Alussa Energy Acquisition (ALUS) Shareholders Approve Business Combination with FREYR AS

Alussa Energy Acquisition Corp. (“Alussa Energy”) (NYSE: ALUS), a Cayman Island exempted special purpose acquisition company, announced that its shareholders approved all proposals related to the previously announced business combination (the “Business Combination”) with FREYR AS (“FREYR”), a Norway-based developer of clean, next-generation battery cell production capacity, at a special meeting of Alussa Energy’s shareholders held today. Approved votes for the five proposals for shareholder consideration represented a range of between approximately 89.0%-99.6% of votes cast at the meeting, depending on the proposal. Total votes cast at the meeting represented approximately 58.8% of Alussa Energy’s outstanding shares. The formal results of the vote will be included in a Current Report on Form 8-K to be filed by Alussa Energy with the U.S. Securities and Exchange Commission.

Alussa Energy and FREYR expect to close the Business Combination on July 9, 2021. Following closing, the combined company will be known as FREYR Battery and its common stock and warrants are expected to trade on the New York Stock Exchange under the ticker symbols “FREY” and “FREY.WS”, respectively. At the closing of the Business Combination, each Alussa Energy unit will separate into its components consisting of one Alussa Energy ordinary share and one-half of one warrant and, as a result, will no longer trade as a separate security.

“We are proud of this significant achievement for Alussa Energy. We sincerely thank all of our sponsors, shareholders, investors in the private investment in public equity offering and other stakeholders for their dedication and support throughout the transaction process,” said Daniel Barcelo, Chief Executive Officer of Alussa Energy. “It has been a privilege to partner with FREYR and we are excited to deliver the capital from the business combination to support the company’s ambition of developing clean battery solutions to decarbonize transport and energy systems around the globe. We look forward to FREYR’s journey as a New York Stock Exchange listed company.”

“We are ready to deploy the equity capital from the expected completion of the business combination between Alussa Energy and FREYR to advance our sustainable battery cell production in Norway and accelerate commercial discussions across all market segments,” remarked Tom Jensen, Chief Executive Officer of FREYR. “With the completion of this transaction, FREYR is closer to realizing our goal of producing clean, low-cost and low-carbon battery cells, with the final investment decision for our pilot plant as the next milestone.”

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