Good afternoon, everybody, and welcome to chapter one, FREYR Battery's Official Customer Qualification Plant Launch here in Mo i Rana, Norway. Today marks the operational launch of our CQP and the inaugural launch of clean, next-generation battery technology production in Norway. My name is Kristin Svendsen, and I'm the Vice President of Corporate Development in FREYR. It is my great honor to today lead you through the next hour, where you will get an insight into what is really behind this significant milestone for the company and of course, what lies ahead. What an exciting program we have in place for all of you. You will hear from the Prime Minister of Norway, from the Minister of Trade and Industry, from the President of the World Economic Forum, from the President of the World Federation of Trade Unions, from our partners, customers, and one of our investors, and of course, from the Mayor of Rana and several players of the FREYR team, who all have been vital in realizing this fantastic plant. The first speaker that I would like to invite up on stage, he is a remarkable individual. He has raised hundreds of millions of dollars in the middle of the pandemic. He has ten-folded our organization since 2021. Please welcome to the stage my friend and my boss, Co-Founder and CEO of FREYR, Mr. Tom Jensen. Thank you, Kristin, good morning, good afternoon, and good evening to everyone tuning in to this inaugural ceremony for FREYR's opening of our Customer Qualification Plant. May I say to everyone here as well, welcome. Wow. Wow, wow. Five years ago, I visited this place for the first time in my life, and we have come back many, many times. The prologue is over. Chapter one of FREYR's story of clean battery solutions is starting here in Norway, in Nordland, in Mo i Rana. Maybe I can say Mo. Mo energy, Mo industry, Mo infrastructure, Mo green energy, Mo dedicated people, Mo clean battery solutions. Wow and Mo. More of the things that matter, faster, better, cleaner, produced in the pristine Arctic environment by people who care for the topics that matter. The opening of this Customer Qualification Plant marks the dawn of the gigawatt-hour era of next-generation lithium-ion battery production. This technology can offer superior cost and performance when producing at gigawatt-hour scale. This is a world first, ladies and gentlemen. To be competitive in the battery industry, you need to produce with high precision, high safety, high uptime, high quality, high speed, and above all, you need to produce at an enormous scale. This is why we built what we did. It is an actual industrial scale production line. When we master this one, and make no mistake, our people will master it very quickly, then we can replicate it many, many times over. Let me explain how and maybe why this matters from a climate perspective. When we operate Giga Arctic up the road at full scale, the batteries we produce will abate more than twice Norway's annual emissions of CO2 over the lifetime of their service. I'll say that again. More than twice the annual output of CO2 that Norway generates in a year, our batteries produced in Giga Arctic will abate over its lifetime. At the most fundamental level, let me state the obvious. Solar and wind power generation has a marginal cost of 0. Decarbonizing energy systems requires a 20-folding of wind and solar installation and more than a 100-folding of battery storage installations as batteries will displace the natural gas or coal gas power generation quite rapidly. FREYR will shortly release an open source white paper where we show that one full year of production from Giga Arctic or Giga America across the Atlantic will abate close to 80 million tons of CO2 over the 20-year lifetime of the batteries. 80 million tons. This is why batteries are so critical for the energy transition. It's one of the most effective solutions for mitigating climate change, and we will produce them here in Mo i Rana using 100% green electricity as well from the beautiful hydropower that we're producing in this region. We asked ourselves, "What is the fastest way to profitably produce an as large volume of these critically important climate solutions as we could imagine?" The answer was 24M or the SemiSolid production platform. The SemiSolid production platform produces products which are fit for the purpose that batteries are now being used for. Electric vehicles, energy storage applications, large, bulky applications, and not small handheld devices that lithium-ion batteries originally was produced for. In short, we are producing much larger, much thicker batteries which match better with the vehicles they go into and/or the containers that store sunlight and wind, and then release that electricity when needed. The production process that we are going to perfect and master here in the Customer Qualification Plant is a fundamentally improved lithium-ion battery production process. We project 50% lower CapEx, 60% less energy, 80% less space compared to large conventional gigafactories, and we can produce up to three times as many batteries per employee compared to current facilities. This technology is already in commercial operation in Japan, a key criteria for us when we selected it, but scaling it further to the gigawatt-hour scale that we are doing here will require substantial investment from investors around the world. Many eyes are now on us to deliver on our initial promises, and with the opening of the CQP today, you will see and hear from my colleagues how we're going to do it and that we're ready for that challenge. The CQP is important for us from many different perspectives. First of all, it demonstrate gigawatt-hour scale of next-generation lithium-ion battery technology. It's also a training ground for our operators. It's the qualification arena for our customers. It's qualification arena for materials. It's an improvement arena where we can constantly push the boundary for how good batteries we can produce. It's an important part of the next step in our industrialization journey. Today, we're unlocking, again, gigawatt-hour scale production with the 24M technology through the opening of the Customer Qualification Plant, the core catalyst for lifting FREYR into commercial production. Giga Arctic up the road and the accelerated activities that we're now undertaking with Giga America across the Atlantic, just south of Atlanta in Georgia, are now moving forward in parallel towards first commercial production at scale on two continents. It's important for us to produce batteries on both sides of the Atlantic because our customers and our supply chain partners want us to be present both places. Both of these facilities will hold eight or more production lines, similar in size to the one that we're opening today. In essence, opening the CQP for us today is the start of our commercialization. We have 130 GWh of indicative customer demand and also firm offtake commitment with our contract with Nidec, and our focus now is to ensure that we can profitably build and operate these facilities as quickly as possible to deliver to an ever-increasing customer base. Make no mistake, there is an insatiable demand for clean battery solutions, and we have very many conversations ongoing to increase our capability to produce more batteries. Let me, however, remind you that the West or the Western Hemisphere or the Western battery industry is lagging 10 years behind Asia in general and China in particular. Building battery value chains, facilities, and competence requires Herculean efforts. To enable regional energy security while unlocking the urgently required decarbonization, massive government intervention and support is required. To put this into perspective, more than 100 factories like the one we're building here in Giga Arctic and America are needed in Europe and the US over the next seven to 10 years to support the climate ambitions. Let me say this again, 100 gigafactories like the one we are building in only seven years. That is roughly 15 gigafactories a year. In Europe right now, we're building six, and that includes Giga Arctic, by the way. Not 14, not 15, six. We need to double the speed of building gigafactories if we're gonna stay roughly within the boundaries of climate change. Let me be clear, this is not something the markets will fix by themselves, especially not in the current macroeconomic environment. If we're serious about mitigating climate change, we need to act forcefully. The only way to unlock the billions of U.S. dollars required from private investors around the world to finance such a Herculean effort is government intervention. We were therefore very glad to see that the European Union, only two weeks ago, opened up for matching the Inflation Reduction Act incentives in the U.S. to accelerate battery production in the European Union and the European Economic Area. Let me first remind you, the Inflation Reduction Act is the most significant climate bill since the climate summit in Paris and the largest infrastructure package since Roosevelt. It's also meant to rapidly reduce energy inflation and secure regional energy security for the U.S. in renewable energy technology with batteries included. This decision and various initiatives by the European Union lately are largely symmetrical to the Inflation Reduction Act and allow individual countries to match the Inflation Reduction Act for strategic industries in select regions. Let me tell you that battery industry and Mo i Rana is such a region. The Norwegian government has been given the opportunity to really match and accelerate the development of giga scale production of batteries in Norway. We are becoming a clean battery producer at gigawatt-hour scale on both sides of the Atlantic, and I am now very proud to provide you with a sneak preview of our product archetypes. FREYR is, as you know, or may know, the name of an ancient Norse god and the Norse spirit still lives on today. We want to be inspired in FREYR and illuminated, we use this ancient wisdom and belief in mastering what we fully don't understand yet, and the very batteries that we're aiming to produce. Today we're sneak launching, if you like, our three product archetypes. You see them behind me, with Ymir, our ESS product, Aegir, our e-mobility product suite, and Sleipnir, our EV product suite, all linked to the electric spirit of Norse mythology. Ymir is the giant from which the cosmos was created, we felt that that was fitting in terms of energy systems globally. Aegir is the god of the sea, it holds energy and transports people around the world, therefore it's fitting for our e-mobility solutions. Last but not least, Sleipnir, Odin's eight-legged horse, is obviously a core solution for us when it comes to electric vehicle solutions. Our comprehensive product launch is coming to a theater near you, and in true Viking style, we are getting ready to capture the various markets of the energy transition. Batteries, climate change, Norse gods, Giga Arctic, Giga America, and the CQP, all great and exciting stuff. What really matters most is people, our employees, our partners, our customers, our investors, and our families. I have to thank especially my wife who's been standing by me for these five years, and all the spouses of the people working in FREYR for the relentless and hard work that the people of our organization are doing. I have to take a moment to say again, from the bottom of my heart, thank you to everyone who has made this day possible. This is an emotional moment for me, and we're doing something that matters. The people of Mo i Rana, the people of FREYR, the people around us should be very proud today. This is a big thing. My excellent colleagues will tell you later how we are in control, how we're on track, how we thrive when we solve some of the world's toughest problems. I just want to say again, wow, this is about everyone in FREYR. This is about everyone in Mo. This is about us. We're not movie stars. Everything everywhere all at once, who won a lot of Oscars by the way, needs to be electrified to meet the climate objectives in Paris. The urgency is greater than ever. Global battery supply will need to sevenfold from current levels in seven years, which means installing every year for seven years as much as has taken 30 years to install to date. This is the largest secular shift in human history, a fundamental challenge for humanity, but also a massive opportunity for responsible players in the battery industry. EV penetration, which is now at a decent pace, has to continue. Energy storage solutions will have to grow by more than 50% per year, yearly over the coming decade to meet the increased electrification of society. By 2030, the addressable market in the battery value chain could exceed as much as $2 trillion from mining through to recycling with healthy profit pools from those who produce at scale. It is critical to create new partnerships based on raw material supply, economies of scale, and cost-effective solutions to leverage hardware by using software. FREYR is therefore targeting a new Energy Transition Acceleration Coalition together with Glencore, Siemens, Caterpillar, and Nidec, which we're announcing today to maximize value creation from this value pool. These companies, large industrial giants in different spaces, have a combined market capitalization of more than $330 billion. They employ nearly 670,000 people around the world and generate more than $400 billion in revenue. They work with FREYR in various ways, in various parts of the value chain, and they will also require battery solutions to decarbonize their own industrial footprint. Simultaneously, they bring deep industrial acumen and strategic interest to partner with FREYR and other like-minded companies in a coalition-based approach. There are many other companies that are interested to join us on this journey. We're super excited to invite everyone who wants to participate in the accelerated energy transition to join us in this journey. Our new partners will come up on stage shortly to tell you more about the coalition. I want to say that I'm deeply impressed by these companies. I'm very proud to be calling them our friends and our partners on this quest for energy transition. Ladies and gentlemen, it is allowed to think big in a small country. In FREYR, we think big, but we pay attention to detail. In FREYR, we aim high, but we're also grounded in industrial realities. To round off my introduction today. Let me underline that we are on track. We are on track to become the clean battery solutions industrialization partner of choice, a clean battery solutions champion. Thank you for your attention, ladies and gentlemen. Thank you very much, Tom. What a vision for FREYR and what a vision for the coalition. Another round of applause for Tom Jensen, everybody. Before we introduce you to our coalition partners, I would like to invite up two additional colleagues of mine who have been vital in accelerating and shaping the launch of this coalition while building a very strong momentum on our customer side. Please welcome to the stage EVP of Corporate Development and President of FREYR Battery, U.S., Mr. Jeremy Bezdek, and our EVP of President of Global Sales, Mr. Gery Bonduelle. Hi, guys. Hello. Hi, Kristin Jeremy, you joined FREYR, in January this year, and one of the first things that you started working on when you came on board was namely this coalition. Now we're three months in, and here we are. You must be pretty excited. I am. And, and in pure Tom fashion, he called me three weeks before I started and said, "I've got this idea," which we now know means we have to move fast. We started the conversations with many of our partners, and what was clear from the beginning was we all shared a common vision around the energy transition, and they all had a desire to work with FREYR as a solution provider in one way or the other across the entire value chain. It was really just putting those conversations together in a, in a, in a perspective of all working together to make the energy transition happen. That's what we're doing. Gery, you also have customers as a part of the coalition. Can you share some more insights into that? What are the key messages that you would like this coalition to bring to the market? Yes. I started two years ago. We started to understand the market. We were able to capture, like Tom said, 130 GWh of customer interest and offtake agreement. Out of these 38 from Nidec alone, it has been an incredible journey to convince a customer with what we have. Here today with the CQP, we have the opportunity to demonstrate what we've said since two years. We get the chance to finally give product to customer and to really demonstrate and show that what we've said is real. That's an amazing journey so far, and it's only the beginning for us in sales to be able to be pragmatic, to show all this. It's unbelievable. We are so happy and so happy to be able to present the three product that Tom showed earlier that come from this customer dialogues that we have. As of the coalition, what's great about the coalition is we have people who know their market. Nidec specialize in ESS. Caterpillar in offtake off- highway equipment. Who knows better what end user need than those companies? With this, I see that there is a huge opportunity to accelerate our development. We'll be faster on the market with such a partner, and we know that decarbonization doesn't wait, so that's a perfect setup. Exactly. Well, also, we don't wanna wait anymore. Let's bring the partners up on stage. Please welcome from Siemens, CEO of Siemens Norway, Mr. Nils Klippenberg. From Glencore, Mr. Russel Mascarenhas. From Caterpillar, the Vice President of Electrification and Advanced Power Solutions, Mr. Rod Shurman. From Nidec, President of Energy and Infrastructure Division, Mr. Laurent Demortier. First of all, congratulations to everybody for joining our coalition, and welcome to our CQP. I know I speak on behalf of everybody in FREYR when I say that we are proud, we are humbled, most and for all, very excited to have industrial powerhouses and conglomerates like yourselves on board in this coalition. I wanna make it very easy for you, so I want you all to comment on one question: How do you see this or what do you think that you bring to this alliance to help ensure its success? Let me start with you, Nils, from Siemens. Thank you. Very happy to be here and be part of this great launch. Let me start with the context a little bit because, you know, our requirements is actually to do the decarbonization. We can actually reduce the climate crisis. Energy transition is of course paramount to this. In order to do so, we need to have renewable production. Renewable production means that we have weather-dependent production, meaning solar power, wind power, and also hydropower, as we have here in Norway. The flip side of all these things are it's very fluctuated. It's going up and down, on and off. We need those batteries in order to balance the grids and also balance the big industrial plants. This is why Siemens are very focused on this, because it's part of the sustainability story and how we can make a better tomorrow. Our contribution is very much based into smart manufacturing, smart infrastructures, and also digitalization and the speed is, for us, key elements into this. What we're doing is that we are using sensor techniques, we are using data analytics, and we are then really optimizing the use of assets. The reason for doing this is, of course, to increase the productivity of our plants like we have here in FREYR, so we can ensure that we have highest score on availability and performance and the quality of the production. That's our contribution. Thank you, Nils. Over to you, Russel from Glencore. Perfect. Well, first, thank you for having us at this launch. On behalf of Glencore, I think we're very proud to be part of this coalition, be part of your journey. Thank you for that. From Glencore's perspective, we're one of the world's largest global diversified natural resources companies. We have a very strong portfolio of commodities that really push towards this energy transition. What we hope to bring to this coalition is first, with this portfolio of metals and commodities, we hope to bring raw material supply, raw material market access, as well as commodity market access for the coalition. As well as our strong industrial base, which we have lots of strong decarbonization goals around that. We also bring our battery circularity platform, and part of that is combining the recycling with the primary sources. We think we can bring those together and help this ecosystem and the industry in general, scale sustainably. Perfect. That's why we brought you on. Thank you, Russel. Over to you, Rod from Caterpillar. What do you bring to the alliance? You know, from a Caterpillar perspective, you know, as we see ourselves, you know, as the world's leading manufacturer of construction and mining equipment and a leading producer of equipment in multiple energy segments, we bring the scale and expertise necessary to really drive battery integration into a very broad range of markets. In a nutshell, that would be it for us. Thank you. Thank you. Thank you, Rod. Yep. Now, Laurent, last year Nidec became our joint venture partner and customer, and now our coalition partner. What do you bring to the alliance? I think Nidec is a young Japanese company. We celebrate our 50 years this year. Since inception, we have been dedicated to electrical industries. What we plan to bring to the coalition is very simple. I think three things. I will start by the first two. The first one, we're going to bring new products leveraging the cell that FREYR is going to make here. Second, we will bring an access to a pretty large market. We call that a utility energy grade storage, and we'll bring this access to the market, especially in Europe and in North America. The module I think we are going to build is a little bit unique. It's a little bit like uniqueness of the cell. It's going to be robust, obviously. It's going to be cost efficient, it's going to be safe, and it's going to be smart. You will see a very interesting module. The first module will be done here in this factory, so I think we'll be very pleased and I hope there will be many, many of a factory around the world, and I hope that my colleague from Siemens and from CAT would use them. I think that will be our contribution. The second is the access to the market. As Tom has been mentioning, the utility-grade energy storage is developing on a very wide area of applications, whether it's for the e-mobility infrastructure, whether it's for the stabilization of the grid, transmission of distributed, or even the power generation now where we can start see some smart power generation module. I think we'll bring that access to the market. We have today 140,000 employees in Nidec. Still small company, but still growing. 220 sites worldwide, I think we can really be an accelerator, I think, of distributing of the module. Last but not least, I think we will bring our passion for electricity. I think in Nidec we have 140,000 employee, fully passionate by electricity, and I think we'll try to share that with the team. Thank you very much, Laurent. Now, listening to what the partners here are sharing, there's one thing I wanted to ask you, Jeremy. 'Cause I know that there are several other companies that are interested in joining. What are you looking for that could complement the coalition as it stands today? Well, clearly there are bilateral benefit opportunities for FREYR and our partners. As you heard Laurent talking about, there's multilateral benefits as well across the coalition. I think as we look across the battery value chain, there will be additional partners that are already working with a lot of these guys already. To find opportunities where there's mutual benefit, both for a new partner to the coalition with existing partners on the coalition and also of course share the same vision for an energy transition. If they're there, we're willing to talk to them. Thank you, Jeremy. Thank you everybody for joining us on stage. We, of course, look forward to accelerate the green transition with all of you. Now, to continue our celebration, I would like to invite, I would now like to give the word to the Prime Minister of Norway. Please welcome Mr. Jonas Gahr Støre. Dear FREYR, my warmest congratulations on taking the first operative steps towards a large-scale battery factory. Today is a momentous day for Rana, for Nordland, and in fact, all of Norway. Norway was built by industrial pioneers who dared to do, who combined private capital and public support, and who paved the way for others. You are now part of that proud tradition. We need that pioneer spirit, your pioneer spirit, for our next steps towards a green industry. My government's Green Industrial Initiative is our response to the need for the largest ever transformation of Norway's economy in modern history. We will be on the side of those who take these initiatives. We cannot make this transition on our own. That's why I'm so glad to see major economies like the United States also showing concrete commitments for their industrial and climate initiatives, as we have done and intend to do. Here in Norway, we will continue our Green Industrial Initiative and update it alongside initiatives from the U.S. and the EU, and in close dialogue with both of them. Our ambitions in Norway are firm. We have never competed on cost alone, but on quality, efficiency, and being a step ahead. At FREYR, you are also that step ahead with new thinking and new technology. Today proves that in Mo i Rana, where so much industrial history has happened in my country. Dear friends, we all look forward to what's next here in Mo i Rana. I look forward to come and visit. Congratulations on a great day for FREYR and all of us. Encouraging words there from our Prime Minister. Now moving on to our next guest. We are delighted to welcome our dear supporter of FREYR and one of our key investors. Please welcome the Founder and Managing Member of Encompass Capital, Mr. Todd Kantor. Good afternoon. My name is Todd Kantor. I want to thank the FREYR founders, Torstein, Tom, and Peter, for inviting me to this truly special occasion here in Mo i Rana. The battery plant we're standing in today is a major leap forward for FREYR, and the results, I'd like to share some of my perspectives about FREYR and the significance of today's first chapter in the Giga Arctic facility. Let me first introduce myself. I am the Founder and Managing Member of Encompass Capital, a global energy and energy transition focused investment manager based in New York. I first met the FREYR team over many Zoom calls during the summer of 2020. FREYR was founded in 2018 with the vision of producing the world's cleanest batteries and scaling up to 200 GWh of annual production. Only three years after being formed, FREYR went public on the New York Stock Exchange as the eighth Norwegian-listed company with a closing of over $700 million during the raise. Seventeen months later, FREYR had a $265 million equity offering, which ended up being the fourth largest global renewable capital raise during 2022. Today, FREYR is one of the largest independent, publicly listed lithium-ion battery cell manufacturers in the Western Hemisphere. I believe that Norway is a truly remarkable country with unique competitive advantages. With a population of over 5.4 million, Norway's ability to revolutionize and impact the entire planet has been exemplified in many ways. Firstly, Norway has literally 0.0006% of Earth's population, and yet won 15% of the gold medals in the 2022 Winter Olympics. Congratulations. Additionally, Norway is the global leader in adopting electric vehicles, and EV sales now are over 80% of total car sales. However, Norway is yet to establish the capacity to produce battery cells to electrify the economy and decarbonize society. That changes today with the ceremonial opening of FREYR CQP. By establishing its operations here in Mo, FREYR is poised to employ nearly 1,000. FREYR's flagship Giga Arctic facility, which is under construction, should position Mo and this community as a global leader in clean battery production. The vision upon which Torstein, Tom, and Peter founded this company will become a reality by producing next generation batteries with 100% renewable energy. The electric battery industry, which is dominated by Tesla and a handful of Asian companies, is ripe for disruption. This management team in front of me is a team that can disrupt. Currently, only seven commercial scale battery plants operate in Europe, and only one is powered fully by renewables. Tesla recently said that 120 TWh of batteries will be required for the power sector and another 120 TWh for the transportation sector. That means 240 TWh in total. To put that in perspective, the industry collectively may produce 1 TWh of batteries this year. Now we're in the first stage of the battery revolution. Today, less than 5% of the global primary energy supply comes from clean, zero, marginal cost solar and wind. Given the sun doesn't shine and the wind doesn't blow 24 hours a day, batteries are the key complement for renewable power generation by eliminating intermittency. As the transportation sector is roughly 10% or roughly 10% of the transportation sector is auto sales, electric auto sales. Clearly, a massive increase in battery production is needed to enable EV penetration to leapfrog higher. Simply put, energy transition does not happen without batteries. Norway has a chance to be a battery manufacturing center. Make no mistake, though, this is a race, and China, the United States, and the rest of Europe all recognize the necessity of growing this industry and the thousands of local jobs and the energy security that comes alongside domestic production. Given that the Norwegians have a culture of overachieving in global competition such as the Olympics, I expect they will tap into their athletic strength to become a meaningful player in energy transition. FREYR should help Norway as a leader in this race. Before closing, I would like to share a quick comment from Tom that he frequently says, "This is just the beginning. The hard work is in front of us." Continued backing from a variety of stakeholders will be crucial to ensure FREYR's success at scale. While FREYR has continuously demonstrated the ability to deliver on its promises, I believe this company has the potential to be the engine, be an engine of Norwegian innovation and job creation for decades to come. In closing, I'm humbled to celebrate this occasion with you all today. Thank you for your efforts, your passion, and continued support as we embark on the exciting next phase for FREYR's journey. Thank you. Thank you very much, Todd. Now, we're gonna take a brief trip to Brussels, where we have a special greeting from Mr. Børge Brende, the President of the World Economic Forum. Let's tune in to hear his message. First of all, congratulations on this very important milestone. The opening of your Customer Qualification Plant is so important, not only for FREYR, but for Norway and the development of new and renewable industry. It is also a milestone for the security of European supply that we have learned is so critical and for the climate. Being able to build and maintain the components needed to tackle climate change has become a top political priority, and rightfully so. The energy transition ahead of us is enormous. Batteries will be a central component, not only for electric vehicles and gadgets, but for the entire new energy system. As such, FREYR's plant is only the beginning of what has the potential to become a huge industrial adventure. FREYR has expressed bold ambitions. You have set out to produce the greenest lithium-ion battery cells in the world, with Norway as your starting point. Norway has, in my view, amazing advantages in terms of large supply of renewable energy, entrepreneurship, capital, and skills. I'm a Norwegian, so I might be biased. More important, also from my perspective at the World Economic Forum, I'm so pleased to see that FREYR and other companies are taking responsibility and even the lead in several areas. We know that batteries are needed to decarbonize transportation and energy systems. Already, demand is skyrocketing. Increasingly, battery production and supply also are important in the geopolitical perspective. Hopefully, we will see many more industrial investments in Europe in the near future, creating jobs on back of tackling the greatest challenge for humankind, climate change. FREYR's employees should be really proud today. The opening of your plant sends a signal far beyond Norway's borders that the green shift is happening right where you are right now. Again, big, big congratulations and all the best. I know you are curious to see more of our CQP, so please allow me to give you a little bit of a glimpse. This building spans over 13,000 sqm. The CQP is a demonstration production line, and it's the actual physical size of an industrial scale production line in commercial operations. The reason for this is because we would like to create sample sales for our customers and test different material over time. It will also act as a training hub for our operators, so that when we start up our commercial gigafactories, we have already seen and overcome many of the challenges that we know are lying in front of us. Please enjoy this short video showcasing the first of its kind battery plant. As you just seen, developing and constructing this plant requires heavy industry skills and world-class project execution. I'm looking at you, Einar. This is exactly what you are all about. Congratulations on reaching this milestone for the company. Jan Arve, starting with you. You are the Chief Operating Officer in FREYR. As someone who has previously built one of the world's largest aluminum plants in Qatar, engaging 22,000 people, it's fair to say you know a little bit about what it takes to lead a team that builds a factory on tight schedules. Now, what are the most important lessons that you learned from this experience in Qatar that you could bring into now building the CQP for FREYR? Thanks, Kristin, and thanks for having us on the program. Yeah, sure, when we did the construction in Qatar and build an operation, we had 22,000 construction workers on the peak. Obviously the logistics in and out was quite a challenge. Even feeding lunch was a military operation, but also at a very high safety standard. I also spent some 20 years building oil and gas platforms on an offshore, and obviously the key message is okay, on time and on budget. I think that we also have seen now that solving problems and bringing them to the table and just solving them together, that's really the name of the game. In my opinion, delivering as we have committed, it's the, it's a core. I also try to say that, for the time being, the job is not done before the paperwork is done. Very true. Now, Jan Arve, we also announced a couple of weeks ago three ISO certificates. Is that a quality stamp that FREYR is now moving away from being a startup to a scale-up? That's correct, Kristin. We got the certificates from DNV a couple of weeks ago, and we have now proven for ourself and for the industry that we are certified to be able to produce and deliver batteries. While we are building a plant, we are also building an organization, an organization that is structured and processed in a such a way that we meet these certification standards. I'm very proud also to show that to the customers and to the industry. Thank you, Jan Arve. Einar, you are the EVP of project execution, and I know that you have spearheaded more than 20 projects at giga scale since you were basically a teenager. What are you most proud of, when it comes to pulling together this project in less than two years? It's a long list. The most important, I felt it very much today, is to achieve this milestone, finishing the factory to show it to all our guests today. I really was proud when I saw our employees presenting this beautiful factory. Then I need to mention a few more things. We have been able to execute the project with excellent, safety statistics. In parallel we have built a safety culture that we can build on for the new gigafactories, which is number one focus from our side. Quality, we have been proven quality through extensive testing, both with the suppliers but also here in Mo. That's number two that we have focused on all the time, and we have managed the schedule and the budget in COVID war, challenging environment. All in all, very proud of my team. Yes. Very reason to be. Now, we have 70 vendors that are working with us on this project. 50 of them are from Norway. How do you coordinate such a complex project between national and global vendors? The first thing and the most important thing is to get the right suppliers and contractors on the team. The easiest way is to have a turnkey contractor, and we will be in the back seat. From our side, we wanted to be hands-on and close to follow up the critical supplies. We decided to split the project into packages, and then we have a selection process. We qualified and selected eight main contractors with clear interfaces to be partnering up with us. We also used well-known contract templates, so we created a strong formal base to be able to work with them as partners. With the formal base, we could work openly and transparent all through the execution. Now after being successful with them, we have taken the contract into frame agreements. These frame agreements which take us through challenging time for building the gigafactories. All the contractors, many of you are here, thank you. Thank you, Einar. Tove, you are EVP of Operations in FREYR, and you have 33 years of experience in executive global roles. Now, we are at a stage now where you and your team will take over the operations of the plant. Can you tell us a little bit about the A team that I know that you have managed to pull together for this purpose? Also, what are the key competences that are needed to operate such a plant? Yes. Thank you, Kristin. I would love to do that. I will start to say that I'm very proud of my team, having been able to build this team over the last two years. I think to build such a team, you need to understand what is needed, what is the task that you all have at hand. I think we figured out very early that first and foremost, you need to have the ability to foresee some failures, and you have to be able to solve this failure in a structured manner. Secondly, you need to understand how to replicate the good processes so that we have a quality product in the end. That requires also good insight in how the raw materials, the machinery, and actually the mechanisms in through the processing take place. When we searched for the people, then started the recruitment process, we focused heavily on having team players. Safety first and also problem-solving heads. Also we required a fairly high formal education level. In the team now we have about 30 people who will operate the plant. They have approximately 17 nationalities. Some of them have Ph.D. education, some have master degrees, and some have technicians educations. They have also now detected all in all about 1,500 potential failures. They have created control plans for this and having made procedures for how to potentially solve these things in a structured manner if needed. Equipped with a developed toolbox, I feel very confident that this team will be able to produce us some batteries very soon. We all hope so, Tove. Thank you very much. Tove, I know you're also from Mo i Rana, so you must be extra proud today seeing your city writing a piece of history. How do you feel that the local community here has welcomed FREYR? Yes, I'm very proud of being a FREYRian, as we say. I think it's evident that the city, the people, the population, the community is very engaged in transforming the reputation of having a black steel heavy industry to the green, new future. I also feel that we have been welcomed very well. They have been very easy to work with, taken us through the all kind of networks, invited us in. I also would draw on the fact that they have adapted very heavily to the integration program and adapted school programs, adapted education programs to fit for the battery industry. That's very impressive. Thank you. Finally to you, Jan Arve. There's something I've been meaning to ask you. What's your secret sauce when it comes to transitioning from project construction to successful operations? Don't tell anybody then. No, I won't. Promise. First of all, you need to have a big bowl of competence, and obviously the competence needs to be so that you can actually lift issues and obviously safe and secure operation. That's very important. Put in a number of extremely dedicated engineers and mix them with key suppliers. Key suppliers that are chosen, as Einar said, and they work together. In particular, they have to be eager to work the interfaces and integrate with each other. That's why we also go for frame agreements going forward. They are in this for the long run, so that's very important ingredients. You blend in operational excellence, and you heard a lot about that from Tove now. When you mix this together, I think you have a very good. It's a secret sauce, but it's a good sauce. I think also it's extremely important that during transition periods, the top management needs to be engaged. They need to motivate and follow up issues, and in particular, bring to the surface problems. It's how we solve the problems, I think that's really a core ingredient in this sauce. I made this sauce a number of times, so I have some experience on that. I'm extremely proud to be part of that here as well. I think that when I start smelling on the sauce now, I think it's gonna be batteries quite soon. That's good to hear, Jan Arve. Thank you very much for sharing that. I hope everybody took notes, by the way. Thank you so much for joining us on stage. A big round of applause to our team. Please welcome to the stage the President of the United Federation of Trade Unions, Mr. Jørn Eggum. Dear friends, this is a good day for Norwegian industry. It proves that Norway is an attractive destination for investment in new green industry. The opening of FREYR's Customer Qualification Plant represent a new chapter in Norway. Proud international tradition based on green energy, skilled labor, and brave entrepreneurs. This is also a good day for Mo i Rana. FREYR's ambition plans for giga battery cell plant here will create jobs, contracts for local and regional suppliers, and ripple effects for the entire community. Tax income, innovation, partnership to mention few. This is also a good day for our climate. FREYR's plans to produce the greenest battery cells in the world right here using Norway hydropower and pushing for minimum emissions through the battery value chain. Reducing emissions and renewable power system are keys to battling climate change. This transformation also offer opportunities for industrial development. Opportunities that we as a nation should seize, and which I'm glad FREYR as a company is seizing. I think we all realize that future opportunities are reliant on stable access to affordable, renewable energy. Not only that, they also depend a favorable framework condition that stimulate investments here in Norway. This is a great day for creating opportunity. Demand for renewable energy is outpacing supply. Countries competing and offering the best condition for making investment in green industry. In Norway's case, the skills, experience, and labor are in place. We must also make sure that Norway offers a favorable climate for investments in green industry. This is a great day for further building on organized labor system. Norwegian model is built upon creating wealth that can be shared. This is how we finance a society built on trust, where we invest in our common future with education, financial security, and cooperation between skilled workers and business. As the President of Norway's largest private sector union, I'm excited to be a part of this massive step forward here in Mo i Rana. The opening of a new industry plant such as this one strengthens the very foundation on which the Norwegian model rests. Today is a good day for the current and future workers of FREYR. A big congratulations to both of you and FREYR's management. I wish you the best of luck, and I look forward to visit again, hopefully, at the FREYR's Giga Arctic plant. Thank you for your attention. Thank you very much, Jørn. Ladies and gentlemen, we are honored to give the word to the Minister of Trade and Industry, Mr. Jan Christian Vestre, who joins us digitally from Oslo. Dear FREYR, congratulations on this great day for the Norwegian battery industry. Today, you are creating what could become a crucial part of Norway's industrial future. Last year, I launched the government's Battery Strategy in Rana at FREYR. Now, less than a year later, you at FREYR are unveiling a large-scale pilot plant for commercial battery production. That demonstrates resolve, that demonstrates determination, and that demonstrates a willingness to put words into action. We are facing the largest ever transformation of Norway's economy. That is why the government has launched the Green Industrial Initiative. The initiative has set a clear path and a solid framework for the public and the private sector, where government alleviates risk for private investors. We have identified a need for NOK 60 billion in government loans and guarantees to speed up new green industries, like battery production. Already, we have allocated a 1/3 of that, including to realize the battery plant you at FREYR are opening today. That, friends, demonstrates commitment. That demonstrates dedication, and that demonstrates long-term public and private cooperation. We know that a change from a fossil fuel economy will not happen overnight, but we know that it will happen. It's already happening here in Norway with electric cars and ferries dominating the Norwegian market. That means a world running on electricity. That means a world running on batteries. The government doesn't need to create the demand for batteries. It is already on its way. What we are doing, the government, and you at FREYR, is to create the conditions for that demand to be met. Our Battery Strategy is pushing for better and more sustainable battery production using the Norwegian model as a backbone for our industry. Let me make one thing clear, friends, Norway is an integrated part of Europe. The European way forward is our way forward. Norway's Green Industrial Initiative was a forceful statement last year. Europe's response to the United States' Inflation Reduction Act will be a guide for how we upgrade the Green Industrial Initiative this year and beyond, and we will upgrade it in our own Norwegian way, building on our strength and experiences. The Norwegian battery industry has done much already. Thank you. It is not standing still. It will continue to grow here in Nordland and all across Norway. What you at FREYR is doing today is definite proof of that. Congratulations to FREYR, to Rana, to Nordland, and to the entire Nordic battery industry. We are now approaching the final part of the program. We here in FREYR, we owe a massive thank you to the local community here in Mo i Rana, as you have heard. Therefore, it is my great honor to introduce you to the head of local support system, the Mayor of Rana, Mr. Geir Waage, and back up on stage, our CEO and Co-Founder, Tom Jensen. Tom, you are now here to launch the Customer Qualification Plant. How does it feel when you look back to the project plan on PowerPoint and the facility as it stands today? Well, it's a very special moment. I have to say, I'm very proud of what we have accomplished. As also Todd Kantor said, this really is just the beginning. You know? The hard work lies ahead of us, it is very comforting to see what we have accomplished with our excellent people, and that gives me the best comfort in the world that we can achieve great things in Mo i Rana. Thank you, Tom. Now, Geir, this is also... It's a big day for you. It's a big day for Mo i Rana. It's a small town in Northern Norway. All of a sudden, it's becoming quite well-known among global gigafactory investors and partners. What does that mean to the city? First of all, this means that the city of Mo i Rana, the municipality, and the people who lives here contributes to the green change that the world needs. We have put in action what we said years ago and made a strategy saying that Mo i Rana is going to be the Norwegian capital of green industrial change. The future is renewable. Achieving this together with FREYR makes me, and I'm sure I can speak on behalf of the people who lives here also, very proud but also humble. Humble because a lot of work still remains before we can say that we have succeeded together with FREYR and other participants on this fantastic journey that we are in the beginning of. And Mo i Rana is ready for this growth? We are ready for this growth. We started preparing for growth years ago. I feel that we are getting more and more prepared for each day passing by. We have in Mo i Rana a reputation for being adaptable to change and with also to... We have experience historically for the living with abrupt changes. This is not the first time we deal with such growth as FREYR has challenged us with. Let me be clear. Just bring it on. Fantastic. Now, the CQP is chapter one. To round things up, Tom, could you please give the audience a little bit of an insight or a teaser, what can they expect in chapter two? I know that our investor relations people are quite nervous now because they think I'm gonna say something I'm not at liberty to say. What I can say is that we have a lot of dedicated people in FREYR who are working very hard on many exciting opportunities. There will be a chapter two, there will be a chapter three, there will be a chapter four, and so on and so forth. We're not gonna stop here. We're gonna do great things, and we're gonna do it together with our partners. I also, on behalf of the board of FREYR and the management of FREYR, I have to extend a great thanks to Mo i Rana, to the Mayor, but to the entire society of Mo i Rana that have really welcomed us with open arms. We are going to be a responsible corporate citizen in the areas in which we operate. We're gonna come to a theater near you, many places around the world. First and foremost, we're building Giga Arctic here. We're building Giga America in Georgia in America. We have lots of incoming requests, so there will be multiple gigafactories coming for the energy transition, and we wanna be a big part of it. Again, thank you, Geir. Thank you, Mo i Rana. Thank you everyone for making this a momentous day. It's a really pleasure to sort of be here and have this opening. Thank you very much, Tom. Let's get this official, everybody. We want to do that by inviting all the guests back up on stage. Please come on up. We will together count down from 10. Everybody in the audience, please stand up and help us in making this a special moment for the history books. Let's count down from 10, everybody. 10, 9, 8, 7, 6, 5, 4, 3, 2, 1. Go! Thank you, everybody. Thank you so much for joining us. Please stay tuned for chapter two.