. Thanks. Just one follow-up. Obviously, FREYR has a goal of creating local supply chain. Specifically for battery-grade lithium carbonate and hydroxide, how and where are you guys thinking of potential sourcing? Thanks. As we have indicated, we are looking at this together with the pre-approved supplier, Aleees from Taiwan. We are looking at different locations predominantly now, first of all in the Nordic region. As we also commented during the presentation earlier today, that this we try to do in parallel with final investment decision for the gigafactory number one and two. Obviously it's mainly in the Nordic region, which is the first step. In terms of raw material supply into that, as per your sort of deeper part of the question, Evan. Lithium hydroxide and lithium carbonate, we are already in discussions with various suppliers of that into that, but through essentially the cathode producer, and whether that becomes, you know, a joint venture or a licensing arrangement is something that we'll get back to. Obviously securing the raw material and lithium hydroxide and carbonates, and both of them actually is needed is progressing well. We don't have any sort of real concerns around it, even though of course we are monitoring also the challenges and volatility in the market. Longer term there is and tied to when we are starting up commercial production, we have a plan that sort of matches up with that, and initial ongoing, you know, deep discussions really support having this online in time for ramping up the commercial facility. Great. Thank you very much, guys. There are no further questions at this time. I will turn the call back to Mr. Jeff Spittel. Great. Thank you, operator. Thank you everybody for your interest this quarter. We will talk to you soon on the road, and look forward to catching up in person or virtually. Thanks again. That'll conclude the call.