T1 Energy Inc.

and welcome to the FRER First Quarter 2023 Earnings Conference Call. My name is Bruno and I'll be the operator for today. During this presentation, you can register to ask a question by pressing star followed by one on your telephone keypad. I will now hand over to your host, Jeffrey Spittel, Vice President, Investor Relations.

Please go ahead. Good morning, good afternoon and good evening. Welcome to FRER Battery's First Quarter 2023 Earnings Conference Call. With me today on the call are Tom Mahrer Jensen, our Chief Executive Officer, Jan Arve Haugen, our Chief Operating Officer, Oscar Brown, our Chief Financial Officer, and Jeremy Bezdek, President of Flare Battery U.S. and EVP of Global Corporate Development. During today's call, management may make forward-looking statements about our business. These forward-looking statements involve significant risks and uncertainty that could cause actual results to differ materially from expectations. Most of these factors are outside Frayer's control and are difficult to predict. Additional information about risk factors that could materially affect our business are available in Frayer's S-1, an 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. And good morning, good afternoon, or good evening, wherever you might be around the world. Again, it's a true honor and pleasure for us to present this first quarter and 2023 earnings call. This is now Friar's eighth earnings call since we went public on the New York Stock Exchange on July 8, 2021, which is less than two years ago. We will take you through all the notable updates since our last earnings call. This is yet another quarter with significant milestones achieved in a highly dynamic environment and with the commissioning of the CQP, momentum is even stronger than before on multiple fronts. Today, we will take you through the activities in February with a core focus on the activities at the CQP as we move towards first battery production. We will also dive into specifics around Giga America and the emerging response from Norway and the European government in response to the Inflation Reduction Act. There is a distinct and growing realization from regulators around the world that the energy transition is increasingly urgent and that it can only happen with large volumes of batteries included. Batteries are indeed becoming the new oil, and decentralized, decarbonized, and democratized battery supply is becoming the most significant business opportunity in the decades to come. Today, we will show you that we continue our relentless journey towards a deep industrialization partner of choice strategy on both sides of the Atlantic as we enter into the production phase of the semi-solid production platform. Seven weeks ago, Freire opened up our customer qualification plant in Moos, Irana, Norway. This marked the start of the commissioning of a world-first next-generation battery production facility at gigawatt-hour scale. I am very proud of the team in Freie who have built and commissioned this facility in less than two years in the middle of a global pandemic, supply chain disruptions, market disruptions, and inflationary pressures. Building a battery company is not trivial, but we are now deep into commissioning of this highly advanced industrial scale production line of next generation battery solutions. Every day, our dedicated experts are punching out discrete commissioning and test packages and we're closing in on 80% completion in a matter of only a couple of months. I want to remind our investors that commissioning megaprojects, be it an oil and gas platform, an aluminum smelter, or in our case, an industrial scale battery facility, is very time consuming, but also absolutely standard operating procedures. Prairie is, however, deeply cognizant of the core catalyst for the company's further development, and I'm very proud to see that we continue to progress according to plan. However, in a matter of weeks, this facility will be producing the first batteries through active anodes and cathodes combined together to form our first produced chargeable batteries. We will then, in a gradual, careful, but relentless manner, increase production of battery cells, increase speed of production, increase yields, increase uptime, reduce scrap rates, and improve battery design over time. While we are impatient in our quest for producing world-leading batteries, We deeply respect the vastly complex and integrated challenges battery production represents. Our Chief Operating Officer, Mr. Jan-Larve Haugan, who has been responsible for building and operating multiple oil and gas platforms in the North Sea and the world's largest aluminum smelter in Qatar, will today take you into the specifics of this. Moving forward, we aim to regularly provide our investors with deeper technical data to support increased understanding of the very exciting and critically important, but still reasonably nascent, battery industry. Capitalized further by the extremely favorable Inflation Reduction Act, I'm equally pleased to announce that we today are providing details around our Giga America project, and we're now targeting 38 gigawatt hours in nameplate capacity in a phase development with final investment decisions targeted later this year. We target SOP for this project during the summer of 2025, and we're advancing fast forward in our project-level equity efforts with a broad range of strategic and financial investors for the initial phase of the project. Our president of Triad Battery US, Mr. Jeremy Bezdek, will take you through the details of this highly valuable asset, which have initial value estimates of up to 8 billion US dollars after tax for this 10 production line product. Jeremy, in his role as EDP of global corporate development, will also take you through the amazing progress we are making with strategic partners through a deeper dive into our recently announced energy transition acceleration coalition. I'm also very pleased to see Thank you very much. which was launched in June last year at the Giga-Arctic site. And based on recent formal feedback from the Minister of Trade and Industry, we are optimistic that the strategy will turn into action before the summer. Jan-Ida, we will take you through how we are continuing to develop Giga-Arctic, which is emerging as Norway's largest land-based industrial project and therefore a catalyst for the energy transition in the country. Finally, I'm very pleased to announce that I had the inaugural Capital Markets Day We will host our investors on the New York Stock Exchange on June 27th later this year. During this event, we will, among other things, dive in a live way stream from the customer qualification plans to showcase battery manufacturing live at the semi-solid production platform, deep dive into technical milestones and catalysts, provide in-depth reports on our increasing and accelerating strategic, commercial, and financing efforts. Let me take this opportunity to remind our investors about the unique exposure Friar offers to the accelerating and largest secular shift in Homo sapiens history. Friar was founded based on the notion that clean battery solutions is the core catalyst for the urgently required energy transition. In a world where the ambition is to limit global warming to 1.5 degrees C relative to current trajectories of almost twice that level, more than 70%, All decarbonization efforts have batteries included. Let me say this again. More than 70% of all decarbonization efforts have batteries included, and everything that can be electrified will have to be electrified, and it will not happen without batteries, and enormous amounts of them. This same world is one where regional energy security and resiliency is increasingly required, while we still find ourselves in a situation where more than 80% of all battery and battery material supply is coming out of China and Asia. Analysts, estimators, and others are systematically underestimating the required pace of change, and regulators are increasingly playing catch-up to targets like Fit for 55 and other ambitions. The Inflation Reduction Act and the Temporary Crisis Transition Framework in Europe is not a subsidy war. It is a recognition that we need a step change in deployment of clean technologies if we're going to be in striking distance of safe temperature levels for mankind. With this backdrop, Freya is partnering with global companies across the entire battery value chain, which not only represents massive commercial opportunities for the company, but also combines with constant improvement The lithium-ion battery is a technology, not a fuel, and it will therefore constantly improve through learning curve effects. And while every battery that will be produced will be sold, Crite has taken a position with a technology which offers step-changing performance and costs while offering deep additional improvement potential over time to ensure that we can always stay at the left-hand side of the cost curve. Now that we are starting operations of a highly automated and significantly simplified battery production process through the 24M platform, CREID intends to accelerate the development of its proprietary in-house development of AI and digitally enhanced simulation systems. Battery design and production represents the next frontier in AI-supported production with the potential to dramatically improve future battery cell performance as well as testing and production lead time in deep collaboration with globally leading companies such as Siemens and its partners NVIDIA and Amazon Web Services. As a New York Stock Exchange listed company, we are now entering into a very exciting period with multiple near-term catalysts that should be welcome from our investor community. As one example, the value from the production tax credit under the Inflation Reduction Act for our Giga America Phase 1 project alone has a value of close point 2.5 times say its current market capitalization. The value from the project comes on top of this. The responses from the European Union will generate additional triggers as we enter into live battery production, converting existing conditional off-take agreements, looking competitive non-dilutive financing and build production capacity in multiple geographical regions. We are now a company with an operating battery facility. We're creating real optional value and we are as excited as ever about the future. However, all of this is obviously based on our abilities to produce high quality batteries at high speed and low cost. So with this, let me now hand it over to Jan-Arve Haugan, our Chief Operating Officer and President of Trajer Battery Norway. Jan-Arve, over to you.