Fjord Defence Group ASA

Investor Presentation • Jun 22, 2022

Market failures of the battery industry

Isobel Sheldon OBE

Chief Strategy Officer

"Our addiction to fossil fuels is pushing humanity to the brink. We face a stark choice: either we stop it, or it stops us. It's time to say: enough."

Antonio Guterres, UN Secretary-General COP26

Who we are

We are Britishvolt.

Our mission is to be the leading, ESG-focused organisation that develops technologies to help overcome the environmental, technical and commercial challenges of sustainable, lowcarbon battery solutions across all segments of electrification

Consumers have shown an accelerating preference towards EVs that is driving a rapidly increasing forecast for BEV vehicle registrations

2032

BEVs to be the dominant powertrain, 3 years earlier than anticipated

Shift in light vehicle registrations forecast, Europe (2019-2050F)

50% BEV moved forward by ~3 years

42% Global consumer preference for EVs

Powertrain preference of consumers car purchase intentions (2020-2021)

Source: EY Mobility Consumer Index, EY Mobility Lens Forecaster, EY-Parthenon analysis

BV are uniquely positioned to respond to the market failures of the battery industry and take advantage of unprecedented market growth using tailored and sustainable batteries

2028 forecasted battery demand to outstrip supply by 554GWh in Europe & 334GWh in North America

CAPACITY FAILURE TECHNOLOGY FAILURE ESG FAILURE SUPPLY FAILURE

Current 'one size fits all' approach does not respect OEM brand values. Tailoring will be key to success

Embedded carbon is unnecessarily high within the battery facilities and supply chain

07

Supply of raw materials and capacity in the midstream has not kept pace with the demand for EVs

BV investment strategy is focused on controlling access to raw materials through strategic partnerships as industry dynamics have transformed the market

2016 PRODUCT PUSH Sluggish OEM demand; securing orders is critical

2022 SUPPLY CONTROL

High OEM demand; securing material is critical

"We are seeing significant recent inflation pressure in raw materials and logistics." Elon Musk, CEO Tesla

"Demand is not the issue; the supply chain for EVs will be the bottleneck, not only for us but also for all our competitors." Herbert Diess, Group CEO VW

"There's an imbalance this year between supply and demand, especially with the new product line-up we have. We're virtually sold out on all of our new products."

John Lawler, CFO Ford

BV have a long-term vision to expand our product offering globally to provide clean energy storage that supports the wider global energy transition

Deliver a world-class battery solution

Leverage world-class UK R&D ecosystem

Develop suite of solutions for different markets

Selectively enter attractive markets

BV are progressing towards commercial production of the first products for OEM by H2/2024 and are already working on the next generation cells

ESG is a pillar of BV's purpose, with the strategy and vision aligned to the UN Sustainable Development Goals framework

BV have secured the best UK location that will be served by 100% renewable energy with a capacity of 38GWh by 2030, and are targeting high-quality location in Canada

Site fundamentals are critical to the success of battery manufacturing facilities

Access to renewable energy

Access to energy infrastructure

Access to logistics / supply chain

Thank you

Let's work together –

To help overcome the environmental, technical and commercial challenges of sustainable, low-carbon battery solutions across all segments of electrification