FREYR Battery Announces New Organizational Structure and Leadership Changes
27 November 2023 - 12:05PM
Business Wire
FREYR Battery (NYSE: FREY) (“FREYR” or the “Company”), a
developer of clean, next-generation battery cell production
capacity, has announced organizational optimizations, including
leadership changes intended to align resources with FREYR’s
business priorities.
Under FREYR’s new organizational structure, the following
members of FREYR’s executive leadership team will assume elevated
responsibilities with immediate effect:
- Dr. Andreas Bentzen has been promoted to the role of Chief
Technology Officer. Dr. Bentzen, who has been shaping the Company’s
technology road map in his previous role as Executive Vice
President of Technology, will lead the development of FREYR’s
technology strategy and product innovation initiatives.
- Ryuta Kawaguchi will assume the role of Chief Strategy Officer
& Technical Fellow, where he will grow FREYR’s team of battery
subject matter experts to assist with FREYR’s technology and
product development.
- Mike Brose, who has been serving as FREYR’s Senior Vice
President of Operations in the U.S., will now lead all of FREYR’s
activities in Mo i Rana, including the Customer Qualification Plant
(“CQP”), Giga Arctic, and coordination of all FREYR’s functional
teams along with vendors, suppliers, and customers. He will report
directly to the CEO. In this newly created role to empower the
’Asset Mo’ owner with the autonomy to drive results, Brose will
oversee final commissioning and lead the start of automated
production and the scale up of the 24M Technologies’ SemiSolid™
platform.
- Amy Jaick, who has been serving as Senior Vice President of
U.S. Communications, has been promoted to Head of Global
Communications.
- Jan Dahm-Simonsen, who has been serving as Senior Vice
President of Human Resources in Norway, will lead FREYR’s global
human resources function.
“I am pleased to announce that several of our executives will be
taking on additional responsibilities to position FREYR as a U.S.
based technology leader in the battery solutions industry. The new
organizational structure simplifies interfaces, globalizes our
teams, and strengthens our technology focus, including product
development and digitalization. We believe our organization is
optimized to meet the priorities we set for the coming year, in
which we will focus on the CQP as our technology development center
in Norway while we establish the U.S. as our core strategic GWh
production hub. I am confident that the changes we are implementing
will strengthen and expedite our ability to execute on our vision,
and I wish to extend my sincere thanks to all our employees for
their dedication and commitment to FREYR’s mission,” commented
Birger Steen, FREYR’s Chief Executive Officer.
The new organizational structure is intended to generate
long-term value for shareholders in accordance with FREYR’s top
strategic priorities for 2024, which are:
1. Complete the final stages of commissioning
and commence automated production of in-spec, customer-testable
cells at the CQP as FREYR pursues continuous product and process
development improvements on the 24M SemiSolid™ platform; and 2.
Establish the U.S. as FREYR’s primary strategic production hub,
driving towards first production at Giga America, and maximize the
benefits of the U.S. Department of Energy loan program and the tax
credits available under the Inflation Reduction Act.
About FREYR Battery
FREYR Battery is a developer of clean, next-generation battery
cell production capacity. The company’s mission is to accelerate
the decarbonization of global energy and transportation systems by
producing clean, cost-competitive batteries. FREYR seeks to serve
the primary markets of energy storage systems (“ESS”) and
commercial mobility, and the company maintains an ambition to serve
the passenger electric vehicles market (“EV”). FREYR’s Customer
Qualification Plant (“CQP”) for technology development is in
service in Mo I Rana, Norway, and the company is commencing
development of the Giga America battery manufacturing project in
Coweta County, Georgia, in the U.S. To learn more about FREYR,
please visit www.freyrbattery.com.
Cautionary Statement Concerning Forward-Looking
Statements
All statements, other than statements of present or historical
fact included in this letter, including, without limitation, the
development, financing, construction, timeline, capacity, and other
usefulness of FREYR Battery’s (“FREYR”) production facilities or
gigafactories; FREYR’s ability to complete commissioning of its
Customer Qualification Plant (“CQP”) and to achieve targeted
improvements and the commencement of automated production of
in-spec, customer-testable cells, including continuous process and
production improvements on 24M Technologies Inc.’s SemiSolid™
platform; FREYR’s ability to establish the U.S. as its primary
strategic production hub; any potential or intended benefits of
FREYR’s new organizational structure, including strengthening and
expediting FREYR’s ability to execute its vision and its strategic
development; the ability of FREYR to optimize its organizational
structure to align with its strategic priorities and generate
long-term shareholder value; FREYR’s ability to achieve scale-up of
new and conventional technology into gigafactories; any potential
benefits of the U.S. Department of Energy loan program and
Inflation Reduction Act; and the implementation and effectiveness
of FREYR’s overall business and technology strategies are
forward-looking statements.
These forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially from the expected results. Most of these factors are
outside FREYR’s control and are difficult to predict. Additional
information about factors that could materially affect FREYR is set
forth under the “Risk Factors” section in (i) FREYR’s Registration
Statement on Form S-3 filed with the Securities and Exchange
Commission (the “SEC”) on September 1, 2022, (ii) FREYR Battery,
Inc.’s Registration Statement on Form S-4 filed with the SEC on
September 8, 2023 and subsequent amendments thereto filed on
October 13, 2023, October 19, 2023, and October 31, 2023, (iii)
FREYR’s Annual Report on Form 10-K filed with the SEC on February
27, 2023, and (iv) FREYR’s Quarterly Reports on Form 10-Q filed
with the SEC on May 15, 2023, August 10, 2023 and November 9, 2023
and available on the SEC’s website at www.sec.gov. Except as
otherwise required by applicable law, FREYR disclaims any duty to
update any forward-looking statements, all of which are expressly
qualified by the statements in this section, to reflect events or
circumstances after the date of this presentation. Should
underlying assumptions prove incorrect, actual results and
projections could differ materially from those expressed in any
forward-looking statements.
FREYR intends to use its website as a channel of distribution to
disclose information which may be of interest or material to
investors and to communicate with investors and the public. Such
disclosures will be included on FREYR’s website in the ‘Investor
Relations’ sections. FREYR also intends to use certain social media
channels, including, but not limited to, Twitter and LinkedIn, as
means of communicating with the public and investors about FREYR,
its progress, products, and other matters. While not all the
information that FREYR posts to its digital platforms may be deemed
to be of a material nature, some information may be. As a result,
FREYR encourages investors and others interested to review the
information that it posts and to monitor such portions of FREYR’s
website and social media channels on a regular basis, in addition
to following FREYR’s press releases, SEC filings, and public
conference calls and webcasts. The contents of FREYR’s website and
other social media channels shall not be deemed incorporated by
reference in any filing under the Securities Act of 1933, as
amended.
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version on businesswire.com: https://www.businesswire.com/news/home/20231127246278/en/
Investor contact:
Jeffrey Spittel Head of Investor Relations
jeffrey.spittel@freyrbattery.com Tel: (+1) 409 599-5706
Media contact:
Amy Jaick Global Head of Communications
amy.jaick@freyrbattery.com Tel: (+1) 973 713-5585
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