T1 Energy Inc (FREY) 2021 Q3 法說會逐字稿

Hello, and welcome to FREYR Q3 2021 Earnings Release and Conference Call. (Operator Instructions)

您好，歡迎來到 FREYR 2021 年第三季財報發布和電話會議。 （操作員說明）

Today, I am pleased to present our first speaker, (inaudible) of Investor Relations, Jeffrey Spittel. Please begin your meeting.

今天，我很高興介紹我們的第一位演講者，投資者關係部的傑弗裡·斯皮特爾（Jeffrey Spittel）（聽不清楚）。請開始您的會議。

Good day, and welcome, everyone, to FREYR Batteries Third Quarter Earnings Conference Call. With me today on the call are Tom Jensen, our Chief Executive Officer; and Steffen Foreid, our Chief Financial Officer.

美好的一天，歡迎大家參加 FREYR Batteries 第三季財報電話會議。今天與我一起參加電話會議的是我們的執行長 Tom Jensen；以及我們的財務長 Steffen Foreid。

During today's call, management may make statements related to our business that are forward-looking under federal securities laws and are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations.

在今天的電話會議中，管理層可能會根據聯邦證券法發表與我們業務相關的前瞻性聲明，並根據1995 年《私人證券訴訟改革法案》的安全港條款作出。這些聲明面臨各種風險和風險.可能導致實際結果與預期有重大差異的不確定性。

For a discussion of material risks and other important factors that could affect our actual results, please refer to our filings with the Securities and Exchange Commission, which are available on the Investor Relations section of our website, and the earnings press release issued earlier today.

有關可能影響我們實際業績的重大風險和其他重要因素的討論，請參閱我們向美國證券交易委員會提交的文件（可在我們網站的投資者關係部分獲取）以及今天早些時候發布的收益新聞稿。

Additional information will be made available in our quarterly report on Form 10-Q for the quarter ended September 30, 2021, and other reports that we may file with the SEC.

更多資訊將在我們截至 2021 年 9 月 30 日的季度 10-Q 表格季度報告以及我們可能向 SEC 提交的其他報告中提供。

With that, I'll turn the call over to Tom.

這樣，我就把電話轉給湯姆。

Thank you, Jeff, and good morning, good afternoon and good evening, wherever you might be dialing in from. It's a pleasure, of course, for me to be having this second earnings call for our third quarter earnings and to give you important updates on the progress of our business.

謝謝你，傑夫，早上好，下午好，晚上好，無論你從哪裡撥通。當然，我很高興能夠召開第二次關於我們第三季收益的財報電話會議，並向您提供有關我們業務進展的重要最新資訊。

And to just sort of skip through to the most important part, we are experiencing tremendous commercial momentum in the rollout of clean battery solutions worldwide. And I'm very happy to be speaking to you today to give you more insight into all the hard work that the passionate and dedicated people at FREYR have been working on since the last earnings call.

跳到最重要的部分，我們在全球範圍內推出清潔電池解決方案，正在經歷巨大的商業動力。我很高興今天能與您交談，讓您更深入地了解自上次財報電話會議以來，FREYR 充滿熱情和敬業精神的人們一直在努力工作。

FREYR is making a significant progress towards our commercialization efforts. We are making commercial and strategic progress across the board. We're building out the operational foundation to deliver an increasing number of battery cells into an exponentially booming market, and we're developing and financing our expansions to scale to basically ensure that we can be relevant for the customers in time.

FREYR 在我們的商業化努力方面取得了重大進展。我們正在全面取得商業和策略進展。我們正在建立營運基礎，以便為指數級繁榮的市場提供越來越多的電池，並且我們正在開發和資助我們的擴張規模，以基本上確保我們能夠及時與客戶保持聯繫。

So we are today announcing that we're negotiating offtake agreements in excess of 150 gigawatt hours in community volumes between 2023 and 2030. This will start deliveries already in 2023 and increase on an annualized basis leading up to 2030. In addition to this, we have a broad and expanding pipeline of opportunities across all market segments, and I'll go into depth around our progress on the customer front.

因此，我們今天宣布，我們正在就 2023 年至 2030 年間社區容量超過 150 吉瓦時的承購協議進行談判。這將於 2023 年開始交付，並在 2030 年之前逐年增加。除此之外，我們在所有細分市場都擁有廣泛且不斷擴大的機會，我將深入探討我們在客戶方面的進展。

Earlier this year, in October, we announced the joint venture that we have established with Koch Strategic Platforms. We're progressing in the development of that joint venture, and we'll get back to how we are thinking about expanding capacity expansion to build into this exponentially growing customer base.

今年早些時候，也就是 10 月，我們宣布與科氏戰略平台建立合資企業。我們正在該合資企業的發展中取得進展，我們將回到我們如何考慮擴大產能以建立這個指數級增長的客戶群。

We are also then accelerating our capacity expansion also in Finland, which we announced in the last earnings call. And both of these, coupled with our progress in Norway, gave us a strong and diversified production base to deliver a world-leading battery cell solutions.

我們也在上次財報電話會議中宣布了芬蘭的產能擴張。這兩點，再加上我們在挪威的進步，為我們提供了強大且多元化的生產基地，以提供世界領先的電池解決方案。

We are on track with the development of our Customer Qualification Plant, and we're on schedule for starting that up in the second half of next year. We're also very pleased today to announce that we have entered into a supply agreement with Glencore for initial cobalt needs all the way to 2028.

我們的客戶認證工廠的開發工作進展順利，並按計畫於明年下半年啟動。今天我們也非常高興地宣布，我們已與 Glencore 簽訂了供應協議，滿足 2028 年之前的初始鈷需求。

We will then be making the concept selection, or we have made the concept selection, I should say, for our first commercial facility with a targeted start-up in the second half of 2023, and we're now combining the development of Gigafactory 1 and 2, as has been alluded to in previous calls.

然後我們將進行概念選擇，或者我應該說，我們已經為我們的第一個商業設施做出了概念選擇，目標是在 2023 年下半年啟動，現在我們正在結合 Gigafactory 1 的開發和2，正如之前電話中提到的那樣。

We are accelerating the debt based financing solutions to support the final investment decision on that joint development, and we're going to make that final investment decision during the first half of 2022, being on track for start-up for production in the second half of 2023, as we previously communicated to the market.

我們正在加速基於債務的融資解決方案，以支持共同開發的最終投資決策，我們將在 2022 年上半年做出最終投資決策，並預計在下半年啟動生產正如我們之前向市場傳達的那樣，到2023 年。

Let me then go into the overview of our commercial progress. So we are basically seeing that the market short environment that we have been arguing for some time is being manifested at an accelerating rate. That gives us an opportunity, generally speaking, to high-grade the customer portfolio as we are preoccupied with driving value of the batteries that we produce as opposed to just producing volumes for volume's sake.

接下來讓我回顧一下我們的商業進展。因此，我們基本上看到，我們一段時間以來一直在爭論的市場空頭環境正在加速顯現。一般來說，這給了我們一個機會來提升客戶組合，因為我們專注於提高我們生產的電池的價值，而不是僅僅為了數量而生產。

And if I then take you through the funnel of opportunities that we have in the making, we are today announcing that we have 2 conditional offtake agreements in advanced stages of negotiations. These 2 are globally leading companies in the ESS space and in the energy space in general, and the total demand between 2023 and 2030 from these 2 customers alone exceed 50 gigawatt hours of potential demand.

如果我帶您了解我們正在創造的機會管道，我們今天宣布，我們有兩項有條件承購協議，處於談判的後期階段。這兩家公司是 ESS 領域和整個能源領域的全球領先公司，光是這兩家客戶在 2023 年至 2030 年間的總需求就超過了 50 吉瓦時的潛在需求。

On top of this, we have 7 offtake agreement negotiations ongoing which, in total, adds an additional 100 gigawatt hours of demand potential in the same period on top of the 50 gigawatt hours that we now have in final stages of negotiation. We also have a top 25 prospective customer list, and these customers are increasing their demand projections with us every time we speak to them and we are now in technical review with all of them, all under NDA, and the total need for these customers on aggregate add up to more than 3 terawatt hours of cumulative demand between 2024 and 2030.

除此之外，我們正在進行 7 項承購協議談判，在我們目前處於談判最後階段的 50 吉瓦時的基礎上，同期總共增加了 100 吉瓦時的需求潛力。我們還有前25 名潛在客戶名單，每次我們與這些客戶交談時，他們都會增加他們的需求預測，我們現在正在對所有這些客戶進行技術審查，所有這些都在NDA 下，並且這些客戶的總需求2024 年至 2030 年間，累計需求總計超過 3 太瓦時。

We don't anticipate, of course, to be able to deliver all of that anticipated demand, but we are increasingly certain that we will be a relevant supplier into that customer base as well.

當然，我們並不期望能夠滿足所有預期需求，但我們越來越確定我們也將成為該客戶群的相關供應商。

On top of all of these developments, we have more than 60 prospective customers in addition, many of which are now also under NDA and starting technical review. They are European and U.S.-based predominantly companies, but also select Asian companies that are coming into the U.S. and European markets across the EV segment the, ESS segment and the mobility segment.

除了所有這些發展之外，我們還擁有 60 多家潛在客戶，其中許多客戶現在也處於 NDA 狀態並開始技術審查。它們主要是歐洲和美國的公司，但也有一些選擇進入美國和歐洲市場的電動車細分市場、ESS 細分市場和移動出行細分市場的亞洲公司。

Being a provider of clean battery solutions with a diversified production footprint across Norway, Finland and the United States with a world-leading technology in 24M is providing a lot of interest in what we are delivering, and we're very happy today to be announcing that we made substantial traction on the commercialization of our offering.

作為清潔電池解決方案的供應商，在挪威、芬蘭和美國擁有多元化的生產足跡，並擁有世界領先的24M 技術，這讓人們對我們所提供的產品產生了濃厚的興趣，我們今天非常高興地宣布我們對我們產品的商業化產生了巨大的推動力。

So developing a sustainable supply chain is core to having a low-cost decarbonized supply of clean battery solutions. And we're, therefore, extremely proud to be announcing the cobalt agreements that we've entered into with Glencore.

因此，開發永續供應鏈是提供低成本、脫碳清潔電池解決方案的核心。因此，我們非常自豪地宣布我們與嘉能可簽訂的鈷協議。

We've contracted up to 1,500 metric tons of sustainably sourced cobalt metal cup cathodes. These will be produced at Glencore's Nikkelverk facility in Norway. We have a joint ambition to reach a 100% decarbonization of cobalt and other battery materials, and we will now increase our efforts together with Glencore to look into other supply sources into our battery ambitions in Norway and the Nordic, and the U.S. region.

我們已簽訂了多達 1,500 噸可持續來源的鈷金屬杯陰極的合約。這些產品將在嘉能可位於挪威的 Nikkelverk 工廠生產。我們的共同目標是實現鈷和其他電池材料 100% 脫碳，現在我們將與嘉能可加大努力，尋找其他供應來源，以實現我們在挪威、北歐和美國地區的電池目標。

This, again, underscores the importance of having a localized and decarbonized value chain for battery production. As mentioned many times before, we fundamentally do believe that the success of battery production is a function of having access to low-cost decarbonized raw materials, and then using world-leading technology to convert such raw materials in a low-carbon power environment to world-leading battery solutions.

這再次強調了電池生產在地化和脫碳價值鏈的重要性。正如先前多次提到的，我們從根本上相信電池生產的成功取決於獲得低成本的脫碳原材料，然後利用世界領先的技術將這些原材料在低碳電力環境中轉化為世界領先的電池解決方案。

This is one important and initial step, which will be followed by many with Glencore and others to develop a fully localized and clean Nordic battery value chain and supply chain.

這是重要的第一步，嘉能可和其他公司將跟進，以開發完全本地化和清潔的北歐電池價值鏈和供應鏈。

So our road map or road to commercialization started, of course, when we had the honor and privilege of listing on the New York Stock Exchange on July 8 this year. And quite a lot has happened since, and it's not that long ago since we actually became known to the battery industry from a -- listed on the New York Stock Exchange perspective.

所以我們的路線圖或商業化之路當然是在我們有幸於今年 7 月 8 日在紐約證券交易所上市的時候開始的。從那時起，發生了很多事情，而且距離我們真正以在紐約證券交易所上市的角度為電池行業所了解並不是很久以前的事情。

Since then, Koch Strategic Platforms and FREYR have announced the formation of our joint venture, and we've also announced that we are investing into 24M technologies, adding additional exclusivity production around the technology for deployment in the U.S.

此後，Koch Strategy Platforms 和 FREYR 宣布成立合資企業，我們也宣布正在投資 24M 技術，圍繞該技術增加額外的獨家生產，以便在美國部署。

We have now made the concept selection, what we refer to internally as Decision Gate 2 for our first commercial Gigafactory, and that is now a combination of what we previously labeled Gigafactory 1 and 2.

我們現在已經做出了概念選擇，我們在內部稱之為我們第一個商業超級工廠的決策門 2，它現在是我們之前標記的超級工廠 1 和 2 的組合。

We're developing that now in one go with increased throughput capacity relative to what we stated earlier. We will then continue to add offtake agreements to the ones that we are indicating today so that we fill up capacity in our Gigafactory 1 and 2, and also add capacity to further capacity expansions.

我們現在正在一次性開發它，相對於我們之前所說的，吞吐量能力有所提高。然後，我們將繼續在今天指出的基礎上增加承購協議，以便填補 Gigafactory 1 和 Gigafactory 2 的產能，並增加產能以進一步擴大產能。

The visibility we have an offtake today makes us sold out on the first Gigafactory 1 and 2 up until 2030, which then triggers us to accelerate development of additional capacity expansions beyond Gigafactory 1 and 2. We are making the final investment decision on Gigafactory 1 and 2 sometime in the first half of this year.

我們今天承購的可見性使我們在2030 年之前將第一個Gigafactory 1 和2 的產品全部售空，這促使我們加速開發Gigafactory 1 和2 之外的額外產能擴張。我們正在對Gigafactory 1 和Gigafactory做出最終投資決定。2 今年 上半年的某個時候。

We're optimizing that facility still. We've made the concept selection and we're still on track to start that up with commercial production of batteries in the second half of 2023. So growth in the U.S. We announced earlier this year an initial ambition of establishing up to 50 gigawatt hours of annualized capacity in the United States, clean battery solutions together with Koch Strategic Platforms.

我們仍在優化該設施。我們已經做出了概念選擇，並且仍有望在 2023 年下半年開始商業化生產電池。因此，我們在美國的增長今年早些時候宣布了建立高達 50 吉瓦時的初步目標美國的年產能，清潔電池解決方案以及科赫戰略平台。

This joint venture leverage the existing relationship with key potential U.S.-based customers and obviously gives us access to one of the largest private enterprises in the U.S., and they have very strong presence across the energy space with logistics, energy competence, building large facilities and, not least, their presence in and connections with core customers and different partners along the value chain for developing large-scale battery solutions in the U.S.

該合資企業利用了與美國主要潛在客戶的現有關係，顯然使我們能夠接觸到美國最大的私營企業之一，他們在能源領域擁有非常強大的影響力，包括物流、能源能力、建設大型設施和尤其重要的是，他們在美國開發大規模電池解決方案的價值鏈上的核心客戶和不同合作夥伴中的存在和聯繫。

We have, together with Koch Strategic Platforms, aligned strategically with 24M technologies, the technology platform that we will be using to build batteries across all market segments, not only ESS and commercial vehicles but also across electric vehicle platforms. This is increasingly a platform which we believe is very strong and deeply competitive relative to conventional lithium-ion battery technology, and we're super excited to accelerate deployment of capacity expansions in the United States together with, again, Koch Strategic Platforms.

我們與 Koch 戰略平台一起，與 24M 技術進行了策略協調，我們將使用該技術平台在所有細分市場（不僅是 ESS 和商用車，而且還跨電動車平台）製造電池。我們認為，相較於傳統鋰離子電池技術，這個平台越來越強大且具有強大的競爭力，我們非常高興能夠與科氏戰略平台一起加速在美國的產能擴張部署。

On top of this, as also mentioned earlier this year, we have entered into initial agreements with the Finnish Minerals Group as well as the City of Vaasa. We have 90 hectares of prime development acreage just outside the City of Vaasa, which we're now going to accelerate in terms of developing viable value proposition and business concepts to expand capacity also in the Finnish region.

除此之外，正如今年稍早所提到的，我們已與芬蘭礦業集團以及瓦薩市簽訂了初步協議。我們在瓦薩市外擁有 90 公頃的黃金開發面積，我們現在將加快開發可行的價值主張和商業概念，以擴大芬蘭地區的產能。

This marries up very well with access to localized and regionalized raw materials, which there is plentiful of in the Finnish region, in addition to a broad variety of other critical input factors for battery cell production in Norway and Sweden. We are very excited about having an additional footprint in the Nordic region, and that will be another area where we can expand capacity.

這與芬蘭地區豐富的本地化和區域化原材料以及挪威和瑞典電池生產的各種其他關鍵投入因素相得益彰。我們非常高興能夠在北歐地區擁有更多的足跡，這將是我們可以擴大產能的另一個領域。

Again, feeding into an exponentially growing customer base.

再次，滿足了指數級增長的客戶群。

So we are on schedule for the Customer Qualification Plant. And as you can see on this picture, the beauty of the 24M technology is that we can establish capacity inside existing manufacturing facilities or inside already-established large-scale buildings. This is a 13,000 square meter building which we secured earlier this year, and we're on track to install Norway's first large-scale lithium-ion battery production facility, which will be an actual industrial scale production line of the 24M technology.

因此，我們的客戶認證工廠正在按計劃進行。正如您在這張圖片中看到的，24M 技術的美妙之處在於我們可以在現有的製造設施或已建成的大型建築內建立產能。這是我們今年稍早獲得的一座 13,000 平方米的建築，我們即將安裝挪威第一個大型鋰離子電池生產設施，這將是 24M 技術的實際工業規模生產線。

All the critical path equipment is scheduled for delivery in the first half of 2022, and we're on track for combining all of those pieces together and starting up production of the 24M-based batteries in the second half of 2022.

所有關鍵路徑設備計劃於 2022 年上半年交付，我們預計將所有這些零件組合在一起，並在 2022 年下半年開始生產 24M 電池。

As also mentioned, based on the learnings and the insights that we're getting through the Customer Qualification Plant development, we have now decided to combine the development of Gigafactory 1 and 2 into one larger development. We have an 18,000 square meter plot a little bit north of where this building is located, and we are targeting to build out at least 8 production lines of the similar size equipment that we're installing into the Customer Qualification Plant.

正如也所提到的，根據我們透過客戶資格工廠開發所獲得的經驗和見解，我們現在決定將 Gigafactory 1 和 2 的開發合併為一個更大的開發項目。我們在建築物所在位置以北一點處擁有一塊 18,000 平方米的地塊，我們的目標是建造至少 8 條類似尺寸設備的生產線，並將這些設備安裝到客戶認證工廠中。

In our communication to investors earlier, we believe that Gigafactory 1 and 2 would have a combined capacity of 13 gigawatt hours in actual throughput production annually. We now see, based on the knowledge we have on the production facilities, that we are increasing that throughput capacity quite substantially over and above the 13 gigawatt hours that we have mentioned before.

在我們先前與投資者的溝通中，我們認為Gigafactory 1和Gigafactory 2每年的實際吞吐量合計將達到13吉瓦時。我們現在看到，根據我們對生產設施的了解，我們正在大幅提高吞吐量，超過我們之前提到的 13 吉瓦。

We're proceeding towards the final investment decision. We have made the concept selection earlier this -- or last week, and we are really excited about moving forward towards the final investment decision of Norway's first commercial Gigafactory of double-digit gigawatt hour output.

我們正在做出最終的投資決定。我們已經在今年早些時候或上週做出了概念選擇，我們非常高興能夠做出挪威第一個兩位數吉瓦時輸出的商業超級工廠的最終投資決定。

Now, on the raw material supply. I've already mentioned the agreement with Glencore which, beyond securing a critically important input through the 1,500 tonnes of cobalt, also points direction to collaborating with Glencore on other metals and metal sulfate, et cetera, that we need to go into our production.

現在，關於原料供應。我已經提到了與嘉能可達成的協議，該協議除了透過1,500 噸鈷確保至關重要的投入之外，還為與嘉能可在其他金屬和金屬硫酸鹽等方面的合作指明了方向，我們需要將其投入生產。

But in addition to this, we have already secured 5 out of the 13 inputs we require to the Customer Qualification Plant through our partner, ITOCHU, and the sub suppliers that are already approved suppliers into the 24M process. The remaining 8 is well advanced, and we are on track to ensure that we have sufficient and relevant qualified material to produce the initial batteries in the Customer Qualification Plant.

但除此之外，我們已經透過我們的合作夥伴伊藤忠商事以及已被批准進入 24M 流程的子供應商，確保了客戶資格工廠所需的 13 項輸入中的 5 項。其餘 8 個項目進展順利，我們預計將確保擁有足夠且相關的合格材料，在客戶認證工廠生產初始電池。

We will be speeding up and accelerating our efforts to localize and regionalize battery cell supply or battery cell raw material supply, I should say, into our Gigafactories, and the Glencore announcement is one important step in that regard, but we will now be gradually also announcing to the market additional partnerships to basically ensure that we have localized and regionalized and qualified raw materials going into our commercial facilities.

我們將加快努力，將電池單元供應或電池單元原材料供應本地化和區域化，我應該說，進入我們的超級工廠，嘉能可的公告是這方面的重要一步，但我們現在將逐漸向市場宣布更多的合作夥伴關係，以基本上確保我們的商業設施具有在地化、區域化和合格的原材料。

We're also well advanced in examining downstream integration. Both modules and pack partnerships are now in advanced stages of negotiation and discussion, and we will also be adding a module facility coupled with our cell manufacturing facility in Gigafactory 1 and 2.

我們在檢查下游整合方面也取得了很大進展。模組和電池組合作夥伴關係目前都處於談判和討論的後期階段，我們還將在 Gigafactory 1 和 Gigafactory 2 中添加一個模組工廠以及我們的電池製造工廠。

So in all, we are expanding our presence up and downstream from the cell manufacturing footprint, and we're seeing that the attractiveness of FREYR as a partner being both a customer and supplier of clean battery solutions and clean battery raw materials into cell production, is something that is resonating with all of the major players in this space.

總而言之，我們正在從電池製造領域向上游和下游擴展我們的業務，我們看到 FREYR 作為合作夥伴的吸引力，既是清潔電池解決方案和清潔電池原材料進入電池生產的客戶和供應商，引起了該領域所有主要參與者的共鳴。

So let me then just remind our investors about why we are so excited about the 24M technology. So the 24M technology all now have come to realize, is an MIT spin-off more than 12 years in the making, and have fundamentally revolutionized not only how the battery cells are designed, but also, more importantly, how they are produced.

那麼，讓我提醒我們的投資者，為什麼我們對 24M 技術如此興奮。因此，24M 技術現在已經成為大家所認識到的，它是 MIT 12 年多來的副產品，它不僅從根本上徹底改變了電池的設計方式，更重要的是，還徹底改變了電池的生產方式。

The innovative design provides us with an opportunity to build thicker electrodes, which will dramatically reduce material cost and also allow us to put more energy carrying material into the same volumetric unit of final battery solution.

這項創新設計為我們提供了建造更厚電極的機會，這將大大降低材料成本，並允許我們將更多的載能材料放入最終電池解決方案的相同體積單位中。

It is highly flexible and can be deployed at multiple different scales across not only the ESS market and commercial mobility market but also in the EV market applications. We are very excited about the developments of the technology pertaining to the EV space, and we see increasing interest and attention from the large automotive OEMs around the 24M technology.

它高度靈活，不僅可以在 ESS 市場和商業行動市場上進行多種不同規模的部署，還可以在 EV 市場應用中部署。我們對電動車領域相關技術的發展感到非常興奮，我們看到大型汽車原始設備製造商對 24M 技術的興趣和關注與日俱增。

As also mentioned before, this is a chemistry agnostic or chemistry flexible platform that can feed into the existing supply chains. So we can produce NMC batteries, LFP batteries, any known chemistry being used in conventional lithium-ion battery cell production today while also offering a bridge into future metal and [odd] solutions or solid-state solutions over time.

如同先前所提到的，這是一個化學不可知論或化學靈活的平台，可以融入現有的供應鏈。因此，我們可以生產NMC 電池、LFP 電池以及當今傳統鋰離子電池生產中使用的任何已知化學物質，同時隨著時間的推移，還可以為未來的金屬和[奇數]解決方案或固態解決方案提供橋樑。

The really important innovation in this production platform is that it fundamentally reduces the footprint and the complexity of producing lithium-ion battery cells. We are going from 15 to 5 production steps.

這個生產平台真正重要的創新在於，它從根本上減少了鋰離子電池生產的佔地面積和複雜性。我們的生產步驟將從 15 個減少到 5 個。

And with that dramatic reduction in footprint, which is more than an 80% reduction in footprint, 50% reduction in CapEx, substantial reduction in energy consumption and labor cost consumption, provides us not only with an opportunity to provide more cost-effective solutions to our customers but it allows us to optimize the production of batteries further as we move into the future where still, improved energy densities, improved cycle time, improved charge rates and, not least, reduced costs will be a requirement to basically deliver into the energy transition that is upon us.

隨著佔地面積的大幅減少，佔地面積減少了80% 以上，資本支出減少了50%，能源消耗和勞動力成本消耗大幅減少，這不僅為我們提供了提供更具成本效益的解決方案的機會，我們的客戶，但它使我們能夠進一步優化電池的生產，因為我們進入未來，提高能量密度，改善循環時間，提高充電率，尤其是降低成本將是基本交付能源的要求過渡即將來臨。

Finally, this is a more sustainable solution as we will have limited waste in the production, if at all, anything, and the ability to recycle any of the production waste we have is dramatically better than that of conventional production.

最後，這是一個更永續的解決方案，因為我們在生產中產生的廢物（如果有的話）是有限的，並且回收我們擁有的任何生產廢物的能力比傳統生產要好得多。

And since we are not using solvents and binders, but we're using the electrolytes as the solvent and the binder, we basically have a much less chemically, sort of, let's call it a challenged final product, which also allows for ultimate recycling to be done in a much better way.

由於我們不使用溶劑和黏合劑，而是使用電解質作為溶劑和黏合劑，因此我們基本上化學成分要少得多，我們可以稱之為具有挑戰性的最終產品，這也允許最終回收利用以更好的方式完成。

So we are very happy with our relationship with 24M. This is a step into the future. It offers a step change, performance and cost improvements relative to conventional production, and we are very excited about this technology and very excited about being the company to take it to multiple gigawatt-hour scale in Europe and the United States.

所以我們對與 24M 的關係非常滿意。這是邁向未來的一步。相對於傳統生產，它提供了階躍變化、性能和成本改進，我們對這項技術感到非常興奮，並且非常高興能夠成為歐洲和美國將其發展到數千兆瓦時規模的公司。

Let me now hand it over to our CFO to take you through the third quarter earnings financial aspects before I conclude with some concluding remarks. Steffen?

現在讓我將其交給我們的財務官，讓您了解第三季收益財務方面的情況，然後再做一些總結性發言。史蒂芬？

Thank you, Tom, and good day, everyone. It's a pleasure to be here today.

謝謝你，湯姆，大家好。很高興今天來到這裡。

At the end of the third quarter, FREYR had $623 million in cash and cash equivalents on its balance sheet. This is up substantially from the previous quarter, mainly due to the $644 million in net proceeds received from the business combination with Alussa Energy in July. The increase is partly offset by an operating cash outflow, investments in the Customer Qualification Plant and demerger payments totaling approximately $33 million in the quarter.

截至第三季末，FREYR 資產負債表上的現金和現金等價物為 6.23 億美元。這比上一季大幅增加，主要是由於 7 月與 Alussa Energy 的業務合併獲得了 6.44 億美元的淨收益。這一增長被本季度總計約 3,300 萬美元的營運現金流出、客戶資格工廠投資和分拆付款所部分抵消。

Our main financial priority short term is to minimize the use of cash while we build the organization and secure customer offtake. We recruit selectively and manage external costs closely, and expect the fourth quarter SG&A expense to be roughly in line with the third quarter.

我們短期內的主要財務優先事項是在建立組織和確保客戶購買的同時盡量減少現金的使用。我們選擇性地招募人員並密切管理外部成本，預計第四季的銷售、管理及行政費用將與第三季大致持平。

Medium term, our financial priority is to secure funding solutions that supports the final investment decision for Gigafactory 1 and 2. The plan is to raise financing in the debt capital markets where among commercial banks and export credit agencies. We have engaged banks and have a constructive dialogues with several potential lenders.

從中期來看，我們的財務重點是確保支持 Gigafactory 1 和 Gigafactory 2 的最終投資決策的融資解決方案。該計劃是在商業銀行和出口信貸機構之間的債務資本市場籌集融資。我們已與銀行接洽，並與幾家潛在的貸款機構進行了建設性對話。

As we accelerate our efforts to secure financing for the first commercial plant, we will seek a flexible, cost-efficient and sustainably-linked financing solution, allowing for speed and execution and supporting our time line. Longer term, we will seek to diversify sources of funding and optimize our capital structure as we execute on the strategy.

隨著我們加快努力為第一座商業工廠爭取融資，我們將尋求靈活、經濟高效且可持續的融資解決方案，以提高速度和執行力並支持我們的時間表。從長遠來看，我們將在執行策略時尋求資金來源多元化並優化資本結構。

And on that note, I'll turn the call over to Tom for closing remarks. Tom?

關於這一點，我將把電話轉給湯姆做總結發言。湯姆？

Thank you, Steffen.

謝謝你，史蒂芬。

So to summarize and sort of take you through our current priorities, we are on track to establish 83 gigawatt hours of annualized capacity of clean battery cell solutions by 2028.

因此，為了總結並帶您了解我們目前的優先事項，我們預計在 2028 年之前建立 83 吉瓦時的清潔電池解決方案年產能。

We can now deploy opportunities not only in Norway, which we are well advanced in developing, but also in Finland and the United States. And we will be looking into acceleration options for establishing that capacity, building on the knowledge and the footprint that we are establishing in Norway.

我們現在不僅可以在挪威（我們在發展方面處於領先地位）部署機會，還可以在芬蘭和美國部署機會。我們將基於我們在挪威建立的知識和足跡，尋找加速建立這種能力的選項。

We see very strong customer traction building, and we are very pleased today to announce initial insights into our customer funnel which now already have 9 customer engagements in offtake agreement discussions, 2 of which are in very advanced stages.

我們看到非常強大的客戶吸引力正在建立，今天我們非常高興地宣布對我們的客戶管道的初步見解，目前已經有 9 個客戶參與承購協議討論，其中 2 個處於非常高級的階段。

In combination, these 9 agreements add up to more capacity that we are developing in Gigafactory 1 and 2. We will keep adding momentum to that across the ESS and Commercial Mobility segments, and also expand into the EV market as we're moving towards the final investment decision for Gigafactory 1 and 2 in Norway.

總的來說，這9 項協議增加了我們在Gigafactory 1 和Gigafactory 2 中開發的更多產能。我們將繼續增加ESS 和商業移動領域的動力，並在我們邁向電動車市場的過程中擴展到電動車市場。挪威超級工廠 1 號和 2 號的最終投資決定。

It's important for us to diversify our production footprint, and this is also something that our customers are valuing greatly. To have a localized production footprint gives opportunity to have security of supply in local markets, which is going to be increasingly important for many of the large companies that we are in dialogue with across the ESS, Commercial Mobility and EV spectrum.

對我們來說，實現生產足跡多元化非常重要，這也是我們的客戶非常重視的一點。擁有在地化的生產足跡可以讓我們有機會在當地市場獲得供應安全，這對於我們正在與 ESS、商業移動和電動車領域進行對話的許多大公司來說變得越來越重要。

Finally, we are extremely preoccupied with driving capital efficiency. And as our CFO alluded to, we will be pursuing sustainably linked financing options and also have a diversified capital base over time. We will optimize plant configurations and supply chain to generate strong returns.

最後，我們非常關注提高資本效率。正如我們的財務長所提到的，我們將尋求可持續的掛鉤融資選擇，並隨著時間的推移擁有多元化的資本基礎。我們將優化工廠配置和供應鏈，以產生豐厚的回報。

Having a localized and decarbonized supply chain is fundamentally important to drive down costs, but also to drive down the CO2 footprint on a life cycle basis of the batteries we produce, which ultimately is going to be core to the decarbonization of transportation and energy systems globally, the market segment in which we are fundamentally delivering world-leading solutions into.

擁有在地化和脫碳的供應鏈對於降低成本至關重要，而且還可以減少我們生產的電池在整個生命週期內的二氧化碳足跡，這最終將成為全球運輸和能源系統脫碳的核心，我們從根本上向該細分市場提供世界領先的解決方案。

So with that, I open up for any questions or comments than any of our investors might have. But we are super excited about the progress to date, and we look forward to keeping you up to speed on a running basis of progress moving forward. Thank you for your attention.

因此，我願意接受我們的投資者可能提出的任何問題或評論。但我們對迄今為止的進展感到非常興奮，我們期待讓您及時了解未來的進展。感謝您的關注。

(Operator Instructions) Our first question comes from Evan Silverberg with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Evan Silverberg。

Evan Silverberg on behalf of Adam Jonas.

埃文·西爾弗伯格代表亞當·喬納斯。

I'm curious if you guys could give some commentary on global supply chains and what you guys are seeing? Obviously, it's been headlines a lot lately. Curious if there's any risk to that -- to half '22 start for the Customer Qualification Plant and then Gigafactories 1 and 2?

我很好奇你們能否對全球供應鏈以及你們所看到的內容發表一些評論？顯然，最近它經常成為頭條新聞。好奇是否有任何風險 - 到 22 年一半開始客戶資格工廠，然後是超級工廠 1 和 2？

Evan. Great to hear your voice again. So a very various good question, of course. I'm not surprised that you're posing it.

埃文.很高興再次聽到你的聲音。當然，這是一個非常多樣化的好問題。我對你提出這個問題並不感到驚訝。

So as I tried to allude to in the presentation, we will be having 13 different suppliers into our Customer Qualification Plant, and all the volumes that we require are secured for 5 of them and we are in closing stages with the remaining 8. So we don't see any risk of any supply shortage of materials going into the Customer Qualification Plant which, as you know, is scheduled to come on stream in the second half of next year.

因此，正如我在演示中試圖提到的那樣，我們將有13 家不同的供應商進入我們的客戶資格工廠，其中5 家供應商所需的所有數量均已得到保障，其餘8 家供應商正處於收尾階段。不存在任何進入客戶資格工廠的材料供應短缺的風險，正如您所知，該工廠計劃於明年下半年投產。

Now truth be told, that is a smaller volumetric requirements of raw materials, and when we move to Gigafactory 1 and 2 scheduled to start our production in the second half of 2023, we would obviously need to scale up that supply chain. That is something that we've already started on quite a long time ago, both looking into the existing qualified suppliers and how we can debottleneck and scale up their supply into our facilities.

現在說實話，這對原材料的體積要求較小，當我們搬到計劃於 2023 年下半年開始生產的 1 號和 2 號超級工廠時，我們顯然需要擴大供應鏈。這是我們很久以前就開始做的事情，既調查現有的合格供應商，又考慮如何消除瓶頸並擴大他們對我們設施的供應。

But coupled with that, we are in advanced stages with multiple different parties on the cathode active materials side, anode active materials side, electrolytes, copper foil, lithium hydroxide, lithium carbonate, anything and everything we need for LFP batteries and NMC batteries for a localized production footprint over time.

但除此之外，我們在正極活性材料方面、負極活性材料方面、電解質、銅箔、氫氧化鋰、碳酸鋰以及磷酸鐵鋰電池和三元電池所需的一切方面都處於後期階段。隨著時間的推移，本地化生產足跡。

So, so far, we are confident that we're going to be able to either scale up existing suppliers that are approved into the 24M process and/or combining that with localized development. Be it with existing cathode or anode material providers that are already present in the European realm or Asian suppliers that want to establish presence either in Finland or in Norway. So all in all, we are confident that we're going to be able to unlock the raw material supply chain.

因此，到目前為止，我們有信心能夠擴大已批准進入 24M 流程的現有供應商的規模和/或將其與本地化開發相結合。無論是已經在歐洲領域存在的現有陰極或陽極材料供應商，或是希望在芬蘭或挪威建立業務的亞洲供應商。總而言之，我們有信心能夠解鎖原料供應鏈。

But as has been pointed out by many people and stakeholders in the battery industry, this is a fundamentally important area for the whole battery industry to focus on, and we are collaborating with other cell providers and other sort of stakeholders to ensure a timely and sufficient raw material capacity is added in time for the battery cells to come online.

但正如電池行業許多人士和利益相關者所指出的那樣，這是整個電池行業需要關注的一個根本性重要領域，我們正在與其他電池供應商和其他類型的利益相關者合作，以確保及時、充分地原料產能及時補充，以便電芯上線。

That's great. One more follow-up, if you don't mind.

那太棒了。如果您不介意的話，還有一個後續。

Specifically within the United States, labor has been a big topic lately. Can you give a little commentary on how the hiring has been going? And any overall color on the Norwegian labor market right now?

特別是在美國，勞動力最近一直是一個大話題。您能否對招募進度發表一些評論？目前挪威勞動市場的整體狀況如何？

So thank you for that. So clearly, competence is going to be critical for any business that is scaling as rapidly as ours. Now FREYR has been in this peculiar -- or not peculiar, but special situation that we were, in all earnest, a very start-up company at the beginning of the year.

非常感謝你的幫忙。顯然，對於任何像我們這樣快速擴張的企業來說，能力都至關重要。現在，FREYR 處於這種特殊的情況——或者說不特殊，但特殊的情況，我們在今年年初確實是一家非常新創的公司。

We're still a start-up company, but with eight-folded capacity in the last 10 months. And that has, of course, required a lot of effort, but it just shows that we have been able to tenfold our own capacity be it from a small base, but with relevant competence across project execution, operational excellence, battery cell and product engineering, et cetera, and we're continuing that journey to expand our capacity base on a running basis.

我們仍然是一家新創公司，但在過去 10 個月產能增加了八倍。當然，這需要付出很大的努力，但這只是表明我們已經能夠將自己的產能擴大十倍，無論是從小規模的基礎，還是在專案執行、卓越營運、電池和產品工程方面的相關能力等等，我們將繼續這趟旅程，以不斷擴大我們的產能基礎。

Now when it comes to the U.S., it's a little bit too early for me to have any very specific views on this beyond the fact that we have started our joint venture approach together with Koch Strategic Platforms, so we populated the initial work leading up to concept selection and ultimate final investment decision for the first Gigafactory development for the joint venture in the U.S. sometime next year.

現在談到美國，除了我們已經與科氏戰略平台一起開始合資方式之外，對我來說對此有任何非常具體的看法還為時過早，因此我們填充了導致明年某個時候在美國為合資企業開發第一個超級工廠的概念選擇和最終投資決策。

And we are, of course, leveraging the Koch Strategic Platforms and Koch network as much as we can, but we will obviously also now have started the outreach to various different locations and jurisdictions where we are investigating the potential establishment of capacity, and so far, the interest in what we're doing is very strong.

當然，我們正在盡可能地利用科赫戰略平台和科赫網絡，但顯然我們現在也已經開始向各個不同地點和司法管轄區進行外展，我們正在這些地點和司法管轄區調查潛在的能力建設，到目前為止，對我們正在做的事情非常感興趣。

But we do not underestimate the challenge of attracting the appropriate level of competence nor do we underestimate the need for us to also educate, let's call it operators from other industries. But so far, so good, I would say, Evan. But this is a topic that you should pay attention to because we are paying attention to it, and we will not underestimate the challenge.

但我們並沒有低估吸引適當水平的人才所面臨的挑戰，也沒有低估我們對其他行業的營運商進行教育的必要性。但到目前為止，一切都很好，我想說，埃文。但這是一個你們應該關注的話題，因為我們正在關注它，我們不會低估這個挑戰。

Our next question comes from Greg Lewis with BTIG.

我們的下一個問題來自 BTIG 的 Greg Lewis。

Greg?

格雷格？

(Operator Instructions) We will move on to the next question for now. That is from Maheep Mandloi from Credit Suisse.

（操作員說明）我們現在繼續討論下一個問題。這是瑞士信貸銀行 (Credit Suisse) 的 Maheep Mandloi 的發言。

Okay. Can you guys hear me?

好的。你們聽得到我說話嗎？

We can.

我們可以。

Perfect. And congratulations on all the updates here.

完美的。祝賀這裡的所有更新。

Maybe if I can just start on the customers over here. Thanks for the clarification on the 2 in the ESS and the energy industry. Can you just talk about the other 7 in the early stages? Which end markets do they serve, and how do you think about kind of the customer -- or their customer qualification process -- their supply qualification process timelines?

也許我可以從這裡開始接待顧客。感謝您對 ESS 和能源產業中的 2 的澄清。能簡單說一下早期的其他7個嗎？他們服務於哪些終端市場？您如何看待客戶類型—或他們的客戶資格流程—他們的供應資格流程時間表？

Yes, so great.

是的，太棒了。

So let me generally speak about the 9, right? Two of them are more advanced and they are in the ESS realm. But among the 9, there is both ESS and commercial mobility customers. And that it's both LFP -- well, predominantly LFP batteries, but also NMC-based batteries, so that's why we're also excited about the cobalt agreement with Glencore.

那麼讓我概括性地談談 9，對嗎？其中兩個更先進，屬於 ESS 領域。但在這 9 個客戶中，既有 ESS 客戶，也有商業移動客戶。而且它既是磷酸鐵鋰——嗯，主要是磷酸鐵鋰電池，也是基於三元材料的電池，所以這就是為什麼我們對與嘉能可達成的鈷協議感到興奮。

So generally speaking, the process is as is with conventional batteries. You go through the ABCD cycle. We already have the opportunity to provide, of course, data from the 24M process but also sample cells not only from 24M, but also from select sister or brother licensees that we have in Asia, and we've also strengthened our relationships with them.

一般來說，這個過程與傳統電池一樣。你會經歷ABCD循環。當然，我們已經有機會提供來自24M 製程的數據，而且不僅可以提供來自24M 的樣品細胞，還可以提供來自我們在亞洲的精選姐妹或兄弟授權商的樣品，並且我們還加強了與他們的關係。

And then as the Customer Qualification Plant comes online, we will obviously go further into the ABC, the SOP kind of qualification process with batteries produced on site.

然後，隨著客戶資格認證工廠上線，我們顯然將進一步深入 ABC，即現場生產電池的 SOP 類型資格認證流程。

So the general nature of the qualification process in the ESS space and in the commercial mobility space is generally shorter and quicker than that of the automotive space, even though there are initiatives ongoing in the EV space as well to try to shorten the time lines of the qualification processes.

因此，ESS 領域和商業移動領域的資格認證流程總體上比汽車領域更短、更快，儘管電動車領域也在採取舉措，試圖縮短認證時間。資格流程。

And that is done through a combination of materials but also through advanced, let's call it algorithmic data modeling, and sort of early monitoring of cycle life and performance metrics on the cells that they come out of production.

這是透過材料的組合以及先進的演算法數據建模以及對生產出來的電池的循環壽命和性能指標的早期監控來完成的。

And the sort of final thing I'd like to say about that is, I think it's fair to assume that the 24M production platform is a faster production platform which allows us to iterate faster and also allows us to generate data quicker.

我想說的最後一點是，我認為可以公平地假設 24M 生產平台是一個更快的生產平台，它允許我們更快地迭代，也允許我們更快地產生資料。

So over time, we do believe that this technology could also enable us to actually shorten the qualification timelines by providing data and comfort around the solutions earlier and quicker than that has been the norm in the conventional technology today.

因此，隨著時間的推移，我們確實相信，這項技術還可以使我們能夠比當今傳統技術的規範更早、更快地提供圍繞解決方案的數據和舒適度，從而真正縮短鑑定時間。

So again, 9 customers, ESS commercial mobility, but in the 25 top customer prospects that come on top of that all under NDA and all in technical review and discussions as we speak, this also pertains to the industry.

再說一次，9 個客戶、ESS 商業移動性，但在 25 個頂級客戶前景中，所有這些都在 NDA 下，並且在我們發言時都在技術審查和討論中，這也與該行業有關。

So we're quite excited about the development and looking forward to keeping our investors and, of course, the broader constituency updated about progress on the customer side as we move towards the end of the year.

因此，我們對這一發展感到非常興奮，並期待讓我們的投資者以及更廣泛的支持者在年底時了解客戶方面的最新進展。

That was great enough. And if I may just move on to the Giga 1 and Giga 2. Can you maybe just talk about, like, what's driving that higher throughput? And it's interesting you talked about more than 13 gigawatt hours. Can you quantify how much that is and what's driving it? And I just wanted to also understand the CapEx needs for the 2 Gigafactories combined now?

那已經夠好了。如果我可以繼續討論 Giga 1 和 Giga 2。您能否談談，例如，是什麼推動了更高的吞吐量？有趣的是，您談到了超過 13 吉瓦時。您能量化其影響程度以及推動因素嗎？我只是想了解現在合併的 2 個超級工廠的資本支出需求？

Yes. So we are moving towards the final investment decision, and we will be making the final investment decision in the first half of next year or sooner rather than later, but we need to go through a number of different steps to ensure that we can optimize both the total cost of it in a, let's call it inflationary environment.

是的。因此，我們正在朝著最終的投資決策邁進，我們將在明年上半年或更早做出最終的投資決策，但我們需要經歷許多不同的步驟，以確保我們能夠優化兩者在通貨膨脹環境中的總成本。

So we're trying to sort of avoid, of course, the worst impacts of that, but anyone with a (inaudible) screen obviously realized that we have been through a fairly hectic inflationary time, and now certain of the input factors and costs that go into it for us is starting to normalize, so we're trying to optimize for the cost structure there. So we're not going to go out with any updated CapEx numbers at this time.

因此，當然，我們正在努力避免最嚴重的影響，但任何擁有（聽不清楚）螢幕的人顯然都意識到我們已經經歷了相當繁忙的通貨膨脹時期，現在某些輸入因素和成本對我們來說，這已經開始正常化，所以我們正在努力優化那裡的成本結構。因此，我們目前不會公佈任何更新的資本支出數據。

But when it comes to the configuration itself, and we have made the concept selection. So obviously, we have been learning quite a lot from the Customer Qualification Plant development and the design phase, if you like, of the casting unit cell assembly machine, which is the heart of the 24M process and, let's call it relevant upstream and downstream developments that go with that.

但說到配置本身，我們就做出了概念選擇。顯然，我們從鑄造單元組裝機的客戶資格工廠開發和設計階段（如果您願意的話）學到了很多東西，這是 24M 工藝的核心，我們稱之為相關的上游和下游隨之而來的發展。

That has allowed us also to -- in iterative dialogues with our customers, which we've been quite clear on in previous conversations with our investors but this is an iterative process where we come with this new lithium-ion battery solution, but staying in the existing realm, offering the opportunity to build larger electrodes and better electrodes with more energy carrying material in it.

這也使我們能夠在與客戶的迭代對話中，我們在先前與投資者的對話中已經非常清楚地說明了這一點，但這是一個迭代過程，我們推出了這個新的鋰離子電池解決方案，但仍保留在現有領域，提供了構建更大電極和更好的電極以及更多載能材料的機會。

So that has then allowed us to optimize the size of the cells that we intend to produce. That increase in size of cells, coupled with the increased speed that we think we can implement in the 24M technology, allows us to increase throughput of the combined facility.

這樣我們就可以優化我們打算生產的電池的尺寸。單元尺寸的增加，加上我們認為可以在 24M 技術中實現的速度的提高，使我們能夠提高組合設施的吞吐量。

In addition to this, we are adding a module facility. So we're building modules to pack around the cells, which is increasingly important for many of our ESS customers. That module facility is a CapEx-light facility, I mean, it's relative to the battery cell facilities, but adds roughly 30% in revenue on top of the cell revenue that we will get from the cells, and that improves the margin picture for the totality of the equation.

除此之外，我們還增加了一個模組設施。因此，我們正在建立封裝在電池周圍的模組，這對我們的許多 ESS 客戶來說越來越重要。這個模組設施是一個資本支出輕型設施，我的意思是，它是相對於電池單元設施而言的，但除了我們從電池獲得的電池收入之外，它還增加了大約30% 的收入，這改善了方程式的整體。

So when it comes to the exact throughput capacity that we're going to come -- that are going to come out of it, and we're not ready yet to sort of quantify that specifically, but it is in the double-digit percent increase for sure.

因此，當談到我們將要達到的確切吞吐量時，我們還沒有準備好具體量化它，但它是兩位數的百分比肯定會增加。

How much up we're going to end up, that is still a matter of optimization, so we'll come back to the market when we have more precision around that, which will be -- we will be announcing leading up to and concluding with the final investment decision again in the first half of next year.

我們最終會上漲多少，這仍然是一個優化問題，所以當我們對此有更精確的了解時，我們將回到市場，這將是 - 我們將宣布領先和結論明年上半年再次做出最終投資決定。

Got it. That's helpful. And just one last one from me on the -- just on the cash usage in the near term for Q4. Should we expect the same $30 million range for cash burn as well and a similar run rate unless -- until the Gigafactories start on a quarterly basis?

知道了。這很有幫助。我的最後一個問題是關於第四季短期內的現金使用。我們是否應該預期同樣的 3000 萬美元的現金消耗範圍和類似的運行率，除非——直到超級工廠按季度啟動？

Yes. So generally speaking, as our CFO alluded to in the call, we will roughly have the same SG&A burn in the fourth quarter as we have in the third quarter.

是的。因此，一般來說，正如我們的財務長在電話會議中提到的那樣，我們第四季度的 SG&A 消耗將與第三季度大致相同。

But maybe, Steffen, you want to add some color to this? So the CFO can comment additionally on this. Steffen?

但也許，史蒂芬，你想為此添加一些色彩？所以CFO可以對此進行補充評論。史蒂芬？

Yes, I can do that. Thank you.

是的，我可以做到。謝謝。

So that's correct, approximately the same G&A in the fourth quarter. But I would just like to make the point that in the [$30 million], that includes about almost $10 million in share-based compensation rate, so the cash effect is less but approximately the same level.

所以這是正確的，第四季的一般管理費用大致相同。但我想指出的是，在[3000萬美元]中，其中包括約近1000萬美元的基於股份的薪酬，因此現金效應較小，但大致處於相同水平。

Thank you, Steffen.

謝謝你，史蒂芬。

(Operator Instructions) Our next question comes from Jacob Green with BTIG.

（操作員說明）我們的下一個問題來自 BTIG 的 Jacob Green。

Sorry, Greg was having some technical issues. But just a quick one for me.

抱歉，格雷格遇到了一些技術問題。但對我來說只是一個快速的。

So looking at your offtake agreements and your prospective offtake agreements for 150 gigawatt hours, is there any way to think about the cumulative demand over a time period? Any way to think about that?

因此，請查看您的 150 吉瓦時的承購協議和預期承購協議，是否有任何方法可以考慮一段時間內的累積需求？有什麼辦法可以考慮一下嗎？

Yes. So just to be clear, the 150 gigawatt hours is a cumulative demand from these 9 customer engagements between 2023 and 2030. And by 2030 or leading up to 2030, I should say, the total demand actually exceeds the capacity that we aim to produced from Gigafactory 1 and 2 as we see it today.

是的。因此，需要明確的是，150 吉瓦時是 2023 年至 2030 年間這 9 個客戶參與的累積需求。我應該說，到 2030 年或 2030 年之前，總需求實際上超過了我們目標生產的產能我們今天看到的Gigafactory 1 和2。

And when we couple that with the accelerating momentum that we're seeing from the top 25 customer list, that triggers us to develop more Gigafactories as soon as we can in Norway, Finland and the United States.

當我們將這一點與我們從前 25 位客戶名單中看到的加速勢頭結合起來時，就會促使我們盡快在挪威、芬蘭和美國開發更多的超級工廠。

Because there is -- I mean, the market shortness we have been talking about for quite some time, maybe in particular on the ESS and commercial mobility space, is increasingly being manifested, and our customers are increasingly worried or preoccupied with securing supply as quickly as they can also from localized sources of production.

因為——我的意思是，我們已經談論了相當長一段時間的市場短缺，也許特別是在 ESS 和商業移動領域，正在日益顯現，而且我們的客戶越來越擔心或專注於盡快確保供應因為他們也可以從本地生產來源取得。

So that is a very good situation, of course, from a battery cell producer's point of view, but it also underpins or underscores the challenge that the battery industry will have moving forward that a market short environment, while positive from any aspects, does underpin the fact that shortage of batteries can be a function of shortage of raw materials, et cetera, as also alluded to in previous questions.

因此，從電池生產商的角度來看，這當然是一個非常好的情況，但它也支撐或強調了電池行業向前發展所面臨的挑戰，即市場短缺環境雖然從任何方面來看都是積極的，但確實支撐了電池行業的發展。事實上，電池短缺可能是原材料短缺等造成的，正如前面的問題中也提到的那樣。

So we will now accelerate across the board. We have had this value chain approach all along. That is now bearing fruits, I should say, both in terms of partnership establishment, upstream from cell production, but also when we're branching out into module and pack partnerships and module production as well with our Gigafactory 1 and 2 development, that is increasing the opportunity to sort of develop tailor-made solutions to a larger extent for our customers.

因此，我們現在將全面加速。我們一直採用這種價值鏈方法。我應該說，現在已經取得了成果，無論是在電池生產上游的合作夥伴關係建立方面，還是在我們擴展到模組和電池組合作夥伴關係以及模組生產以及我們的 Gigafactory 1 和 2 開發方面，即增加在更大程度上為我們的客戶開發客製化解決方案的機會。

And the final thing, having the opportunity to diversify geographically and getting closer to the customers, but also having a diversified supply base increases the opportunity for us to accelerate development of new capacity.

最後一件事是，有機會實現地理多元化並拉近與客戶的距離，同時擁有多元化的供應基地也增加了我們加速新產能開發的機會。

So hopefully, that sort of gives some more color to that. We will be coming back to the market with more specifics around Gigafactory 1 and 2 and, obviously, subsequent Gigafactories in Norway and Finland and the U.S. when we have some more definition around that.

所以希望這能為它帶來更多的色彩。當我們對此有更多定義時，我們將回到市場，提供有關 Gigafactory 1 和 Gigafactory 2 的更多細節，顯然，還有挪威、芬蘭和美國的後續 Gigafactory。

And that again will be, as it has been to date, iterative processes between ourselves and our customers, our raw material providers as well as potential developments of conventional technology and joint venture constructs in the Nordic region, maybe predominantly.

到目前為止，這又將是我們與客戶、原料供應商之間的迭代過程，以及北歐地區傳統技術和合資企業建設的潛在發展，也許主要是這樣。

And there is a very strong interest from conventional Asian battery cell producers to establish partnerships with FREYR in a local, let's call it Nordic environment to supply the exponential growth in demand also from the EV producers in Europe because they still rely heavily on imports from Asia even though there is a number of initiatives on the cell side in Europe.

傳統的亞洲電池生產商非常有興趣在當地（我們稱之為北歐環境）與 FREYR 建立合作夥伴關係，以滿足歐洲電動汽車生產商指數增長的需求，因為他們仍然嚴重依賴從亞洲進口儘管歐洲在電池方面有許多舉措。

Obviously, not all of them will materialize, and we are increasingly being regarded as a credible provider of solutions, and we are getting stronger and stronger by the day.

顯然，並非所有這些都會實現，我們越來越被視為可靠的解決方案提供商，我們日益強大。

So you should expect more in that area also from FREYR moving forward. But right now, we are excited about the traction we have around Gigafactory 1 and 2 and the commercial ramifications of that, the 150 gigawatt hours that we have under, let's say advanced and final stages of negotiations as we speak, again, more than filled up that capacity until 2030. So then we will be complementing that to then trigger development of new capacity.

因此，您應該對 FREYR 在該領域的發展抱持更多期望。但現在，我們對 Gigafactory 1 和 Gigafactory 2 的吸引力及其商業影響感到興奮，當我們擁有的 150 吉瓦時，讓我們說，正如我們所說，談判的高級階段和最後階段已經超過了填補到2030年，我們將補充這項能力，然後觸發新能力的發展。

Great. Great. And then as far as the supply of -- your cobalt supply of Glencore for the 1,500 metric tons. Is there a way to think about that in the gigawatt hours of battery produced?

偉大的。偉大的。至於嘉能可 (Glencore) 的鈷供應量，為 1,500 噸。有沒有辦法在生產的千兆瓦時電池中考慮這個問題？

Well, I mean, there are basic rules of thumb, right, on this one in terms of how much cobalt you need into [NMC811] type solutions, and it's probably the NMC811 solution that we will be producing for the customer base in question.

嗯，我的意思是，就 [NMC811] 類型解決方案中需要多少鈷而言，有一些基本的經驗法則，對吧，這可能就是我們將為相關客戶群生產的 NMC811 解決方案。

We don't want to be very specific on this as of just yet, but I can say that the cobalt that we have secured is currently sufficient to provide the cobalt needs for the NMC volumes that we aim to produce in Gigafactory 1 and 2, but it's not more than just about.

目前我們還不想具體說明這一點，但我可以說，我們目前獲得的鈷足以滿足我們計劃在 Gigafactory 1 和 Gigafactory 2 生產的 NMC 量的鈷需求，但這不僅僅只是關於。

So -- but that is, of course, a good starting point for us. We do see a lot of LFP demand coming. And of course, the 24M technology is chemistry flexible, so we can produce both. We will obviously tailor-make production lines to LFP and then tailor-make production lines to NMC. Even though we can swap flexibly between them, we would like to avoid that to ensure that we have the absolute highest uptime in each of the production lines that we have.

所以——但這對我們來說當然是一個很好的起點。我們確實看到大量 LFP 需求即將到來。當然，24M 技術具有化學靈活性，因此我們可以同時生產這兩種技術。我們顯然會為LFP量身訂做生產線，然後為NMC量身訂做生產線。儘管我們可以在它們之間靈活切換，但我們希望避免這種情況，以確保我們擁有的每條生產線都擁有絕對最高的正常運行時間。

But right now, the cobalt supply is sufficient for the NMC-based volumes that is in our, let's call it offtake agreement definition as we see it today. But this will probably also increase. We do believe that NMC will have a role to play also in ESS and mobility, and of course, EV solutions moving forward, even though LFP is more and more important for a broader variety of market verticals and segments.

但目前，鈷供應足以滿足我們今天所看到的承購協議定義中基於 NMC 的產量。但這也可能會增加。我們確實相信，NMC 也將在 ESS 和移動性領域發揮作用，當然，還有向前發展的電動車解決方案，儘管 LFP 對於更廣泛的垂直市場和細分市場來說越來越重要。

So all in all, a good step forward on the commercial front, a good step forward on the operationalization front and a good step forward on the raw material supply front.

總而言之，這是在商業方面向前邁出的一大步，在營運方面向前邁出了一大步，在原材料供應方面向前邁出了一大步。

We have no further questions. I hand back over to our speakers.

我們沒有其他問題了。我將會議交還給我們的發言人。

Well, thank you, operator, and thank you, everyone, for your interest today. We look forward to catching up with you over the remainder of the year both virtually and, now, in person on the conference circuit on the road, so we'll see you all soon. And please feel free to reach out to us with additional questions and feedback.

好的，謝謝接線生，也謝謝大家今天的關注。我們期待在今年剩餘的時間與您見面，無論是虛擬的還是現在親自在巡迴會議上，所以我們很快就會見到你們。如果有其他問題和回饋，請隨時與我們聯繫。

Thank you very much. This will conclude the call.

非常感謝。通話就此結束。