T1 Energy Inc.

Good morning and welcome everyone to Freya Battery's fourth quarter and full year 2021 earnings conference call.

With me today on the call are Tom-Einar Jensen, our Chief Executive Officer, Jan Averhogen, our Chief Operating Officer, and Stephan Foride, our Chief Financial Officer. During today's call, management may make statements related to our business that are forward-looking under federal securities laws and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For discussion of material risks and other important factors that could affect our actual results, please refer to our filings with the Securities and Exchange Commission, which are available on the investor relations section of our website and the earnings press release issued earlier today. Additional information will be made available in our annual report on Form 10-K for the fiscal year 2021 and other reports that we may file with the SEC. With that, I'll turn the call over to Tom.

Good morning, good afternoon, and good evening, everyone. And thank you, Jeff, for this kind introduction. And welcome, everyone, to this third quarterly reporting for FREIJR, the fourth quarter report for 2021 and full year results for 2021. Today, we will run through an update on the business, our strategic roadmap and priorities, how we are progressing in establishing localized supply chains, Our operations are now turning into gear. We will talk about the market opportunity, which we feel is and see is ever expanding. We're making strong commercial progress across a number of customer verticals. We're also making good progress on financing the expansion of our clean battery solutions plans, and we'll focus on the near-term priorities and have a question as a session. Next slide, please. So we are now well advanced in building Freyer's operational foundation. The customer qualification plant, our first gigascale facility, is on track for starting up production later this year. The gigafactory development, which will rest upon the development we have in the CQP, the customer qualification plant, we are now pleased to announce that we're combining On a like-for-like basis, comparing to the similar chemistry in battery solutions we used in the business plan presented in February, this represents a 40% increase in nameplate capacity relative to earlier. This increase in capacity will allow us to increase the capital and operational efficiency of the plant. We will be implementing a phased investment decision on the production lines to allow us to move as quickly as possible forward. We anticipate to start and ramp up production during the first half of 2024. When we are ready to make the final investment decision, which we aim to do later this half of the year, We will be providing updated capex estimates and plant development timelines to our investors. We're well underway, however, in making progress in our gigafactory site in Moedama. We've already started groundbreaking and the board of directors just recently approved additional capital investment in groundworks and early works commitments to ensure that we can move as quickly forward as possible on this 18 gigawatt hour gigafactory. Next, please. So we started up the company, as mentioned to most of you many times, in 2018. And since then, we've made strong progress across the board. We have entered into a definitive technology and licensing agreement with 24M, a big part of the company's development to date. That allowed us to go public on the New York Stock Exchange mid-2021. And during 2022, we'll be making significant additional progress Progress Points Moving Forward. Last year, we entered into a joint venture with Koch Strategic Platforms, also the largest investor in our pipe transaction, and we also invested in 24M Technologies, both as the first licensee in Europe and also as a combined licensee with Koch Strategic Platforms for our joint venture in the US. We're now targeting more than 200 gigawatt hours of combined conditional offtake agreements to be entered into during 2022. We will start up our first gigascale facility, an actual industrial scale production line in the customer qualification plant, which will become operational later this year. In the next couple of years, we will focus on starting up Gigafactory 1 and 2. We will start up a modularized and gradual acceleration of the production lines in that combined Gigafactory, which as previously mentioned will be an 18 gigawatt hour facility. We will also invest in a localized and decarbonized supply chain. Coming back to that, the progress that we're making across the board here on the supply chain in general. In addition, we're targeting downstream participation to essentially increase our ability to reach more customers and also to optimize the value that we generate for our investors. Moving beyond the next couple of years, we will also be We will also take select positions both up, mid and downstream through joint venture and other initiatives to ensure that we get in as broad participation in the value chain as possible, reaching 43 gigawatt hours as previously stated by 2025 in installed capacity. By 2028, we still aspire to have more than 83 gigawatt hours of capacity established, making us a large, global, low-cost and low-emission player in the industry. We previously said that we have an ambition of 100 to 150 gigawatt hours in the 2030 timeframe, and we remain very optimistic that we're on track to achieve that ambition. We're now focusing on execution, and I'm really excited today to introduce to you our Chief Operating Officer and also President and Managing Director of our activities in Norway, Mr. Jan-Adve Halban. He will be taking you through the status on our operations, and I will bring him into these meetings on a quarterly basis to basically provide you with increasing and in-depth updates on the very strong execution-oriented progress that we're making across the board. But to give you a couple of highlights on how we are progressing against our gigascale commercialization, let me focus on a couple of things. First, we are progressing multiple different tracks on the financing arena. We're combining ECAs and multilaterals, grants, strategic partners, and investors to ensure that we can lower the cost of capital. We are supporting these funding tracks We're generating these funding tracks in order for us to process, to unlock the Gigafactory developments, complementing the equity that we've raised to date. We have several potential solutions emerging for the combined Gigafactory 1 and 2 in Moerana, and there is broad interest in the capital markets to participate in enabling Norway's first large-scale Gigafactory development. On the commercial front, we continue to make very strong progress. We announced recently our first two major offtake agreements with global industrial players that cover more than 50 gigawatt hours of cumulative capacity. We are continuing additional discussions beyond this with multiple potential customers in the storage space, commercial mobility, as well as the electric vehicle sector. We have line of sight to an additional 150 gigawatt hours or more of cell demand with the next potential customers in the pipeline, bringing us to more than 200 gigawatt hours of combined offtake in the early stages of our commercialization. We will now be focusing on converting the initial offtake awards to firm sales contracts with value accretive terms, and we will continue to highlight and high-grade the progress on the commercial front on a continuous basis. On the supply chain, We're working to secure additional raw material providers as well as evaluating and catalyzing the localized supply chain partnerships that is core to FRAGER's strategy. Decarbonizing the core inputs into battery cell manufacturing through a localization of the same in areas with low-cost renewable energy is a core component in both driving down the cost of the battery cell production itself but also to reduce the CO2 footprint along the life cycle. We are in process to firm up potential suppliers with committed volumes and specific pricing terms and conditions. As previously mentioned, we have signed frame agreements for nine out of 13 key raw material inputs for the customer qualification plant and the combined gigafactories one and two. The remaining four is well advanced and will be signed in short order. We're pursuing a joint venture to develop the first gigascale LFP cattle plant in the Nordic region and we're super excited about that progress which obviously constitutes a very large part of the cost structure of battery cells. Let me now hand it over to Jan-Irva Haugam and let me introduce him briefly. Jan-Irva is an industry veteran in the Norwegian oil and gas and aluminium business which we're very excited to have on board and who's been fundamental in driving the operational performance and preparedness of the company to date. So Jan-Arve, please take over on the next couple of slides to give the exciting insight into how we're progressing on the operational front. Jan-Arve?