FREYR Battery 10-K29 Feb 242023 FY Annual reportFinancial data

Company Profile

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2023	Feb. 23, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	333-274434
Entity Registrant Name	FREYR Battery, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	93-3205861
Entity Address, Address Line One	6&8 East Court Square, Suite 300
Entity Address, Postal Zip Code	30263
Entity Address, City or Town	Newnan
Entity Address, State or Province	GA
City Area Code	678
Local Phone Number	632-3112
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 1.2
Entity Common Stock, Shares Outstanding		139,705,234
Entity Central Index Key	0001992243
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Common Stock, $0.01 par value
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	FREY
Security Exchange Name	NYSE
Warrants, each whole warrant exercisable for one Common Stock at an exercise price of $11.50
Document Information [Line Items]
Title of 12(b) Security	Warrants, each whole warrant exercisable for one Common Stock at an exercise price of $11.50
Trading Symbol	FREY WS
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Auditor Information [Abstract]
Auditor firm ID	1318
Auditor name	PricewaterhouseCoopers AS
Auditor location	Oslo, Norway

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 253,339	$ 443,063
Restricted cash	22,403	119,982
Prepaid assets	2,168	8,293
Other current assets	34,044	8,117
Total current assets	311,954	579,455
Property and equipment, net	366,357	210,777
Intangible assets, net	2,813	2,963
Long-term investments	22,303	0
Convertible note	0	19,954
Right-of-use asset under operating leases	24,476	14,538
Other long-term assets	4,282	11
Total assets	732,185	827,698
Current liabilities:
Accounts payable	18,113	6,765
Accrued liabilities and other	30,790	51,446
Share-based compensation liability	281	4,367
Total current liabilities	49,184	62,578
Warrant liability	2,025	33,849
Operating lease liability	18,816	11,144
Other long-term liabilities	27,444	0
Total liabilities	97,469	107,571
Commitments and contingencies
Stockholders' equity
Preferred stock, $0.01 par value, 10,000 shares authorized, none issued and outstanding as of December 31, 2023	0
Common stock/Ordinary share capital	1,397	139,854
Additional paid-in capital	925,623	772,602
Treasury stock		(1,041)
Accumulated other comprehensive (loss) income	(18,826)	9,094
Accumulated deficit	(274,999)	(203,054)
Total stockholders' equity	633,195	717,455
Non-controlling interests	1,521	2,672
Total equity	634,716	720,127
Total liabilities and equity	$ 732,185	$ 827,698

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022	Jul. 09, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in USD per share)	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	0
Preferred stock, shares issued (in shares)	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in USD per share)	$ 0.01	$ 0
Common stock, shares authorized (in shares)	355,000,000	245,000,000	245,000,000
Common stock, shares issued (in shares)	139,705,000	139,854,000	116,400,000
Common stock, shares outstanding (in shares)	139,705,000	139,705,000	116,440,191

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating expenses:
General and administrative	$ 108,133	$ 107,357	$ 61,755
Research and development	28,457	13,574	13,816
Restructuring charge	6,016	0	0
Share of net loss of equity method investee	379	1,557	62
Total operating expenses	142,985	122,488	75,633
Loss from operations	(142,985)	(122,488)	(75,633)
Other income (expense):
Warrant liability fair value adjustment	31,763	14,183	(21,859)
Convertible note fair value adjustment	1,074	(277)	0
Interest income, net	9,949	1,780	314
Foreign currency transaction gain	20,855	2,512	1,325
Other income, net	6,918	5,171	2,475
Total other income (expense)	70,559	23,369	(17,745)
Loss before income taxes	(72,426)	(99,119)	(93,378)
Income tax expense	(670)	0	0
Net loss	(73,096)	(99,119)	(93,378)
Net loss attributable to non-controlling interests	1,151	328	0
Net loss attributable to stockholders	$ (71,945)	$ (98,791)	$ (93,378)
Weighted average shares outstanding - basic and diluted
Weighted average shares outstanding - basic (in shares)	139,705	118,474	75,363
Weighted average shares outstanding - diluted (in shares)	139,705	118,474	75,363
Net loss attributable to stockholders per share - basic and diluted
Net loss attributable to stockholders per share - basic (in USD per share)	$ (0.51)	$ (0.83)	$ (1.24)
Net loss attributable to stockholders per share - diluted (in USD per share)	$ (0.51)	$ (0.83)	$ (1.24)
Other comprehensive income (loss):
Net loss	$ (73,096)	$ (99,119)	$ (93,378)
Foreign currency translation adjustments, net of tax	(27,920)	9,618	(1,182)
Total comprehensive loss	(101,016)	(89,501)	(94,560)
Comprehensive loss attributable to non-controlling interests	1,151	328	0
Comprehensive loss attributable to stockholders	$ (99,865)	$ (89,173)	$ (94,560)

Consolidated Statements of Shar

Consolidated Statements of Shareholders’ Equity (Deficit) - USD ($) shares in Thousands, $ in Thousands	Total	Shares	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Accumulated Deficit	Non-controlling interests
Shares outstanding, beginning balance (in shares) at Dec. 31, 2020		37,452
Equity, beginning balance at Dec. 31, 2020	$ 4,956	$ 0	$ 15,183	$ 658	$ 0	$ (10,885)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	14,055		14,055
Net loss	(93,378)					(93,378)
Reclassification of share-based compensation expense from equity to liability	(8,984)		(8,984)
Norway demerger	(2,897)		(2,897)
Issuance of ordinary shares, net of transaction costs (in shares)		1,490
Issuance of ordinary shares, net of transaction costs	14,895		14,895
PIPE Investment, net of transaction costs (in shares)		60,000
PIPE Investment, net of transaction costs	579,000		579,000
Business Combination, net of redemptions and transaction costs (in shares)		17,499
Business Combination, net of redemptions and transaction costs	39,020		39,020
Luxembourg reorganization	0	$ 116,441	(116,441)
Conversion of warrants to ordinary shares (in shares)		413
Conversion of warrants to ordinary shares	0	$ 413	(413)
Other comprehensive income	(1,182)			(1,182)
Shares outstanding, ending balance (in shares) at Dec. 31, 2021		116,854
Equity, ending balance at Dec. 31, 2021	545,485	$ 116,854	533,418	(524)	0	(104,263)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	9,976		9,976
Net loss	(99,119)					(98,791)	(328)
Repurchase of shares	(1,052)				(1,052)
Exercise of stock options	0		(11)		11
Exercise of warrants	1		1
Issuance of ordinary shares, net of transaction costs (in shares)		23,000
Issuance of ordinary shares, net of transaction costs	251,126	$ 23,000	228,126
Reclassification of warrants from liability classified to equity classified	1,092		1,092
Contribution from non-controlling interest holders	3,000						3,000
Other comprehensive income	$ 9,618			9,618
Shares outstanding, ending balance (in shares) at Dec. 31, 2022	139,705	139,854
Equity, ending balance at Dec. 31, 2022	$ 720,127	$ 139,854	772,602	9,094	(1,041)	(203,054)	2,672
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	15,544		15,544
Net loss	(73,096)					(71,945)	(1,151)
Reclassification of warrants from liability classified to equity classified	61		61
Change to par value common stock	0	$ (138,308)	138,308
Cancellation of treasury shares (in shares)		(149)
Cancellation of treasury shares	0	$ 149	892		1,041
Other comprehensive income	$ (27,920)			(27,920)
Shares outstanding, ending balance (in shares) at Dec. 31, 2023	139,705	139,705
Equity, ending balance at Dec. 31, 2023	$ 634,716	$ 1,397	$ 925,623	$ (18,826)	$ 0	$ (274,999)	$ 1,521

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (73,096)	$ (99,119)	$ (93,378)
Adjustments to reconcile net loss to cash used in operating activities:
Share-based compensation expense	11,595	8,643	14,818
Depreciation and amortization	3,344	478	120
Loss on U.S. joint venture consolidation	0	1,619	0
Reduction in the carrying amount of right-of-use assets	1,351	1,458	0
Warrant liability fair value adjustment	(31,763)	(14,183)	21,859
Convertible note fair value adjustment	(1,074)	277	0
Share of net loss of equity method investee	379	1,557	62
Foreign currency transaction net unrealized gain	(19,648)	(2,868)	0
Other	469	2	(131)
Changes in assets and liabilities:
Prepaid assets and other current assets	4,487	(3,664)	(16,419)
Other long-term assets	0	0	(230)
Accounts payable, accrued liabilities and other	20,039	17,385	10,163
Operating lease liability	(4,012)	(1,594)	0
Net cash used in operating activities	(87,929)	(90,009)	(63,136)
Cash flows from investing activities:
Proceeds from property related grants	3,500	10,461	0
Purchases of property and equipment	(187,823)	(180,787)	(13,775)
Investments in equity method investee	(1,655)	(3,000)	0
Asset acquisition, cash acquired	0	300	0
Investments in convertible note	0	0	(20,000)
Purchases of other long-term assets	(1,000)	(2,000)	(12)
Net cash used in investing activities	(186,978)	(175,026)	(33,787)
Cash flows from financing activities:
Proceeds from issuance of ordinary shares, net	0	251,124	0
Repurchase of treasury shares		(1,052)	0
Proceeds from Business Combination	0	0	70,836
Proceeds from PIPE Investment, net	0	0	573,666
Proceeds from issuance of redeemable preferred shares	0	0	7,500
Payments for the Norway Demerger	0	0	(3,002)
Net cash provided by financing activities	0	250,072	649,000
Effect of changes in foreign exchange rates on cash, cash equivalents, and restricted cash	(12,396)	12,381	(1,395)
Net (decrease) increase in cash, cash equivalents, and restricted cash	(287,303)	(2,582)	550,682
Cash, cash equivalents, and restricted cash at beginning of period	563,045	565,627	14,945
Cash, cash equivalents, and restricted cash at end of period	275,742	563,045	565,627
Supplementary disclosures of cash flow information:
Cash paid for interest	0	0	3
Cash paid for income taxes	269	0	0
Supplementary disclosures for non-cash activities:
Conversion of convertible note into preferred shares	21,028	0	0
Warranty liability assumed from business combination	0	0	27,265
Settlement of redeemable preferred shares through issuance of ordinary shares	0	0	14,895
Reclassification of share-based compensation expense from equity to liability	0	0	8,984
Accrued purchases of property and equipment and intangible assets	22,312	25,360	7,559
Investment in equity method investment through assumption of liability	0	0	3,000
Reconciliation to consolidated balance sheets:
Cash and cash equivalents	253,339	443,063	563,956
Restricted cash	22,403	119,982	1,671
Cash, cash equivalents, and restricted cash	$ 275,742	$ 563,045	$ 565,627

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of significant accounting policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of the Business FREYR Battery, Inc., a Delaware corporation (“FREYR,” the “Company”, “we”, or “us”), is a developer of clean, next-generation battery solutions. Our mission and vision are to accelerate the decarbonization of global energy and transportation systems by producing clean, cost-competitive batteries. Through our strategy of Speed, Scale, and Sustainability, we seek to serve our primary markets of energy storage systems (“ESS”) and commercial mobility, including marine applications and commercial vehicles, and we have future ambitions to serve the electric vehicles market (“EV”). We have started the development of our first clean battery cell manufacturing project in the U.S. (“Giga America”), which is located on a 368-acre parcel of land in Coweta County, Georgia that was purchased by the Company in 2022. Through the development of Giga America, we will pursue the opportunities and incentives provided by the U.S. Inflation Reduction Act of 2022 (the “IRA”). At our Customer Qualification Plant (“CQP”) in Mo i Rana, Norway, we continue to progress our efforts to fully automate production of customer testable batteries using the SemiSolid TM technology licensed from 24M Technologies, Inc. (“24M”), while we simultaneously pursue a conventional battery technology partner to diversify and accelerate delivering our product to market. As of December 31, 2023, we have not yet initiated manufacturing or derived revenue from our principal business activities. Our Chief Executive Officer (“CEO”), who is the chief operating decision-maker, manages our operations as a single operating segment for purposes of allocating resources and evaluating financial performance. Background On January 29, 2021, FREYR AS, a private limited liability company organized under the laws of Norway (“FREYR Legacy”) and Alussa Energy Acquisition Corp., a Cayman Islands exempted company (“Alussa”), among others, entered into the Business Combination Agreement (the “BCA”) to effect a merger between the companies (the “Business Combination”). FREYR Battery, a Luxembourg public limited liability company (“ société anonyme ”) (“FREYR Lux”) was formed on January 20, 2021, to complete the Business Combination and to serve as the successor entity to FREYR Legacy, the predecessor entity. The merger was completed in multiple stages, pursuant to the terms of the BCA. On July 8, 2021, FREYR Lux’s ordinary shares and warrants began trading on the New York Stock Exchange (“NYSE”) and on July 9, 2021, FREYR Lux completed the Business Combination and FREYR Legacy and Alussa became wholly owned subsidiaries of FREYR Lux. The Business Combination was accounted for as a reverse recapitalization, with Alussa treated as the “acquired” company for accounting purposes and FREYR Lux issuing shares for the net assets of Alussa, accompanied by a recapitalization. The net assets of Alussa were stated at historical cost, which approximated fair value, with no goodwill or other intangible assets recorded. As a result, the consolidated financial statements for the year ended December 31, 2021 included herein reflect the historical operating results of FREYR Legacy prior to the completion of the Business Combination and the consolidated results of FREYR Lux and its subsidiaries for the period following the completion of the Business Combination. In 2023, FREYR Lux announced a process to redomicile from Luxembourg to the United States pursuant to an Agreement and Plan of Merger, dated as of October 13, 2023 (the “Merger Agreement”) and the Common Draft Terms of Cross-Border Merger ( projet commun de fusion transfrontalière ) (the “Cross-Border Merger Agreement”), by and between FREYR Lux and FREYR. At its Extraordinary General Meeting of Shareholders held on December 15, 2023, the shareholders of FREYR Lux approved by the requisite majority the merger of FREYR Lux with and into FREYR, with FREYR as the surviving entity (the “Merger”). On December 31, 2023, FREYR Lux completed the Merger and redomiciliation plan and, as a result of the Merger, FREYR became the successor issuer to FREYR Lux. See further discussion of the Merger in Note 10 – Warrants and Note 12 – Stockholders' Equity. Basis of Presentation The consolidated financial statements have been prepared in conformity with the accounting principles generally accepted in the U.S. (“U.S. GAAP”). The consolidated financial statements include the accounts of FREYR, its wholly owned subsidiaries, majority-owned subsidiaries, and variable interest entities (“VIE”) of which we are the primary beneficiary. All intercompany accounts and transactions have been eliminated. Certain prior period balances and amounts have been reclassified to conform with the current year’s presentation in the consolidated financial statements and the accompanying notes. Use of Estimates The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Estimates and assumptions include, but are not limited to, estimates related to impairment of long-lived assets, the valuation of warrant liability, share-based compensation, and the convertible note. We base these estimates on historical experiences and on various other assumptions that we believe are reasonable under the circumstances, however, actual results may differ materially from these estimates. Risks and Uncertainties We are subject to those risks common to our business and industry and also those risks common to early stage development companies. These risks include those disclosed in Part 1, Item 1A, of this Annual Report on Form 10-K. These financial statements have been prepared by management in accordance with U.S. GAAP and this basis assumes that we will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. As of the date of this report, our existing cash resources, which were primarily provided as a result of the Business Combination and issuance of equity securities, are sufficient to support our planned operations for at least the next 12 months from the date of issuance of these financial statements. Therefore, our financial statements have been prepared on the basis that we will continue as a going concern. Cash and Cash Equivalents Cash and cash equivalents consist of cash on deposit with banks and highly liquid investments with maturities of 90 days or less from the date of purchase. Restricted Cash Certain cash balances are restricted as to withdrawal or use. Restricted cash primarily consists of the balance of an account held for the construction of Giga Arctic. Additionally, restricted cash includes funds held in a restricted account for the payment of upfront rental lease deposits and government income tax withholdings. Fair Value Measurements and Fair Value Option We define fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining fair value measurements for assets and liabilities, which are required to be recorded at fair value, we consider the principal or most advantageous market and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability. These could include risks inherent in valuation techniques, transfer restrictions, and credit risk. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability. Under the fair value option, the Company has the irrevocable option, on an instrument-by-instrument basis, to report certain financial assets and financial liabilities at fair value with changes in fair value reported in earnings. Any changes in the fair value of liabilities resulting from changes in the instrument-specific credit risk would be reported in other comprehensive income. Property and Equipment Property and equipment is recorded at cost less accumulated depreciation. The cost of an asset includes the cost of the purchase or construction of the asset plus other costs necessary to bring the asset to the condition and location necessary for its intended use. Maintenance and repairs are charged to expense as incurred and improvements or major enhancements are capitalized. The Company maintains arrangements with certain local government agencies that provide for ad valorem tax incentives in connection with the Company’s capital investment in property and equipment purchases to outfit new facilities over a specified timeframe. To facilitate the incentives, the Company conveys the purchased property and equipment to the local government agency and will lease it back from such agency for nominal consideration. The Company retains access to and use of the property and equipment and the title will be conveyed back to the Company for a nominal fee. As the Company continues to benefit from the property and equipment, it is recorded on the Company’s consolidated balance sheets. Depreciation begins when an asset is placed into service or is substantially complete and ready for its intended use. Depreciation is computed using the straight-line method, over the estimated useful lives of the related asset. Land and construction in progress are not depreciated. The estimated useful lives of our property and equipment are as follows: Asset Class Useful Life Machinery and equipment 5 to 15 years Office equipment 3 to 5 years Leasehold improvements Lesser of estimated useful life or remaining lease term The useful lives of our property and equipment are determined by management when those assets are initially recognized and are routinely reviewed for reasonableness. Useful lives are estimates based on current facts and circumstances, and actual useful lives may differ from these estimates. When a change is made to the estimated useful life of an asset, the remaining carrying value of the asset is prospectively depreciated or amortized over the remaining estimated useful life. Historically, changes in useful lives have not resulted in material changes to our depreciation and amortization expense. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the consolidated balance sheets and any resulting gain or loss is reflected in the accompanying consolidated statements of operations and comprehensive loss. Intangible Assets Intangible assets with definite lives are amortized on a straight-line basis over their estimated useful lives, usually determined by the remaining legal or contractual life of the asset. Our current intangible assets have an estimated useful life of 20 years. Impairment of Long-Lived Assets We review our property, plant, and equipment, right-of-use asset under operating leases, definite lived intangible assets, and other long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable. We measure recoverability by comparing the carrying amount to the future undiscounted cash flows that the asset is expected to generate. If the asset is not recoverable, its carrying amount would be adjusted down to its fair value. We estimate the recoverability of long-lived assets by applying an income approach, using estimated cash flows expected to be realized from the use of the assets. When appropriate, we may apply a scenario-based framework that incorporates various scenarios weighted based on the expected likelihood of occurrence. Asset impairment evaluations are, by nature, highly subjective. The critical estimates are significant unobservable inputs, which are based on numerous estimates and assumptions about future operations and market conditions including but not limited to those such as revenues, costs of goods sold, and scenario probabilities. For the years ended December 31, 2023, 2022, and 2021, we have recognized no material impairments of our long-lived assets. Convertible Note We elected to account for our convertible note receivable from 24M under the fair value option, with changes in fair value recognized as a convertible note fair value adjustment within the consolidated statement of operations and comprehensive loss. We estimated the fair value of the convertible note at each balance sheet date using a scenario-based framework that incorporates various scenarios weighted based on the expected likelihood of occurrence. This framework utilized significant assumptions and judgments about the expected timing and probability of each scenario, expected payoffs upon the event, and the discount rate. As these were significant inputs not observable in the market, this is classified as a Level 3 measurement within the fair value hierarchy. Variable Interest Entities The Company enters into relationships with or makes investments in other entities that may be VIEs. A VIE is consolidated in the financial statements if the Company has the power to direct activities that most significantly impact the economic performance of the VIE and has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Equity Method Investments We utilize the equity method to account for investments, including joint ventures, when we possess the ability to exercise significant influence, but not control, over the operating and financial policies of the investee. The ability to exercise significant influence is presumed when the investor possesses more than 20% of the voting interests of the investee. This presumption may be overcome based on specific facts and circumstances that demonstrate that the ability to exercise significant influence is restricted. In applying the equity method, we record the investment at cost and subsequently increase or decrease the carrying amount of the investment by our proportionate share of the net earnings or losses and other comprehensive income of the investee. Equity Investments Without Readily Determinable Fair Values We account for investments in equity instruments that do not have a readily determinable fair value and do not provide the Company with control or significant influence under the measurement alternative, defined as cost, less impairment, adjusted for subsequent observable price changes. We assess relevant transactions that occur on or before the balance sheet date to identify observable price changes, and we regularly monitor these investments to evaluate whether there is an indication that the investment is impaired. Leases A lease is a contract, or part of a contract, that conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Lease classification as a short-term lease, operating lease, or finance lease is made at the lease inception. We consider all relevant contractual provisions, including renewal and termination options, to determine the term of the lease. Renewal or termination options that are reasonably certain of exercise by the lessee and those controlled by the lessor are included in determining the lease term. We have made an accounting policy election to present the lease and associated non-lease operations as a single component based on the predominant component. We have made an accounting policy election not to recognize a right-of-use asset and a lease liability for short-term leases with an initial term of 12 months or less, therefore these leases are not recorded on the consolidated balance sheets. Expenses for short-term leases are recognized on a straight-line basis over the lease term in the consolidated statements of operations and comprehensive loss. We recognize lease liabilities and right-of-use assets for all operating and finance leases, for which we are a lessee, at the lease commencement date. Lease liabilities are initially recognized at the present value of the future lease payments during the expected lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate, based on the information available at the lease commencement date, in determining the present value of lease payments. Our incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. The right-of-use asset is initially recognized at the amount of the initial measurement of the lease liability, plus any lease payments made at or before the commencement date, less any lease incentives received, and any initial direct costs incurred by the Company. Right-of-use asset is recorded as other long-term assets in the consolidated balance sheets. Subsequent to initial recognition, the right-of-use asset is reflected net of amortization. Costs to get a leased asset to the condition and location necessary for its intended use are capitalized as leasehold improvements. We remeasure our lease liabilities with a corresponding adjustment to the right-of-use asset due to an applicable change in lease payments such as those due to a lease modification not accounted for as a separate contract, certain changes in the expected term of the lease, and certain changes in assessments and contingencies. Subsequent to initial recognition, the operating lease liability is increased for the interest component of the lease liability and reduced by the lease payments made. Operating lease expenses are recognized as a single lease cost in the consolidated statements of operations and comprehensive loss on a straight-line basis over the lease term, which includes the interest component of the measurement of the lease liability and amortization of the right-of-use asset. Government Grants The Company recognizes grants over the periods in which we recognize the related costs for which the grants are intended to compensate. For grants that provide income to offset specified or general Company expenses, we recognize the proceeds as other income, net in the consolidated statement of operations and comprehensive loss over the periods in which the related costs are incurred and the conditions for receiving the grants have been fulfilled, for the portion of the grant that is reasonably assured of being retained. For grants related to the purchase or construction of property, we reduce the carrying amount of the property and equipment recorded on the consolidated balance sheets as the grants are received and the conditions for receiving the grants have been fulfilled. Grants, for which the Company has not yet met the criteria to earn or retain the funds received, are deferred and presented as other current or other long-term liabilities on the consolidated balance sheet, until such time as the criteria for recognition of grant income or an offset to construction costs is met. Research and Development Cost Research and development (“R&D”) costs that do not meet the criteria for capitalization are expensed as incurred. R&D expenses consist primarily of personnel and personnel-related expenses for employees engaged in research and development activities, internal and external engineering, depreciation for R&D equipment and facilities, supplies and services, and contributions to research institutions. R&D expenses also include development costs related to our technology license with 24M. Foreign Currency Translation and Transaction Gains and Losses Our functional currency is U.S. dollars. Generally, the functional currency of our subsidiaries is the jurisdiction’s local currency. We translate the financial statements of these subsidiaries to U.S. dollars using period-end exchange rates for assets and liabilities. Revenues and expenses are translated into U.S. dollars using the average exchange rates prevailing for each period presented . We record translation gains and losses in accumulated other comprehensive income. We reflect net foreign exchange transaction gains and losses resulting from the conversion of the transaction currency to functional currency as a component of foreign currency transaction gain (loss) in other income (expense). Share-Based Compensation We issue share-based compensation from our long-term incentive plans. Awards are typically issued in the form of stock options and restricted stock units (“RSUs”) and awards may contain time based, market based, and/or performance based vesting conditions. Share-based compensation expense is generally determined based on the grant-date fair value of awards. Liability-classified awards are remeasured to fair value at each reporting date until settlement. We have made an accounting policy election to recognize the expense for awards with a service condition and graded vesting features on a straight-line vesting method over the applicable vesting period, and to account for forfeitures in compensation expense as they occur. Therefore, the fair value of awards is expensed on a straight-line method over the vesting period for awards expected to meet performance based vesting conditions. Any subsequent changes in the estimated number of awards expected to vest will be recorded as a cumulative catch-up adjustment to compensation cost in the period in which the change in estimate occurs. For awards with a market condition, compensation cost is recognized over the service period regardless of whether the market conditions are ultimately achieved. The fair value of share-based compensation awards is calculated with commonly used valuation models. We used a lattice option pricing model for certain stock options granted with a strike price above the grant date price and market based awards, we used a Black-Scholes-Merton option pricing model for all other stock options. These models use inputs and assumptions, including the market price of the shares on the date of grant, risk-free interest rate, expected volatility, and expected life which involve significant judgment. The fair value of RSUs is measured based on the closing price of our common stock. Warrants and Warrant Liability Our warrants entitle the holder to purchase one share of FREYR common stock upon payment of the option price. Certain of our warrants may contain terms such as cash settlement and redemption provisions. We evaluate our warrants to determine if they are considered indexed to the common stock of FREYR and would therefore be considered equity classified awards or if they would be considered liability classified awards. Some terms of the warrants, such as those related to cash settlement and redemption, are valid only for a restricted group or class of holders, the warrants would be considered liability classified and such classification would be reevaluated upon distribution to a holder outside of that class. For equity classified warrants, the grant date fair value of the warrants is expensed over the vesting period. Liability classified warrants are measured at fair value at each balance sheet date. The fair value of the warrant is presented as warrant liability on the consolidated balance sheets with the corresponding change in value shown as warrant liability fair value adjustment in the consolidated statements of operations and comprehensive loss. Prior to the completion of the Business Combination, we measured the fair value of our warrants using a scenario-based framework that considered varying levels of tranches of investments and the related equity valuation. The assumptions and estimates used in the analysis were based on information available at the time of the assessment. This model used significant inputs not observable in the market, which caused it to be classified as a Level 3 measurement within the fair value hierarchy. Subsequent to the consummation of the Business Combination, we measured the fair value of warrants using a Black-Scholes-Merton option pricing model. The assumptions and estimates used in this model incorporate significant inputs not observable in the market, including risk-free interest rate, expected term, and expected volatility, which caused this to be classified as a Level 3 measurement within the fair value hierarchy. We account for Private Warrants as derivative liabilities on the consolidated balance sheets. We measured the fair value at the close of the Business Combination and each subsequent reporting date, with changes in fair value recognized in the consolidated statements of operations and comprehensive loss in the period of change. Defined Contribution Benefit Plans We have defined contribution benefit plans in accordance with Norwegian law for employees residing in Norway, as well as in certain other countries. We made contributions to our defined contribution benefit plans of $2.9 million in 2023, $2.5 million in 2022, and $0.6 million in 2021. Income Taxes Income tax expense is based on relevant tax rates in effect in the countries in which we operate and earn income. Current income tax expense reflects an estimate of our income tax liability for the current year, including changes in prior year tax estimates as returns are filed, and tax audit adjustments, if any. Deferred income tax assets and liabilities reflect temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, tax effected by applying the relevant tax rate, applicable to the periods in which the reversal of such differences is expected to affect taxable income. Changes in deferred income tax assets and liabilities are included as a component of income tax expense, unless they are associated with components of other comprehensive income, which are instead reflected as a change in other comprehensive income. The effect of changes in enacted tax rates on deferred income tax assets and liabilities are reflected in income tax expense in the period of enactment. A valuation allowance is provided when it is deemed more likely than not that some portion or all of a deferred tax asset will not be realized, after consideration of both positive and negative evidence about realization. Changes in the valuation allowances occurring in subsequent periods are included in the consolidated statements of operations and comprehensive loss. Assets and liabilities are established for uncertain tax positions taken, or expected to be taken, in income tax returns when such positions, in our judgment, do not meet a more-likely-than-not threshold based on their technical merits. Estimated interest and penalties related to uncertain tax positions are included as a component of income tax expense. Concentrations of Credit Risk Financial instruments that are potentially subjected to credit risk consist of cash and cash equivalents and restricted cash. Our cash and cash equivalents and restricted cash are placed with major financial institutions. We have not experienced any credit loss related to our cash and cash equivalents and restricted cash. Emerging Growth Company Prior to December 31, 2023, the Company was an emerging growth company under the JOBS Act, and as a result, was eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. In prior periods, the Company elected to take advantage of the extended transition period for adopting new or revised accounting standards that have different effective dates for public and private companies until such time as those standards apply to private companies. As the Company satisfied the definition of a “large accelerated filer” on the measurement date of June 30, 2023 under the definition of the Securities Exchange Act of 1934, as amended, and as a result, it no longer qualifies as an emerging growth company as of December 31, 2023. Therefore, the Company is no longer able to take advantage of the extended transition period for adopting new or revised accounting standards. Adoption of Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes (ASC 740): Simplifying the Accounting for Income Taxes , which removes certain exceptions to the general principles in ASC 740 and also clarifies and amends existing guidance to improve the consistent application. We adopted this guidance as of January 1, 2022. Adoption of the standard did not have a material impact on the consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842) , as amended, which generally requires lessees to recognize operating and financing lease liabilities and corresponding right-of-use assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing, and uncertainty of cash flows arising from leasing arrangements. We adopted this guidance as of January 1, 2022, on a modified retrospective basis and thus did not restate comparative periods. As a result, the comparative financial information and the required disclosures prior to the date of adoption have not been updated and continue to be reported under the accounting standards in effect for those periods. We elected the package of practical expedients permitted under the transition guidance, which allows us to carry forward our historical lease classification, our assessment of whether a contract is or contains a lease, and our initial direct costs for any leases that existed before the adoption of the new standard. A description of our accounting policy and accounting methods elected, is included under “Leases” above. Our right-of-use assets and corresponding lease liabilities for operating lease liabilities at adoption were $9.9 million. There was no change to accumulated deficit as a result of adoption, and the implementation of this standard did not cause a material change in the Company’s operating expenses.

Business Combination

Business Combination	12 Months Ended
Business Combination	Dec. 31, 2023
Business Combinations [Abstract]
Business combination	BUSINESS COMBINATION As discussed in Note 1 – Summary of Significant Accounting Policies, we completed the Business Combination on July 9, 2021. Immediately before the closing of the Business Combination, all outstanding redeemable preferred shares of FREYR Legacy were converted into ordinary shares of FREYR. Upon the consummation of the Business Combination, each share of FREYR Legacy issued and outstanding was canceled and converted into the right to receive 0.179038 ordinary shares in FREYR (the “Exchange Ratio”). Upon the closing of the Business Combination, a total of 116.4 million ordinary shares of FREYR were issued, with $116.4 million designated by our Board of Directors as share capital. As a result, $116.4 million of additional paid-in capital was reclassified as ordinary share capital on our consolidated balance sheets to reflect the reorganization as a Luxembourg entity. In addition, our articles of association were amended and restated to, among other things, reflect issued ordinary shares of 116.4 million, issued share capital of $116.4 million, and increased the total number of authorized shares to 245.0 million shares without par value. In connection with the Business Combination, on January 29, 2021, Alussa and FREYR entered into separate subscription agreements with a number of investors (each a “Subscriber”), pursuant to which the Subscribers agreed to purchase, and FREYR agreed to sell to the Subscribers, an aggregate of 60.0 million ordinary shares, for a purchase price of $10.00 per share and an aggregate purchase price of $600.0 million, in a private placement pursuant to the subscription agreements (the “PIPE Investment”). The PIPE Investment closed simultaneously with the consummation of the Business Combination. The Business Combination was accounted for as a reverse recapitalization in accordance with U.S. GAAP. Under this method of accounting, Alussa was treated as the “acquired” company for financial reporting purposes. See Note 1 – Summary of Significant Accounting Policies for further details. Accordingly, for accounting purposes, the Business Combination was treated as the equivalent of FREYR issuing shares for the net assets of Alussa, accompanied by a recapitalization. The net assets of Alussa were stated at historical cost, with no goodwill or other intangible assets recorded. The following table reconciles the elements of the Business Combination and PIPE Investment to the consolidated statement of cash flows and the consolidated statement of stockholders’ equity for the year ended December 31, 2021 (in thousands): Recapitalization Cash - Alussa trust and cash, net of redemptions $ 104,535 Cash - PIPE Investment 600,000 Less: Non-cash net liabilities assumed from Alussa (26,129) Less: Transaction costs (60,386) Net Business Combination and PIPE Investment 618,020 Add back: Non-cash net liabilities assumed from Alussa 26,129 Add: Accrued transaction costs 353 Net cash contribution from Business Combination and PIPE $ 644,502 The number of ordinary shares issued immediately following the consummation of the Business Combination: Number of Shares Alussa Class A ordinary shares, outstanding prior to Business Combination 28,750,000 Less: redemption of Alussa Class A ordinary shares (18,439,168) Alussa Class A ordinary shares 10,310,832 Alussa Class B founder ordinary shares 7,187,500 Ordinary shares issued in PIPE Investment 60,000,000 Ordinary shares issued to FREYR Legacy preferred shareholders 1,489,500 Business Combination and PIPE Investment ordinary shares 78,987,832 FREYR Legacy ordinary shares (1) 37,452,359 Total ordinary shares immediately after Business Combination and PIPE Investment 116,440,191 (1) The number of FREYR Legacy ordinary shares was determined from the 209,196,827 of FREYR Legacy ordinary shares outstanding prior to the closing of the Business Combination converted at the exchange ratio of 0.179038. All fractional shares were rounded down.

Restructuring

Restructuring	12 Months Ended
Restructuring	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
Restructuring	RESTRUCTURING In November 2023, FREYR announced a restructuring process (the “Restructuring”), which focused on preserving Company liquidity during scale up of the CQP and development of Giga America, while continuing to fund critical initiatives. The Restructuring included decreasing the number of consultants utilized as well as a reduction in force (“RIF”), which resulted in a total of 58 employees receiving a notice of termination in 2023. Certain of these employees ceased their work in 2023, but most will formally exit the organization in the first quarter of 2024. We accrued severance and other termination benefits of $6.0 million related to the RIF in 2023, which was recognized in Restructuring charge in the consolidated statements of operation and comprehensive loss. Accrued severance and personnel costs are included within accrued liabilities and other on the consolidated balance sheets as of December 31, 2023. No cash payments or other adjustments to the accrued restructuring charge balance have been made in 2023.

Other Current Assets

Other Current Assets	12 Months Ended
Other Current Assets	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other current assets	OTHER CURRENT ASSETS Other current assets consisted of the following (in thousands): As of December 31, 2023 2022 Deposits $ 23,893 $ 39 Other current assets 10,151 8,078 Total $ 34,044 $ 8,117

Property and Equipment, Net and

Property and Equipment, Net and Intangibles, Net	12 Months Ended
Property and Equipment, Net and Intangibles, Net	Dec. 31, 2023
Property, Plant And Equipment And Intangible Assets [Abstract]
Property and equipment, net and intangibles, net	PROPERTY AND EQUIPMENT, NET AND INTANGIBLES, NET Property and Equipment, net Property and equipment, net consisted of the following (in thousands): As of December 31, 2023 2022 Land $ 44,326 $ 44,326 Leasehold improvements 39,723 21 Machinery and equipment 14,058 61 Office equipment 2,926 2,532 Construction in progress 269,197 164,387 370,230 211,327 Less: Accumulated depreciation (3,873) (550) Total $ 366,357 $ 210,777 Land consists of a 368-acre parcel of land in Coweta County, Georgia, which was purchased in 2022 for the development of Giga America. Leasehold improvements and machinery and equipment as of December 31, 2023 are largely related to the Company’s CQP in Mo i Rana, Norway. Construction in progress primarily includes costs related to the construction of the Giga Arctic facilities and production equipment for the CQP in Mo i Rana, Norway. Depreciation expense was $3.2 million in 2023, $0.4 million in 2022, and $0.1 million in 2021. Long-lived assets, consisting of property and equipment, net and right-of-use asset under operating leases, by geographic area consisted of the following (in thousands): As of December 31, 2023 2022 Norway $ 344,637 $ 179,884 United States 45,220 44,345 Other 976 1,086 Total $ 390,833 $ 225,315 Intangible Assets, net Intangible assets, net consisted of the following (in thousands): As of December 31, 2023 As of December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount License $ 3,000 $ (187) $ 2,813 $ 3,000 $ (37) $ 2,963 Intangible assets consist of a license to produce and sell lithium-iron phosphate cathode battery materials using Taiwan based Advanced Lithium Electrochemistry Co., Ltd. ’s technology. The license has a 20-year useful life. Amortization expense was $150,000 in 2023, $38,000 in 2022, and zero in 2021. Future annual amortization expense is estimated to be $150,000 per year for each of the next five years.

Long-term investments

Long-term investments	12 Months Ended
Long-term investments	Dec. 31, 2023
Long-Term Investments [Abstract]
Long-term investments	LONG-TERM INVESTMENTS The Company’s equity investments consisted of the following (in thousands): As of December 31, Investment 2023 2022 Equity method investments: Nidec Energy AS $ 1,275 $ — Investments without readily determinable fair values: 24M preferred stock 21,028 — Total Long-Term Investments $ 22,303 $ — Equity Method Investments In March 2023, the Company contributed $1.7 million to obtain a 33% equity interest in Nidec Energy AS (the “Nidec JV”), a joint venture with Nidec Europe BV (“Nidec”). The Nidec JV was formed to develop, manufacture, and sell battery modules and battery packs for industrial and utility-grade ESS applications. The Company determined that the Nidec JV was a VIE, and that the Company was not the primary beneficiary. Additionally, the Company is able to exercise significant influence but not control over the operating and financial policies of the Nidec JV. Therefore, the Company has recorded its investment in the Nidec JV as an equity method investment. In October 2021, we formed a joint venture, with the purpose of advancing the development of clean battery cell manufacturing in the U.S. (the “U.S. JV”). At the time of this initial investment, the Company agreed to contribute $3.0 million for the initial costs related to developing the first gigafactory to project concept selection, and this contribution was made in January 2022. We held a 50% common stock ownership in the U.S. JV and utilized the equity method of accounting for the U.S. JV through October 2022. In November 2022, the Company contributed an additional $49.0 million to the U.S. JV, increasing the Company’s common stock ownership in the U.S. JV to 95%. The Company reevaluated its classification of the U.S. JV, which was determined to meet the characteristics of a VIE. The Company was deemed to be the primary beneficiary of the U.S. JV and began consolidating the U.S. JV in November 2022. During the year ended December 31, 2023 , the Company made an additional $22.6 million contribution and increased its common stock ownership to 96%. The Company recognized its share of net loss of equity method investee in the consolidated statements of operations and comprehensive loss of $0.4 million in 2023, related to the Company’s equity method investment in the Nidec JV, and $1.6 million in 2022 and $0.1 million in 2021, related to the Company’s equity method investment in the U.S. JV. During the year ended December 31, 2023, t he Company recognized other income of $0.8 million related to general and administrative expenses incurred on behalf of the Nidec JV. There were no comparable amounts recognized in prior periods. Equity Investments Without Readily Determinable Fair Values On October 8, 2021, we invested in an unsecured convertible note receivable (the “Convertible Note”) from 24M, our battery platform technology licensor for our planned gigafactories. In December 2022, we signed a contract amendment that would result in the Convertible Note converting to preferred stock in March 2023 based on the contractual conversion price in the original contract. On March 24, 2023, we converted the Convertible Note to preferred stock of 24M. As the 24M preferred stock does not have a readily determinable fair value and does not provide the Company with control or significant influence, we have elected to account for the 24M preferred stock under the measurement alternative. See Note 11 – Fair Value Measurement for further details.

Accrued Liabilities and Other

Accrued Liabilities and Other	12 Months Ended
Accrued Liabilities and Other	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued liabilities and other	ACCRUED LIABILITIES AND OTHER Accrued liabilities and other consisted of the following (in thousands): As of December 31, 2023 2022 Accrued purchases $ 13,145 $ 34,932 Accrued payroll and payroll related expenses 13,120 12,936 Operating lease liabilities 3,382 3,257 Other current liabilities 1,143 321 Total $ 30,790 $ 51,446

Leases

Leases	12 Months Ended
Leases	Dec. 31, 2023
Leases [Abstract]
Leases	LEASES We currently lease our corporate offices, the building for the CQP, the land for the Giga Arctic facilities, as well as other facilities and properties. Our leases have remaining lease terms of up to 49 years, some of which include options to extend the leases and some of which include options to terminate the leases at our sole discretion. We do not assume renewals in our determination of the lease term unless the renewals are deemed to be reasonably assured. As of December 31, 2023, all of our leases are operating leases. Lease liabilities consisted of the following (in thousands): As of December 31, 2023 2022 Accrued liabilities and other $ 3,382 $ 3,257 Operating lease liability 18,816 11,144 Total $ 22,198 $ 14,401 Lease expenses consisted of the following (in thousands): Years ended 2023 2022 Operating lease cost $ 3,039 $ 2,232 Variable lease cost 621 170 Short-term lease cost 299 157 Total lease cost $ 3,959 $ 2,559 The remaining minimum lease payments due on our long-term leases are as follows (in thousands): December 31, 2024 $ 3,503 2025 3,486 2026 3,254 2027 2,191 2028 2,047 Thereafter 30,444 Total undiscounted lease payments 44,925 Less: imputed interest (22,727) Present value of lease liabilities $ 22,198 Weighted average remaining lease term and discount rate are as follows: As of December 31, 2023 2022 Weighted-average remaining lease term (in years) 32.9 22.8 Weighted-average discount rate 7.12 % 6.88 % Supplemental cash flow information related to leases was as follows (in thousands): Years ended 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows $ 5,088 $ 2,528 Lease liabilities arising from obtaining right-of-use assets $ 12,240 $ 15,878

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	COMMITMENTS AND CONTINGENCIES Legal Proceedings From time to time, we may be subject to legal and regulatory actions that arise in the ordinary course of business. The assessment as to whether a loss is probable or reasonably possible, and if such loss or a range of losses is estimable, often involves significant judgment, including estimates and assumptions about future events. To the knowledge of our management, as of December 31, 2023

Warrants

Warrants	12 Months Ended
Warrants	Dec. 31, 2023
Warrants and Rights Note Disclosure [Abstract]
Warrants	WARRANTS Public and Private Warrants As part of the Business Combination, as described in Note 2 – Business Combination, we assumed 24.6 million total warrants (the “Warrants”), including both public warrants (the “Public Warrants”) and private warrants (the “Private Warrants”). The Warrants entitle the holder thereof to purchase one share of our common stock at a price of $11.50 per share, subject to adjustments. The Warrants will expire on July 9, 2026, or earlier upon redemption or liquidation. We may call the Public Warrants for redemption once they become exercisable, in whole and not in part, at a price of $0.01 per Public Warrant, so long as we provide at least 30 days prior written notice of redemption to each Public Warrant holder, and if, and only if, the reported last sales price of our common stock equals or exceeds $18.00 per share for each of 20 trading days within the 30 trading-day period ending on the third trading day before the date on which we send the notice of redemption to the Public Warrant holders. We determined that the Public Warrants are equity classified as they are indexed to our common stock and qualify for classification within stockholders’ equity. As such, the Public Warrants are presented as part of additional paid-in capital on the consolidated balance sheets. The Private Warrants are identical to the Public Warrants, except that so long as they are held by a certain holder or any of its permitted transferees, the Private Warrants: (i) may be exercised for cash or on a cashless basis and (ii) shall not be redeemable by FREYR. We determined that the Private Warrants are not considered indexed to our common stock as the holder of the Private Warrants impacts the settlement amount and thus, they are liability classified. The Private Warrants are presented as warrant liability on the consolidated balance sheets. If Private Warrants are sold or transferred to another party that is not the specified holder or any of its permitted transferees, the Private Warrants become Public Warrants and qualify for classification within stockholders’ equity at the fair value on the date of the transfer. See also Note 11 – Fair Value Measurement. In connection with the completion of the Merger, on December 20, 2023 each public and private warrant of FREYR Lux issued and outstanding that was exercisable for one FREYR Lux ordinary share became exercisable for one share of common stock of FREYR, and FREYR assumed FREYR Lux’s rights and obligations thereto, in accordance with the terms of the second amendment to the warrant agreement dated December 31, 2023 among FREYR, FREYR Lux, Alussa, and Continental Stock Transfer & Trust Company (“CST”) (“Amendment 2 to the Warrant Agreement”). As of both December 31, 2023 and December 31, 2022, we had 24.6 million in public and private warrants outstanding, consisting of 14.6 million Public Warrants and 10.0 million Private Warrants. EDGE Warrants As of both December 31, 2023 and 2022, we had 2.2 million warrants outstanding and exercisable held by EDGE Global LLC (“EDGE”) or its co-owners, which entitle the holder thereof to purchase one of our common stock at the exercise price, subject to adjustments. The EDGE warrants consist of 1.5 million warrants with an exercise price of $0.95 which expire on May 15, 2024 and 0.7 million warrants with an exercise price of $1.22, which expire on September 30, 2025. In connection with the completion of the Merger, on December 20, 2023 each warrant of FREYR Lux held by EDGE Global LLC issued and outstanding became exercisable for one share of common stock of FREYR on the same terms as those that governed these warrants immediately prior to the Merger.

Fair Value Measurement

Fair Value Measurement	12 Months Ended
Fair Value Measurement	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair value measurement	FAIR VALUE MEASUREMENT Financial assets and liabilities measured at fair value on a recurring basis, by level within the fair value hierarchy, consisted of the following (in thousands): December 31, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Convertible Note $ — $ — $ — $ — $ — $ — $ 19,954 $ 19,954 Liabilities: Warrant Liabilities $ — $ — $ 2,025 $ 2,025 $ — $ — $ 33,849 $ 33,849 We measured our Convertible Note and warrant liabilities for Private Warrants, at fair value based on significant inputs not observable in the market, which caused them to be classified as Level 3 measurements within the fair value hierarchy. These valuations used assumptions and estimates that we believed a market participant would use when making the same valuation. Changes in the fair value of the Convertible Note were recognized as a convertible note fair value adjustment within the consolidated statement of operations and comprehensive loss. Changes in the fair value of the Private Warrants were recognized as a warrant liability fair value adjustment within the consolidated statements of operations and comprehensive loss. As of December 31, 2023 and December 31, 2022, the carrying value of all other financial assets and liabilities approximated their respective fair values. Convertible Note On October 8, 2021, we invested $20.0 million in the Convertible Note and elected to account for the Convertible Note using the fair value option. The Convertible Note was scheduled to mature on October 8, 2024, carried an annual interest rate of 5%, and was convertible into common stock or preferred stock of 24M at our option beginning on October 8, 2023 or automatically upon certain events. In December 2022, we signed a contract amendment that would result in the Convertible Note converting to preferred stock in March 2023, based on the contractual conversion price in the original contract. We determined the fair value of the Convertible Note, prior to its conversion to preferred stock of 24M. See Note 6 – Long-Term Investments for further details. The Convertible Note was valued using a scenario-based framework, where the fair values determined in various scenarios were weighted based on the estimated probability of occurrence. Within each scenario, a discounted cash flow approach was utilized, taking the expected payoff for the event, and discounting it based on the expected timing and a discount rate. Each of the assumptions in this model were considered significant assumptions. Private Warrants The Private Warrants were valued using the Black-Scholes-Merton option pricing model. See Note 10 – Warrants above for further details. Our use of the Black-Scholes-Merton option pricing model for the Private Warrants, required the use of subjective assumptions, including: • The risk-free interest rate assumption was based on the U.S. Treasury Rates commensurate with the contractual terms of the Private Warrants. • The expected term was determined based on the expiration date of the Private Warrants. • The expected volatility assumption was based on the implied volatility from a set of comparable publicly traded companies as determined based on the size and industry and the implied volatility of the publicly traded Public Warrants. The fair value of the Private warrants was determined using this approach, an exercise price of $11.50, and a share price of $1.87 as of December 31, 2023 and $8.68 as of December 31, 2022. An increase in each of the risk-free interest rate, expected term, or expected volatility, in isolation, would increase the fair value measurement, and a decrease in each of these assumptions would decrease the fair value measurement, of the Private Warrants. Rollforward of Level 3 Fair Value Instruments The changes in the Level 3 instruments measured at fair value on a recurring basis were as follows (in thousands): For the year ended For the year ended Asset Liability Asset Liability Convertible Note Private Warrants Convertible Note Private Warrants Balance (beginning of period) $ 19,954 $ 33,849 $ 20,231 $ 49,124 Fair value measurement adjustments 1,074 (31,763) (277) (14,183) Conversion to preferred stock (21,028) — — — Reclassification to Public Warrants — (61) — (1,092) Balance (end of period) $ — $ 2,025 $ 19,954 $ 33,849

Stockholders' Equity

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Stockholders' equity	STOCKHOLDERS' EQUITY Common Stock In December 2022, FREYR closed a public offering of 23.0 million ordinary shares at an offering price of $11.50 per share for total gross proceeds of approximately $264.5 million. As of December 31, 2022, 245.0 million ordinary shares without par value were authorized and 139.7 million ordinary shares were outstanding. On issuance of shares, amounts designated by our Board of Directors as share capital were included as ordinary share capital and any remaining proceeds were shown as additional paid-in capital in our December 31, 2022 consolidated balance sheets. In connection with the completion of the Merger, on December 20, 2023, each of the issued and outstanding ordinary shares of FREYR Lux ordinary shares of FREYR Lux without par value, but with a designated share capital of $1.00 per share, immediately prior to the effective time of the Merger were automatically cancelled and FREYR Lux issued as consideration therefor new duly authorized, validly issued, fully paid and non-assessable common stock of FREYR with a par value of $0.01 per share, to the shareholders of FREYR Lux on a one-for-one-basis, in each case without interest and net of any applicable withholding taxes. As a result, a portion of FREYR’s share capital was reclassified to additional paid in capital, to reflect the difference in share capital at FREYR Lux before the Merger and the par value of common stock at FREYR following the Merger. As of December 31, 2023, 355.0 million shares of common stock were authorized with a par value of $0.01 per share and 139.7 million shares of common stock were outstanding. Holders of common stock are entitled to one vote per share and to receive dividends when, as, and if, declared by our Board of Directors. As of December 31, 2023, we have not declared any dividends. Preferred Shares As of December 31, 2023, following the Merger, 10.0 million preferred shares with a par value of $0.01 per share were authorized and none were outstanding. As of December 31, 2022, no preferred shares were authorized and outstanding. Share Repurchase Program In May 2022, the Board of Directors approved a share repurchase program (the “Share Repurchase Program”). The shares purchased under the program are to be used to settle the exercise of employee options granted under the Company’s equity compensation plans. We were authorized to repurchase up to 150,000 of the Company’s ordinary shares. The Share Repurchase Program had no time limit and was able to be suspended or discontinued at any time. We purchased 150,000 ordinary shares at an average price of $6.97 per share, excluding fees, during the year ended December 31, 2022. As of December 31, 2022, the authorized share repurchase was completed, no ordinary shares remained available for repurchase under the program, and 148,000 treasury shares were outstanding. In connection with the completion of the Merger, on December 20, 2023, as result of the application of Luxembourg law to the Merger transaction, all ordinary shares issued and outstanding that were held in treasury by FREYR Lux immediately prior to the effective time of the Merger were cancelled by virtue of and simultaneously with the Merger and said treasury shares ceased to exist. As a result, zero treasury shares were outstanding as of December 31, 2023. Share-Based Compensation 2021 Plan In June 2021, we adopted the 2021 Equity Incentive Plan (amended and restated as of May 10, 2023), (the “2021 Plan”), which was amended and restated in June 2023. The 2021 Plan provides for the grant of stock options, restricted stock, RSUs, stock appreciation rights, performance units, and performance shares to our employees, directors, and consultants. Generally, our stock options and RSUs vest annually over three years and our stock options are exercisable over a maximum period of five years from their grant dates. Options are typically forfeited when the employment relationship ends for employees and they do not typically forfeit for directors. Generally, our RSUs are liability-classified awards, as they are cash settled based on the closing price of the shares on the vesting date. All exercised options are expected to be settled in shares, net of shares withheld to satisfy the award exercise price. As of December 31, 2023, a total of 25.0 million shares were authorized for issuance to satisfy share-based compensation awards made under the 2021 Plan. A rollforward of options outstanding under the 2021 Plan was as follows (number of options in thousands): Number of options Weighted average exercise price Outstanding at January 1, 2023 5,863 $ 9.83 Granted 5,026 6.99 Forfeited (386) 8.75 Outstanding at December 31, 2023 10,503 8.50 Exercisable at December 31, 2023 2,437 $ 9.99 The aggregate intrinsic value of options outstanding and exercisable as of December 31, 2023 was $0.1 million and zero, respectively. The weighted average remaining life for options outstanding and exercisable as of December 31, 2023 was 3.8 years and 3.1 years, respectively. In January 2024, in response to the Restructuring and RIF, an employee retention plan was implemented to support the retention of employees. As part of this program, 13.3 million stock options were granted to employees with an exercise price equal to the grant date’s closing share price. A rollforward of RSUs outstanding under the 2021 Plan was as follows (number of RSUs in thousands): Number of RSUs Weighted average grant date fair value Outstanding at January 1, 2023 $ 61 $ 7.39 Granted 116 7.31 Vested (20) 7.39 Outstanding at December 31, 2023 $ 157 $ 7.33 The aggregate intrinsic value of RSUs outstanding as of December 31, 2023 was $0.3 million. The weighted average remaining life for RSUs as of December 31, 2023 was 2.1 years. The Company paid $0.2 million, zero, and zero for RSUs vested during 2023, 2022, and 2021, respectively. 2019 Plan FREYR Legacy had an Incentive Stock Option Plan (the “2019 Plan”). As a result of the consummation of the Business Combination on July 9, 2021, all granted awards vested immediately. As such, on July 9, 2021, share-based compensation was recognized for the remaining unrecognized fair value of the 2019 Plan awards. No further options or warrants can be issued under the 2019 Plan. Effective at the close of the Business Combination, the 2019 Plan was modified to require cash settlement after a lock-up period of one year for all non-executive employees or two years for all executive employees. The awards granted under the 2019 Plan are liability-classified awards, and as such, these awards are remeasured to fair value at each reporting date with changes to the fair value recognized as stock compensation expense in general and administrative expense or research and development expense in the consolidated statements of operations and comprehensive loss. Cumulative stock compensation expense cannot be reduced below the grant date fair value of the original award. A rollforward of employee options and warrants outstanding under the 2019 Plan was as follows (number of options and warrants in thousands): Number of options and warrants Weighted average exercise price Outstanding at January 1, 2023 677 $ 3.23 Exercised (10) $ 3.77 Forfeited (18) $ 2.07 Outstanding at December 31, 2023 649 $ 3.25 The aggregate intrinsic value of options and warrants outstanding and exercisable as of December 31, 2023 was $0.1 million. The weighted average remaining life for options and warrants outstanding and exercisable as of December 31, 2023 was 1.7 years. The Company paid less than $0.1 million, $2.9 million, and zero for 2019 Plan options and warrants exercised in 2023, 2022, and 2021 respectively. Jensen Option Awards In June 2021, our then Chief Executive Officer (“CEO”), Tom Einar Jensen, entered into a stock option agreement, as an appendix to an employment agreement. In accordance with the stock option agreement, on July 13, 2021 Mr. Jensen was granted 850,000 options to acquire our shares at an exercise price of $10.00 (the “Jensen Options”). The Jensen Options are subject to nine separate performance criteria, each of which is related to 1/9 th of the total award amount. After the performance criteria are achieved and certified by the Board of Directors, the options will vest in equal parts subsequent to the certification date on the stated dates of December 31, 2022, September 30, 2023 and June 1, 2024. Compensation cost is recognized to the extent that achievement of the performance criteria is deemed probable. As of December 31, 2022 one performance criteria for 94,000 of the 2021 Jensen Options was deemed achieved by the Board of Directors. During the year ended 2023, the Board of Directors evaluated the remaining performance conditions and awarded full or pro-rata achievement for 567,000 of the remaining 756,000 options, which reflected adjustments to certain of the performance criteria. This is expected to result in an incremental compensation cost of $1.0 million to be recognized over the award's remaining requisite service period. The 94,000 options vest in equal parts on December 31, 2022, September 30, 2023, and June 1, 2024 and the 567,000 options vest in equal parts on September 30, 2023 and June 1, 2024. The aggregate intrinsic value of options outstanding and exercisable as of December 31, 2023 was zero. Non-employee Awards On February 16, 2021, FREYR Legacy issued 413,000 warrants with an exercise price of NOK 0.01, as payment-in-kind for services provided from a third-party service provider. On March 8, 2021, the third-party service provider subscribed for the warrants, and the warrants were reclassified from liability to equity and remeasured to the fair value on the date of subscription. On November 26, 2021, the warrants were exchanged on a one-for-one basis for ordinary shares. Valuation and Expense Valuation Models and Assumptions We generally estimate the fair value of stock options and warrants with service or service and performance vesting conditions using the Black-Scholes-Merton option pricing model. The grant date fair value is determined for equity-classified options, and liability-classified options and warrants are revalued at each reporting date. The fair value of RSUs is based on the closing fair market value of our common stock, which for our liability-classified RSUs is determined at each reporting date. The weighted average grant date assumptions and fair values for stock options and warrants calculated using the Black-Scholes-Merton option pricing model are as follows: For the years ended December 31, 2023 2022 2021 Valuation assumptions: Expected term (years) 3.47 3.45 4.22 Expected volatility 60.54 % 60.32 % 49.30 % Expected dividend yield 0.00 % 0.00 % 0.00 % Risk-free interest rate 4.14 % 3.16 % 0.28 % Grant date fair value $ 3.09 $ 3.82 $ 7.60 The Company generally uses the simplified method when calculating the expected term due to insufficient historical exercise data. For stock options and warrants granted under the 2019 Plan, we used the contractual term as the expected term, as these awards were deeply in the money on the grant date. The expected volatility was derived from the average historical daily stock volatility of a peer group of public companies that we consider to be comparable to our business over a period equivalent to the expected terms of the share-based awards. The expected dividend yield was based on our expectation that we would not pay dividends in the foreseeable future. The risk-free interest rate was based on U.S. Treasury Rates for awards granted after the Business Combination and based on the AAA-Rated Euro Area Central Government Bond Yields for awards issued before the Business Combination. We valued out of the money option awards granted in 2021, after the Business Combination, using a lattice option pricing model. The weighted average grant date assumptions and fair values for stock options calculated using a lattice option pricing model are as follows: For the year ended December 31, 2021 Valuation assumptions: Expected volatility 50.33 % Expected dividend yield 0.00 % Risk-free interest rate 0.79 % Grant date fair value per option $ 3.42 As the awards were issued out of the money, an assumption was made that the holders would choose to exercise when a certain exercise ratio was achieved of the share price over the exercise price, upon which the expected life was calculated. All other assumptions were consistent with those used in the Black-Scholes-Merton option pricing model. Share-Based Compensation Expense The following table summarizes share-based compensation expense by line item in the consolidated statements of operations (in thousands): For the years ended December 31, 2023 2022 2021 General and administrative $ 10,991 $ 8,312 $ 12,998 Research and development 604 331 1,820 As of December 31, 2023, we had $17.1 million of total unrecognized share-based compensation expense which will be recognized over a weighted-average period of 2.0 years.

Government Grants

Government Grants	12 Months Ended
Government Grants	Dec. 31, 2023
Government Assistance [Abstract]
Government grants	GOVERNMENT GRANTS We recognized grant income of $0.2 million in 2023, $4.0 million in 2022, and $2.3 million in 2021, in other income, net within the consolidated statements of operations and comprehensive loss. We recorded grant income of zero in 2023, $10.5 million in 2022, and zero in 2021, as a reduction of property and equipment, net on our consolidated balance sheets, as these grants partially offset capitalized costs related to the construction in progress for the CQP. As of both December 31, 2023 and 2022, we had $0.2 million in short-term deferred income from grants recorded in accrued liabilities and other on our consolidated balance sheets. As of December 31, 2023 and 2022, we had $27.0 million and zero in long-term deferred income from grants recorded in other long-term liabilities on our consolidated balance sheets. Significant Grant Awards In February 2023, we received $20.0 million for a jobs creation grant in connection with the Giga America project. The grant is subject to the achievement of certain job creation targets by December 2025 and December 2029, with any required refund based on the proportion of job creation conditions that were not achieved. The proceeds will be recognized in other income, net on a straight-line basis over the grant term, for the portion of the grant that is reasonably assured of being retained. In August 2023, we received $7.0 million for a job creation and capital investment grant in connection with the Giga America project. The grant is subject to the achievement of certain job creation and capital investment targets within 84 months from the earlier of the date of FREYR’s certified occupancy of the Giga America facility or January 1, 2026. The proceeds will be allocated by activity and recognized in other income, net or as a reduction of property and equipment, net, as applicable, for the portion of the grant that is reasonably assured of being retained.

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income taxes	INCOME TAXES Income tax expense for each of the years ended December 31, 2023, 2022, and 2021 was as follows (in thousands): For the years ended December 31, 2023 2022 2021 Federal $ 176 $ — $ — State 267 — — Foreign 227 — — $ 670 $ — $ — Current $ 225 $ — $ — Deferred 445 — — $ 670 $ — $ — A reconciliation of our income tax expense to the amount obtained by applying the statutory tax rate in the Company’s country of incorporation as of December 31 (U.S. rate in 2023 and Luxembourg rate in 2022 and 2021) is as follows (in thousands, except percentages): For the years ended December 31, 2023 2022 2021 Pretax net loss $ (72,426) $ (99,119) $ (93,378) Statutory tax rate 21 % 25 % 25 % Income taxes calculated at statutory tax rate (15,209) (24,720) (23,288) Permanent difference - Fair value adjustments 6,524 (26,691) 5,452 Foreign tax differential (1,260) 2,197 1,513 Changes in valuation allowance 9,345 45,572 16,605 Other permanent tax items, net 1,270 3,642 (282) Income tax expense $ 670 $ — $ — Effective tax rate (1) % 0 % 0 % Deferred tax assets and liabilities are as follows (in thousands): As of December 31, 2023 2022 Deferred tax assets Tax losses carryforwards $ 34,170 $ 61,205 Stock-based compensation 6,117 4,080 Other 150 147 Total deferred tax assets before valuation allowance 40,437 65,432 Valuation allowance (38,821) (64,693) Total deferred tax assets 1,616 739 Deferred tax liabilities Property and equipment 903 50 Other 1,158 689 Total deferred tax liabilities 2,061 739 Net deferred tax liability $ 445 $ — As of December 31, 2023 we maintained a full valuation allowance on our net deferred tax assets. The valuation allowance decreased by $25.9 million in 2023 and increased by $45.6 million in 2022. The decrease in the valuation allowance in 2023 was primarily related to the forfeiture of net operating loss carryforwards in Luxembourg as a result of the Merger. The increase in the valuation allowance in 2022 was primarily related to the increase in net operating loss carryforwards. As of December 31, 2023, we had net operating loss carryforwards of $156.3 million primarily in Norway. In Norway, net operating losses can be carried forward indefinitely. We are required to pay income taxes and are subject to potential examination in our locations of operations, including in the U.S., certain U.S. states, Norway, Luxembourg, and other foreign jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws. Our tax years remain open for examination by all tax authorities since inception. We have not identified any uncertain tax positions or recorded any liabilities, or any associated interest or penalties for the years ended December 31, 2023 and 2022.

Related Party Transactions

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2023
Related Party Transactions [Abstract]
Related party transactions	RELATED PARTY TRANSACTIONS EDGE Agreements The 2020 EDGE Agreement provided that FREYR Legacy should pay EDGE a monthly retainer fee. Additionally, FREYR Legacy agreed to make certain milestone payments to EDGE based on the closing of certain additional financing rounds as defined within the 2020 EDGE Agreement. See Note 10 – Warrants for further discussion on the warrant agreements between FREYR Legacy and EDGE. On January 18, 2021, the Board resolved to terminate the 2020 EDGE Agreement and enter into an employment contract with the continuing CEO and a consulting contract with the prior Chief Commercial Officer, subject to the closing of the Business Combination. See below for further details on the consulting agreement with the prior Chief Commercial Officer. For the year ended December 31, 2021, $4.3 million in expenses related to the consulting services provided were recognized as general and administrative expenses within the consolidated statements of operations and comprehensive loss. No expenses were recorded for the years ended December 31, 2023 and 2022. There were no unpaid amounts as of December 31, 2023 and 2022. Consulting Agreement In May 2021, we entered into a consulting agreement with a member of the Board of Directors for a term of three years. In August 2023, we entered into a consulting agreement with another member of the Board of Directors for a one-year term. We pay both Board of Director consultants a monthly fee of $30,000 plus related reimbursable costs. The expenses incurred for these consulting services for the years ended December 31, 2023, 2022 and 2021 were $0.6 million, $0.4 million and $0.2 million, respectively. These expenses are recognized as general and administrative expenses within the consolidated statements of operations and comprehensive loss. As of both December 31, 2023 and 2022, an unpaid amount of less than $0.1 million was recognized in accounts payable related to these agreements. Metier In 2020, we entered into a framework agreement with Metier OEC, which provides primarily project management and administrative consulting services. The CEO of Metier OEC is the brother of our current Executive Vice President, Project Execution. For the years ended December 31, 2023, 2022 and 2021, $4.3 million, $4.9 million and $4.7 million, respectively, are recognized as general and administrative expenses within the consolidated statements of operations and comprehensive loss. For the year ended December 31, 2023, 2022 and 2021, $1.6 million, $1.0 million and zero, respectively, met the requirements for capitalization and are recognized as property and equipment within the consolidated balance sheet. The unpaid amounts of $0.3 million and $0.7 million are recognized in accounts payable and accrued liabilities as of December 31, 2023 and 2022, respectively.

Net Loss Per Share

Net Loss Per Share	12 Months Ended
Net Loss Per Share	Dec. 31, 2023
Earnings Per Share [Abstract]
Net loss per share	NET LOSS PER SHARE The Company’s basic net loss per share attributable to stockholders for the years ended December 31, 2023 and 2022 was computed by dividing net loss attributable to stockholders by the weighted-average stock outstanding. For the year ended December 31, 2021, we computed net loss per share using the two-class method required for participating securities. Under the two-class method, undistributed earnings for the period are allocated to participating securities, including the redeemable preferred shares that were settled as part of the Business Combination, based on the contractual participation rights of the security to share in the current earnings as if all current period earnings had been distributed. As there was no contractual obligation for the redeemable preferred shares to share in losses, our basic net loss per share attributable to stockholders for the year ended December 31, 2021, was computed by dividing net loss attributable to stockholders by the weighted-average number of ordinary shares outstanding. No dividends were declared or paid in 2023, 2022, and 2021. Diluted net loss per share attributable to stockholders adjusts basic net loss per share attributable to stockholders to give effect to all potential shares that were dilutive and outstanding during the period. The treasury stock method was used to assess our warrants and share-based payment awards, while the if-converted method was used to assess our redeemable preferred shares. The computation of basic and diluted net loss per share attributable to stockholders is as follows (in thousands, except per share data): For the years ended December 31, 2023 2022 2021 Numerator: Net loss attributable to stockholders - basic and diluted $ (71,945) $ (98,791) $ (93,378) Denominator: Weighted average shares outstanding - basic and diluted 139,705 118,474 75,363 Net loss per share: Basic and diluted $ (0.51) $ (0.83) $ (1.24) The outstanding securities that could potentially dilute basic net loss per share in the future that were not included in the computation of diluted net loss per share as the impact would be anti-dilutive are as follows (in thousands): As of December 31, 2023 2022 2021 Public Warrants 14,625 14,607 14,375 Private Warrants 10,000 10,018 10,250 EDGE warrants 2,176 2,176 2,176 Employee options 10,503 5,863 2,102 Share-based compensation liability options and warrants (1) — 567 1,008 Jensen Options (2) 661 94 — Total 37,965 33,325 29,911 (1) For the year ended December 31, 2023, the Company excluded the 649,000 share-based compensation liability options and warrants as these awards are required to be cash-settled. For the year ended December 31, 2022, the Company excluded 110,000 of the total outstanding 677,000 option and warrant liability awards, as these awards are required to be cash-settled due to the expiration of the specified lock-up period. See Note 12 – Stockholders' Equity for further details. (2) For the year ended December 31, 2022, the Company excluded 756,000 of the total 850,000 Jensen Options, as it was not yet probable that the performance conditions for these options would be achieved. See Note 12 – Stockholders' Equity for further details.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net loss	$ (71,945)	$ (98,791)	$ (93,378)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements have been prepared in conformity with the accounting principles generally accepted in the U.S. (“U.S. GAAP”). The consolidated financial statements include the accounts of FREYR, its wholly owned subsidiaries, majority-owned subsidiaries, and variable interest entities (“VIE”) of which we are the primary beneficiary. All intercompany accounts and transactions have been eliminated. Certain prior period balances and amounts have been reclassified to conform with the current year’s presentation in the consolidated financial statements and the accompanying notes.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash on deposit with banks and highly liquid investments with maturities of 90 days or less from the date of purchase.
Restricted Cash	Restricted Cash Certain cash balances are restricted as to withdrawal or use. Restricted cash primarily consists of the balance of an account held for the construction of Giga Arctic. Additionally, restricted cash includes funds held in a restricted account for the payment of upfront rental lease deposits and government income tax withholdings.
Fair Value Measurements and Fair Value Option	Fair Value Measurements and Fair Value Option We define fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining fair value measurements for assets and liabilities, which are required to be recorded at fair value, we consider the principal or most advantageous market and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability. These could include risks inherent in valuation techniques, transfer restrictions, and credit risk. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability. Under the fair value option, the Company has the irrevocable option, on an instrument-by-instrument basis, to report certain financial assets and financial liabilities at fair value with changes in fair value reported in earnings. Any changes in the fair value of liabilities resulting from changes in the instrument-specific credit risk would be reported in other comprehensive income.
Property and Equipment	Property and Equipment Property and equipment is recorded at cost less accumulated depreciation. The cost of an asset includes the cost of the purchase or construction of the asset plus other costs necessary to bring the asset to the condition and location necessary for its intended use. Maintenance and repairs are charged to expense as incurred and improvements or major enhancements are capitalized. The Company maintains arrangements with certain local government agencies that provide for ad valorem tax incentives in connection with the Company’s capital investment in property and equipment purchases to outfit new facilities over a specified timeframe. To facilitate the incentives, the Company conveys the purchased property and equipment to the local government agency and will lease it back from such agency for nominal consideration. The Company retains access to and use of the property and equipment and the title will be conveyed back to the Company for a nominal fee. As the Company continues to benefit from the property and equipment, it is recorded on the Company’s consolidated balance sheets. Depreciation begins when an asset is placed into service or is substantially complete and ready for its intended use. Depreciation is computed using the straight-line method, over the estimated useful lives of the related asset. Land and construction in progress are not depreciated. The estimated useful lives of our property and equipment are as follows: Asset Class Useful Life Machinery and equipment 5 to 15 years Office equipment 3 to 5 years Leasehold improvements Lesser of estimated useful life or remaining lease term The useful lives of our property and equipment are determined by management when those assets are initially recognized and are routinely reviewed for reasonableness. Useful lives are estimates based on current facts and circumstances, and actual useful lives may differ from these estimates. When a change is made to the estimated useful life of an asset, the remaining carrying value of the asset is prospectively depreciated or amortized over the remaining estimated useful life. Historically, changes in useful lives have not resulted in material changes to our depreciation and amortization expense. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the consolidated balance sheets and any resulting gain or loss is reflected in the accompanying consolidated statements of operations and comprehensive loss.
Intangible Assets	Intangible Assets Intangible assets with definite lives are amortized on a straight-line basis over their estimated useful lives, usually determined by the remaining legal or contractual life of the asset. Our current intangible assets have an estimated useful life of 20 years.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets We review our property, plant, and equipment, right-of-use asset under operating leases, definite lived intangible assets, and other long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable. We measure recoverability by comparing the carrying amount to the future undiscounted cash flows that the asset is expected to generate. If the asset is not recoverable, its carrying amount would be adjusted down to its fair value. We estimate the recoverability of long-lived assets by applying an income approach, using estimated cash flows expected to be realized from the use of the assets. When appropriate, we may apply a scenario-based framework that incorporates various scenarios weighted based on the expected likelihood of occurrence. Asset impairment evaluations are, by nature, highly subjective. The critical estimates are significant unobservable inputs, which are based on numerous estimates and assumptions about future operations and market conditions including but not limited to those such as revenues, costs of goods sold, and scenario probabilities.
Convertible Note	Convertible Note We elected to account for our convertible note receivable from 24M under the fair value option, with changes in fair value recognized as a convertible note fair value adjustment within the consolidated statement of operations and comprehensive loss. We estimated the fair value of the convertible note at each balance sheet date using a scenario-based framework that incorporates various scenarios weighted based on the expected likelihood of occurrence. This framework utilized significant assumptions and judgments about the expected timing and probability of each scenario, expected payoffs upon the event, and the discount rate. As these were significant inputs not observable in the market, this is classified as a Level 3 measurement within the fair value hierarchy.
Variable Interest Entities	Variable Interest Entities The Company enters into relationships with or makes investments in other entities that may be VIEs. A VIE is consolidated in the financial statements if the Company has the power to direct activities that most significantly impact the economic performance of the VIE and has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE.
Equity Method Investments	Equity Method Investments We utilize the equity method to account for investments, including joint ventures, when we possess the ability to exercise significant influence, but not control, over the operating and financial policies of the investee. The ability to exercise significant influence is presumed when the investor possesses more than 20% of the voting interests of the investee. This presumption may be overcome based on specific facts and circumstances that demonstrate that the ability to exercise significant influence is restricted. In applying the equity method, we record the investment at cost and subsequently increase or decrease the carrying amount of the investment by our proportionate share of the net earnings or losses and other comprehensive income of the investee.
Equity Investments Without Readily Determinable Fair Values	Equity Investments Without Readily Determinable Fair Values We account for investments in equity instruments that do not have a readily determinable fair value and do not provide the Company with control or significant influence under the measurement alternative, defined as cost, less impairment, adjusted for subsequent observable price changes. We assess relevant transactions that occur on or before the balance sheet date to identify observable price changes, and we regularly monitor these investments to evaluate whether there is an indication that the investment is impaired.
Leases	Leases A lease is a contract, or part of a contract, that conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Lease classification as a short-term lease, operating lease, or finance lease is made at the lease inception. We consider all relevant contractual provisions, including renewal and termination options, to determine the term of the lease. Renewal or termination options that are reasonably certain of exercise by the lessee and those controlled by the lessor are included in determining the lease term. We have made an accounting policy election to present the lease and associated non-lease operations as a single component based on the predominant component. We have made an accounting policy election not to recognize a right-of-use asset and a lease liability for short-term leases with an initial term of 12 months or less, therefore these leases are not recorded on the consolidated balance sheets. Expenses for short-term leases are recognized on a straight-line basis over the lease term in the consolidated statements of operations and comprehensive loss. We recognize lease liabilities and right-of-use assets for all operating and finance leases, for which we are a lessee, at the lease commencement date. Lease liabilities are initially recognized at the present value of the future lease payments during the expected lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate, based on the information available at the lease commencement date, in determining the present value of lease payments. Our incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. The right-of-use asset is initially recognized at the amount of the initial measurement of the lease liability, plus any lease payments made at or before the commencement date, less any lease incentives received, and any initial direct costs incurred by the Company. Right-of-use asset is recorded as other long-term assets in the consolidated balance sheets. Subsequent to initial recognition, the right-of-use asset is reflected net of amortization. Costs to get a leased asset to the condition and location necessary for its intended use are capitalized as leasehold improvements. We remeasure our lease liabilities with a corresponding adjustment to the right-of-use asset due to an applicable change in lease payments such as those due to a lease modification not accounted for as a separate contract, certain changes in the expected term of the lease, and certain changes in assessments and contingencies. Subsequent to initial recognition, the operating lease liability is increased for the interest component of the lease liability and reduced by the lease payments made. Operating lease expenses are recognized as a single lease cost in the consolidated statements of operations and comprehensive loss on a straight-line basis over the lease term, which includes the interest component of the measurement of the lease liability and amortization of the right-of-use asset.
Government Grants	Government Grants The Company recognizes grants over the periods in which we recognize the related costs for which the grants are intended to compensate. For grants that provide income to offset specified or general Company expenses, we recognize the proceeds as other income, net in the consolidated statement of operations and comprehensive loss over the periods in which the related costs are incurred and the conditions for receiving the grants have been fulfilled, for the portion of the grant that is reasonably assured of being retained. For grants related to the purchase or construction of property, we reduce the carrying amount of the property and equipment recorded on the consolidated balance sheets as the grants are received and the conditions for receiving the grants have been fulfilled. Grants, for which the Company has not yet met the criteria to earn or retain the funds received, are deferred and presented as other current or other long-term liabilities on the consolidated balance sheet, until such time as the criteria for recognition of grant income or an offset to construction costs is met.
Research and Development Cost	Research and Development Cost Research and development (“R&D”) costs that do not meet the criteria for capitalization are expensed as incurred. R&D expenses consist primarily of personnel and personnel-related expenses for employees engaged in research and development activities, internal and external engineering, depreciation for R&D equipment and facilities, supplies and services, and contributions to research institutions. R&D expenses also include development costs related to our technology license with 24M.
Foreign Currency Translation and Transaction Gains and Losses	Foreign Currency Translation and Transaction Gains and Losses Our functional currency is U.S. dollars. Generally, the functional currency of our subsidiaries is the jurisdiction’s local currency. We translate the financial statements of these subsidiaries to U.S. dollars using period-end exchange rates for assets and liabilities. Revenues and expenses are translated into U.S. dollars using the average exchange rates prevailing for each period presented . We record translation gains and losses in accumulated other comprehensive income. We reflect net foreign exchange transaction gains and losses resulting from the conversion of the transaction currency to functional currency as a component of foreign currency transaction gain (loss) in other income (expense).
Share-Based Compensation	Share-Based Compensation We issue share-based compensation from our long-term incentive plans. Awards are typically issued in the form of stock options and restricted stock units (“RSUs”) and awards may contain time based, market based, and/or performance based vesting conditions. Share-based compensation expense is generally determined based on the grant-date fair value of awards. Liability-classified awards are remeasured to fair value at each reporting date until settlement. We have made an accounting policy election to recognize the expense for awards with a service condition and graded vesting features on a straight-line vesting method over the applicable vesting period, and to account for forfeitures in compensation expense as they occur. Therefore, the fair value of awards is expensed on a straight-line method over the vesting period for awards expected to meet performance based vesting conditions. Any subsequent changes in the estimated number of awards expected to vest will be recorded as a cumulative catch-up adjustment to compensation cost in the period in which the change in estimate occurs. For awards with a market condition, compensation cost is recognized over the service period regardless of whether the market conditions are ultimately achieved. The fair value of share-based compensation awards is calculated with commonly used valuation models. We used a lattice option pricing model for certain stock options granted with a strike price above the grant date price and market based awards, we used a Black-Scholes-Merton option pricing model for all other stock options. These models use inputs and assumptions, including the market price of the shares on the date of grant, risk-free interest rate, expected volatility, and expected life which involve significant judgment. The fair value of RSUs is measured based on the closing price of our common stock.
Warrants and Warrant Liability	Warrants and Warrant Liability Our warrants entitle the holder to purchase one share of FREYR common stock upon payment of the option price. Certain of our warrants may contain terms such as cash settlement and redemption provisions. We evaluate our warrants to determine if they are considered indexed to the common stock of FREYR and would therefore be considered equity classified awards or if they would be considered liability classified awards. Some terms of the warrants, such as those related to cash settlement and redemption, are valid only for a restricted group or class of holders, the warrants would be considered liability classified and such classification would be reevaluated upon distribution to a holder outside of that class. For equity classified warrants, the grant date fair value of the warrants is expensed over the vesting period. Liability classified warrants are measured at fair value at each balance sheet date. The fair value of the warrant is presented as warrant liability on the consolidated balance sheets with the corresponding change in value shown as warrant liability fair value adjustment in the consolidated statements of operations and comprehensive loss. Prior to the completion of the Business Combination, we measured the fair value of our warrants using a scenario-based framework that considered varying levels of tranches of investments and the related equity valuation. The assumptions and estimates used in the analysis were based on information available at the time of the assessment. This model used significant inputs not observable in the market, which caused it to be classified as a Level 3 measurement within the fair value hierarchy. Subsequent to the consummation of the Business Combination, we measured the fair value of warrants using a Black-Scholes-Merton option pricing model. The assumptions and estimates used in this model incorporate significant inputs not observable in the market, including risk-free interest rate, expected term, and expected volatility, which caused this to be classified as a Level 3 measurement within the fair value hierarchy. We account for Private Warrants as derivative liabilities on the consolidated balance sheets. We measured the fair value at the close of the Business Combination and each subsequent reporting date, with changes in fair value recognized in the consolidated statements of operations and comprehensive loss in the period of change.
Defined Contribution Benefits Plan	Defined Contribution Benefit Plans We have defined contribution benefit plans in accordance with Norwegian law for employees residing in Norway, as well as in certain other countries. We made contributions to our defined contribution benefit plans of $2.9 million in 2023, $2.5 million in 2022, and $0.6 million in 2021.
Income Taxes	Income Taxes Income tax expense is based on relevant tax rates in effect in the countries in which we operate and earn income. Current income tax expense reflects an estimate of our income tax liability for the current year, including changes in prior year tax estimates as returns are filed, and tax audit adjustments, if any. Deferred income tax assets and liabilities reflect temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, tax effected by applying the relevant tax rate, applicable to the periods in which the reversal of such differences is expected to affect taxable income. Changes in deferred income tax assets and liabilities are included as a component of income tax expense, unless they are associated with components of other comprehensive income, which are instead reflected as a change in other comprehensive income. The effect of changes in enacted tax rates on deferred income tax assets and liabilities are reflected in income tax expense in the period of enactment. A valuation allowance is provided when it is deemed more likely than not that some portion or all of a deferred tax asset will not be realized, after consideration of both positive and negative evidence about realization. Changes in the valuation allowances occurring in subsequent periods are included in the consolidated statements of operations and comprehensive loss. Assets and liabilities are established for uncertain tax positions taken, or expected to be taken, in income tax returns when such positions, in our judgment, do not meet a more-likely-than-not threshold based on their technical merits. Estimated interest and penalties related to uncertain tax positions are included as a component of income tax expense.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that are potentially subjected to credit risk consist of cash and cash equivalents and restricted cash. Our cash and cash equivalents and restricted cash are placed with major financial institutions. We have not experienced any credit loss related to our cash and cash equivalents and restricted cash.
Emerging Growth Company	Emerging Growth Company Prior to December 31, 2023, the Company was an emerging growth company under the JOBS Act, and as a result, was eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. In prior periods, the Company elected to take advantage of the extended transition period for adopting new or revised accounting standards that have different effective dates for public and private companies until such time as those standards apply to private companies. As the Company satisfied the definition of a “large accelerated filer” on the measurement date of June 30, 2023 under the definition of the Securities Exchange Act of 1934, as amended, and as a result, it no longer qualifies as an emerging growth company as of December 31, 2023. Therefore, the Company is no longer able to take advantage of the extended transition period for adopting new or revised accounting standards.
Adoption of Accounting Pronouncements	Adoption of Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes (ASC 740): Simplifying the Accounting for Income Taxes , which removes certain exceptions to the general principles in ASC 740 and also clarifies and amends existing guidance to improve the consistent application. We adopted this guidance as of January 1, 2022. Adoption of the standard did not have a material impact on the consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842) , as amended, which generally requires lessees to recognize operating and financing lease liabilities and corresponding right-of-use assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing, and uncertainty of cash flows arising from leasing arrangements. We adopted this guidance as of January 1, 2022, on a modified retrospective basis and thus did not restate comparative periods. As a result, the comparative financial information and the required disclosures prior to the date of adoption have not been updated and continue to be reported under the accounting standards in effect for those periods. We elected the package of practical expedients permitted under the transition guidance, which allows us to carry forward our historical lease classification, our assessment of whether a contract is or contains a lease, and our initial direct costs for any leases that existed before the adoption of the new standard. A description of our accounting policy and accounting methods elected, is included under “Leases” above. Our right-of-use assets and corresponding lease liabilities for operating lease liabilities at adoption were $9.9 million. There was no change to accumulated deficit as a result of adoption, and the implementation of this standard did not cause a material change in the Company’s operating expenses.
Future Adoption of New Accounting Pronouncements	Future Adoption of New Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). This ASU updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. We do not expect the adoption of this guidance to have a material impact on the consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. The ASU is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. Upon adoption, the ASU can be applied prospectively or retrospectively. Adoption of this guidance will result in required additional disclosures being included in our consolidated financial statements.

Business Combination (Tables)

Business Combination (Tables)	12 Months Ended
Business Combination (Tables)	Dec. 31, 2023
Business Combinations [Abstract]
Schedule of Reconciliation of the Business Combination and PIPE Investment	The following table reconciles the elements of the Business Combination and PIPE Investment to the consolidated statement of cash flows and the consolidated statement of stockholders’ equity for the year ended December 31, 2021 (in thousands): Recapitalization Cash - Alussa trust and cash, net of redemptions $ 104,535 Cash - PIPE Investment 600,000 Less: Non-cash net liabilities assumed from Alussa (26,129) Less: Transaction costs (60,386) Net Business Combination and PIPE Investment 618,020 Add back: Non-cash net liabilities assumed from Alussa 26,129 Add: Accrued transaction costs 353 Net cash contribution from Business Combination and PIPE $ 644,502
Schedule of Outstanding Common Stock Following the Consummation of Business Combination Transaction	The number of ordinary shares issued immediately following the consummation of the Business Combination: Number of Shares Alussa Class A ordinary shares, outstanding prior to Business Combination 28,750,000 Less: redemption of Alussa Class A ordinary shares (18,439,168) Alussa Class A ordinary shares 10,310,832 Alussa Class B founder ordinary shares 7,187,500 Ordinary shares issued in PIPE Investment 60,000,000 Ordinary shares issued to FREYR Legacy preferred shareholders 1,489,500 Business Combination and PIPE Investment ordinary shares 78,987,832 FREYR Legacy ordinary shares (1) 37,452,359 Total ordinary shares immediately after Business Combination and PIPE Investment 116,440,191 (1) The number of FREYR Legacy ordinary shares was determined from the 209,196,827 of FREYR Legacy ordinary shares outstanding prior to the closing of the Business Combination converted at the exchange ratio of 0.179038. All fractional shares were rounded down.

Other Current Assets (Tables)

Other Current Assets (Tables)	12 Months Ended
Other Current Assets (Tables)	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of other current assets	Other current assets consisted of the following (in thousands): As of December 31, 2023 2022 Deposits $ 23,893 $ 39 Other current assets 10,151 8,078 Total $ 34,044 $ 8,117

Property and Equipment, Net a_2

Property and Equipment, Net and Intangibles, Net (Tables)	12 Months Ended
Property and Equipment, Net and Intangibles, Net (Tables)	Dec. 31, 2023
Property, Plant And Equipment And Intangible Assets [Abstract]
Schedule of Property and Equipment	Property and equipment, net consisted of the following (in thousands): As of December 31, 2023 2022 Land $ 44,326 $ 44,326 Leasehold improvements 39,723 21 Machinery and equipment 14,058 61 Office equipment 2,926 2,532 Construction in progress 269,197 164,387 370,230 211,327 Less: Accumulated depreciation (3,873) (550) Total $ 366,357 $ 210,777
Schedule of Property and Equipment by Geographic Area	Long-lived assets, consisting of property and equipment, net and right-of-use asset under operating leases, by geographic area consisted of the following (in thousands): As of December 31, 2023 2022 Norway $ 344,637 $ 179,884 United States 45,220 44,345 Other 976 1,086 Total $ 390,833 $ 225,315
Schedule of Intangible Assets	Intangible assets, net consisted of the following (in thousands): As of December 31, 2023 As of December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount License $ 3,000 $ (187) $ 2,813 $ 3,000 $ (37) $ 2,963

Long-term investments (Tables)

Long-term investments (Tables)	12 Months Ended
Long-term investments (Tables)	Dec. 31, 2023
Long-Term Investments [Abstract]
Schedule of Equity Investments	The Company’s equity investments consisted of the following (in thousands): As of December 31, Investment 2023 2022 Equity method investments: Nidec Energy AS $ 1,275 $ — Investments without readily determinable fair values: 24M preferred stock 21,028 — Total Long-Term Investments $ 22,303 $ —

Accrued Liabilities and Other (

Accrued Liabilities and Other (Tables)	12 Months Ended
Accrued Liabilities and Other (Tables)	Dec. 31, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities and Other	Accrued liabilities and other consisted of the following (in thousands): As of December 31, 2023 2022 Accrued purchases $ 13,145 $ 34,932 Accrued payroll and payroll related expenses 13,120 12,936 Operating lease liabilities 3,382 3,257 Other current liabilities 1,143 321 Total $ 30,790 $ 51,446

Leases (Tables)

Leases (Tables)	12 Months Ended
Leases (Tables)	Dec. 31, 2023
Leases [Abstract]
Schedule of Components of Lease Liabilities	Lease liabilities consisted of the following (in thousands): As of December 31, 2023 2022 Accrued liabilities and other $ 3,382 $ 3,257 Operating lease liability 18,816 11,144 Total $ 22,198 $ 14,401
Schedule of Components of Lease Expenses and Supplemental Cash Flow Information Related to Leases	Lease expenses consisted of the following (in thousands): Years ended 2023 2022 Operating lease cost $ 3,039 $ 2,232 Variable lease cost 621 170 Short-term lease cost 299 157 Total lease cost $ 3,959 $ 2,559 Supplemental cash flow information related to leases was as follows (in thousands): Years ended 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows $ 5,088 $ 2,528 Lease liabilities arising from obtaining right-of-use assets $ 12,240 $ 15,878
Schedule of Minimum Rentals Payable Under all Non-Cancelable Operating Leases	The remaining minimum lease payments due on our long-term leases are as follows (in thousands): December 31, 2024 $ 3,503 2025 3,486 2026 3,254 2027 2,191 2028 2,047 Thereafter 30,444 Total undiscounted lease payments 44,925 Less: imputed interest (22,727) Present value of lease liabilities $ 22,198
Schedule of Weighted Average Remaining Lease Term and Discount Rate	Weighted average remaining lease term and discount rate are as follows: As of December 31, 2023 2022 Weighted-average remaining lease term (in years) 32.9 22.8 Weighted-average discount rate 7.12 % 6.88 %

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	12 Months Ended
Fair Value Measurement (Tables)	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities at Fair Value on a Recurring Basis	Financial assets and liabilities measured at fair value on a recurring basis, by level within the fair value hierarchy, consisted of the following (in thousands): December 31, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Convertible Note $ — $ — $ — $ — $ — $ — $ 19,954 $ 19,954 Liabilities: Warrant Liabilities $ — $ — $ 2,025 $ 2,025 $ — $ — $ 33,849 $ 33,849
Schedule of Changes in the Level 3 Assets Measured at Fair Value	The changes in the Level 3 instruments measured at fair value on a recurring basis were as follows (in thousands): For the year ended For the year ended Asset Liability Asset Liability Convertible Note Private Warrants Convertible Note Private Warrants Balance (beginning of period) $ 19,954 $ 33,849 $ 20,231 $ 49,124 Fair value measurement adjustments 1,074 (31,763) (277) (14,183) Conversion to preferred stock (21,028) — — — Reclassification to Public Warrants — (61) — (1,092) Balance (end of period) $ — $ 2,025 $ 19,954 $ 33,849
Schedule of Changes in the Level 3 Liabilities Measured at Fair Value	The changes in the Level 3 instruments measured at fair value on a recurring basis were as follows (in thousands): For the year ended For the year ended Asset Liability Asset Liability Convertible Note Private Warrants Convertible Note Private Warrants Balance (beginning of period) $ 19,954 $ 33,849 $ 20,231 $ 49,124 Fair value measurement adjustments 1,074 (31,763) (277) (14,183) Conversion to preferred stock (21,028) — — — Reclassification to Public Warrants — (61) — (1,092) Balance (end of period) $ — $ 2,025 $ 19,954 $ 33,849

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
Stockholders' Equity (Tables)	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Schedule of Options and Warrants Activity	A rollforward of options outstanding under the 2021 Plan was as follows (number of options in thousands): Number of options Weighted average exercise price Outstanding at January 1, 2023 5,863 $ 9.83 Granted 5,026 6.99 Forfeited (386) 8.75 Outstanding at December 31, 2023 10,503 8.50 Exercisable at December 31, 2023 2,437 $ 9.99 A rollforward of employee options and warrants outstanding under the 2019 Plan was as follows (number of options and warrants in thousands): Number of options and warrants Weighted average exercise price Outstanding at January 1, 2023 677 $ 3.23 Exercised (10) $ 3.77 Forfeited (18) $ 2.07 Outstanding at December 31, 2023 649 $ 3.25
Schedule of Restricted Stock Unit Activity	A rollforward of RSUs outstanding under the 2021 Plan was as follows (number of RSUs in thousands): Number of RSUs Weighted average grant date fair value Outstanding at January 1, 2023 $ 61 $ 7.39 Granted 116 7.31 Vested (20) 7.39 Outstanding at December 31, 2023 $ 157 $ 7.33
Schedule of Assumptions Used to Determine the Fair Value of Stock Options and Warrants	The weighted average grant date assumptions and fair values for stock options and warrants calculated using the Black-Scholes-Merton option pricing model are as follows: For the years ended December 31, 2023 2022 2021 Valuation assumptions: Expected term (years) 3.47 3.45 4.22 Expected volatility 60.54 % 60.32 % 49.30 % Expected dividend yield 0.00 % 0.00 % 0.00 % Risk-free interest rate 4.14 % 3.16 % 0.28 % Grant date fair value $ 3.09 $ 3.82 $ 7.60 For the year ended December 31, 2021 Valuation assumptions: Expected volatility 50.33 % Expected dividend yield 0.00 % Risk-free interest rate 0.79 % Grant date fair value per option $ 3.42
Summary of Stock-Based Compensation Expense by Line Item	The following table summarizes share-based compensation expense by line item in the consolidated statements of operations (in thousands): For the years ended December 31, 2023 2022 2021 General and administrative $ 10,991 $ 8,312 $ 12,998 Research and development 604 331 1,820

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense	Income tax expense for each of the years ended December 31, 2023, 2022, and 2021 was as follows (in thousands): For the years ended December 31, 2023 2022 2021 Federal $ 176 $ — $ — State 267 — — Foreign 227 — — $ 670 $ — $ — Current $ 225 $ — $ — Deferred 445 — — $ 670 $ — $ —
Schedule of Reconciliation of the Effective Rate of Tax	A reconciliation of our income tax expense to the amount obtained by applying the statutory tax rate in the Company’s country of incorporation as of December 31 (U.S. rate in 2023 and Luxembourg rate in 2022 and 2021) is as follows (in thousands, except percentages): For the years ended December 31, 2023 2022 2021 Pretax net loss $ (72,426) $ (99,119) $ (93,378) Statutory tax rate 21 % 25 % 25 % Income taxes calculated at statutory tax rate (15,209) (24,720) (23,288) Permanent difference - Fair value adjustments 6,524 (26,691) 5,452 Foreign tax differential (1,260) 2,197 1,513 Changes in valuation allowance 9,345 45,572 16,605 Other permanent tax items, net 1,270 3,642 (282) Income tax expense $ 670 $ — $ — Effective tax rate (1) % 0 % 0 %
Schedule of Deferred Tax Assets and Liabilities	Deferred tax assets and liabilities are as follows (in thousands): As of December 31, 2023 2022 Deferred tax assets Tax losses carryforwards $ 34,170 $ 61,205 Stock-based compensation 6,117 4,080 Other 150 147 Total deferred tax assets before valuation allowance 40,437 65,432 Valuation allowance (38,821) (64,693) Total deferred tax assets 1,616 739 Deferred tax liabilities Property and equipment 903 50 Other 1,158 689 Total deferred tax liabilities 2,061 739 Net deferred tax liability $ 445 $ —

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	12 Months Ended
Net Loss Per Share (Tables)	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Loss per Share Attributable to Ordinary Shareholders	The computation of basic and diluted net loss per share attributable to stockholders is as follows (in thousands, except per share data): For the years ended December 31, 2023 2022 2021 Numerator: Net loss attributable to stockholders - basic and diluted $ (71,945) $ (98,791) $ (93,378) Denominator: Weighted average shares outstanding - basic and diluted 139,705 118,474 75,363 Net loss per share: Basic and diluted $ (0.51) $ (0.83) $ (1.24)
Schedule of Antidilutive Securities Excluded from Computation of Net Loss per Share	The outstanding securities that could potentially dilute basic net loss per share in the future that were not included in the computation of diluted net loss per share as the impact would be anti-dilutive are as follows (in thousands): As of December 31, 2023 2022 2021 Public Warrants 14,625 14,607 14,375 Private Warrants 10,000 10,018 10,250 EDGE warrants 2,176 2,176 2,176 Employee options 10,503 5,863 2,102 Share-based compensation liability options and warrants (1) — 567 1,008 Jensen Options (2) 661 94 — Total 37,965 33,325 29,911 (1) For the year ended December 31, 2023, the Company excluded the 649,000 share-based compensation liability options and warrants as these awards are required to be cash-settled. For the year ended December 31, 2022, the Company excluded 110,000 of the total outstanding 677,000 option and warrant liability awards, as these awards are required to be cash-settled due to the expiration of the specified lock-up period. See Note 12 – Stockholders' Equity for further details. (2) For the year ended December 31, 2022, the Company excluded 756,000 of the total 850,000 Jensen Options, as it was not yet probable that the performance conditions for these options would be achieved. See Note 12 – Stockholders' Equity for further details.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Property and Equipment and Intangible Assets (Details)	Dec. 31, 2023
License
Property, Plant and Equipment [Line Items]
Intangible asset, estimated useful life	20 years
Minimum \| Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life	5 years
Minimum \| Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life	3 years
Maximum \| Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life	15 years
Maximum \| Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life	5 years

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Warrants and Warrant Liability (Details) - shares	Dec. 31, 2023	Nov. 26, 2021
Accounting Policies [Abstract]
Warrant, number of shares called by each warrant (in shares)	1	1

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Defined Contribution Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Defined contribution plan, cost	$ 2.9	$ 2.5	$ 0.6

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Adoption of Accounting Pronouncements (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Jan. 01, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease, liability	$ 22,198	$ 14,401
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease, liability			$ 9,900

Business Combination - Narrativ

Business Combination - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares	Jan. 29, 2021 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($) shares	Jul. 10, 2021 USD ($)	Jul. 09, 2021 shares
Subsidiary, Sale of Stock [Line Items]
Common stock, shares issued (in shares) \| shares	139,854,000			139,705,000		116,400,000
Issued ordinary share capital \| $	$ 139,854			$ 1,397	$ 116,400
Additional paid in capital reclassified \| $			$ 0
Common stock, shares authorized (in shares) \| shares	245,000,000			355,000,000		245,000,000
Sale of stock, number of shares in transaction (in shares) \| shares	23,000,000
Sale of stock, price per share (in USD per share) \| $ / shares	$ 11.50
Additional Paid-in Capital
Subsidiary, Sale of Stock [Line Items]
Additional paid in capital reclassified \| $			$ (116,441)
Alussa
Subsidiary, Sale of Stock [Line Items]
Ordinary shares, conversion ratio						0.179038
Alussa \| Private placement
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares in transaction (in shares) \| shares		60,000,000
Sale of stock, price per share (in USD per share) \| $ / shares		$ 10
Sale of stock, consideration received on transaction \| $		$ 600,000

Business Combination - Schedule

Business Combination - Schedule of Reconciliation of the Business Combination and PIPE Investment (Details) - USD ($) $ in Thousands		12 Months Ended
	Jul. 09, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Cash - Alussa trust and cash, net of redemptions		$ 0	$ 300	$ 0
Cash - PIPE Investment		$ 0	$ 0	$ 573,666
Alussa
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Cash - Alussa trust and cash, net of redemptions	$ 104,535
Cash - PIPE Investment	600,000
Less: Non-cash net liabilities assumed from Alussa	(26,129)
Less: Transaction costs	(60,386)
Net Business Combination and PIPE Investment	618,020
Add: Accrued transaction costs	353
Net cash contribution from Business Combination and PIPE	$ 644,502

Business Combination - Schedu_2

Business Combination - Schedule of Outstanding Common Stock Following the Consummation of Business Combination Transaction (Details)	Jul. 09, 2021 shares	Dec. 31, 2023 shares	Dec. 31, 2022 shares
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Common stock, shares outstanding (in shares)	116,440,191	139,705,000	139,705,000
Alussa
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Common stock, shares outstanding (in shares)	37,452,359
Ordinary shares issued in PIPE Investment (in shares)	60,000,000
Ordinary shares issued to FREYR Legacy preferred shareholders (in shares)	1,489,500
Business Combination and PIPE Investment ordinary shares (in shares)	78,987,832
Ordinary shares, conversion ratio	0.179038
Alussa \| Freyr AS
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Common stock, shares outstanding (in shares)	209,196,827
Alussa \| Common Class A
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Common stock, shares outstanding (in shares)	28,750,000
Redemption of Alussa Class A ordinary shares (in shares)	(18,439,168)
Alussa ordinary shares (in shares)	10,310,832
Alussa \| Common Class B
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Alussa ordinary shares (in shares)	7,187,500

Restructuring (Details)

Restructuring (Details) $ in Millions	12 Months Ended
Restructuring (Details) $ in Millions	Dec. 31, 2023 USD ($) position
Restructuring and Related Activities [Abstract]
Number of terminations \| position	58
Severance & termination costs \| $	$ 6

Other Current Assets (Details)

Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deposits	$ 23,893	$ 39
Other current assets	10,151	8,078
Total	$ 34,044	$ 8,117

Property and Equipment, Net a_3

Property and Equipment, Net and Intangibles, Net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant And Equipment And Intangible Assets [Abstract]
Land	$ 44,326	$ 44,326
Leasehold improvements	39,723	21
Machinery and equipment	14,058	61
Office equipment	2,926	2,532
Construction in progress	269,197	164,387
Property, plant and equipment, gross	370,230	211,327
Less: Accumulated depreciation	(3,873)	(550)
Total	$ 366,357	$ 210,777

Property and Equipment, Net a_4

Property and Equipment, Net and Intangibles, Net - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) a	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Finite-Lived Intangible Assets [Line Items]
Area of land (in acre) \| a	368
Depreciation and amortization	$ 3,200	$ 400	$ 100
Intangible assets, net	2,813	2,963
Amortization of intangible assets	150	38	$ 0
Intangible asset, expected amortization, year one	150
Intangible asset, expected amortization, year two	150
Intangible asset, expected amortization, year three	150
Intangible asset, expected amortization, year four	150
Intangible asset, expected amortization, year five	$ 150
License
Finite-Lived Intangible Assets [Line Items]
Intangible asset, estimated useful life	20 years
Intangible assets, net	$ 2,813	$ 2,963

Property and Equipment, Net a_5

Property and Equipment, Net and Intangibles, Net - Schedule of Property and Equipment by Geographic Area (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Long-lived assets	$ 390,833	$ 225,315
Norway
Finite-Lived Intangible Assets [Line Items]
Long-lived assets	344,637	179,884
United States
Finite-Lived Intangible Assets [Line Items]
Long-lived assets	45,220	44,345
Other
Finite-Lived Intangible Assets [Line Items]
Long-lived assets	$ 976	$ 1,086

Property and Equipment, Net a_6

Property and Equipment, Net and Intangibles, Net - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Net Carrying Amount	$ 2,813	$ 2,963
License
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	3,000	3,000
Accumulated Amortization	(187)	(37)
Net Carrying Amount	$ 2,813	$ 2,963

Long-term investments - Schedul

Long-term investments - Schedule Of Equity Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Equity method investments:
Nidec Energy AS	$ 1,275	$ 0
Investments without readily determinable fair values:
24M preferred stock	21,028	0
Total Long-Term Investments	$ 22,303	$ 0

Long-term investments - Narrati

Long-term investments - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended			12 Months Ended
	Mar. 31, 2023	Nov. 30, 2022	Oct. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Oct. 31, 2022
Schedule of Equity Method Investments [Line Items]
Equity method investment, contributions				$ 1,655	$ 3,000	$ 0
Share of net loss of equity method investee				379	1,557	62
Nidec Energy AS
Schedule of Equity Method Investments [Line Items]
Equity method investment, contributions	$ 1,700
Equity method investment, ownership percentage	33%
Share of net loss of equity method investee				(400)
Other income				800	0
Freyr Battery US, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, contributions		$ 49,000	$ 3,000	$ 22,600
Equity method investment, ownership percentage		95%		96%			50%
Share of net loss of equity method investee					$ 1,600	$ 100

Accrued Liabilities and Other_2

Accrued Liabilities and Other (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued purchases	$ 13,145	$ 34,932
Accrued payroll and payroll related expenses	$ 13,120	$ 12,936
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities and other	Accrued liabilities and other
Operating lease liabilities	$ 3,382	$ 3,257
Other current liabilities	1,143	321
Accrued liabilities and other	$ 30,790	$ 51,446

Leases - Narrative (Details)

Leases - Narrative (Details)	Dec. 31, 2023
Leases [Abstract]
Lease term	49 years

Leases - Schedule of Components

Leases - Schedule of Components of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Accrued liabilities and other	$ 3,382	$ 3,257
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Operating lease liability	$ 18,816	$ 11,144
Total	$ 22,198	$ 14,401

Leases - Schedule of Componen_2

Leases - Schedule of Components of Lease Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 3,039	$ 2,232
Variable lease cost	621	170
Short-term lease cost	299	157
Total lease cost	$ 3,959	$ 2,559

Leases - Schedule of Minimum Re

Leases - Schedule of Minimum Rentals Payable Under all Non-Cancelable Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 3,503
2025	3,486
2026	3,254
2027	2,191
2028	2,047
Thereafter	30,444
Total undiscounted lease payments	44,925
Less: imputed interest	(22,727)
Present value of lease liabilities	$ 22,198	$ 14,401

Leases - Schedule of Weighted A

Leases - Schedule of Weighted Average Remaining Lease Term and Discount Rate (Details)	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted-average remaining lease term (in years)	32 years 10 months 24 days	22 years 9 months 18 days
Weighted-average discount rate	7.12%	6.88%

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows	$ 5,088	$ 2,528
Lease liabilities arising from obtaining right-of-use assets	$ 12,240	$ 15,878

Warrants (Details)

Warrants (Details) - $ / shares			12 Months Ended
Warrants (Details) - $ / shares	Sep. 01, 2020	Mar. 01, 2019	Dec. 31, 2023	Dec. 31, 2022	Nov. 26, 2021	Sep. 25, 2020
Class of Warrant or Right [Line Items]
Warrant outstanding (in shares)			24,600,000	24,600,000
Warrant, number of shares called by each warrant (in shares)			1		1
Warrant, exercice price (in USD per share)			$ 11.50
Non-employee \| EDGE warrants
Class of Warrant or Right [Line Items]
Awards outstanding (in shares)			2,200,000	2,200,000
Awards exercisable (in shares)			2,200,000	2,200,000
Warrant, awards issued (in shares)	700,000	1,500,000
Warrant, subscription price (in USD per share)		$ 0.95				$ 1.22
Public Warrants
Class of Warrant or Right [Line Items]
Warrant outstanding (in shares)			14,600,000
Warrant, redemption price (in USD per share)			$ 0.01
Warrant, minimum prior written notice			30 days
Warrant, redemption, price trigger (in USD per share)			$ 18
Warrant, threshold trading days			20 days
Warrant, threshold consecutive trading days			30 days
Private Warrants
Class of Warrant or Right [Line Items]
Warrant outstanding (in shares)			10,000,000

Fair Value Measurement - Schedu

Fair Value Measurement - Schedule of Financial Assets and Liabilities at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Warrant Liabilities
Liabilities:
Warrant Liabilities	$ 2,025	$ 33,849
Convertible Note
Assets:
Convertible Note	0	19,954
Level 1 \| Warrant Liabilities
Liabilities:
Warrant Liabilities	0	0
Level 1 \| Convertible Note
Assets:
Convertible Note	0	0
Level 2 \| Warrant Liabilities
Liabilities:
Warrant Liabilities	0	0
Level 2 \| Convertible Note
Assets:
Convertible Note	0	0
Level 3 \| Warrant Liabilities
Liabilities:
Warrant Liabilities	2,025	33,849
Level 3 \| Convertible Note
Assets:
Convertible Note	$ 0	$ 19,954

Fair Value Measurement - Narrat

Fair Value Measurement - Narrative (Details) $ in Millions	Dec. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares	Oct. 08, 2021 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment, face amount \| $			$ 20
Investment, annual interest rate			5%
Private Warrants \| Measurement input, exercise price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input (in USD per share)	11.50	11.50
Private Warrants \| Measurement input, share price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input (in USD per share)	1.87	8.68

Fair Value Measurement - Sche_2

Fair Value Measurement - Schedule of Changes in the Level 3 Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Private Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance (beginning of period)	$ 33,849	$ 49,124
Fair value measurement adjustments	(31,763)	(14,183)
Settlements	0	0
Reclassification to Public Warrants	(61)	(1,092)
Balance (end of period)	2,025	33,849
Convertible Note
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance (beginning of period)	19,954	20,231
Fair value measurement adjustments	1,074	(277)
Settlements	(21,028)	0
Reclassification to Public Warrants	0	0
Balance (end of period)	$ 0	$ 19,954

Stockholders' Equity - Common &

Stockholders' Equity - Common & Preferred Stock (Details) $ / shares in Units, $ in Millions	1 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2023 vote $ / shares shares	Jul. 09, 2021 shares
Stockholders' Equity Note [Abstract]
Sale of stock, number of shares in transaction (in shares)	23,000,000
Sale of stock, price per share (in USD per share) \| $ / shares	$ 11.50
Sale of stock, gross consideration received on transaction \| $	$ 264.5
Common stock, shares authorized (in shares)	245,000,000	355,000,000	245,000,000
Common stock, shares outstanding (in shares)	139,705,000	139,705,000	116,440,191
Share capital per share (in USD per share) \| $ / shares		$ 1
Common stock, par value (in USD per share) \| $ / shares	$ 0	$ 0.01
Conversion ratio		1
Common stock, number of vote units per share \| vote		1
Preferred stock, shares authorized (in shares)	0	10,000,000
Preferred stock, par value (in USD per share) \| $ / shares		$ 0.01
Preferred stock, shares issued (in shares)		0
Preferred stock, shares outstanding (in shares)	0	0

Stockholders' Equity - Share Re

Stockholders' Equity - Share Repurchase Program (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023	May 31, 2022
Stockholders' Equity Note [Abstract]
Stock repurchase program, number of shares authorized to be repurchased (in shares)			150,000
Treasury stock, shares acquired (in shares)	150,000
Treasury stock acquired, average price per share (in USD per share)	$ 6.97
Stock repurchase program, remaining number of shares authorized to be repurchased (in shares)	0
Treasury stock, shares outstanding (in shares)	148,000	0

Stockholders' Equity - Share-Ba

Stockholders' Equity - Share-Based Compensation (Details)			1 Months Ended	5 Months Ended	12 Months Ended
Stockholders' Equity - Share-Based Compensation (Details)	Jul. 13, 2021 criteria $ / shares shares	Feb. 16, 2021 kr / shares shares	Jan. 31, 2024 shares	Jun. 01, 2024 USD ($)	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) criteria shares	Dec. 31, 2021 USD ($)	Nov. 26, 2021 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrant, number of shares called by each warrant (in shares) \| shares					1			1
Unrecognized stock-based compensation expense \| $					$ 17,100,000
Unrecognized stock-based compensation expense, period for recognition					2 years
2021 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares reserved and available for issuance (in shares) \| shares					25,000,000
RSUs \| 2021 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards outstanding, aggregate intrinsic value \| $					$ 300,000
Awards outstanding, weighted average remaining contractual life					2 years 1 month 6 days
Stock-based compensation expense \| $					$ 200,000	$ 0	$ 0
Jensen Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares) \| shares	850,000					850,000
Granted, weighted average exercise price (in USD per share) \| $ / shares	$ 10
Share-based compensation arrangement, performance criteria \| criteria	9
Awards exercisable (in shares) \| shares					567,000	94,000
Share-based compensation arrangement, performance criteria achieved \| criteria						1
Jensen Options \| Forecast
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense \| $				$ 1,000,000
Employee \| 2021 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards outstanding, aggregate intrinsic value \| $					$ 100,000
Awards exercisable, aggregate intrinsic value \| $					$ 0
Awards outstanding, weighted average remaining contractual life					3 years 9 months 18 days
Awards exercisable, weighted average remaining contractual life					3 years 1 month 6 days
Granted (in shares) \| shares					5,026,000
Granted, weighted average exercise price (in USD per share) \| $ / shares					$ 6.99
Awards exercisable (in shares) \| shares					2,437,000
Employee \| 2021 Plan \| Subsequent event
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares) \| shares			13,300,000
Employee \| 2019 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards outstanding, aggregate intrinsic value \| $					$ 100,000
Awards outstanding, weighted average remaining contractual life					1 year 8 months 12 days
Stock-based compensation expense \| $					$ 100,000	$ 2,900,000	$ 0
Employee \| Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement, lock-up period, vesting period					3 years
Share-based compensation arrangement, maximum contractual term					5 years
Employee \| RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement, lock-up period, vesting period					3 years
Non-executive employee \| 2019 Plan, Amended
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement, lock-up period					1 year
Executive employee \| 2019 Plan, Amended
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement, lock-up period					2 years
Non-employee \| Other nonemployee warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrant, awards issued (in shares) \| shares		413,000
Warrant, subscription price (in USD per share) \| kr / shares		kr 0.01

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Employee Options and Warrants Activity, 2021 Plan (Details) - Employee - 2021 Plan shares in Thousands	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Number of options
Awards outstanding at beginning of period (in shares) \| shares	5,863
Granted (in shares) \| shares	5,026
Forfeited (in shares) \| shares	(386)
Awards outstanding at end of period (in shares) \| shares	10,503
Weighted average exercise price
Awards outstanding at beginning of period, weighted average exercise price (in USD per share) \| $ / shares	$ 9.83
Granted, weighted average exercise price (in USD per share) \| $ / shares	6.99
Forfeited, weighted average exercise price (in USD per share) \| $ / shares	8.75
Awards outstanding at end of period, weighted average exercise price (in USD per share) \| $ / shares	$ 8.50
Additional Disclosures
Awards exercisable (in shares) \| shares	2,437
Awards exercisable, weighted average exercise price (in USD per share) \| $ / shares	$ 9.99

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Restricted Stock Unit Activity, 2021 Plan (Details) - RSUs - 2021 Plan	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Number of RSUs
Awards outstanding at beginning of period (in shares) \| shares	61,000
Granted (in shares) \| shares	116,000
Vested (in shares) \| shares	(20,000)
Awards outstanding at end of period (in shares) \| shares	157,000
Weighted average grant date fair value
Awards outstanding at beginning of period, weighted average grant date fair value (in USD per share) \| $ / shares	$ 7.39
Granted, weighted average grant date fair value (in USD per share) \| $ / shares	7.31
Vested, weighted average grant date fair value (in USD per share) \| $ / shares	7.39
Awards outstanding at end of period, weighted average grant date fair value (in USD per share) \| $ / shares	$ 7.33

Stockholders' Equity - Schedu_3

Stockholders' Equity - Schedule of Employee Options and Warrants Activity, 2019 Plan (Details) - Employee - 2019 Plan shares in Thousands	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Number of options
Awards outstanding at beginning of period (in shares) \| shares	677
Forfeited (in shares) \| shares	(18)
Exercised (in shares) \| shares	(10)
Awards outstanding at end of period (in shares) \| shares	649
Weighted average exercise price
Awards outstanding at beginning of period, weighted average exercise price (in USD per share) \| $ / shares	$ 3.23
Exercised, weighted average exercise price (in USD per share) \| $ / shares	3.77
Forfeited, weighted average exercise price (in USD per share) \| $ / shares	2.07
Awards outstanding at end of period, weighted average exercise price (in USD per share) \| $ / shares	$ 3.25

Stockholders' Equity - Schedu_4

Stockholders' Equity - Schedule of Non-Employee Warrants Activity, EDGE (Details) - Non-employee - EDGE warrants - shares shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Number of options
Awards outstanding at beginning of period (in shares)	2.2
Awards outstanding at end of period (in shares)	2.2	2.2
Additional Disclosures
Awards exercisable (in shares)	2.2	2.2

Stockholders' Equity - Schedu_5

Stockholders' Equity - Schedule of Assumptions Used to Determine the Fair Value of Stock Options And Warrants (Details) - Option - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (years)	3 years 5 months 19 days	3 years 5 months 12 days	4 years 2 months 19 days
Expected volatility	60.54%	60.32%	49.30%
Expected dividend yield	0%	0%	0%
Risk-free interest rate	4.14%	3.16%	0.28%
Grant date fair value	$ 3.09	$ 3.82	$ 7.60

Stockholders' Equity - Schedu_6

Stockholders' Equity - Schedule of Assumptions Used to Determine the Fair Value of Employee Stock Options (Details) - Option - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility	60.54%	60.32%	49.30%
Expected dividend yield	0%	0%	0%
Risk-free interest rate	4.14%	3.16%	0.28%
Grant date fair value per option	$ 3.09	$ 3.82	$ 7.60
Employee \| 2021 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility		50.33%
Expected dividend yield		0%
Risk-free interest rate		0.79%
Grant date fair value per option		$ 3.42

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Stock-Based Compensation Expense by Line Item (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
General and administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 10,991	$ 8,312	$ 12,998
Research and development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 604	$ 331	$ 1,820

Government Grants (Details)

Government Grants (Details) - USD ($) $ in Millions	12 Months Ended
Government Grants (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Aug. 31, 2023	Feb. 28, 2023
Government Assistance [Line Items]
Grant income	$ 0.2	$ 4	$ 2.3
Cost capitalized	0	10.5	$ 0
Deferred income from grants, current		0.2
Giga America project
Government Assistance [Line Items]
Deferred income from grants, noncurrent	$ 27	$ 0
Grant, amount awarded				$ 7	$ 20

Income Taxes - Income tax expen

Income Taxes - Income tax expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Federal	$ 176	$ 0	$ 0
State	267	0	0
Foreign	227	0	0
Income tax expense	670	0	0
Current	225	0	0
Deferred	$ 445	$ 0	$ 0

Income Taxes - Schedule of Reco

Income Taxes - Schedule of Reconciliation of the Effective Rate of Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Pretax net loss	$ (72,426)	$ (99,119)	$ (93,378)
Statutory tax rate	21%	25%	25%
Income taxes calculated at statutory tax rate	$ (15,209)	$ (24,720)	$ (23,288)
Permanent difference - Fair value adjustments	6,524	(26,691)	5,452
Foreign tax differential	(1,260)	2,197	1,513
Changes in valuation allowance	9,345	45,572	16,605
Other permanent tax items, net	1,270	3,642	(282)
Income tax expense	$ 670	$ 0	$ 0
Effective tax rate	(1.00%)	0%	0%

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets
Tax losses carryforwards	$ 34,170	$ 61,205
Stock-based compensation	6,117	4,080
Other	150	147
Total deferred tax assets before valuation allowance	40,437	65,432
Valuation allowance	(38,821)	(64,693)
Total deferred tax assets	1,616	739
Deferred tax liabilities
Property and equipment	903	50
Other	1,158	689
Total deferred tax liabilities	2,061	739
Net deferred tax liability	$ 445	$ 0

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Increase in valuation allowance	$ (25.9)	$ 45.6
Net operating loss carryforwards	$ 156.3

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	1 Months Ended		12 Months Ended
Related Party Transactions (Details) - USD ($)	Aug. 31, 2023	May 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
General and administrative			$ 108,133,000	$ 107,357,000	$ 61,755,000
Accounts payable			18,113,000	6,765,000
Accrued liabilities and other			30,790,000	51,446,000
Cost capitalized			0	10,500,000	0
Director
Related Party Transaction [Line Items]
General and administrative			600,000	400,000	200,000
Accounts payable			100,000	100,000
Consulting agreement term	1 year	3 years
Annual consulting fee		$ 30,000
Related party \| EDGE
Related Party Transaction [Line Items]
General and administrative			0	4,300,000
Accounts payable			0	0
Accrued liabilities and other			0	0
Related party \| Metier OEC
Related Party Transaction [Line Items]
General and administrative			4,300,000	4,900,000	4,700,000
Accounts payable			300,000
Accrued liabilities and other				700,000
Cost capitalized			$ 1,600,000	$ 1,000,000	$ 0

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Basic and Diluted Net Loss per Share Attributable to Ordinary Shareholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net loss attributable to stockholders - basic	$ (71,945)	$ (98,791)	$ (93,378)
Net loss attributable to stockholders - diluted	$ (71,945)	$ (98,791)	$ (93,378)
Denominator:
Weighted average shares outstanding - basic (in shares)	139,705	118,474	75,363
Weighted average shares outstanding - diluted (in shares)	139,705	118,474	75,363
Net loss attributable to stockholders per share - basic and diluted
Basic (in USD per share)	$ (0.51)	$ (0.83)	$ (1.24)
Diluted (in USD per share)	$ (0.51)	$ (0.83)	$ (1.24)

Net Loss Per Share - Schedule_2

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Net Loss per Share (Details) - shares shares in Thousands		12 Months Ended
	Jul. 13, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total		37,965	33,325	29,911
Share-based compensation liability options and warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of awards to be cash-settled (in shares)		649	110
Number of outstanding awards (in shares)			677
Jensen Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of outstanding awards (in shares)		756
Number of option awards excluded (in shares)			756
Number of CEO option awards (in shares)	850		850
Public Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total		14,625	14,607	14,375
Private Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total		10,000	10,018	10,250
EDGE warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total		2,176	2,176	2,176
Employee options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total		10,503	5,863	2,102
Share-based compensation liability options and warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total		0	567	1,008
Jensen Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total		661	94	0