Fjord Defence Group ASA

Regulatory Filings • Aug 31, 2021

Investor Presentation

Important Information

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OUR MISSION

To accelerate the advent of a carbon neutral society through delivering sustainable battery solutions for the automotive and wider transportation sector

"Battery solutions are the catalyst that will drive our society to an electrified, zero -emissions future. It is the next industrial revolution. The next decade willsee unprecedented change, and we at Britishvoltintend to be leading that change"

Orral Nadjari Britishvolt CEO & Founder

We are on a solid trajectory, with successful funding to date, a detailed technology roadmap, and a worldclass site in the UK that has been granted planning permission

Organisation and funding Product development Planning and site

Key Investment Highlights

We are making significant progress against a bold vision to become a market-leading battery cell manufacturer, 21 months from concept

Global decarbonisation agenda is driving a significant increase in demand followed by a lagging supply, generating a supply / demand imbalance

American markets

European and North America EV battery outlook5,6

Source: ¹ Goldman Sachs Equity Research, ² EY Mobility Lens Forecaster, ³ EY analysis and adjustments to IHS production forecasts using OEMs cycle plan announcements, ⁴ LMC Automotive, ⁵ IHS Markit LV Alternative Propulsion Forecast, ⁶ EY-Parthenon Analysis

We have selected the UK and Canada for our initial Gigaplant locations given strong market fundamentals, early-mover opportunities and supportive government attitudes

Several as the site the	factors have led Britishvolt to choose for its first Gigafactory, then development in other favourable markets	the UK accelerating	United Kingdom	Canada
	Favorable Market Fundamentals	ü ü ü	~£18.6bn Automotive Industry Road to Zero 36GWh shortage by 2029	ü ~US\$20bn Automotive Industry ü Zero Emission Vehicle Infrastructure ü No Gigaplant operating or announced
	Wide Access to OEM Customers	ü	Hub for Key OEM Customers	ü Five global OEMs producing > 2m vehicles p.a.
	Strong Government Support	ü	Automotive Transport Fund (ATF) approved	ü Ongoing discussions with Government of Quebec
	Highly Localised Sourcing	ü	Localised supply chain driven by UK's 'rules of origin'	ü Abundant raw materials ü Investment in lithium development
	Accessto World-Class Talent	ü	Research and development facilities, manufacturing manufacturing and automotive experts	and key industry leaders in battery

In the UK, we have secured the best location with a site that is shovel-ready and served by renewable energy; planning permission was granted on 7 July 2021

We are also in active discussions with global supply chain providers and OEMs to co-locate in an adjacentsupplier park, creating an ecosystem of battery value chain players

We have signed an MoU and term sheet with leading organisations including WMG and Oxford University for development of next-gen solid state technology

Solid state batteries are expected to be the next generation technology for electric vehicles: they will provide multiple benefits and expediate the EV transition

We are leading a Special Purpose Vehicle (SPV) along other prominent organisations driving towards a mass solid state product by 2030. Britishvolt will:

• Partner in the SPV, sharing the all the IPs generated as part of the project
• Contribute expertise and knowhow into the development, particularly on cell design and manufacturing technology
• Co-invest in the capabilities and the projects to deliver the outcomes

Note: Though prototype devices will be available early, the consortium (and potential contributing OEMs) project partners believe a credible route to scaled, stacked and viable commercially representative devices by 2025 is a archivable position from which the route to scaled manufacture for mass production within 4 years is pragmatic and realistic expectation on time to deliver true volume manufacture of next gen battery technology

We are building a business with a clear ESG strategy that puts sustainability at the heart of how we measure and demonstrate value ²⁰ 7

Sustainability is at the core of our business proposition, with our strategy aligned to many of the UN's Sustainable Development Goals

Shortening Supply Chains		Co-location and shortening of supply chains across our sourcing and manufacturing process, driving job creation and protection
Job Creation and Protection		Create vital jobs and help protect existing jobsin the automotive sector which are under threat
Energy Use		Powered by renewable electricity where possible, reducing the carbon inputs into the final battery product
Emission Reduction		Accelerate the electrification agenda reducing CO2 emissions and pollutantsin the atmosphere
Circular Economy		Driving growth of the circular economy e.g. through on-site battery recycling facilities
Community Regeneration		Community regeneration around both our UK and Canadian sites

We have developed a roadmap to reduce our carbon emissions across the value chain by 62% compared to benchmark value chain emissions

Targeting a reduction in our CO2 emissions to 25 kg CO2/kwh through focusing on core levers across the value chain:

• Sustainable localised cathode material production
• Cell production optimisation
• PCAM sourcing from sustainable sources
• Sustainable synthetic and natural graphite localised production
• Materials recycling