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Posted 15 May, 2023

FREYR Battery appointed new CEO

CEO Change detected for ticker NYSE:FREY in a 8-K filed on 15 May, 2023.


  On May 10, 2023, the Board also appointed Tom Einar Jensen as a director of the Company, effective on May 10, 2023. Mr. Jensen has served as Chief Executive Officer ("CEO") of FREYR since July 2021.  

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Overview of FREYR Battery
Industrial Goods • Industrial Electronics
FREYR Battery SA engages in the development of clean, next-generation battery cell production capacity. It focuses on production of environmentally friendly battery cells through a business model intended to maximize long-term value creation and unlock sustainable, superior returns to stakeholders. The company was founded by Peter Matrai, Torstein Dale Sjøtveit, and Tom Einar Jensen on January 20, 2021 and is headquartered Luxembourg.
Market Cap
$235M
View Company Details
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

As disclosed in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission (the "SEC") on March 16, 2023, Monica Tiúba notified the Board of Directors (the "Board") of FREYR Battery on March 12, 2023, that she would not stand for re-election as a director of the Company, and therefore will no longer serve as a director of the Company or on any committee of the Board. Her decision to not stand for re-election was for personal reasons and not due to any disagreement with the Company on any matter relating to the Company's operations, policies or practices (financial or otherwise). By a resolution of the Board, her resignation became effective on May 10, 2023.

The Board appointed Daniel Barcelo, a current director on the Board and a member of the Audit and Risk Committee (the "Committee"), as chairperson of the Committee, effective May 10, 2023.

On May 10, 2023, the Board also appointed Tom Einar Jensen as a director of the Company, effective on May 10, 2023. Mr. Jensen has served as Chief Executive Officer ("CEO") of FREYR since July 2021. Mr. Jensen was a Co-Founder of FREYR Legacy and served as FREYR Legacy's CEO since October 2018. Prior to and concurrently with FREYR Legacy, Mr. Jensen has served as Co-Founder and Partner of EDGE Global LLC since September 2017. Prior to EDGE Global LLC and FREYR Legacy, Mr. Jensen served in multiple positions, most recently as Partner and Senior Advisor, at SYSTEMIQ Ltd. from April 2016 to September 2017. Prior to SYSTEMIQ Ltd., Mr. Jensen was Executive Vice President Head at Joule Unlimited Technologies, Inc. ("Joule Unlimited") from April 2014 to March 2016. Prior to Joule Unlimited, Mr. Jensen was CEO at Agrinos AS from September 2009 to September 2013. Prior to Agrinos AS, Mr. Jensen held various positions in finance, strategy, and business development at Norsk Hydro. Mr. Jensen holds an M.Sc. in Finance and Economics from the Norwegian School of Economics.

The Board believes Mr. Jensen is qualified to serve on the Company's Board due to his in depth knowledge of FREYR, its operations, and its mission and due to his extensive business, finance, strategy, and leadership experience.

As FREYR's CEO, Mr. Jensen is not independent under the New York Stock Exchange's listing standards and applicable law. There are no additional related party transactions between the Company and Mr. Jensen that are required to be disclosed pursuant to Item 404(a) of Regulation S-K that have not previously been disclosed in the Company's filings with the SEC.

Mr. Jensen currently receives compensation from the Company related to his position as CEO, and will receive no additional compensation for his service as a director of the Board.