Ats As SC 13D/AFREYR Battery / ATS AS ownership change

This Amendment No. 1 (this “Amendment No. 1”) supplements and amends the Schedule 13D filed on July 9, 2021 (the “Statement” or “Schedule 13D”), by ATS AS and ATS NEXT AS, relating to the ordinary shares (the “Ordinary Shares”), of FREYR Battery, a corporation in the form of a public limited liability company (société anonyme) incorporated under the laws of Luxembourg, registered with the Luxembourg Trade and Companies Register (Registre de Commerce et des Sociétés) under number B 251199 (the “Issuer”). The address of the principal executive office of the Issuer is 22-24, Boulevard Royal, L-2449 Luxembourg, Grand Duchy of Luxembourg and its telephone number is 00 352 46 61 11 3721. Information given in response to each item shall be deemed incorporated by reference in all other items, as applicable. Each Item below amends and supplements the information disclosed under the corresponding Item of the Schedule 13D. Except as specifically provided herein, this Amendment No. 1 does not modify any of the information previously reported in the Schedule 13D. Unless otherwise indicated herein, capitalized terms used but not defined in this Amendment No. 1 shall have the same meanings herein as are ascribed to such terms in the Schedule 13D.

Each of the foregoing is referred to as a “Reporting Person” and collectively as the “Reporting Persons”. Each of the Reporting Persons is party to that certain Joint Filing Agreement, as further described in Item 6 and filed as an exhibit to this Amendment No. 1. Accordingly, the Reporting Persons are hereby filing a joint Amendment to the Schedule 13D.

Set forth in Annex A to this Amendment is a listing of the directors and executive officers, as applicable, of each Reporting Person (collectively, the “Covered Persons”), and Annex A is hereby incorporated by reference into this Item 2. Each of the Covered Persons that is a natural person is a Norwegian citizen.

The principal business address of each of ATS and ATS Next is c/o ATS AS, Kleivveien 19 B, 1356, Bekkestua, Norway.

During the past five years, none of the Reporting Persons and, to the best of their knowledge, none of the Covered Persons: (i) has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors); or (ii) has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding such person was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

The information set forth in Items 4 and 6 of the Schedule 13D and Amendment No. 1 are incorporated herein by reference.

On November 8, 2023, ATS sold an aggregate of 250,000 Ordinary Shares in open market transactions. After giving effect to the sales described herein, as of November 8, 2023, the Reporting Persons ceased to be the beneficial owner of more than five percent of the Ordinary Shares.

Item 5 is hereby amended and restated in its entirety as follows:

The information set forth on the cover pages and in Item 3 of this Amendment No. 1 are incorporated to this Item 5(a)-(b) by reference.

Ownership percentages set forth in this Amendment No. 1 are based on 139,705,234 Ordinary Shares issued and outstanding, as reported in the Issuer’s Form 10-Q filed with the Securities and Exchange Commission on August 10, 2023.

ATS directly holds 6,779,568 Ordinary Shares, representing approximately 4.9% of the issued and outstanding Ordinary Shares when rounded to the nearest 0.1% (and 4.853% when rounded to the nearest 0.001%), and has the sole power to vote and dispose of such Ordinary Shares.

ATS Next, in its capacity as the sole shareholder of ATS, has the ability to direct the management of the business of ATS, including the power to direct the decisions of ATS regarding the voting and disposition of securities held by ATS. Therefore, ATS Next may be deemed to have indirect beneficial ownership of the Ordinary Shares held by ATS.

On November 8, 2023, ATS sold an aggregate of 250,000 Ordinary Shares in open market transactions for a weighted average price of $3.36 per share.

The information set forth in Items 4 and 6 of the Statement and this Amendment No. 1 are incorporated to this Item 5(c) by reference.

Except for the transactions described in this Amendment No. 1, including those described in Item 3 above, there have been no transactions in Ordinary Shares that were effected during the past sixty days by the Reporting Persons. To the knowledge of the Reporting Persons, no Covered Person has effected any transaction in Ordinary Shares in the past sixty days.

Not applicable.

(e)

After giving effect to the sales described herein, as of  November 8, 2023, the Reporting Persons ceased to be the beneficial owner of more than five percent of the Ordinary Shares. This Amendment represents a final amendment to the Schedule 13D and constitutes an exit filing for the Reporting Persons.

The information reported in response to Item 4 hereto is incorporated by reference in response to this Item 6.

As of July 9, 2022, the “lock-up” agreement of the Reporting Persons and Mr. Sjøtveit in connection with the Issuer’s business combination with Alussa Energy Acquisition Corp. on July 9, 2021 has terminated.

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.