FREYR Battery, Inc. has appointed Todd Kantor, Tore Ivar Slettemoen, and David Manners to the company?s board of directors (Board) effective immediately. The appointments are intended to fill vacancies created by the departures of Mimi Berdal and Jason Forcier, and to strengthen the company?s board as the company pursues its key growth and capital formation initiatives. Todd Kantor is the Founder and Managing Member of Encompass Capital Advisors, LLC.

He has nearly 25 years of experience in the global energy markets as a portfolio manager, analyst, trader, and investment banker. Mr. Kantor, who launched Encompass Capital in 2012, manages an alpha-driven long/short equity strategy focused on bottom-up fundamental analysis across the traditional energy and renewables sectors. Prior to founding Encompass Capital, he was a portfolio manager at Citadel LLC?s PioneerPath Capital platform.

Mr. Kantor has a B.B.A. degree from the Goizueta Business School at Emory University. Tore Ivar Slettemoen is the Chairman of Teknovekst AS - Vanir, an institutional investment fund focused on high-growth energy transition investments. He developed the concept and founded FREYR Battery, has worked extensively in project development across the traditional and renewable energy sectors, and has deep experience in scaling up and developing energy transition technology companies.

Mr. Slettemoen currently sits on the Boards of Directors of Blastr Green Steel (private); Freija (private), a carbon-neutral eLNG fuels company; and Vanir Green Industries (private). Mr. Slettemoen holds an MSc degree in Mechanical Engineering from the Norwegian University of Science and Technology, and an MBA from the Kellogg School of Management at Northwestern University. David Manners is the Founder and Owner of the Decapolis Group LLC.

Prior to founding the Decapolis Group in 1999, he served for 20 years at the U.S. Central Intelligence Agency (CIA), which included multiple tours abroad and serving on two occasions as the CIA?s Chief of Station. Separately, Mr. Manners has for many years provided analyses of global affairs and risks to leading U.S. investment banks, hedge funds, and private equity firms. Mr. Manners graduated with Merit from the United States Naval Academy with a B.S. in European Studies, and he holds an M.A. in Government from Georgetown University. The company also announced that Jason Forcier and Mimi Berdal each notified the Board of their intentions not to stand for re-election as Board directors on April 14, 2024, and April 15, 2024, respectively.

Mr. Forcier and Mrs. Berdal have subsequently resigned as Board directors effective immediately. Jason Forcier and Mimi Berdal also resigned from any committee of the Board. Mr. Forcier has served as a director of the Company since December 2022 and as Chair of its Nominating and Corporate Committee and a member of its Compensation Committee.

His decision to not stand for re-election was not due to any disagreement with the Company on any matter relating to the Company?s operations, policies, or practices (financial or otherwise). Ms. Berdal has served as a director of the Company since July 2021 and as Chair of its Compensation Committee and a member of its Nominating and Corporate Governance Committee. Her decision to not stand for re-election was not due to any disagreement with the Company on any matter relating to the Company?s operations, policies, or practices (financial or otherwise).

Mr. Slettemoen will be appointed as a member of the Company?s (i) Nominating and Corporate Governance Committee and (ii) Audit and Risk Committee. Messrs. Kantor and Manners were not appointed to any Board committees in connection with their appointment to the Board.