NEWNAN, GA – FREYR Battery, Inc. (NYSE:FREY), a manufacturer specializing in electronic components, announced today the extension of its consulting agreement with director Mr. Peter Matrai. The extension adds an additional year to the existing contract, now set to expire on July 30, 2025.
The agreement, initially dated May 14, 2021, was amended to prolong Mr. Matrai's consultancy with the company starting August 1, 2024. His consultant fee will continue at $30,000 per month, with the provision that the Compensation Committee of the Board of Directors retains the right to implement a general reduction applicable to all executive officers if deemed necessary.
The extended contract maintains the original terms, including clauses related to confidentiality, non-competition, non-solicitation, and intellectual property assignment. The details of the amended consulting agreement were filed with the Securities and Exchange Commission (SEC) and can be found in Exhibit 10.1 of the company's Form 8-K.
FREYR Battery's decision to extend the consulting agreement underscores the company's commitment to retain experienced leadership as it navigates the competitive landscape of the electronic components industry. This move comes as the company continues to position itself in the market, leveraging expertise to enhance its strategic objectives.
In other recent news, FREYR Battery reported a net loss of $29 million in its Q1 2024 earnings call, despite maintaining a strong cash position of $253 million and no outstanding debt. The company also announced significant leadership changes with co-founder Tom Jensen taking over as CEO, Daniel Barcelo assuming the role of Board Chair, and financial expert Evan Calio stepping in as the new CFO. These changes align with FREYR's strategic shift towards the U.S. market.
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