FREYR Battery, Inc. Terminates Material Agreements with 24M Technologies, Inc.

Summary

On November 4, 2024, FREYR Battery, Inc. entered into a mutual termination agreement with 24M Technologies, Inc., FREYR Battery Norway AS, and FREYR Battery US, LLC. The agreement terminates the license and services agreements dated December 15, 2020, and October 8, 2021. As consideration, FREYR will pay 24M $3.0 million and forfeit its rights to 6,975,956 shares of Series G preferred stock of 24M.