Innovative company
TECO 2030

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 and 2025, targeting an output capacity of up to 200 MW of fuel cells in 2025, increasing to 1.6 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. TECO2030 is a spinoff from TECO Maritime Group, a group that has provided technology and services to the global shipping industry since 1994.

What we have:

  • Experienced core team
  • Lean production strategy
  • Industrial approach
  • Inhouse cell, stack and module production
  • Serial product developed with world leading partners ThyssenKrupp and AVL

On a mission towards zero emission

TECO2030 accelerates the green transition in the maritime sector by delivering technology that helps ships to reduce their environmental and climate impacts. TECO2030 is developing hydrogen fuel cells that enable ships and other heavy-duty applications to become emissions-free. The company is also developing other solutions that can help the maritime industry to reduce its emissions, such as exhaust gas cleaning and carbon capture systems for ships.

Latest Press Releases

Stock Exchange Announcements

TECO 2030 and bondholders agree to convert a majority of the outstanding convertible bonds in an upcoming private placement

(Lysaker, Norway, April 12th, 2024): TECO 2030 ASA (OSE: TECO, OTC: TECFF, ISIN: NO0010887516, "TECO 2030") announces that it has received commitments to convert its outstanding convertible bond from bond holders representing approx. 83% or approx. NOK 79 million of the total outstanding amount of approx. NOK 94 million.

TECO 2030 and the bond holders have agreed to complete the conversion at a price per share NOK 2.00, to be carried out as a private placement of new shares against a contribution in kind of the relevant portions of the bond. The board of directors of the Company (the "Board") has agreed to resolve the private placement pursuant to the authorization granted to the Board by the annual general meeting on May 12th, 2023, and is expected to do so as soon as all formalities have been finalized.

“I am happy to announce that 83% of our convertible bondholders have committed to convert outstanding bonds to equity by issuing new shares. This is an attractive way of increasing our equity and reducing our non-current liabilities, in order to position the company for our strategic growth plans. I am overwhelmed by the trust our bondholders and existing investors have shown through a rough period in the capital markets,” says Tore Enger, Group CEO, TECO 2030.

The conversion of bonds represents a deviation from the shareholders' pre-emptive right to subscribe for and be allocated the new shares. The Board has carefully considered this  in light of the equal treatment obligations under section 3.1 of the Euronext Growth Rule Book Part II and Oslo Børs' Circular no. 2/2014, and is of the opinion that it is in compliance with these requirements and guidelines. The Board has considered whether the conversion and issuance of shares is in the best interest of the Company and its shareholders, emphasizing that the Company requires additional financing to fund its operations, fuel cell industrialization and development projects going forward and that the conversion will significantly increase the Company's equity situation, thereby also expected to improve the possibilities of obtaining additional equity financing. Taking into consideration the current equity markets, the Company's need for funding, execution risk and available alternatives, the Board is of the opinion that the waiver of the pre-emption rights inherent in the planned private placement is in the best interest of the Company and its shareholders.

The new shares will be listed on Euronext Growth as soon as the share capital increase has been resolved and registered with the Norwegian Register of Business Enterprises.

Disclosure regulation

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Contacts

About TECO 2030 ASA

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 and 2025, targeting an output capacity of up to 200 MW of fuel cells in 2025, increasing to 3.2 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, OTC under the ticker TECFF. TECO 2030 is a spinoff from TECO Maritime Group, a group that has provided technology and services to the global shipping industry since 1994. For more information, please visit www.teco2030.no.

Attachments

(Lysaker, Norway, April 12th, 2024): TECO 2030 ASA (OSE: TECO, OTC: TECFF, ISIN: NO0010887516, "TECO 2030") announces that it has received commitmen...

TECO 2030 Receives AIP for Containerized Fuel Cell Power Generator

(Lysaker, Norway, April 8th 2024): TECO 2030 (OSE: TECO, OTC: TECFF, ISIN: NO0010887516) has, in connection to the HyEkoTank project, received an Approval in Principe (AIP) from the Norwegian classification society DNV for a containerized fuel cell power generator (FCPG) for use onboard oceangoing applications.

The TECO 2030 containerized FCPG represents a pioneering solution in the maritime industry. It is a complete power generator system that can seamlessly integrate with a ship's main switchboard, offering reliable and efficient power generation while emitting nothing but warm water and air, thus significantly reducing harmful emissions and environmental impact.


Included in the approval in principle are various integral components of the FCPG, ensuring its seamless integration and operational efficiency. These components encompass the fuel preparation system, fuel cell module holding room, electro technical room, battery room, HVAC and auxiliaries, inerting system, and airlock. Each element plays a crucial role in ensuring the reliability, safety, and performance of the FCPG system.


“We are pleased to announce that our fuel cell power generators have received an approval in principle from DNV. This proves it is safe to utilize onboard a vessel, for propulsion and auxiliary power,” says Tore Enger, Group CEO, TECO 2030. “This solution can of course be combined in series to facilitate multimegawatt installations and power requirements, without releasing any harmful emissions” Enger adds.

Contacts

About TECO 2030 ASA

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 and 2025, targeting an output capacity of up to 200 MW of fuel cells in 2025, increasing to 3.2 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, OTC under the ticker TECFF. TECO 2030 is a spinoff from TECO Maritime Group, a group that has provided technology and services to the global shipping industry since 1994. For more information, please visit www.teco2030.no.

Attachments

(Lysaker, Norway, April 8th 2024): TECO 2030 (OSE: TECO, OTC: TECFF, ISIN: NO0010887516) has, in connection to the HyEkoTank project, received an Ap...

TECO 2030 Receives AiP from DNV for Onboard Compressed Hydrogen Fuel Systems

(Lysaker, Norway, March 19th 2024): TECO 2030 (OSE: TECO, OTC: TECFF, ISIN: NO0010887516) is proud to announce that it has received an additional Approval in Principle (AiP) from DNV regarding compressed hydrogen fuel systems. This milestone achievement marks a significant step forward in the development of sustainable propulsion solutions for the maritime industry.

The Approval in Principle granted by DNV comes with no showstopper conditions, affirming the viability and safety of TECO 2030's compressed hydrogen fuel system design. These systems are designed to be applicable for all ship types and encompass essential components such as the bunkering system, inerted tank connection space, fuel storage hold space, fuel supply system (including pressure control), and gas relief system.

TECO 2030's commitment to safety and innovation is further underscored by the adherence to the alternative design approach outlined in MSC.1 - Circ.1455 for the final approval of the systems onboard vessels. This approach ensures rigorous evaluation and compliance with industry standards, enhancing confidence in the reliability and efficiency of the technology.

Prior to construction and installation onboard any specific vessel subject to classification, TECO 2030 will provide a complete set of documentation tailored to the particular ship. This documentation will undergo thorough review and approval by DNV in accordance with established classification procedures, ensuring adherence to the highest standards of quality and safety.

"We are delighted to receive this additional Approval in Principle from DNV for our compressed hydrogen fuel systems. This recognition validates our commitment and competence to driving sustainability in the maritime sector and underscores the potential of hydrogen as a clean energy solution for the future of shipping. We remain dedicated to advancing our technology and working collaboratively with industry partners to accelerate the transition towards zero-emission shipping," says a passionate Tore Enger, Group CEO, TECO 2030.

TECO 2030's innovative approach to sustainable propulsion solutions continues to garner recognition and support within the maritime community. With a focus on safety, efficiency, and environmental responsibility, the company remains at the forefront of shaping a more sustainable future for the maritime and heavy-duty industries.

Contacts

About TECO 2030 ASA

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 and 2025, targeting an output capacity of up to 200 MW of fuel cells in 2025, increasing to 1.6 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, OTC under the ticker TECFF. TECO 2030 is a spinoff from TECO Maritime Group, a group that has provided technology and services to the global shipping industry since 1994. For more information, please visit www.teco2030.no.

Attachments

(Lysaker, Norway, March 19th 2024): TECO 2030 (OSE: TECO, OTC: TECFF, ISIN: NO0010887516) is proud to announce that it has received an additional Ap...

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