T1 Energy Inc (FREY) 2023 Q1 法說會逐字稿

Welcome to the FREYR First Quarter 2023 Earnings Conference Call. My name is Bruno, and I'll be the operator for today. (Operator Instructions)

歡迎參加 FREYR 2023 年第一季度收益電話會議。我叫布魯諾，我是今天的接線員。 （操作員說明）

I will now hand over to your host, Jeffrey Spittel, Vice President of Investor Relations. Please go ahead.

我現在將交給您的東道主投資者關係副總裁 Jeffrey Spittel。請繼續。

Good morning, good afternoon and good evening. Welcome to FREYR Battery First Quarter 2023 Earnings Conference Call. With me today on the call are Tom-Einar Jensen, our Chief Executive Officer; Jan Arve Haugan, our Chief Operating Officer; Oscar Brown, our Chief Financial Officer; Jeremy Bezdek, President of FREYR Battery U.S. and EVP of Global Corporate Development. During today's call, management may make forward-looking statements about our business.

早上好，下午好，晚上好。歡迎來到 FREYR Battery 2023 年第一季度收益電話會議。今天和我一起打電話的是我們的首席執行官 Tom-Einar Jensen；我們的首席運營官 Jan Arve Haugan；我們的首席財務官 Oscar Brown； FREYR Battery 美國總裁兼全球企業發展執行副總裁 Jeremy Bezdek。在今天的電話會議上，管理層可能會對我們的業務做出前瞻性陳述。

These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from expectations. Most of these factors are outside FREYR's control and are difficult to predict. Additional information about risk factors that could materially affect our business are available in FREYR's S-1, and annual report on Form 10-K filed with the Securities and Exchange Commission, which are available on the Investor Relations section of our website. With that, I'll turn the call over to Tom.

這些前瞻性陳述涉及重大風險和不確定性，可能導致實際結果與預期存在重大差異。大多數這些因素都在 FREYR 的控制範圍之外，並且難以預測。有關可能對我們業務產生重大影響的風險因素的其他信息，請參閱 FREYR 的 S-1 和提交給美國證券交易委員會的 10-K 表格年度報告，這些信息可在我們網站的投資者關係部分獲取。有了這個，我會把電話轉給湯姆。

Thank you, Jeff, and good morning, good afternoon or good evening wherever you might be around the world. Again, it's a true honor and pleasure for us to present this first quarter and 2023 Earnings Call. This is now FREYR's eighth earnings call since we went public on the New York Stock Exchange on July 8, 2021, which is less than 2 years ago. We will take you through all the notable updates since our last earnings call. This is yet another quarter with significant milestones achieved in a highly dynamic environment. And with the commissioning of the CQP. Momentum is even stronger than before on multiple fronts.

謝謝你，傑夫，無論你身在世界何處，早上好、下午好或晚上好。再一次，我們非常榮幸和高興地展示第一季度和 2023 年的收益電話會議。這是自我們於 2021 年 7 月 8 日在紐約證券交易所上市以來不到 2 年前 FREYR 的第八次財報電話會議。我們將帶您了解自上次財報電話會議以來的所有重要更新。這是又一個在高度動態環境中取得重要里程碑的季度。並隨著 CQP 的調試。在多個方面的勢頭比以前更強勁。

Today, we will take you through the activities in February with a core focus on the activities at the CQP as we move towards FREYR's battery production. We will also dive into specifics around Giga America and the emerging response from Norway and the European government in response to the Inflation Reduction Act. There is a distinct and growing realization from regulators around the world that the energy transition is increasingly urgent and that it can only happen with large volumes of batteries included.

今天，我們將帶您了解 2 月份的活動，重點關注 CQP 的活動，因為我們正朝著 FREYR 的電池生產邁進。我們還將深入探討 Giga America 的具體情況，以及挪威和歐洲政府針對《降低通貨膨脹法案》做出的新反應。世界各地的監管機構越來越清楚地認識到，能源轉型越來越緊迫，而且只有在包含大量電池的情況下才能實現。

Batteries are indeed becoming the new oil. A decentralized, decarbonized and democratize battery supply is becoming the most significant business opportunity in the decade to come. Today, we will show you that we continue our relentless journey towards a deep industrialization partner of choice strategy on both sides of the Atlantic as we enter into the production phase of the SemiSolid production platform.

電池確實正在成為新的石油。分散、脫碳和民主化的電池供應正在成為未來十年最重要的商業機會。今天，我們將向您展示，隨著我們進入 SemiSolid 生產平台的生產階段，我們將繼續朝著大西洋兩岸的深度工業化合作夥伴戰略不懈努力。

Seven weeks ago, FREYR had opened up our customer qualification plans in Mo i Rana, Norway. This marks the start of the commissioning of a world first next-generation battery production facility at gigawatt-hour scale. I am very proud of the team in FREYR who have built and committed in this facility in less than 3 years in the middle of a global pandemic, supply chain disruptions, market disruption and inflationary pressure.

七個星期前，FREYR 在挪威的 Mo i Rana 開放了我們的客戶資格計劃。這標誌著全球首個千兆瓦時規模的下一代電池生產設施開始調試。我為 FREYR 的團隊感到非常自豪，他們在不到 3 年的時間裡在全球大流行、供應鏈中斷、市場中斷和通貨膨脹壓力的情況下建立並投入了這個設施。

Building a battery company is not trivial, but we are now deep into commissioning of this highly advanced industrial scale production line of next-generation battery solution. Every day, our dedicated experts are punching out discrete commissioning and test packages, and we're closing in on 80% completion in a matter of only a couple of months.

建立一家電池公司並非易事，但我們現在正深入調試這條高度先進的下一代電池解決方案的工業規模生產線。每天，我們敬業的專家都在推出離散的調試和測試包，我們在短短幾個月內就接近完成 80%。

I want to remind our investors that commissioning mega project [leads an] oil and gas platform, an aluminum smelter or in our case, an industrial-scale battery facility is very time consuming, but also absolutely standard operating procedure.

我想提醒我們的投資者，調試大型項目 [leads an] 石油和天然氣平台、鋁冶煉廠或在我們的案例中，工業規模的電池設施非常耗時，但也絕對是標準的操作程序。

FREYR is, however, deeply cognizant of the core catalyst for the company's further development, and I'm very proud to see that we continue to progress according to plan. However, in a matter of weeks, this facility will be producing the first batteries through active anodes and cathodes combined together to form our first produced chargeable factory. We will then in a gradual, careful but relentless manner, increased production of battery cells, increased speed of production, increase yields, increase uptime, reduced scrap rates and improve battery design over time.

然而，FREYR 深刻認識到公司進一步發展的核心催化劑，我很自豪地看到我們繼續按計劃前進。然而，在幾週內，該工廠將通過將活性陽極和陰極組合在一起來生產第一批電池，從而形成我們第一個生產的可充電工廠。然後，我們將以漸進、謹慎但不懈的方式增加電池的產量、提高生產速度、增加產量、增加正常運行時間、降低報廢率並隨著時間的推移改進電池設計。

While we are impatient in our quest for producing world-leading batteries, we deeply respect the vastly complex and integrated challenges battery production represents. Our Chief Operating Officer, Mr. Jan Arve Haugan, who has been responsible for building and operating multiple oil and gas platforms in the North Sea and the world's largest aluminum smelter in Aker, will today take you into the specifics of this.

雖然我們對生產世界領先電池的追求不耐煩，但我們深深地尊重電池生產所代表的極其複雜和綜合的挑戰。我們的首席運營官 Jan Arve Haugan 先生曾負責在北海建造和運營多個石油和天然氣平台以及位於 Aker 的世界上最大的鋁冶煉廠，今天他將帶您詳細了解這件事。

Moving forward, we aim to regularly provide our investors with deeper technical data to support increased understanding of the very exciting and critically important but still reasonably nascent battery indices. Capitalized further by the extremely favorable Inflation Reduction Act, I'm equally pleased to announce that we today are providing details around our Giga America project and we're now targeting 38 gigawatt-hours in nameplate capacity in a pace development with final investment decisions targeted later this year.

展望未來，我們的目標是定期為我們的投資者提供更深入的技術數據，以支持加深對非常令人興奮和至關重要但仍相當新生的電池指數的理解。借助極為有利的《降低通貨膨脹法案》，我同樣高興地宣布，我們今天將提供有關我們的 Giga America 項目的詳細信息，我們現在的目標是銘牌容量達到 38 吉瓦時，並最終做出有針對性的投資決策今年晚些時候。

We target SOP for this project during the summer of 2025, and we're advancing path forward in our project-level equity efforts with a broad range of strategic and financial investors for the initial phase of the project. Our President of FREYR Battery U.S., Mr. Jeremy Bezdek, will take you through the details of this highly valuable asset, which have initial value estimate of up to USD 8 billion after tax for the 10 production line product.

我們的目標是在 2025 年夏季完成該項目的 SOP，並且我們正在與廣泛的戰略和財務投資者一起在項目的初始階段推進我們的項目級股權工作。我們的FREYR Battery U.S.總裁Jeremy Bezdek先生將為您詳細介紹這項價值極高的資產，其10條生產線產品的稅後初始估值高達80億美元。

Jeremy and his role as EVP of Global Corporate Development, will also take you through the amazing progress we are making with strategic partners through a deeper dive into our recently announced Energy Transition Acceleration Coalition. I'm also very pleased to see that the EUs response to the Inflation Reduction Act is starting to yield significant results with Germany, France and Spain, announcing billion-dollar support packages late last week. Norway will provide solutions deeply aligned with EU's response and (inaudible) in pole-positioned as the leading battery company in Norway, and we have strong signals from an integrated dialogue with the Norwegian government.

傑里米和他作為全球企業發展執行副總裁的角色，還將通過更深入地了解我們最近宣布的能源轉型加速聯盟，帶您了解我們與戰略合作夥伴取得的驚人進展。我也很高興地看到歐盟對通貨膨脹減少法案的反應開始與德國、法國和西班牙產生重大成果，上週晚些時候宣布了數十億美元的一攬子支持計劃。挪威將提供與歐盟的回應高度一致的解決方案，並且（聽不清）作為挪威領先的電池公司處於領先地位，我們從與挪威政府的綜合對話中獲得了強烈的信號。

Norway's National Battery strategy, which was launched in June last year at the Giga Arctic site. And based on recent formal feedback from the Ministry of Trade and Industry, we are optimistic that the strategy will turn into action before the summer. Jan Arve will take you through how we are continuing to develop Giga Arctic, which is emerging as Norway's largest land-based industrial project, and therefore, a catalyst for the energy transition in the country.

去年 6 月在 Giga Arctic 站點啟動的挪威國家電池戰略。根據最近來自貿易和工業部的正式反饋，我們樂觀地認為該戰略將在夏季之前轉化為行動。 Jan Arve 將帶您了解我們如何繼續開發 Giga Arctic，它正在成為挪威最大的陸基工業項目，因此成為該國能源轉型的催化劑。

Finally, I'm very pleased to announce FREYR's Inaugural Capital Markets Day where we will host our investors on the New York Stock Exchange on June 27 later this year. During this event, we will, among other things, dive in a live way, stream from the customer qualification plan to showcase battery manufacturing live at the SemiSolid production platform, deep diving to technical milestones and catalysts, provide in-depth reports on our increasing and accelerating strategic commercial and financing efforts.

最後，我非常高興地宣布 FREYR 的首屆資本市場日，我們將在今年晚些時候的 6 月 27 日在紐約證券交易所接待我們的投資者。在此活動期間，我們將以現場直播的方式進行深入探討，從客戶資格計劃開始，在 SemiSolid 生產平台上現場展示電池製造，深入探討技術里程碑和催化劑，提供關於我們不斷增長的深入報告加快戰略性商業和融資工作。

Let me take this opportunity to remind our investors about the unique exposure FREYR offers to the accelerating and largest secular shift in Homo Sapiens history. FREYR was founded based on the notion that clean battery solution is the core catalyst for the urgently required energy transition. In a world where the ambition is to limit global warming to 1.5 degrees C, relative to current trajectories of almost twice that level, more than 70% of all decarbonization efforts have batteries included.

讓我藉此機會提醒我們的投資者，FREYR 為智人歷史上加速和最大的長期轉變提供了獨特的機會。 FREYR 的成立基於這樣一種理念，即清潔電池解決方案是迫切需要的能源轉型的核心催化劑。在一個目標是將全球變暖限制在 1.5 攝氏度以內的世界，相對於目前幾乎兩倍於該水平的軌跡，超過 70% 的脫碳努力都包括電池。

Let me say this again, more than 70% of all decarbonization effort have batteries included and everything that can be electrified will have to be electrified, and it will not happen without battery. And enormous amount of them. This same world is one where regional energy security and resiliency is increasingly required while we still find ourselves in a situation with more than 80% of all battery and battery material supply is coming out of China and Asia.

我再說一遍，超過 70% 的脫碳工作都包括電池，所有可以電氣化的東西都必須電氣化，沒有電池就不會發生。而且數量巨大。在同一個世界中，區域能源安全和彈性的要求越來越高，而我們仍然發現自己處於這樣一種情況：超過 80% 的電池和電池材料供應來自中國和亞洲。

Analysts, estimators and others are systematically underestimating the required pace of change and regulators are increasingly playing catch-up to targets like (inaudible) and other ambition. The Inflation Reduction Act and the temporary crisis transition framework in Europe is not a subsidy war. It is a recognition that we need a step change in deployment of clean technologies if we're going to be in striking distance of safe temperature levels for mankind.

分析師、估算人員和其他人系統性地低估了所需的變革步伐，監管機構越來越多地追趕（聽不清）等目標和其他雄心壯志。歐洲的通貨膨脹減少法案和臨時危機過渡框架不是補貼戰爭。人們認識到，如果我們要與人類的安全溫度水平保持驚人的距離，我們就需要在清潔技術的部署方面做出重大改變。

With this backdrop, FREYR is partnering with global companies across the entire battery value chain, which not only represents massive commercial opportunities for the company, but also combined with constant improvements in cost position over time. The lithium-ion battery is a technology, not a cure and it will, therefore, constantly improve through learning curve effect. And while every battery that will be produced will be sold, FREYR is taking a position with the technology, which offers a step change in performance and cost while offering deep additional improvement potential over time to ensure that we can always stay at the left-hand side of the cost curve.

在此背景下，FREYR 正在與整個電池價值鏈上的全球公司合作，這不僅為公司帶來了巨大的商業機會，而且隨著時間的推移，成本地位也在不斷改善。鋰離子電池是一種技術，不是治愈方法，因此會通過學習曲線效應不斷提高。雖然每塊將要生產的電池都將被出售，但 FREYR 正在採用這項技術，它在性能和成本方面取得了巨大的進步，同時隨著時間的推移提供了深入的額外改進潛力，以確保我們始終處於領先地位成本曲線的一側。

Now that we are starting operations of a highly automated and significantly simplified battery production process through the 24M platform, FREYR intend to accelerate the development of its proprietary in-house development of AI and digitally enhanced simulation system. Battery design and production represents the next frontier in AI supported production with the potential to dramatically improve future battery cell performance as well as testing and production lead time in deep collaboration with globally leading companies such as Siemens and its partners NVIDIA and Amazon Web services.

現在，我們正在通過 24M 平台開始運營高度自動化和顯著簡化的電池生產流程，FREYR 打算加速其專有的內部開發人工智能和數字增強仿真係統的開發。電池設計和生產代表了 AI 支持生產的下一個前沿領域，通過與西門子及其合作夥伴 NVIDIA 和亞馬遜網絡服務等全球領先公司的深入合作，有可能顯著提高未來電池性能以及測試和生產提前期。

At the New York Stock Exchange listed company, we are now entering into a very exciting period with multiple near-term catalysts that should be welcomed from our investor community. As one example, the value from the Production Tax Credits under the Inflation Reduction Act for our Giga America Phase 1 project alone has a value of close 2.5x FREYR's current market capitalization. The value from the project comes on top of it. The responses from the European Union will generate additional triggers as we enter into live battery production, converting existing conditional offtake agreements, lock in competitive non-dilutive financing and build production capacity in multiple geographical regions.

在紐約證券交易所上市公司，我們現在正進入一個非常激動人心的時期，有多種短期催化劑應該受到我們投資者群體的歡迎。舉個例子，僅我們的 Giga America 第一階段項目的通貨膨脹減少法案下的生產稅收抵免的價值就接近 FREYR 當前市值的 2.5 倍。項目的價值最重要。隨著我們進入帶電電池生產、轉換現有的有條件承購協議、鎖定有競爭力的非稀釋性融資並在多個地理區域建立生產能力，歐盟的回應將產生額外的觸發因素。

We are now a company with an operating battery facility. We're creating real optional value, and we are as excited as ever about the future. However, all of this is obviously based on our ability to produce high-quality batteries at high speed and low cost.

我們現在是一家擁有運營電池設施的公司。我們正在創造真正的可選價值，我們對未來一如既往地興奮。然而，這一切顯然是建立在我們能夠高速、低成本生產高質量電池的基礎上的。

So with this, let me now hand it over to Jan Arve Haugan, our Chief Operating Officer and President of FREYR Battery Norway. Jan Arve, over to you.

因此，現在讓我將其交給我們的首席運營官兼挪威 FREYR 電池總裁 Jan Arve Haugan。 Jan Arve，交給你了。

Thanks a lot, Tom, and hello to everybody listening on the earnings call. I'm now going to give you the latest update on our operations. And as a regular and recurring topic, safety first. I'm glad that I can say that we have another quarter without any reported serious safety incidents. However, we have reported one incidence of [hypotension] in late April, in addition to the 3 that we have reported in the first quarter. All four hypotension incidents or hypos as we label them, were related to lifting operations by subcontractors at the construction site in Mo i Rana. The last one was still being (inaudible) 400 kilos that came in contact with (inaudible) and fell to the ground from a 3.5-meter height level. Luckily, nobody was hurt.

非常感謝，湯姆，向所有收聽財報電話會議的人問好。我現在要向您介紹我們運營的最新情況。作為一個經常和反復出現的話題，安全第一。我很高興我可以說我們還有一個季度沒有報告任何嚴重的安全事故。但是，除了我們在第一季度報告的 3 起事件之外，我們還報告了 4 月下旬的 1 起 [低血壓] 事件。我們標記的所有四起低血壓事件或低血壓都與分包商在 Mo i Rana 建築工地的起重作業有關。最後一個仍然是（聽不清）400 公斤，與（聽不清）接觸並從 3.5 米高的地方掉到地上。幸運的是，沒有人受傷。

Investigations of these incidents are carried out by independent experts and we are openly sharing the key evaluations and learnings with all our contractors and partners. And we are now intensifying our efforts to gather reports of unwanted incidents to enhance our ability to predict potential safety risks in the future.

這些事件的調查由獨立專家進行，我們正在與所有承包商和合作夥伴公開分享關鍵評估和經驗教訓。我們現在正在加緊努力，收集意外事件的報告，以增強我們預測未來潛在安全風險的能力。

We have currently around 170 people working at our two sites in Mo i Rana. Approximately 70 of those are at the customer qualification plan and close to 100 at the construction site for Giga Arctic. We plan to sustain that level of activity until the summer vacation in July.

我們目前有大約 170 名員工在 Mo i Rana 的兩個站點工作。其中大約 70 個在客戶資格計劃中，近 100 個在 Giga Arctic 的施工現場。我們計劃將這種活動水平維持到 7 月的暑假。

FREYR Operations Group comprises nearly 50 individuals in Mo i Rana representing 16 nationalities. And we have been transparent in our previous earnings calls that we are not immune to the challenges of the place. We have a complex deliveries from 16 different global suppliers, these suppliers were performing individual factory acceptance test, and we are now well into the final site acceptance testing after having installed a mechanically completed (inaudible) 35 production line machines. We have also put in place 31 systems related to the building and infrastructure, which is tailor-made for the battery factory.

FREYR 運營小組由代表 16 個國家的 Mo i Rana 的近 50 人組成。我們在之前的財報電話會議上一直很透明，我們不能倖免於這個地方的挑戰。我們有來自 16 個不同全球供應商的複雜交付，這些供應商正在執行單獨的工廠驗收測試，在安裝了機械完成（聽不清）的 35 台生產線機器後，我們現在已經進入最終現場驗收測試。我們還建立了31個與建築和基礎設施相關的系統，這是為電池工廠量身定做的。

The complete customer qualification plan is divided into them, a total of 388 discrete commissioning and testing factors. These are all individually verified against the technical specifications and any deviation and/or needed corrections are uniquely tracked in our comprehensive project completion system. We utilize a work process and system tool that has been implemented as a copy paste from the most complex and challenging offshore and internationally -- international industry projects delivered by our project execution experts that have in-depth experience with this type of methods in the system.

完整的客戶鑑定計劃分為它們，總共有 388 個離散的調試和測試因素。這些都是根據技術規範單獨驗證的，任何偏差和/或需要的更正都會在我們全面的項目完成系統中進行唯一跟踪。我們使用的工作流程和系統工具已從最複雜和最具挑戰性的離岸和國際項目中復制粘貼 - 由我們的項目執行專家交付的國際行業項目，他們對系統中的此類方法有深入的經驗.

Currently, 296 of the 388 discrete test packages has been completed and are being handed over to operations team. And as we speak, the ramp-up of order handling and slurry mixing is gradually picking up efficiency. This is a careful and defined process where the predefined standard operating procedures are verified and updated based on collaboration with own process operators and engineers from the respective suppliers.

目前，388個離散測試包中的296個已經完成，正在移交給運營團隊。正如我們所說，訂單處理和漿料混合的增加正在逐漸提高效率。這是一個仔細和明確的流程，其中預定義的標準操作程序根據與各自供應商的流程操作員和工程師的合作進行驗證和更新。

A total of 277 standard operating procedures are designed to run the production line with (inaudible) operators at dayshift and 9 operators at the second shift. When the plant is gradually moved from semiautomatic to fully integrated operations. The integrated control room will be able to collect data from a total of 5,100 digital center -- sensors in the plant. Safety and loss prevention design is built into the contrast system. And in the initial phase, we realized that there will be interruptions that will occur due to a launch from sensors that needs to be fine tuned and calibrated in order to meet the cost of effects design that we have defined.

總共設計了 277 個標準操作程序來運行生產線，其中白班（聽不清）操作員和二班 9 名操作員。當工廠逐漸從半自動操作轉變為完全集成操作時。集成控制室將能夠從總共 5,100 個數字中心——工廠中的傳感器收集數據。對比系統內置安全和防損設計。在初始階段，我們意識到，由於傳感器發射需要進行微調和校準，以滿足我們定義的效果設計成本，因此會出現中斷。

South Korean contractor, Hana Tech did complete the commissioning and the site of second test in the formation and aging section. No operations team has taken over the control of this part of the plant. And in the last month, all upstream system, that is from the warehouse through the powder handling, slurry mixing and into the [cartridge filter station] are now being commissioned and handing over to operations are in good progress. Operations are currently running, powder handling and slurry mixing based on an inactivity solvent, pending the introduction of active electrolyte into the slurry. That was the main feature of the 24M technology.

韓國承包商Hana Tech在化成和老化部分完成了調試和第二次測試現場。沒有運營團隊接管這部分工廠的控制權。在上個月，所有上游系統，即從倉庫到粉末處理、漿料混合和進入 [筒式過濾站] 的所有上游系統現在都在調試，並移交給運營，進展順利。目前正在進行操作，基於惰性溶劑進行粉末處理和漿料混合，等待將活性電解質引入漿料中。這是 24M 技術的主要特點。

The core equipment of a SemiSolid platform is the cost on a unit SemiSolid that is delivered by Mpac Lambert in the U.K. As noted previously, this is the delivery on the critical part towards the first battery (inaudible). As of today, the assembly are mechanically completed and sequential tuning of the integrated unit is ongoing. This is a complex activity and all measures are taken to avoid any damages into the -- of the precious mechanical equipment.

SemiSolid 平台的核心設備是英國 Mpac Lambert 交付的單位 SemiSolid 的成本。如前所述，這是對第一個電池（聽不清）的關鍵部分的交付。到今天為止，組裝已經機械完成，集成單元的順序調整正在進行中。這是一項複雜的活動，已採取一切措施避免對珍貴的機械設備造成任何損壞。

On the next slide, you will see the latest update on Giga Arctic construction site. In our last market update, the civil contractors have continued the operations (inaudible). The photo at the left is from the November last year. And at right, you can see the latest drone picture. The building and infrastructure contractors are continuing at the upstream buildings on the picture.

在下一張幻燈片中，您將看到 Giga Arctic 施工現場的最新動態。在我們上次的市場更新中，土木承包商繼續運營（聽不清）。左邊的照片是去年11月的。在右側，您可以看到最新的無人機圖片。建築和基礎設施承包商正在圖片中的上游建築中繼續施工。

Project engineering is continuing with front-end loading of the design of the production line equipment with focus on more detailing of the integrated production control system, now with the shiftwork of the Siemens digital experts following the frame agreement signed last month. Finally, before I give the word to Jeremy, please let me again use the opportunity to note that our ongoing field engineering, our product line equipment and continued design development of the Giga Arctic is managed in close cooperation with the scoping of Giga America plant.

項目工程繼續進行生產線設備設計的前端加載，重點放在集成生產控制系統的更多細節上，現在根據上個月簽署的框架協議，西門子數字專家輪班工作。最後，在我告訴 Jeremy 之前，請讓我再次藉此機會指出，我們正在進行的現場工程、我們的產品線設備和 Giga Arctic 的持續設計開發是與 Giga America 工廠的範圍界定密切合作管理的。

Currently, FREYR has strengthened the integration and interaction between Norway and the U.S. activities by virtual collaboration in the data models at first, pre-engineering and project execution planning on the phased plan development in the U.S.

目前，FREYR首先通過數據模型中的虛擬協作、美國分階段計劃開發的前期工程和項目執行規劃，加強了挪威和美國活動之間的整合和互動。

This was the operational update today. And now I give the word over to Jeremy for an update on Giga America.

這是今天的運營更新。現在我將有關 Giga America 的最新消息轉交給 Jeremy。

Thank you, Jan Arve. It is definitely an exciting and interesting time to be in the energy transition space and specifically with the great opportunities that are in front of us as a company. The strategic partners with which we are involved bring capability and momentum that help us define our role and pursue success in this generational transition.

謝謝你，揚·阿爾維。進入能源轉型領域絕對是一個令人興奮和有趣的時刻，特別是作為一家公司，我們面臨著巨大的機遇。我們參與的戰略合作夥伴帶來了能力和動力，幫助我們定義我們的角色並在這一代過渡中追求成功。

As we discussed in February, during our fourth quarter update call, we were evaluating options to accelerate the Giga America project. The team over the last 3 months have devised the project plan that will enable us to bring 2.5 gigawatt-hours of capacity online by the summer of 2025. Followed soon after by the larger plant that we have been discussing previously with the start of production during the summer of 2026.

正如我們在 2 月份討論的那樣，在我們第四季度的更新電話會議上，我們正在評估加速 Giga America 項目的選項。該團隊在過去 3 個月內製定了項目計劃，使我們能夠在 2025 年夏季之前將 2.5 吉瓦時的產能上線。緊隨其後的是我們之前一直在討論的更大的工廠，並在2026年的夏天。

We are labeling the combination of these two projects as Phase 1 as we, of course, have additional visions of growth for the Giga America business and specifically for the Georgia site. But we are dividing Phase 1 into Phase 1a and 1b to reflect the two different financing processes with different starter production timing. The total capacity of the cumulative Phase 1 is 38 gigawatt-hours, as Tom had mentioned before.

我們將這兩個項目的組合標記為第 1 階段，因為我們當然對 Giga America 業務，特別是佐治亞州站點有更多的增長願景。但我們將第 1 階段分為第 1a 階段和第 1b 階段，以反映具有不同啟動器生產時間的兩個不同融資過程。正如湯姆之前提到的那樣，第一階段的累計總容量為 38 吉瓦時。

To fund the CapEx needed for Phase 1a, we have initiated a formal process working with a financial adviser where we have engaged multiple strategic partners within the fair ecosystem as potential strategic investors after project entity. We are striving to fund all the CapEx requirements of that phase through this formal funding process. Currently, we have multiple parties in the data room and conducting due diligence, and we hope to be able to update our progress over the coming weeks and months.

為了為 1a 階段所需的資本支出提供資金，我們啟動了與財務顧問合作的正式流程，我們在公平生態系統中聘請了多個戰略合作夥伴作為項目實體後的潛在戰略投資者。我們正在努力通過這個正式的融資流程為該階段的所有資本支出需求提供資金。目前，我們有多方在數據室進行盡職調查，我們希望能夠在未來幾周和幾個月內更新我們的進展。

We have completed the financial model for the entirety of Phase 1 broken out between Phase 1a and 1b, and the net present value and returns of the projects are quite attractive. Phase 1a, which includes the process design upgrades that we plan to do after completion of the 1b project is modeled with an estimated NPV of over $1.4 billion. We believe Phase 1b will generate an NPV of $6.6 billion. The total NPV of the Phase 1 cumulative project sits at $8 billion with $2.5 billion of that projected NPV coming directly from the production tax credits defined in the Inflation Reduction Act.

我們已經完成了Phase 1a和Phase 1b之間的整個Phase 1 b的財務模型，項目的淨現值和回報率非常吸引。階段 1a 包括我們計劃在 1b 項目完成後進行的工藝設計升級，其建模估計 NPV 超過 14 億美元。我們相信 1b 階段將產生 66 億美元的淨現值。第一階段累計項目的總 NPV 為 80 億美元，其中 25 億美元的預計 NPV 直接來自《通貨膨脹減少法案》中定義的生產稅收抵免。

We believe the generation of these credits specific to the energy storage market in which we participate are well-defined with the remaining uncertainties related to the EV credit. We are also confident in the certainty of the IRA program seeing its way to completion in 2032. However, as you can see from the numbers, even without the production tax credit, the Giga America Phase 1 project is economically quite attractive.

我們認為，我們參與的儲能市場特有的這些信用的產生是明確定義的，與電動汽車信用相關的剩餘不確定性。我們也對 IRA 計劃在 2032 年完成的確定性充滿信心。但是，正如您從數字中看到的那樣，即使沒有生產稅收抵免，Giga America 一期項目在經濟上也很有吸引力。

I would like to make one final point to clarify the Phase 1a investment process we are undergoing currently detailed on Slide 10. We are raising money at the project level entity, which will be a company that sits below the U.S. holding company within the FREYR corporate structure. We believe it's attractive for our strategic partners to own project-level equity and we believe this is also attractive to shareholders of FREYR at the public entity level due to the significantly less dilution that occurs with this strategy.

我想最後一點澄清我們目前正在進行的第 1a 階段投資流程，詳見幻燈片 10。我們正在項目級實體籌集資金，這將是一家位於 FREYR 公司中美國控股公司之下的公司結構。我們認為，我們的戰略合作夥伴擁有項目級股權具有吸引力，我們認為這對 FREYR 在公共實體層面的股東也具有吸引力，因為該戰略會大大減少股權稀釋。

We will continue to define the project scope for Phase 1A of the project hoping to accomplish the final investment decision by early fall this year. This FID timing will coordinate well with the timing of the fundraising process. I also wanted to speak briefly about the energy transition acceleration coalition that we announced at our Chapter 1 event in Norway at the end of March.

我們將繼續確定項目 1A 階段的項目範圍，希望在今年初秋之前完成最終投資決定。這個 FID 時間安排將與籌款過程的時間安排很好地協調。我還想簡要談談我們 3 月底在挪威舉行的第 1 章活動中宣布的能源轉型加速聯盟。

We are fortunate to have strategic partners such as Glencore, Caterpillar, Nidec and Siemens, participating with us in this coalition. We are all aligned that the acceleration in scaling clean battery production will be key to advancing the energy transition. Since the initial announcement, we have had multiple inbound conversations with additional partners that expressed an interest in the coalition, and we are currently working through a selection process to add some additional names in other key parts of the value chain. Additionally, we are kicking off the steering committee for the coalition.

我們有幸擁有 Glencore、Caterpillar、Nidec 和 Siemens 等戰略合作夥伴，與我們一起參與這個聯盟。我們一致認為，加速清潔電池生產規模將是推進能源轉型的關鍵。自最初宣布以來，我們與其他合作夥伴進行了多次入站對話，這些合作夥伴表達了對聯盟的興趣，我們目前正在通過選擇過程在價值鏈的其他關鍵部分添加一些額外的名稱。此外，我們正在啟動聯盟的指導委員會。

At the end of May, where we will be identifying key work streams that will be attacked by members of the partner companies within the coalition. We will be taking on problems and opportunities that exist across the battery value chain with a collective effort to solve them faster while also identifying commercial opportunities for each of the members of the coalition. We will continue to provide updates on the progress of the coalition regularly as we move forward.

在 5 月底，我們將確定將受到聯盟內合作夥伴公司成員攻擊的關鍵工作流程。我們將共同努力解決電池價值鏈中存在的問題和機遇，以更快地解決它們，同時為聯盟的每個成員尋找商業機會。隨著我們的前進，我們將繼續定期提供聯盟進展的最新信息。

Thank you for your time today. Jan Arve, back to you.

謝謝你今天的時間。 Jan Arve，回到你身邊。

Thanks a lot, Jeremy. And now to Slide 12. Our team managing our strategic sourcing progress further in securing our raw materials. For our CQP, all materials are secured, materials for the ramp up are now stored at our warehouse in Mo i Rana site. FREYR has increased efforts in developing a more regionalized supply chain as reflected on the risks related to global supplies or raw materials to the battery production side. FREYR has increased the effort in developing a more regionalized supply chain as we reflect on the risks related to the global supplies of raw materials to the battery production.

非常感謝，傑里米。現在轉到幻燈片 12。我們的團隊進一步管理我們的戰略採購進度，以確保我們的原材料安全。對於我們的 CQP，所有材料都是安全的，用於提升的材料現在存儲在我們位於 Mo i Rana 站點的倉庫中。 FREYR 加大了開發區域化供應鏈的力度，這反映了與電池生產方的全球供應或原材料相關的風險。 FREYR 加大了開發更區域化供應鏈的力度，因為我們反思了與電池生產的全球原材料供應相關的風險。

As noted in the previous earnings calls, FREYR has a joint development agreement with Finnish Minerals Group of Finland. The ambition of this partnership is to develop a business case for energy plant outside the City of Vaasa in Finland as a common approach. We have also secured a major share of our raw materials needed for the Giga Arctic. To prepare for Giga America acceleration, we have started the process to set new volumes by approaching close to 20 suppliers, including some of the U.S. based. Expanding our contracts made already for Giga Arctic to global supply contracts, including Giga America has been our focus.

正如之前的財報電話會議所述，FREYR 與芬蘭的 Finnish Minerals Group 簽訂了聯合開發協議。這種夥伴關係的目標是為芬蘭瓦薩市以外的能源工廠開發一個商業案例，作為一種通用方法。我們還獲得了 Giga Arctic 所需的大部分原材料。為了準備 Giga America 的加速發展，我們已經開始接觸近 20 家供應商（包括一些美國供應商）以設定新的銷量。將我們已經為 Giga Arctic 簽訂的合同擴展到全球供應合同，包括 Giga America 一直是我們的重點。

Our suppliers are reacting very positive and see that this is an additional chance for them. Thus, we expect that we can and will secure raw material contracts for Giga America before the final investment decision. As can be seen from this slide, #12, we are in dialogue with several suppliers for alternative sourcing and the technical qualification of alternative products and materials is well underway in FREYR's (inaudible) facilities in Fukuoka, Japan as well as in collaboration with 24M investment.

我們的供應商反應非常積極，認為這對他們來說是一個額外的機會。因此，我們預計在最終投資決定之前，我們能夠並且將會獲得 Giga America 的原材料合同。從這張幻燈片 #12 可以看出，我們正在與幾家供應商就替代採購進行對話，替代產品和材料的技術鑑定正在日本福岡的 FREYR（聽不清）設施中順利進行，並與 24M 合作投資。

So by this, I hand the word over to Oscar, who will give us a financial update.

因此，至此，我將消息交給 Oscar，他將為我們提供最新的財務信息。

Great. Thank you, Jan Arve. Moving now to Slide 13, the financial update slide of the earnings deck. I will review our financial results for the first quarter of 2023 as well as provide an update on our financing initiatives.

偉大的。謝謝你，揚·阿爾維。現在轉到幻燈片 13，收益平台的財務更新幻燈片。我將回顧我們 2023 年第一季度的財務業績，並提供我們融資計劃的最新情況。

For the first quarter ended March 31, 2023, FREYR reported a net loss of $13 million or $0.09 a share compared with a net loss of $35 million for the same period last year. The net loss improvement for the company's most recent quarter compared to last year was a result of a slight positive noncash gain on our warrant liability fair value adjustment due to changes in our stock price from the end of the year versus the first quarter and a noncash loss last year. In addition, the company reported a $16 million foreign currency transaction gain for the first quarter of 2023 on the back of a strong U.S. dollar versus a slight loss for the same period in 2022.

截至 2023 年 3 月 31 日的第一季度，FREYR 報告淨虧損 1300 萬美元或每股 0.09 美元，而去年同期為淨虧損 3500 萬美元。與去年相比，公司最近一個季度的淨虧損有所改善，這是由於我們的股票價格從今年年底與第一季度相比的變化以及非現金對我們的認股權證負債公允價值調整產生了輕微的正非現金收益去年虧損。此外，該公司報告稱，由於美元走強，2023 年第一季度外匯交易收益為 1600 萬美元，而 2022 年同期則略有虧損。

More importantly, the company reported higher general and administrative expenses as well as higher research and development costs for the first quarter compared with the same quarter last year. Logically, this is a function of our large organization which is managing more products around the world. The first quarter of each year is also cost heavy compared with the remaining quarters of the year due to costs related to year-end audits and other onetime costs and accruals.

更重要的是，與去年同期相比，該公司第一季度的一般和管理費用以及研發成本均有所增加。從邏輯上講，這是我們管理全球更多產品的大型組織的職能。由於與年終審計和其他一次性成本和應計費用相關的成本，每年第一季度的成本也比一年中的其餘季度高。

For the full year of 2023, we continue to expect our overhead costs to remain around the previously disclosed run rate of less than $95 million per year at the company's current level of activity. This activity is supporting the accelerated development and project level financing of Giga America, completing and ramping operations of the customer qualification plan continuing the measured pace of progress at Giga Arctic and its related financings and other business development activities.

對於 2023 年全年，我們繼續預計我們的間接費用將保持在先前披露的每年不到 9500 萬美元的運行率附近，以公司當前的活動水平計算。該活動支持 Giga America 的加速開發和項目級融資，完成和擴大客戶資格計劃的運營，繼續 Giga Arctic 及其相關融資和其他業務發展活動的進展步伐。

Regarding our cash investment rate liquidity, we spent net cash of $88 million in the first quarter compared with $107 million during the fourth quarter of 2022 and $41 million a year ago in the first quarter of 2022. We ended the first quarter of 2023 with $475 million of cash, cash equivalents and restricted cash and no debt. As shown on the financial update slide in the earnings deck, naturally, cash was spent on corporate overhead, operating expenses and capital expenditures, primarily supporting the customer qualification plan in Giga Arctic, the early development activity of Giga America and other business development activities.

關於我們的現金投資率流動性，我們在第一季度花費了 8800 萬美元的淨現金，而 2022 年第四季度為 1.07 億美元，一年前的 2022 年第一季度為 4100 萬美元。我們在 2023 年第一季度結束時為 475 美元萬現金、現金等價物和受限現金，無債務。正如財報中的財務更新幻燈片所示，現金自然地用於公司管理費用、運營費用和資本支出，主要支持 Giga Arctic 的客戶資格計劃、Giga America 的早期開發活動和其他業務發展活動。

Capital expenditures of $64 million were split roughly 25% for the CQP and test center and 75% for Giga Arctic. Remaining capital expenditures payable for the CQP and Test Center should be paid in the second quarter of 2023 as all plant equipment was delivered in time for the CQP opening in late March. While the Board has approved some additional expenditures for Giga Arctic, the timing of those expenditures depends heavily on the timing and scale of the Norwegian response to the U.S. Inflation Reduction Act, so we were not providing any guidance at this time.

6400 萬美元的資本支出中，大約 25% 用於 CQP 和測試中心，75% 用於 Giga Arctic。 CQP 和測試中心的剩餘資本支出應在 2023 年第二季度支付，因為所有工廠設備都在 3 月下旬 CQP 開幕前及時交付。雖然董事會已經批准了 Giga Arctic 的一些額外支出，但這些支出的時間在很大程度上取決於挪威對美國通貨膨脹減少法案做出反應的時間和規模，因此我們目前不提供任何指導。

Assuming a reasonable response, this will allow us to reconsider the capital stack for the project. In the meantime, we're highly focused on the operational ramp of the CQP and the acceleration of the Giga America project. As previously mentioned, the U.S. Inflation Reduction Act Section 45 of Production Tax Credit began declining in the year 2031 and will be completely phased out by the end of 2032. So time is of the essence.

假設一個合理的回應，這將使我們能夠重新考慮該項目的資本堆棧。與此同時，我們高度關注 CQP 的運營坡道和 Giga America 項目的加速。如前所述，美國通貨膨脹減少法案第 45 條生產稅收抵免從 2031 年開始下降，並將在 2032 年底完全取消。因此時間至關重要。

Partnering in the U.S. is key to our financing and development plans with farming down an interest in the project as a primary funding source for the first two production lines as this project has always been positioned as a joint venture, we view project-level equity raised in the farm-down process as nondilutive and, in fact, should be a very positive value read through to the parent company given where our stock is trading today.

在美國的合作是我們融資和發展計劃的關鍵，因為該項目一直被定位為合資企業，我們將項目層面的股權籌集視為項目中的權益作為前兩條生產線的主要資金來源在農場向下的過程中，作為非稀釋，事實上，考慮到我們股票今天的交易地點，對母公司來說應該是一個非常積極的價值。

The partner -- using partner equity to fund the first two production lines will allow us to move much more quickly in getting batteries to market and allow us to take advantage of the lucrative merchant market versus traditional financing routes, which require long project financing processes and potentially discounted long-term offtake agreements. That said, we have also already begun early discussions with the U.S. Department of Energy Loan Production Office regarding financing of Phase 1b of Giga America which is the 8 additional production lines in the future upgrade of the first 2 lines.

合作夥伴 - 使用合作夥伴股權為前兩條生產線提供資金將使我們能夠更快地將電池推向市場並使我們能夠利用利潤豐厚的商業市場而不是傳統的融資途徑，這需要漫長的項目融資流程和可能打折的長期承購協議。也就是說，我們也已經開始與美國能源部貸款生產辦公室就 Giga America 1b 階段的融資進行早期討論，這是前 2 條生產線未來升級中的 8 條額外生產線。

In addition, we have begun discussing the same with the project finance banking community. Terms, timing and cost will, of course, ultimately drive our decision as to which option we choose with our partners for the debt component of this phase of the project. But to be very clear, we expect the farm-down process alone to raise sufficient capital to get the first 2 lines of battery production in the U.S. up and running.

此外，我們已經開始與項目融資銀行界進行相同的討論。當然，條款、時間和成本將最終決定我們與合作夥伴就項目這一階段的債務部分選擇哪種方案。但非常明確的是，我們預計僅農場生產過程就能籌集到足夠的資金，讓美國的前兩條電池生產線啟動並運行。

As a reminder, we received an excellent package of incentives from the state of Georgia and Coweta County, totaling around $410 million tied to capital investment and employment targets for Giga America. While most of these incentives are tax abatements, there are grand components. As expected during the first quarter of 2023, we received a $20 million grant from Coweta County. This grant was booked directly to the balance sheet with an offsetting long-term obligation to reflect the requirement for us to hire a certain number of people for the project over time to keep the grant. So while we receive the cash in the bank, you will not see it flowing through the income statement or cash flow statement at this time.

提醒一下，我們收到了來自佐治亞州和考維塔縣的一攬子激勵措施，總額約為 4.1 億美元，與 Giga America 的資本投資和就業目標相關。雖然這些激勵措施中的大部分都是減稅，但也有很大的組成部分。正如預期的那樣，在 2023 年第一季度，我們從考維塔縣獲得了 2000 萬美元的贈款。這筆贈款直接記入資產負債表，並帶有抵消性長期義務，以反映我們需要為該項目僱用一定數量的人員，以保留贈款。因此，當我們在銀行收到現金時，此時您不會看到它流經損益表或現金流量表。

We have also obtained approval to receive $7 million from the state under a similar construct and are just awaiting disbursement. Globally, we are producing -- we are pursuing additional grants under programs in the EU, Norway and in the U.S., and we'll keep investors posted on any developments in future quarters.

我們還獲得了批准，可以根據類似的結構從該州獲得 700 萬美元，並且正在等待支付。在全球範圍內，我們正在生產——我們正在根據歐盟、挪威和美國的計劃尋求額外的贈款，我們將讓投資者了解未來幾個季度的任何進展。

We will continue spending on Giga Arctic and Mo i Rana as we have been at a measured pace as we anticipate a response to the IRA from Norway now that the EU has approved a basic framework. While we have already received indications of interest to provide project financing support from (inaudible) in the form of potential debt guarantees and the European Investment Bank and the Nordic Investment Bank in the form of direct project loans, the Norwegian response to the IRA is critical to ensuring Giga Arctic global competitiveness.

我們將繼續在 Giga Arctic 和 Mo i Rana 上支出，因為我們預計挪威將對 IRA 做出回應，因為歐盟已經批准了一個基本框架。雖然我們已經收到以潛在債務擔保形式提供項目融資支持的意向（聽不清）以及歐洲投資銀行和北歐投資銀行以直接項目貸款形式提供項目融資支持的跡象，但挪威對 IRA 的回應至關重要以確保 Giga Arctic 的全球競爭力。

We are highly encouraged by the now very specific support programs announced last week by Spain, Germany and France for projects in their countries. We expect more EU and EEA countries to follow suit. The potential favorable impact on the economics of all our projects around the incentive programs in the U.S. the potential response in Norway is significant. While we have a long list of stakeholders at FREYR, allocating capital to the highest return projects is central to our financial policy. Despite these long-term activities, our primary focus in the near term is getting the customer qualification plant producing testable batteries as soon as possible. This is key to validating the 24M SemiSolid platform at giga-scale and an important derisking event from a customer and financing perspective.

我們對西班牙、德國和法國上周宣布的針對各自國家項目的非常具體的支持計劃感到非常鼓舞。我們預計會有更多的歐盟和歐洲經濟區國家效仿。圍繞美國激勵計劃的所有項目對經濟的潛在有利影響挪威的潛在反應是顯著的。雖然我們在 FREYR 有很多利益相關者，但將資金分配給回報最高的項目是我們財務政策的核心。儘管開展了這些長期活動，但我們近期的主要重點是讓客戶認證工廠盡快生產出可測試的電池。這是以千兆規模驗證 24M SemiSolid 平台的關鍵，也是從客戶和融資角度來看的重要去風險事件。

We continue to field and evaluate capital formation opportunities and interest from a wide range of existing and potential commercial, strategic and industrial partners as well as financial institutions. This interest appears to be driven by the widespread belief and the robust fundamentals behind the long-term expected growth of battery demand for both energy storage systems and the EV markets and the incredible progress FREYR has made to date since its New York Stock Exchange listing less than 2 years ago.

我們繼續從廣泛的現有和潛在商業、戰略和工業合作夥伴以及金融機構中尋找和評估資本形成機會和興趣。這種興趣似乎是由儲能係統和電動汽車市場對電池需求的長期預期增長背後的普遍信念和強勁的基本面以及 FREYR 自紐約證券交易所上市以來取得的令人難以置信的進展所推動的 less比2年前。

We are striving for partners who believe in FREYR's mission and can grow along with us as we evaluate and take on projects like Giga Arctic, Giga America, the potential for upstream integration, our entrance into the mobility market and other opportunities. Again, our U.S. initiatives, the Inflation Reduction Act and the CQP opening in March have acted as catalysts for such discussions as evidenced by the excellent response so far to our farm-down process in the U.S.

我們正在努力尋找相信 FREYR 使命的合作夥伴，並且可以在我們評估和開展 Giga Arctic、Giga America 等項目、上游整合潛力、我們進入移動市場和其他機會時與我們一起成長。同樣，我們在美國的倡議、《降低通貨膨脹法案》和 3 月份開始實施的 CQP 已經成為此類討論的催化劑，迄今為止我們在美國的農場化進程得到了很好的反響就證明了這一點。

I should also say again that the 45X provisions in the IRA that relate to battery cell and module production tax credits are very significant and very simple unlike some of the perceived complexities around the EV-related incentives that required treasury department clarifications. Produce a battery module in the U.S. using raw materials from anywhere in the world and sell the finished product anywhere in the world and you earn Production Tax Credit. It's quite straightforward.

我還應該再說一遍，IRA 中與電池和模塊生產稅收抵免相關的 45X 條款非常重要且非常簡單，這與需要財政部澄清的電動汽車相關激勵措施的一些複雜性不同。在美國使用來自世界任何地方的原材料生產電池模塊，並將成品銷售到世界任何地方，您就可以獲得生產稅收抵免。這很簡單。

The other simple math is that for every gigawatt hour of annual production in the United States, the company would generate $35 million of tax credit for battery cells and $10 million of tax credits for modules. The 5-year direct pay option turns tax credits into cash regardless of how the tax credit monetization market develops over time. These numbers get quite large when one considers a factory with 38 gigawatt hours of nameplate production capacity.

另一個簡單的數學計算是，對於美國每年生產的每千兆瓦時，該公司將為電池產生 3500 萬美元的稅收抵免，為模塊產生 1000 萬美元的稅收抵免。無論稅收抵免貨幣化市場隨著時間的推移如何發展，5 年直接支付選項都會將稅收抵免變成現金。當考慮一家擁有 38 吉瓦時銘牌生產能力的工廠時，這些數字會變得相當大。

In any case, we are grateful for the ongoing support of all our financial and industrial partners and especially our shareholders as our progress on all fronts as well as the continuous improvement in the demand outlook for our products and the urgency of addressing climate change, localized energy security and energy costs being demonstrated by businesses and developments and governments around the world.

無論如何，我們感謝所有金融和工業合作夥伴，尤其是我們的股東的持續支持，因為我們在各個方面都取得了進展，我們產品的需求前景不斷改善，解決氣候變化的緊迫性，本地化世界各地的企業、發展機構和政府都在展示能源安全和能源成本。

With that, I turn it back over to Tom for additional comments.

有了這個，我把它轉回給 Tom 以徵求更多意見。

Thank you, Oscar, Jeremy and Jan Arve. My job is becoming increasingly easier with such a dedicated professional and capable team. Thank you to you all and all the FREYR employees for all the hard work you put in every day.

謝謝 Oscar、Jeremy 和 Jan Arve。有了這樣一支敬業、專業、有能力的團隊，我的工作變得越來越輕鬆。感謝你們所有人和 FREYR 的所有員工，感謝你們每天的辛勤工作。

As you have heard, we're moving forward at full speed towards large-scale battery production based on the urgent need for sustainable development. Speed, scale and sustainability was, is and will continue to be the strategic pillars of the company as we accelerate towards clean battery solutions. We have the people, we have the assets, we have the technology, we have the market, and we have momentum. As always, we will focus on what we can improve. Keep an opportunistic approach to value creation, augment our industrialization partner of choice approach and constantly add partners, customers, investors and professionals.

正如大家所聽到的，基於可持續發展的迫切需要，我們正在全速推進電池規模化生產。隨著我們加速採用清潔電池解決方案，速度、規模和可持續性過去、現在並將繼續成為公司的戰略支柱。我們有人，我們有資產，我們有技術，我們有市場，我們有動力。一如既往，我們將專注於我們可以改進的地方。保持機會主義的價值創造方法，增加我們的工業化合作夥伴選擇方法，並不斷增加合作夥伴、客戶、投資者和專業人士。

Let me now move to the final slide before Q&A and also for my sincere gratitude and appreciation to all of our investors and shareholders. But stated, we are hosting FREYR's Inaugural Capital Markets Day on June 27 at the New York Stock Exchange, Chapter 2 in FREYR's development. We are excited about inviting our investors and shareholders to this event 2 years after that special moment when I press the green button on the balcony.

現在讓我轉到問答之前的最後一張幻燈片，並向我們所有的投資者和股東表示衷心的感謝和讚賞。但是聲明，我們將於 6 月 27 日在紐約證券交易所舉辦 FREYR 的首屆資本市場日，這是 FREYR 發展的第 2 章。在我按下陽台上的綠色按鈕的那個特殊時刻兩年後，我們很高興邀請我們的投資者和股東參加這次活動。

We will provide live stream from the customer qualification plan and showcase live battery manufacturing of the SemiSolid production platform and show updates on the Giga Arctic construction. We aim to set a new benchmark in how a battery company should communicate milestones and technology progress as the nascent factory industry will benefit from increased understanding and insights across the entire ecosystem. We will therefore deep dive into technical milestone and catalyst. Provide in-depth reports on our increasing and accelerating strategic, commercial and financing efforts and maybe just maybe provide a surprise or 2. Finally, I would like to thank our investors for your support and your patience. We will revert with invitations and further details, but stay tuned. We are coming to a theater near you.

我們將提供客戶資格計劃的現場直播，展示 SemiSolid 生產平台的現場電池製造，並展示 Giga Arctic 建設的最新進展。我們的目標是在電池公司應如何傳達里程碑和技術進步方面設定新的基準，因為新興的工廠行業將受益於對整個生態系統的更多理解和洞察力。因此，我們將深入研究技術里程碑和催化劑。提供關於我們不斷增加和加速的戰略、商業和融資努力的深入報告，也許只是提供一個驚喜或 2。最後，我要感謝我們的投資者的支持和耐心。我們將回复邀請和更多詳細信息，敬請期待。我們要去你附近的劇院。

My final advice to you all is as always to stay long or should I rather say, go longer. Life is not boring and definitely not intended to be short.

我對你們所有人的最後建議是一如既往地保持長久，或者我應該說，保持更長的時間。生活並不乏味，絕對不是為了短暫。

With this, let me hand back over to Jeff or the operator to guide us through the Q&A. Thank you for your attention. Jeff?

有了這個，讓我交還給傑夫或接線員來指導我們完成問答。感謝您的關注。傑夫？

Thanks, Tom. Operator, we're ready to open up the line for questions.

謝謝，湯姆。接線員，我們已準備好開通提問熱線。

(Operator Instructions) Our first question comes from Gabe Daoud from TD Cowen.

（操作員說明）我們的第一個問題來自 TD Cowen 的 Gabe Daoud。

Thanks for all the great detail and prepared remarks. I was hoping maybe -- can I just get a clarification or maybe just a little bit more color on when we could expect fully automated self production from CQP? Is it -- I guess, is it 3Q at this point?

感謝所有詳細信息和準備好的評論。我希望也許——我可以得到一個澄清或者更多的顏色，我們什麼時候可以期待 CQP 完全自動化的自我生產？是——我想，此時是 3Q 嗎？

Well, thank you for that question. As we are stating in our prepared remarks, we are getting ready to produce the first active electrodes, both cathode and anodes and then we will gradually produce more and more of them. As you know, when we're scaling a battery facility with a first-in-kind technology, even though it's already a triple-digit megawatt power scale in production in Japan, we are increasing the automation speed and increasing the size of the facility to gigawatt-hour scale. So we want to sort of take the steps forward to ensure that we get everything right.

好吧，謝謝你提出這個問題。正如我們在準備好的評論中所述，我們正準備生產第一個有源電極，包括陰極和陽極，然後我們將逐漸生產越來越多的電極。如您所知，當我們使用同類首創技術擴大電池設施規模時，即使它在日本的生產功率規模已經達到三位數兆瓦，我們也在提高自動化速度並擴大設施規模到千兆瓦時規模。所以我們想採取一些措施來確保我們把一切都做好。

So we will start off by producing active electrodes within a matter of weeks, then we will gradually increase that and will improve the machinery. So during the course of the year, we will definitely be speeding our production, speeding up battery cell manufacturing and getting into the catalysts and milestones that we require to satisfy the conditions precedent in the offtake agreements that we have. Exactly when we will have fully automated production at what speed and what yield and what uptime is something that we will provide more color around in our Capital Markets Day update. But it's definitely going to be a gradual approach.

因此，我們將在幾週內開始生產有源電極，然後我們將逐漸增加產量並改進機器。因此，在這一年中，我們肯定會加快生產速度，加快電池製造速度，並進入滿足我們所擁有的承購協議中的先決條件所需的催化劑和里程碑。我們將在我們的資本市場日更新中提供更多關於我們將在什麼時候以什麼速度、什麼產量和什麼正常運行時間進行完全自動化生產。但這肯定會是一個循序漸進的方法。

The good news is, we are getting ready to produce the first active electrodes with this new larger thicker electrode and battery that we are producing in the customer qualification plant and as we have all moving forward, we will provide additional updates as to when you can expect increase speed, increase yields, increased uptime and reduced scrap rates, et cetera. This is something that we will get back to in more detail during the Capital Markets Day on the 27th of June.

好消息是，我們正準備使用我們在客戶鑑定工廠生產的這種新的更大更厚的電極和電池來生產第一個有源電極，並且隨著我們的所有進展，我們將提供有關何時可以的更多更新期望提高速度、提高產量、增加正常運行時間並降低報廢率等。我們將在 6 月 27 日的資本市場日期間更詳細地討論這一點。

That's super helpful. Looking forward to those details. Okay. And then maybe just shifting to Giga America, mentioned the two new phases here just splitting out between Phase 1a and 1b. So for 1a, the first two lines, so do we just think about it as maybe $125 million or so for those two lines? And just given prior comments on CapEx requirements per gigawatt hour of output. So $125 million for those two lines? And then how much should we expect FREYR to sell down in terms of ownership of those two lines.

這非常有幫助。期待那些細節。好的。然後可能只是轉移到 Giga America，提到這裡的兩個新階段只是在階段 1a 和階段 1b 之間分開。那麼對於 1a，前兩條線，我們是否只考慮這兩條線的 1.25 億美元左右？並且剛剛給出了關於每千瓦時輸出的資本支出要求的先前評論。那麼這兩條線路需要 1.25 億美元？然後，就這兩條生產線的所有權而言，我們應該期望 FREYR 出售多少。

Well, so -- and Jeremy, you can weigh in here, but just sort of a general comment. So as we are alluding to, we are now announcing a 10 production line total facility. It will be built in two phases. And obviously, there will be certain upfront investment costs and infrastructure costs and building costs, et cetera. Where we'll host the first two initial lines, and then we will upgrade those gradually, and then we will add additional 8 lines on top of that and of course, build more upstream and downstream equipment as we go along. We are not guiding specific CapEx at this point, but we will be providing more color and detail around that as we are focusing the FID. But maybe, Jeremy, you can talk a little bit more about the quantum of capital that we're targeting to raise and provide some more nuance to this to our investors.

那麼——傑里米，你可以在這裡權衡一下，但只是一般性的評論。因此，正如我們所暗示的，我們現在宣布擁有 10 條生產線的總設施。它將分兩個階段建造。顯然，會有一定的前期投資成本、基礎設施成本和建築成本，等等。我們將託管前兩條初始生產線，然後我們將逐步升級它們，然後我們將在此基礎上增加額外的 8 條生產線，當然，在我們進行的過程中建造更多的上游和下游設備。我們目前不指導具體的資本支出，但在我們關注 FID 時，我們將提供更多的顏色和細節。但也許，傑里米，你可以多談談我們打算籌集的資本數量，並向我們的投資者提供更多的細微差別。

Sure. Happy to do that, Tom. And Gabe, to your question, this financing process that we're -- we have undergone and kicked off about, I guess, it was almost a month ago now, we're hoping to raise north of $800 million, but that is obviously not just CapEx related. It includes the burn rate over the next several years for the Giga America facility. It also includes some of the pre-spend infrastructure for the second plant, as we talked about.

當然。很高興這樣做，湯姆。 Gabe，關於你的問題，我們正在經歷並開始的這個融資過程，我想，差不多一個月前，我們希望籌集超過 8 億美元，但這顯然是不僅僅是資本支出相關。它包括未來幾年 Giga America 設施的燃燒率。正如我們所說，它還包括第二家工廠的一些預支出基礎設施。

Working capital requirements for the project and not to mention, I mean, we're building a big team. We have 20 U.S. employees today, and we'll be building to 300 employees over the next couple of years. And so costs associated with that. So as Tom said, we'll be providing guidance on the CapEx later but included in that raise will be, again, all at the project level. And so we're excited about the engagement we've had so far, both with strategic partners and some financial sectors as well.

該項目的營運資金要求更不用說，我的意思是，我們正在建立一個大團隊。我們今天有 20 名美國員工，未來幾年我們將增加到 300 名員工。以及與之相關的成本。正如湯姆所說，我們稍後將提供有關資本支出的指導，但包括在該加薪中的將再次全部在項目級別。因此，我們對迄今為止與戰略合作夥伴和一些金融部門的合作感到興奮。

Just to give you some context, Gabe, the customer qualification plant is a single line facility with limited upstream and downstream, and it's a brownfield because it's not meant to run 24/7 and that kind of budget you just referenced is more in line with the CQP. And again, this is a 2-line full capacity, full upstream and downstream meant around 24/7 commercial kind of operations. So it will be bigger than that, obviously.

只是為了給你一些背景信息，Gabe，客戶認證工廠是一個單線設施，上游和下游有限，它是一個棕地，因為它並不意味著 24/7 全天候運行，你剛才提到的那種預算更符合CQP。再一次，這是一條 2 線全產能、全上游和下游意味著大約 24/7 的商業運營。顯然，它會比這更大。

Yes. Got it. Got it. Okay. All that makes perfect sense. Just the last one for me. But the Slide 9, we talked about the NPV coming from IRA tax credit. Could you maybe just give us a little bit more color around that, any expectations or what the assumptions are in terms of FREYR keeping the entire credit or you're sharing that amongst some other parties? Just any more help there on that $2.5 billion of NPV from IRA would be helpful.

是的。知道了。知道了。好的。所有這些都非常有道理。對我來說只是最後一個。但是幻燈片 9，我們談到了來自 IRA 稅收抵免的 NPV。你能不能給我們更多的顏色，關於 FREYR 保留全部信用的任何期望或假設，或者你正在與其他各方分享？ IRA 提供的 25 億美元 NPV 的任何更多幫助都會有所幫助。

Yes. So maybe I can just give some color on it. So we've modeled, of course, our perception of the market moving forward. We fundamentally believe in a structural market short environment, and particularly in the energy storage space. So we are thinking merchant pricing at least for the initial phase of the project since we're going to project-level equity financing going into it. We are assuming a set of CapEx numbers that we are now validating and updating and benchmarking to global benchmarks. We're also seeing some deflationary pressure happening in the market, and we're trying to capture that as we're sort of building out larger facilities. And as you can imagine, we will be parallel developing, as we mentioned, both Giga Arctic and Giga America that gives us also purchasing power in terms of how we are sourcing our production line equipment and moving forward generally in that.

是的。所以也許我可以給它一些顏色。因此，我們當然對我們對市場前進的看法進行了建模。我們從根本上相信結構性市場短缺環境，尤其是在儲能領域。因此，我們至少在項目的初始階段考慮商家定價，因為我們將進行項目級股權融資。我們假設一組資本支出數字，我們現在正在驗證和更新這些數字，並以全球基準為基準。我們還看到市場上出現了一些通貨緊縮壓力，我們正試圖抓住這一點，因為我們正在建造更大的設施。正如你可以想像的那樣，正如我們所提到的，我們將同時開發 Giga Arctic 和 Giga America，這也為我們提供了購買力，讓我們能夠採購生產線設備並在這方面全面推進。

We will, of course, when we enter into project finance for the subsequent phase, Phase 1b and the larger 8-line facility, part of that will be DOE loan supported as well as project finance supported. So we have reflected the lower, let's say, pricing that we probably have to accept when we enter into longer offtake agreements to support the project finance of that phase of the project.

當然，當我們為後續階段、第 1b 階段和更大的 8 線設施進行項目融資時，我們將獲得 DOE 貸款支持和項目融資支持。因此，當我們簽訂更長的承購協議以支持項目該階段的項目融資時，我們已經反映了我們可能不得不接受的較低定價。

When it comes to the division of the Production Tax Credits, it's a little bit too early to tell how that will sort of play itself out. What we are observing in the market is that our customers, which is important to note, now have quite deep incentives to develop stand-alone battery storage projects, which, by the way, the two of which is a record high both stand-alone battery storage projects as well as solar plus storage project, and that is pre-IRA. And the incentives to establish these facilities in the U.S. are actually quite significant. And we have inbound requests from potential customers to actually share those investment tax credits with us so that they can secure battery supply developed in the U.S. So I think the jury is out in terms of how much is kind of divided and how that Production Tax Credit ultimately filters through to the market.

當談到生產稅收抵免的劃分時，現在判斷它會如何發揮作用還為時過早。我們在市場上觀察到的是，值得注意的是，我們的客戶現在有相當大的動力來開發獨立的電池存儲項目，順便說一下，這兩個項目都是獨立的歷史新高電池儲能項目以及太陽能加儲能項目，即 IRA 之前。在美國建立這些設施的動機實際上非常重要。我們收到了潛在客戶的入站請求，要求他們與我們實際分享這些投資稅收抵免，以便他們能夠確保在美國開發的電池供應。所以我認為陪審團在劃分多少以及生產稅收抵免方面尚無定論最終過濾到市場。

It's clearly a function of demand and supply at the end of the day. but we do see demand really, really high. And then I guess the key question is who is able to produce supply in a timely manner. We have head start in the sense that we are starting up our customer qualification plant, which, again, is an industrial scale production line and largely or sort of generally put, you could say that both Giga Arctic and Giga America are multiple replicas of that. And with the blueprint that we have established for Giga Arctic, we are sort of having a flying start, if you like, into the development of Giga America. So we really are looking quite favorably upon the future. But as we mentioned, we see the net present value of this project on a full 10-line capacity basis at $8 billion, of which $2.5 billion is the gross, let's say, net present value from the production tax credit, and then we'll see how that all sort of manifest itself over time.

這顯然是一天結束時需求和供應的函數。但我們確實看到需求真的非常高。然後我想關鍵問題是誰能夠及時生產供應。從我們正在啟動我們的客戶資格工廠的意義上說，我們處於領先地位，這又是一條工業規模的生產線，在很大程度上或一般來說，你可以說 Giga Arctic 和 Giga America 都是它的多個複製品.有了我們為 Giga Arctic 建立的藍圖，如果你願意的話，我們可以說是在 Giga America 的發展中有了一個良好的開端。所以我們真的很看好未來。但正如我們所提到的，我們看到這個項目在 10 條生產線的全部產能基礎上的淨現值為 80 億美元，其中 25 億美元是毛額，比方說，來自生產稅收抵免的淨現值，然後我們'隨著時間的推移，我們會看到這一切是如何表現出來的。

But maybe, Jeremy, you want to add something to this, but this is kind of generally a little bit, how we're thinking about it.

但也許，傑里米，你想為此添加一些內容，但這通常有點，我們是如何考慮的。

The only just nuance I would add is that the $2.5 billion of the $8 billion, we are assuming full realization of both the self-production credit and the module production credit in that number. So that's what's in the model today. That's my clarification.

我要補充的唯一細微差別是，80 億美元中的 25 億美元，我們假設該數字中的自我生產信貸和模塊生產信貸均已完全實現。這就是今天模型中的內容。這是我的澄清。

Our next question comes from Gregory Lewis from BTIG.

我們的下一個問題來自 BTIG 的 Gregory Lewis。

Yes. Thank you, and good morning, good afternoon, everybody. Tom, thank you for the slide on outlining the strategy for Giga America. I was hoping for a little bit more clarity around Phase 1a in terms of the size. It seems like the nameplate capacity for that line is a little bit smaller than it seems like it's going to be in the back as we kind of move forward. Any kind of color around that? Was that kind of a function of speed to market? Available of the supply chain supporting that, funding? Any kind of color you can give around that, just given that it seems Phase 1a is a little bit smaller than what the average line is going to be going forward?

是的。謝謝大家，早上好，下午好。湯姆，感謝您提供概述 Giga America 戰略的幻燈片。我希望 Phase 1a 的規模能更清晰一些。看起來這條線路的銘牌容量比我們前進時它看起來會在後面的容量小一點。周圍有什麼顏色？這是上市速度的一種功能嗎？提供支持的供應鏈，資金？你可以給出任何一種顏色，只是考慮到第 1a 階段似乎比未來的平均線要小一點？

Yes. Thanks, Greg. So just a quick response to this. So bear in mind that the 24M technology as any -- well, not any, but most battery technologies are sort of generations of the production technology. And those generation have a tendency to increase in speed of production over time. Of course, there are intrinsic limitations to conventional technology in terms of how much active material you can push through the system. We are starting up with what we label generation 2, and that is what we have the factor built at the customer qualification plan. That is a certain speed of production when it's operating at major capacity. Then we are implementing as we are also describing in the materials to Generation 3, which is a significant increase in speed of production. And that, of course, increases the throughput speed of an installed capital expenditure unit. So the first two production lines after upgrade is more like 8 gigawatt hours of capacity when it sort of turns into Generation 3. So that's a little bit more color around that.

是的。謝謝，格雷格。所以只是對此做出快速回應。所以請記住，24M 技術與任何技術一樣——嗯，不是任何技術，但大多數電池技術都是幾代生產技術。隨著時間的推移，這些一代人的生產速度有提高的趨勢。當然，就可以通過系統推動多少活性材料而言，傳統技術存在內在限制。我們從我們標記的第 2 代開始，這就是我們在客戶資格計劃中建立的因素。當它以主要產能運行時，這是一定的生產速度。然後我們正在實施，正如我們在第 3 代的材料中所描述的那樣，這是生產速度的顯著提高。當然，這會提高已安裝資本支出單元的吞吐速度。因此，升級後的前兩條生產線在變成第 3 代時更像是 8 吉瓦時的容量。所以這周圍有更多的顏色。

And as mentioned on the CapEx side, principally, we will, of course, raise at the project level, the equity required to build the initial 2 production lines of Generation 2. We will also upgrade those production lines at a later stage, which is also embedded in what we're raising capital for. And then we will gradually replace the Generation 2 lines with Generation 3 lines. They're also in mind for your benefit that we are producing LFP batteries, large pouch based cells which we will ultimately embed into modules for largely speaking, the energy storage market, but also increasingly for e-mobility applications as we announced in January this year, our first sort of conditional offtake agreements in that regard. So that's a little bit how you should think about this.

正如在資本支出方面提到的，我們當然會在項目層面籌集建設第 2 代最初 2 條生產線所需的股權。我們還將在後期升級這些生產線，即也嵌入到我們籌集資金的目的中。然後我們將逐步用第三代線替換第二代線。他們還考慮到您的利益，我們正在生產 LFP 電池，大型袋式電池，我們最終將嵌入到模塊中，主要用於儲能市場，但也越來越多地用於電動汽車應用，正如我們在今年 1 月宣布的那樣今年，我們在這方面達成了第一份有條件的承購協議。所以這就是你應該如何考慮這個問題。

So if you average out what we have stated before relative to a number of production lines, I agree that 2.5 gigawatt hour seem low, but that is because it's only in brackets Generation 2 which will be upgraded to Generation 3. And then it's LFP versus NMC, which, of course, is the same as we've said before, but that also has a certain impact on the energy density that flows through the system. So hopefully, that provides you additional color.

因此，如果您將我們之前所說的相對於多條生產線的內容進行平均，我同意 2.5 吉瓦時似乎很低，但那是因為它僅在括號中的第 2 代將升級到第 3 代。然後是 LFP 與NMC，這當然跟我們之前說的一樣，但是這對流經系統的能量密度也有一定的影響。希望這能為您提供額外的顏色。

Our next question comes from Philipp Koenig from Goldman Sachs.

我們的下一個問題來自高盛的 Philipp Koenig。

I guess my first question is on the progress of the CQP. Sort of when do you envisage that you can post finishing the actuals, when can you send those sample cells to your customers and reach the validation level that will sort of unlock the final investment decision for Giga Arctic, sort of how many months out are we from that point in time? And what is sort of the visibility that you have on that process?

我想我的第一個問題是關於 CQP 的進展。您預計什麼時候可以發布完成實際情況，什麼時候可以將這些樣品電池發送給您的客戶並達到驗證水平，這將在一定程度上解鎖 Giga Arctic 的最終投資決策，我們還有多少個月從那個時間點？您對該流程的了解程度如何？

And my second question is on the U.S. part on that Phase 1a. I guess how dependent is that facility and that financing from -- on a project level coming and how dependent is that on progress on the CQP as well as that sort of interlinked in the same way and we can sort of think about a similar time line? And then my last question is just on the CMD, will that be very much focused on the technology, whether it be more focused on Giga America? Sort of any more color on the event would be much appreciated.

我的第二個問題是關於第 1a 階段的美國部分。我猜想該設施和融資的依賴程度如何——在項目層面的到來以及它對 CQP 進展的依賴程度以及以相同方式相互關聯的程度，我們可以考慮類似的時間線？然後我的最後一個問題只是關於 CMD，它是否會非常關注技術，是否更關注 Giga America？如果能為活動增添更多色彩，我們將不勝感激。

So when it comes to -- I mean I was trying to answer that question on a previous question, I guess, in terms of moving from commissioning the customer qualification plans to electrode production to high-speed throughput of, let's call it, qualified batteries that unlocks conditional offtake agreements and therefore, financing. So we are moving into that production phase now. And as mentioned, we are weeks away from producing our first active electrodes, meaning that we can charge and discharge batteries essentially from products that we are producing at CQP. Then we will, in a careful manner, increase the number of electrode pairs that we're producing, putting them into an increasing number of batteries and increasing the speed at which we're producing the [math].

因此，當涉及到 - 我的意思是我試圖回答上一個問題的問題，我想，從委託客戶資格計劃到電極生產再到高速吞吐量，我們稱之為合格電池這解鎖了有條件的承購協議，因此，融資。所以我們現在正在進入生產階段。如前所述，我們距離生產第一個有源電極還有幾週的時間，這意味著我們基本上可以使用我們在 CQP 生產的產品對電池進行充電和放電。然後，我們將謹慎地增加我們生產的電極對數量，將它們放入越來越多的電池中，並提高我們生產[數學]的速度。

During that time, we will encounter issues and challenges that we have foreseen. And as we've mentioned before, we have identified more than 1,500 potential standard operating procedures to sort of rectify potential errors in production as we move along. So we're well prepared for the issues that come. But it's a little bit hard to sort of be very specific on when exactly we will have a sufficient amount of testable batteries that will unlock the offtake agreements, but we're definitely in the coming weeks and months going to increase that speed quite dramatically speed in terms of producing testable batteries.

在那段時間裡，我們會遇到我們預見到的問題和挑戰。正如我們之前提到的，我們已經確定了 1,500 多個潛在的標準操作程序，以在我們前進的過程中糾正生產中的潛在錯誤。所以我們已經為即將到來的問題做好了充分的準備。但是很難具體說明我們究竟什麼時候會有足夠數量的可測試電池來解鎖承購協議，但我們肯定會在未來幾周和幾個月內顯著提高速度在生產可測試電池方面。

We're also, of course, integrating our customers deeply into the testing regimes that we're doing on site. We're obviously also going to do third-party testing of the same batteries. So you should expect that our timelines for unlocking additional financing is in the coming weeks and months is really where we are. When it comes to them, your second question, how does this sort of filter through to the project level financing of Giga America. Clearly, our customer is there and our investors and strategic partners will want to sort of have clarity and comfort around our ability to produce batteries at relevant, let's say, with relevant technical milestones and metrics. But at the same time, they're also deeply embedded in the strategic intent of unlocking the energy transition. So it will be a phased approach with these stakeholders for sure. But there will, of course, be a link to our ability to produce batteries, but we're talking about unlocking these things in a very significant manner in the not-so-distant future.

當然，我們也在將我們的客戶深入整合到我們在現場進行的測試制度中。顯然，我們還將對相同的電池進行第三方測試。所以你應該期待我們解鎖額外融資的時間表是在未來幾周和幾個月內，這正是我們所處的位置。當談到他們時，你的第二個問題是，這種情況如何滲透到 Giga America 的項目層面融資。顯然，我們的客戶在那裡，我們的投資者和戰略合作夥伴希望對我們生產電池的能力有一定的了解和安慰，比方說，具有相關的技術里程碑和指標。但與此同時，它們也深深植根於開啟能源轉型的戰略意圖之中。因此，對於這些利益相關者來說，這肯定是一種分階段的方法。但是，當然，這與我們生產電池的能力有關，但我們正在談論在不遠的將來以非常重要的方式解鎖這些東西。

And as I said, on the Capital Markets Day to your third question, we will be providing additional color, not only on the technology. As we mentioned in our prepared remarks, we aim to be very transparent about our technical milestones. We aim to provide you with what we are looking for when we're scaling technology or scaling the 24M Technology. We aim to provide you with details around yield metrics, speed metrics, uptime metrics, scrap rate metrics, et cetera, as we find appropriate as we move forward. So that will be one part of the Capital Markets Day presentation.

正如我所說，在資本市場日對你的第三個問題，我們將提供額外的顏色，而不僅僅是技術。正如我們在準備好的評論中提到的，我們的目標是對我們的技術里程碑非常透明。當我們擴展技術或擴展 24M 技術時，我們的目標是為您提供我們正在尋找的東西。我們的目標是為您提供有關產量指標、速度指標、正常運行時間指標、報廢率指標等的詳細信息，因為我們會在前進的過程中找到合適的信息。因此，這將是資本市場日演講的一部分。

We will also provide deep dives into our strategic, commercial and financial partnership discussions, and there are quite many of them. Not only the energy transition acceleration coalition partnerships, which we announced at the opening of the customer qualification plan because there are multiple additional partnerships in the making as well. So you should expect a broad envelope of topics, but a relevant level of detail that will answer more, maybe not all of the questions that are posed on this call, but definitely much more color to provide more guidance as to how we're moving forward.

我們還將深入探討我們的戰略、商業和金融合作夥伴關係討論，其中有很多。不僅是我們在客戶資格計劃開始時宣布的能源轉型加速聯盟合作夥伴關係，因為還有多個其他合作夥伴關係正在製定中。因此，您應該期待廣泛的主題，但相關的詳細程度將回答更多，也許不是本次電話會議上提出的所有問題，但肯定會有更多的顏色來提供更多關於我們如何前進的指導向前。

(Operator Instructions) Our next question comes from Julien Smith from Bank of America.

（操作員說明）我們的下一個問題來自美國銀行的 Julien Smith。

This is [Alex Rabell] on for Julien. Just a follow-on, I think, to one of the earlier questions that was raised on the NPV math you guys have done here. When we think about the distribution of the $2.5 billion of tax credits, I mean, how much of that is reflecting in Phase 1a versus 1b presumably 1a as a bit of an outsized advantage given it's running ahead. I'm just curious if you can speak to sort of timing and how quickly that NPV would move around depending on your FID timing.

這是 Julien 的 [Alex Rabell]。我認為，只是對你們在這裡所做的 NPV 數學提出的早期問題之一的後續問題。當我們考慮 25 億美元的稅收抵免的分配時，我的意思是，其中有多少反映在階段 1a 與階段 1b 中，大概 1a 是一個巨大的優勢，因為它正在運行。我只是很好奇你是否可以談談時間安排以及 NPV 會根據你的 FID 時間安排來移動的速度。

Yes. Thank you for that question. Jeremy, do you want to chime in on this one.

是的。謝謝你提出這個問題。傑里米，你想插話嗎？

Yes, sure. So we have looked at in the model a breakdown of the credits coming in that make up that $2.5 billion. We see -- it's roughly -- I mean, keep in mind, it's not only just timing, but it's also capacity. And so while yes, 1a does have an advantage from a timing standpoint, it's likely only to be about 1 year versus the capacity delta for 1b. So we actually see it about trying to do math in public here. I think it's like 70% of that, maybe 65% to 70% of that $2.5 billion is in the 1b project with the remainder coming in the 1a project.

是的，當然。因此，我們在模型中查看了構成這 25 億美元的信用分項。我們看到——大致上——我的意思是，請記住，這不僅是時間問題，也是能力問題。因此，雖然是的，但從時間的角度來看，1a 確實具有優勢，但與 1b 的容量增量相比，它可能只有大約 1 年的時間。所以我們實際上看到了試圖在這裡公開做數學。我認為這 25 億美元中的 70%，也許 65% 到 70% 用於 1b 項目，其餘部分用於 1a 項目。

So again, when you look at 38 gigawatt hours of capacity and you have 8 of it coming in 1a after the upgrade. And of course, that upgrade happens a little bit later in timing. So you have the smaller capacity early which, again, the whole point of this acceleration plan is to go get those credits and the margin associated with the business in Phase 1a and being able to do that earlier than what we had originally planned. And so it's all sort of a net add to the project, but the breakdown is about 65% to 70% and 1b of the credit and the rest coming in 1a.

再說一次，當您查看 38 吉瓦時的容量時，升級後 1a 中有 8 個容量。當然，升級的時間稍晚一些。因此，您早期擁有較小的容量，同樣，這個加速計劃的重點是在第 1a 階段獲得與業務相關的信用和利潤，並且能夠比我們最初計劃的更早地做到這一點。所以這對項目來說是一種淨增加，但細分大約是 65% 到 70% 和 1b 的功勞，其餘的在 1a 中。

That's super helpful color. Maybe shifting back to Giga Arctic. You guys made a series of mentions around sort of your capital spending cadence. I think, Tom, you mentioned you expect something as early as summer not to hold your feet to the FREYR, but we're pretty close to summer. What exactly are you waiting for? If we can just throughout the broad-based question, and then how do you think about whatever that is translating to how you're willing to allocate capital given all the sort of multivarious things you guys are going on?

這是超級有用的顏色。也許會轉回 Giga Arctic。你們圍繞資本支出節奏進行了一系列提及。我想，湯姆，你提到過你希望早在夏天就會有一些東西不要讓你的腳停留在 FREYR 上，但我們離夏天很近了。你到底在等什麼？如果我們可以貫穿整個基礎廣泛的問題，那麼你如何看待任何轉化為你願意如何分配資本的事情，因為你們正在進行各種多樣的事情？

Yes. So I guess you're referring to the IRA response from the Norwegian government linked up to the EU response under the temporary crisis transition framework. And as we have alluded to in the presentation material, of course, the European Union did come out with their, let's say, high-level responses to the Inflation Reduction Act earlier this year. That is now starting to manifest itself into specific support packages for Giga factories being developed in countries like Germany, France and Spain. And all of these were announced last week towards the end of last week, still a little bit unclear as to the detailed specifics of it, what we're talking about support packages for giga factories in the billions.

是的。所以我猜你指的是挪威政府的 IRA 反應與歐盟在臨時危機過渡框架下的反應相關聯。正如我們在演示材料中提到的那樣，當然，歐盟確實在今年早些時候對通貨膨脹法案做出了高層回應。這一點現在開始體現在對德國、法國和西班牙等國家正在開發的超級工廠的具體支持包中。所有這些都是在上週接近上週末宣布的，但關於它的詳細細節仍然有點不清楚，我們正在談論的是為數十億個超級工廠提供的支持包。

The Norwegian government, which, of course, we have a very strong and close relationship with, have -- since they launched their national battery strategy at the Giga Arctic site less than 1 year ago have clearly stated that the Norwegian support packages will align very closely with those of the European Union. So we think the support packages that we're now seeing is a reference to what you should be expecting from the Norwegian government. We, of course, have been quite specific in our dialogue with them as to what we believe are competitive support packages to unlock the scaling of Giga factories for the kind that we are building. And we have been provided with formal feedback that such clarity will be provided to us before the summer.

挪威政府，當然，我們與之有著非常牢固和密切的關係，自從不到一年前他們在 Giga Arctic 站點啟動了國家電池戰略以來，他們已經明確表示，挪威的支持包將非常一致與歐盟密切相關。因此，我們認為我們現在看到的一攬子支持計劃是對您對挪威政府的期望的參考。當然，我們在與他們的對話中非常具體地說明了我們認為有競爭力的支持方案可以為我們正在建設的那種工廠釋放 Giga 工廠的規模。我們已收到正式反饋，將在夏季之前向我們提供此類清晰信息。

Before the summer in this context, it's probably by the end of the second quarter. But before the summer is what we have technically been communicated. So these are weeks away from having more clarity on this. And it comes to the second part of your question, as we've also been quite clear on in Oscar's remarks, in particular, we are prudent when it comes to releasing and spending capital even though we have a strong balance sheet, we clearly need to raise additional capital for the projects that we are seeking to build, specifically Giga Arctic and Giga America. We've spoken at length at Giga America on the project level equity raise there. And for Giga Arctic, we are with government support moving towards unlocking the project finance later this year. So depending on what support package comes through, we will then evaluate what that is, and then we will be back to the market with our specifics in terms of how we push that project forward.

在這種情況下，在夏季之前，可能是在第二季度末。但在夏天之前，我們已經在技術上進行了溝通。因此，距離更清楚地了解這一點還有幾週的時間。關於你問題的第二部分，正如我們在 Oscar 的發言中也非常清楚，特別是，即使我們擁有強大的資產負債表，我們在釋放和支出資本方面還是謹慎的，我們顯然需要為我們正在尋求建設的項目籌集額外資金，特別是 Giga Arctic 和 Giga America。我們在 Giga America 就項目層面的股權融資進行了詳細討論。對於 Giga Arctic，我們在政府的支持下將在今年晚些時候解鎖項目融資。因此，根據獲得的支持包，我們將評估那是什麼，然後我們將根據我們如何推進該項目的具體細節返回市場。

But in the meantime, we are continuing to develop it at so-called measured pace. So as you will see, and you can see from the materials, the plant is developing, and it's becoming a large facility -- and we're obviously going to continue to move forward on it, but in close lockstep with the development of the incentive tax coming from the government.

但與此同時，我們將繼續以所謂的有節制的步伐開發它。所以正如你所看到的，你可以從材料中看到，工廠正在發展，它正在成為一個大型設施——我們顯然將繼續向前推進，但與來自政府的獎勵稅。

We currently have no further questions. So I would like to hand the call back to Jeffrey Spittel for final remarks. Please go ahead.

我們目前沒有進一步的問題。因此，我想將電話轉回給 Jeffrey Spittel，請其發表最後的評論。請繼續。

Thanks, Bruno. Thank you, everybody, for your time and attention and the thoughtful questions. We'll be available for follow-ups for the rest of the day and the week. And we will see you on the road very soon. And then, of course, we're looking forward greatly to hosting everybody at the New York Stock Exchange on the 27. We'll speak to you soon. Thanks.

謝謝，布魯諾。謝謝大家的時間和關注以及深思熟慮的問題。我們將在當天和本週的剩餘時間進行跟進。我們很快就會在路上見到你。然後，當然，我們非常期待 27 日在紐約證券交易所接待所有人。我們很快就會與您交談。謝謝。