Alussa Energy’s Business Combination Agreement With Freyr AS

Wiersholm and Elvinger Hoss Prussen assisted Alussa Energy on the deal while Wilson Sonsini Goodrich & Rosati and Arendt have advised FREYR AS on the deal.

Alussa Energy Acquisition Corp. and FREYR have signed a business combination agreement to merge the equity from Alussa with the FREYR business.

In addition, equity commitments from other institutional investors will provide a total estimated net proceeds of USD 850 million in new equity for the FREYR business.

The business combination is, to our knowledge, the first SPAC deal conducted in Norway.

Alussa Energy is a special purpose acquisition company (SPAC) listed on the New York Stock Exchange.

FREYR is a Norwegian company planning to build large battery cell facilities in Mo i Rana and to develop over 40 GWh of production capacity by 2025 to position the company as one of Europe’s largest battery cell suppliers. At completion, the Luxembourg incorporated company, FREYR Battery, will be the listed parent company on the New York Stock Exchange, with an expected equity value of NOK 12 billion.

The Wiersholm’s transaction team has been Kai Thøgersen (Picture), Kristian Martin Lind, Kristian Elvestad Ottesen and Birgitte Meistad Hermansen.

The Wilson Sonsini team included Mark Solakian, Mark Baudler, Steven Bernard, Jennifer Fang, Kenisha Nicholson, Amanda Pollard, Laura Duncan, Amanda Creedon, Zack Lenox, Reilly Clark, Ethan Lutske, Kenji Strait, Lynn Zheng, Sriram Krishnamurthy, Jonathan Zhu, Derek Wallace, James Clessuras and Robert Parr.

Arendt acted as legal advisor to FREYR with a Corporate M&A team composed by Bob Calmes, Philippe Harles and Caroline Koepp, while François Warken provided assistance on Capital Markets aspects.

The Elvinger Hoss Prussen team was led by partner Philippe Hoss, and included senior associate Jean-Bernard Spinoit, and associates Eva Kupferschmidt and Ben Reckinger.

Involved fees earner: Bob Calmes – Arendt & Medernach; Philippe Harles – Arendt & Medernach; Caroline Koepp – Arendt & Medernach; François Warken – Arendt & Medernach; Philippe Hoss – Elvinger Hoss Prussen; Eva Kupferschmidt – Elvinger Hoss Prussen; Ben Reckinger – Elvinger Hoss Prussen; Jean-Bernard Spinoit – Elvinger Hoss Prussen; Birgitte Meistad Hermansen – Wiersholm; Kristian Martin Lind – Wiersholm; Kristian Elvestad Ottesen – Wiersholm; Kai Thøgersen – Wiersholm; Mark Baudler – Wilson Sonsini Goodrich & Rosati; Steven Bernard – Wilson Sonsini Goodrich & Rosati; Reilly Clark – Wilson Sonsini Goodrich & Rosati; James Clessuras – Wilson Sonsini Goodrich & Rosati; Amanda Creedon – Wilson Sonsini Goodrich & Rosati; Laura Duncan – Wilson Sonsini Goodrich & Rosati; Jennifer Fang – Wilson Sonsini Goodrich & Rosati; Sriram Krishnamurthy – Wilson Sonsini Goodrich & Rosati; Zack Lenox – Wilson Sonsini Goodrich & Rosati; Ethan Lutske – Wilson Sonsini Goodrich & Rosati; Kenisha Nicholson – Wilson Sonsini Goodrich & Rosati; Robert Parr – Wilson Sonsini Goodrich & Rosati; Amanda Pollard – Wilson Sonsini Goodrich & Rosati; Mark Solakian – Wilson Sonsini Goodrich & Rosati; Kenji Strait – Wilson Sonsini Goodrich & Rosati; Derek Wallace – Wilson Sonsini Goodrich & Rosati; Lynn Zheng – Wilson Sonsini Goodrich & Rosati; Jonathan Zhu – Wilson Sonsini Goodrich & Rosati;

Law Firms: Arendt & Medernach; Elvinger Hoss Prussen; Wiersholm; Wilson Sonsini Goodrich & Rosati;

Clients: Alussa Energy Acquisition Corp.; FREYR AS;