DATE: December 7^th , 2023

TIME: 09:00am ET / 15:00 CET

LINK: https://bit.ly/46Sd9Rp

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TECO 2030 is building up Europe's first Giga production facility of hydrogen PEM fuel cell stacks and modules in Narvik, Norway. The production capacity will be built up through 2024, targeting an output capacity of 400 megawatt (MW) of fuel cells in 2025, increasing to 1.6 gigawatt (GW) in 2030.

TECO 2030 is a Norwegian based clean tech company developing zero-emission technology for the maritime and heavy industry. We are developing PEM hydrogen fuel cell stacks and PEM hydrogen fuel cell modules, that enable ships and other heavy-duty applications to become emissions-free. The company is listed on Euronext Growth on Oslo Stock Exchange under the ticker TECO and in New York, OTCQX under the ticker TECFF.

Recent Company Highlights

Key milestone for one of the world´s most powerful hydrogen fuel cells, TECO 2030 on schedule for first customer deployment H1 2024

Nov. 24^th 2023 - TECO 2030 has successfully injected its fuel cell system with hydrogen and created emission free hydrogen-electric power. The 400kW module represents the most compact and energy dense system available for marine vessels and other heavy-duty equipment.

TECO’s fuel cell technology offers a compelling alternative to traditional diesel machinery, addressing critical environmental concerns, while also relieving the pressure on port- and city grid capacity, and the use of critical materials. The switch to fuel cells signifies a major step in supporting the clean transition targets under the European Green Deal, the U.S. Inflation Reduction Act and other frontrunner regions.

“A fuel cell is the next generation of engines and power generators, where hydrogen is the fuel,” says an enthusiastic Tore Enger, Group CEO, TECO 2030. “Operating one FCM400 unit instead of a diesel generator, saves our planet from over 9000 tons of CO2 emissions - or consuming over 3.5 million liters of diesel - during 35,000 hours of operations.”

 

TECO 2030 and Yokogawa Sign Partnership and Investment Agreement for the Utilization of Hydrogen Fuel Cells in Industrial Applications

Nov. 1^st, 2023 - TECO 2030 ASA and Yokogawa Electric Corporation announced that they have signed a strategic partnership and investment agreement regarding the development of technology for utilizing hydrogen fuel cells in industrial applications. Under this agreement, Yokogawa Electric has invested in TECO 2030 by way of acquiring treasury shares, and the two companies will collaborate on optimizing hydrogen fuel cell technology and exploring business opportunities for distributed power sources in the maritime transportation and other industrial sectors.

Yokogawa Electric brings to this partnership decades of experience in developing core measurement, control, and information technologies for the energy, chemical, and other process industries. Yokogawa Electric and TECO 2030 see opportunities for applying this knowhow to develop technology for optimizing the operation of fuel cells and will also explore their use as distributed energy resources in industries that have high decarbonization needs.

TECO 2030 and Pherousa Green Shipping sign supply agreement to realize ammonia powered zero-emission deep-sea shipping

Sept. 14, 2023 - TECO 2030 and Pherousa Green Shipping AS (PGS) sign green package supply agreement for up to six modern, zero-emission Ultramax dry bulk carriers of about 63.000 deadweight tons each. Each vessel will be equipped with 12 megawatts (MW) of TECO 2030 fuel cells for main propulsion onboard.

The TECO 2030 delivery scope is a green package approx. worth EUR 23 million per vessel. The delivery for TECO 2030 includes a complete system of fuel cells installed on a skid solution as well as power and automation equipment and is estimated to start shipment to shipyard by early-2026, with delivery in mid-2026. The fuel cell system will go into production at our Innovation Center in Narvik, Norway at the end of 2024.

TECO 2030 signs MoU with an undisclosed European Motor Company

Aug. 02, 2023 -- TECO 2030 has signed an MoU with an undisclosed renowned European Motor Company. The MoU is signed to formally set out a pathway to collaborate with ongoing and future projects.

According to the MOU, TECO 2030 is supposed to support the undisclosed European Motor Company with FCM400 modules for their development of an integrated skid/containerized fuel cell system for their market segments. The agreement also includes utilizing the FCM400 module within their ongoing projects to ensure a solid partnership and collaboration platform in the years to come. The undisclosed Company ultimately intends to then sell and promote their solution under their brand supported by TECO 2030 if the collaboration progresses successfully.