31.5.2023 07:00:00 CEST | TECO 2030 ASA | Non-regulatory press releases

(Lysaker, Norway, May 31st, 2023) TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) successfully completes feasibility study for developing and industrializing a one size fits all heavy-duty truck fuel cell system.

The feasibility study was pushed out in time, due to the broader investigation scope regarding product development of an automotive fuel cell system and how it can be industrialized at our existing production facility in Narvik. The results from the feasibility study proved that system performance targets could be met or exceeded while using existing TECO 2030 infrastructure in Narvik and our marine fuel cell technology.

Through the study, the parties have investigated how the same fuel cell system packaging can be universally integrated to fit into both an EU 40 ton- and US class 8 heavy duty truck. Our design investigations, complemented by a performance simulation study revealed that we could industrialize a range of automotive fuel cell systems ranging from 280 to 320kW, by utilizing the existing FCM400 supply chain, 100kW  marine stack technology and reach large production volumes faster with the existing production infrastructure in Narvik.

TECO 2030 will deliver 4 x 100kW fuel cell stacks to the ‘AVL Fuel Cell DemoTruck’ project towards the end of 2023. The goal of this project is to validate the stack technology together with AVL’s HyTruck prototype fuel cell module for heavy-duty trucks.

“It is with great pleasure that we complete the feasibility study with AVL, the results represent a significant business opportunity that we would like to be a part of. We are in dialogue with potential investors and off-takers for such a business case, the dialogues are ongoing with OEM’s, Tier 1 suppliers, and other institutional investors, and we are open to discuss the venture with other interested parties as well” says Tore Enger, Group CEO, TECO 2030. “The business case for this venture holds enormous potential, given that there are millions of heavy-duty trucks worldwide that could be retrofitted with our zero-emission fuel cell system,” Mr. Enger concludes.

“We see increasing traction in the adoption of fuel cell technology, in particular in the heavy-duty truck segment. With this project, we want to support one of our customers in bringing vehicles early to the market with a performance and drivability not seen before with fuel cells”, says Juergen Rechberger, Vice President Hydrogen & Fuel Cell, AVL List GmbH.

Here is a concept video for TECOMOTIVE.

Contacts

• Tore Enger, CEO of TECO 2030 ASA, +4792083800, tore.enger@teco2030.no

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 2023 and early 2024, targeting an output capacity of up to 120 MW of fuel cells in 2024, 400 MW in 2025 and 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. For more information, please visit www.teco2030.no.

TECO 2030 Striving for an emission-free ocean space YouTube video.

Attachments

• Download announcement as PDF.pdf
• TECO 2030 and AVL Successfully Complete Feasibility Study on Industrializing Heavy duty truck.pdf

26.5.2023 07:00:01 CEST | TECO 2030 ASA | Half yearly financial reports and audit reports / limited reviews

(Lysaker, Norway, May 26th, 2023) TECO2030 (OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) releases its Q1 2023 Report. The report is attached to this Stock Exchange Notice and can be found on our website.

TECO2030 has reached a series of significant milestones and great progress through Q1 2023:

* During January, TECO 2030 completed the selection of all major component suppliers and procured necessary parts for the first fuel cell modules (FCM400) marking that the FCM400 development is close to completion and the first units are ready for assembly.

* During February, the HyEkoTank project which has been awarded a EUR 5 million grant under the European funding scheme HORIZON EUROPE has started, together with Shell and the other consortium partners.

* In February, TECO 2030 and AVL List sign contract for feasibility study of developing and industrializing a Fuel Cell System for heavy-duty (HD) trucks. After successful completion, TECO 2030 plans to industrialize this Heavy-Duty Fuel Cell System and manufacture them at the Innovation Center and gigafactory in Narvik, Norway.

* During March, TECO 2030 signed an MOU with an undisclosed party for cooperation on several fuel cell projects which in total could represent 50MW of fuel cell output. The projects represent marine fuel cells- and on-shore stationary fuel cell systems in megawatt scale. The MOU outlines a 3-year cooperation commitment to successfully execute the project objectives.

* In March, TECO 2030 fulfilled all prerequisites connected with the NOK 50 million grant from Innovation Norway and started to withdraw the first NOK 15 million. The grant was awarded to TECO 2030 in October 2021.

Disclosure regulation

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

Contacts

• Pål Christian Johnsen, CFO, +47 412 76 747, pcj@teco2030.no
• Tore Enger, CEO of TECO 2030 ASA, +4792083800, tore.enger@teco2030.no

About TECO 2030 ASA

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 2023 and early 2024, targeting an output capacity of 120 MW of fuel cells in 2024, 400 MW in 2025 and 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. For more information, please visit www.teco2030.no.

Attachments

• Download announcement as PDF.pdf
• TECO 2030 Q1 Report 2023.pdf

15.5.2023 07:00:01 CEST | TECO 2030 ASA | Non-regulatory press releases

(Narvik, Norway, May 15th 2023) TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) completes first manual fuel cell stack production in Narvik. The TECO 2030 Fuel Cell stack is a 100kW Proton Exchange Membrane (PEM) fuel cell stack purposely developed for marine, heavy duty, stationary or mobile power applications.

“We are now making a transition into commercial production of the first fuel cell stacks at our own facility in Narvik. This is a big milestone, and I am grateful for what the team has achieved together with our strong partners. Today we can offer the first bottom-up developed marine and heavy-duty PEM fuel cell technology,” says Tore Enger, Group CEO, TECO 2030. “This brings us one step closer to cleaner operations in energy intensive industries such as marine shipping, and mobile and stationary heavy-duty applications with a scalable plug and play solution ranging from 400kW’s and upwards.” 

Among the first TECO 2030 fuel cell stacks which be deployed is in Implenia Norway’s 800kW HydroPilot container which will be in operation end of 2023. A land-based stationary fuel cell application  to provide renewable power output for demonstrating a zero-emission power generator at a construction site. The HydroPilot container is funded by the Norwegian-state owned funding company ENOVA SF with approx. EUR 1.5 million.

Following the production of Implenia’s container, TECO 2030’s Narvik team will start the production of the fuel cell stacks for the EU-funded Horizon Europe HyEkoTank project. HyEkoTank will demonstrate the world’s first and largest 2.4MW marine fuel cell system for a retrofit installation onboard a product tanker owned by Tarbit Shipping AB sailing on charter to a Shell plc subsidiary.

The 100kW fuel cell stacks which are now being produced at the TECO 2030 Innovation Center in Narvik are designed with cutting-edge fuel cell technologies, optimized for high efficiency and durability. TECO 2030's fuel cell systems can easily be adapted and customized to meet specific power requirements in a variety of heavy applications. This flexibility allows for seamless integration into a diverse portfolio of applications, ranging from maritime and transportation to industrial sectors.

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 2023 and early 2024, targeting an output capacity of up to 120 MW of fuel cells in 2024, 400 MW in 2025 and 1.6 GW in 2030.

TECO 2030 is committed to continue its mission towards zero emission by eliminating and reducing the harmful emissions in several heavy-polluting industries.

Contacts

• Tore Enger, CEO of TECO 2030 ASA, +4792083800, tore.enger@teco2030.no

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 2023 and early 2024, targeting an output capacity of 120 MW of fuel cells in 2024, 400 MW in 2025 and 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. For more information, please visit www.teco2030.no.

Attachments

• Download announcement as PDF.pdf
• TECO 2030 completes production of first stack in Narvik.pdf