Stock Exchange Annoucements
10.1.2023 07:00:00 CET | TECO 2030 ASA | Non-regulatory press releases
(Lysaker, Norway, January 10th, 2023): TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) has completed selection of all major component suppliers and procured necessary parts for the first fuel cell modules (FCM400). This means the FCM400 development is close to completion and the first units are ready for assembly.
The layout release entails a freeze of all functional components to allow for further resimulation and fine detail solutions to be executed. The first FCM400 will be assembled at AVL’s facility in Graz, Austria during Q2, before its scheduled operation in the advanced testbed for complete simulation. The fuel cell development project now shifts from design engineering to the build and validation phase. The FCM400 will complete advanced testbed operations during Q3 2023.
The FCM400 is the building block in TECO 2030’s Fuel Cell Power System and is a key driver towards achieving zero emissions while operating marine and heavy-duty applications. The system is designed for an electrical capacity of 400kW.
“The milestone proves maturity of the product details and is a step towards reaching our final product design. In other words, a clear indication of development progressions as we move into a new step in the development project timeline, according to our schedule” says Tore Enger, Group CEO, TECO 2030. “Zero emission fuel cell power sources for heavy duty and marine applications are very soon ready for market introduction, and we are ready to provide clients with fuel cells performing like never seen before. The FCM400 will undoubtedly become a propulsion game-changer in the marine industry,” Enger concludes.
Contacts
- 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 the 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
21.12.2022 07:00:00 CET | TECO 2030 ASA | Non-regulatory press releases
(Lysaker, Norway, December 21st 2022): TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) is pleased to announce that the Grant Agreement has been signed by the European Union. The grant consists of EUR 5 million in grants under the funding scheme HORIZON EUROPE. The project is planned to start in February 2023.
The HyEkoTank project will retrofit an 18.600 DWT product tanker with a 2.4 MW fuel cell system by TECO 2030 and 4000 kg compressed hydrogen storage for demonstration in 2024.
“I am pleased with the tremendous efforts dedicated by all the consortium partners to this project; together we will show the world what fuel cells are capable of when retrofitting a product tanker for Ektank,” says Tore Enger, Group CEO, TECO 2030. “I am grateful to the EU who wants to assist us in realizing a retrofit fuel cell project for reducing and eliminating emissions along the European coastlines,” Enger adds.
"Shell is proud to be a part of this fuel cell project, which aims to demonstrate the viability of hydrogen as a zero-carbon fuel for the maritime sector. Our target is to be a net-zero emissions energy business by 2050 and to accelerate this transition we are partnering with customers and businesses from across the sectors. Shell will purchase the fuel cell system and provide the renewable hydrogen to power this pioneering project as we continue to drive innovation to deliver the cleaner energy solutions that our customers need," says Carl Henrickson, General Manager Technology, Innovation & Digitalisation, Shell Shipping and Maritime.
The HyEkoTank hydrogen powered tanker will demonstrate zero emission at berth and great reduction of GHG emissions during voyage. This pioneering project could become a first mover in this maritime shipping segment and contribute to achieving the ambitious climate targets set by the European Union. As part of the European Green Deal, the EU has committed to reducing GHG emissions by 55% by 2030, and a binding target of achieving climate neutrality by 2050. Under the 'Fit for 55 package' the EU is currently developing its climate, energy and transport-related legislation to align current laws with the 2030 and 2050 ambitions.
Contacts
- 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 the 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
20.12.2022 07:00:00 CET | TECO 2030 ASA | Non-regulatory press releases
(Lysaker, Norway, December 20th 2022): TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) signs contract with thyssenkrupp Automation Engineering GmbH for delivery of the first complete fuel cell stack production line at TECO 2030 Innovation Center in Narvik, Norway.
The contract entails design, manufacturing and delivery of the equipment. Test-production of TECO 2030 fuel cell stacks will be completed at thyssenkrupp Automation Engineering’s headquarter in Bremen, Germany. The equipment is validated and completed in Bremen before shipment to Narvik, which takes place Q1 2024. It will then be installed and commissioned in Narvik during Q1 and Q2 2024.
TECO 2030 Innovation Center will be the first Gigafactory in Europe for Proton Exchange Membrane (PEM) fuel cells and have an annual capacity of 120 MW production in 2024, increasing to 400 MW in 2025.
“Yet another milestone reached and we are moving closer to zero emission energy generation, as we have signed a contract for the delivery of a complete fuel cell stack production line at our facility in Narvik. Over the next year, the production line will be set up in Bremen, Germany and produce a limited amount of TECO 2030 PEM fuel cell stacks,” says Tore Enger, Group CEO of TECO 2030 with a lot of enthusiasm. “This makes me feel proud and humble of all the strengths working together to realize zero emission energy generation for the shipping and heavy-duty industries,” Enger adds.
"We are pleased to support our new partner TECO 2030 with our knowledge and long-standing expertise in fuel cell assembly and testing equipment and are proud to be part of TECO 2030's vision to realize an emission-free future for the shipping and heavy duty industries," says Michael Menneking, CEO of thyssenkrupp Automation Engineering.
Contacts
- 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 the 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
19.12.2022 07:00:01 CET | TECO 2030 ASA | Non-regulatory press releases
(Lysaker, Norway, December 19th, 2022) TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) has received a purchase order for a future funnel from an undisclosed large European shipowner. The contract value is approx. NOK 5.5 million with an estimated delivery at the end of Q1, beginning of Q2 2023.
The project will be handled by TECO 2030’s team at Lysaker, and engineering service company BLOM Maritime, a TECO Maritime Group company. The future funnel is a TECO 2030 Model 8 and is one of the towers TECO 2030 already has in stock.
“It is with great pleasure; I can announce the first future funnel contract for TECO 2030. This is a proud moment for the team, as I know how dedicated they have been to get this first purchase order. I am confident that this will spark the second wave for scrubbers as the fuel price gap is stabilizing again after almost 3 years with a global pandemic and 3 years since the introduction of the global sulphur cap implemented by the IMO,” says an enthusiastic Tore Enger, Group CEO, TECO 2030.
The TECO 2030 Future Funnel is a next-generation marine emission-reduction system, developed to comply with not only existing but even upcoming and far stricter regulations in the marine industry. The Future Funnel will allow ships to reduce sulphur oxides, nitrogen oxides, black carbon, and particulate matter emissions. The TECO 2030 Future Funnel has been developed by TECO 2030 in cooperation with the Austrian powertrain company AVL. The Future Funnel has been through state-of-the-art testing simulation with over 20 years of running time in extreme conditions.
Contacts
- Tore Enger, CEO of TECO 2030 ASA, +4792083800, tore.enger@teco2030.no
About TECO 2030 ASA
TECO 2030 accelerates the green transition in the maritime sector by delivering technology that helps ships to reduce their environmental and climate impacts. TECO 2030 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. TECO 2030 was founded in 2019 and is headquartered at Lysaker, Norway. The company is listed on Euronext Growth on Oslo Stock Exchange under the ticker TECO. TECO 2030 has its roots in the TECO Maritime Group, a group that has provided technology and repair services to the global shipping industry since 1994. For more information, please visit www.teco2030.no
Attachments
15.12.2022 07:00:00 CET | TECO 2030 ASA | Non-regulatory press releases
(Lysaker, Norway / Vancouver, Canada, December 15th, 2022) TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) is pleased to announce the completed production of the world’s first fuel cell stack developed and purposely designed for heavy-duty and marine applications.
“It’s amazing to be able to physically touch the first TECO 2030 fuel cell stack. I would like to thank all the team members at TECO 2030 and our development partner AVL who have worked hard to ensure this project has progressed according to schedule over the past months and years, enabling us to proceed with several pilot projects during 2023,” says Tore Enger, CEO of TECO 2030.
The occasion was celebrated in Vancouver, Canada, where AVL has its global center of excellence for proton exchange membrane (PEM) fuel cell stacks. Key management from TECO 2030 and AVL, as well as several investors of TECO 2030, took part in the event.
"It’s great to see the fuel cell stack that TECO 2030 is industrializing inching towards serial production.” said Falko Berg, Manager and Technical Product Responsible PEM Systems at AVL List. “Today’s milestone marks the next logical and important step towards launching the fuel cell factory in Narvik, its class-leading fuel cell system and finally decarbonizing the marine industry,” Berg adds.
A fuel cell stack consists of a number of individual stack cells, each generating electricity from electrochemical reactions based on fuels such as hydrogen. TECO 2030’s fuel cell stack contains a few hundred stack cells and provides a net output of 100 kW. The stacks are then combined together with balance of plant (BoP) components into a fuel cell module. TECO 2030 plans to assemble and test the first FCM400 (Fuel Cell Module 400 kW) during the summer of 2023 at AVL’s s facility in Graz, Austria.
Several modules, in turn, can be combined to supply the megawatts of output needed for applications such as ship propulsion, auxiliary power and other heavy-duty applications.
“Following the milestone announced today, we will gradually increase production during 2023 to supply fuel cell systems for a number of pilot projects, followed by automated volume production at our gigafactory in Narvik, Norway, from early 2024,” Enger adds.
TECO 2030 has recently announced several pilot projects that will proceed in 2023, covering fuel cell systems for marine applications, trucks and construction sites.
“TECO 2030 is targeting heavy-duty industries where the emissions of greenhouse gases are substantial and where batteries will have to be supplemented by fuel cells to provide a viable alternative to fossil fuels. Today, we took a major step on the road to decarbonization in these areas,” says Enger.
Contacts
- Tore Enger, CEO of TECO 2030 ASA, +4792083800, tore.enger@teco2030.no
About TECO 2030 ASA
About TECO 2030:
TECO 2030 accelerates the green transition in the maritime sector by delivering technology that helps ships to reduce their environmental and climate impacts. TECO 2030 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. TECO 2030 was founded in 2019 and is headquartered at Lysaker, Norway. The company is listed on Euronext Growth on Oslo Stock Exchange under the ticker TECO. TECO 2030 has its roots in the TECO Maritime Group, a group that has provided technology and repair services to the global shipping industry since 1994. For more information, please visit www.teco2030.no
Attachments
12.12.2022 07:00:01 CET | TECO 2030 ASA | Non-regulatory press releases
(Lysaker, Norway, December 12th 2022) TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) and SinoHyKey (SHK) have entered into a strategic partnership that will allow SHK to provide MEA, one of the key components in the TECO 2030 fuel cell system to decarbonize the marine transportation. The collaboration has already sparked off and is expected to last if the key milestones in the development can be achieved successfully.
“I am pleased to announce our supplier agreement with SinoHyKey in Vancouver and looking forward to a great partnership for many years,” says Tore Enger, Group CEO of TECO 2030. “Together we will be able to provide zero emissions energy solutions to the world,” Enger adds.
“SinoHyKey is very excited to partner with TECO 2030 to demonstrate the potential of the hydrogen fuel cell in marine and other heavy duty applications – not just in Europe, but across the globe. SHK MEAs destined for the TECO 2030 project employ a state-of-the-art design which offers superb power density, durability, and cost efficiency,” says Dr. Yuquan Zou, CEO of SinoHyKey Technology Company.
TECO 2030 has recently announced progress in several projects. Implenia Norway has ordered an 800kW HydroPilot container, with an option to increase the power capacity up to 1.6MW. The project will demonstrate that construction sites can operate emission-free. Additionally, TECO 2030’s HydroPilot project, supported by ENOVA, is planned to be delivered in Q3 2023. The order value is NOK 20 million, and if the option is exercised the total will be brought up to NOK 30 million.
Another pioneering project is the announced HyEkoTank, where TECO 2030, Shell and partners received EUR 5 million from Horizon Europe. The HyEkoTank project aims to retrofit a product tanker with 2.4MW fuel cells during 2024 for zero-emission port operations and up to 100% emissions reduction.
TECO 2030 has also signed a letter of intent with development partner AVL for the delivery of 12MW fuel cell stacks to be deployed in 30 heavy-duty trucks for an undisclosed owner.
Contacts
- Tore Enger, CEO of TECO 2030 ASA, +4792083800, tore.enger@teco2030.no
About TECO 2030 ASA
TECO 2030 accelerates the green transition in the maritime sector by delivering technology that helps ships to reduce their environmental and climate impacts. TECO 2030 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. TECO 2030 was founded in 2019 and is headquartered at Lysaker, Norway. The company is listed on Euronext Growth on Oslo Stock Exchange under the ticker TECO. TECO 2030 has its roots in the TECO Maritime Group, a group that has provided technology and repair services to the global shipping industry since 1994. For more information, please visit www.teco2030.no
Attachments
5.12.2022 10:17:18 CET | TECO 2030 ASA | Additional regulated information required to be disclosed under the laws of a member state
An Extraordinary General Meeting of TECO 2030 ASA was held on 1 December 2022. All resolutions were adopted in accordance with the Board's proposal, including the appointment of Tim Young as a new board member.
The minutes of the Extraordinary General Meeting are attached, as well as the attendance list and voting protocol.
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
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 - http://www.teco2030.no/.
Attachments
29.11.2022 13:18:03 CET | TECO 2030 ASA | Total number of voting rights and capital
(Lysaker, Norway, November 29th 2022): Reference is made to the announcement by TECO 2030 ASA (OSE: TECO) on November 14th 2022 regarding the private placement.
The share capital increase pertaining to the issuance of the new shares has now been registered with the Norwegian Register of Business Enterprises. The Company's new registered share capital is NOK 1,585,113.31 divided into 158,511,331 shares, each with a nominal value of NOK 0.01.
The share capital increase is the second and final tranche of the private placement announced in a stock exchange notice on November 14th 2022.
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
17.11.2022 17:49:02 CET | TECO 2030 ASA | Total number of voting rights and capital
(Lysaker, Norway, November 17th 2022): Reference is made to the announcement by TECO 2030 ASA (OSE: TECO) on November 14th 2022 regarding the private placement.
The share capital increase pertaining to the issuance of the new shares has now been registered with the Norwegian Register of Business Enterprises. The Company's new registered share capital is NOK 1,546,702.24 divided into 154,670,224 shares, each with a nominal value of NOK 0.01.
The share capital increase is the first of 2 tranches of the private placement announced in a stock exchange notice on November 14th 2022.
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
About TECO 2030 ASA
TECO 2030 is a Norway-based cleantech company developing zero-emission technology for the maritime and heavy industry sectors. We are developing PEM hydrogen fuel cell stacks and PEM hydrogen fuel cell modules that enable ships and other heavy-duty applications to become emission-free. The company is listed on Euronext Growth on the Oslo Stock Exchange under the ticker TECO, and in New York on the OTCQX under the ticker TECFF. TECO2030 is a spinoff of 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
17.11.2022 11:45:02 CET | TECO 2030 ASA | Additional regulated information required to be disclosed under the laws of a member state
The Shareholders of TECO 2030 ASA (OSE: TECO) are hereby given notice of an Extraordinary General Meeting (EGM) on 01 December 2022 at 12:00 CET.
The notice of the Extraordinary General Meeting is enclosed and is also being sent to the company's shareholders.
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
About TECO 2030 ASA
TECO 2030 is a Norway-based cleantech company developing zero-emission technology for the maritime and heavy industry sectors. We are developing PEM hydrogen fuel cell stacks and PEM hydrogen fuel cell modules that enable ships and other heavy-duty applications to become emission-free. The company is listed on Euronext Growth on the Oslo Stock Exchange under the ticker TECO, and in New York on the OTCQX under the ticker TECFF. TECO2030 is a spinoff of 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
14.11.2022 07:00:00 CET | TECO 2030 ASA | Inside information
(Lysaker, Norway, November 14th, 2022) TECO 2030 ASA (OSE: TECO, OTCQX: TECFF) (the "Company" or "TECO 2030") is pleased to announce that it has raised approx. NOK 70 million (USD 7,000,000) through a private placement and approx. NOK 30 million (USD 3,000,000) in a secured convertible loan from a strategic U.S. based hydrogen investor.
Through the private placement, 13,443,875 new shares will be issued at a price of 5.42 NOK per share, which corresponds to the 20-day volume weighted average price prior to the agreement to issue the shares. The strategic hydrogen investor is SunHydrogen Inc., which will hold 8.48 % of the total shares issued in the Company following completion of the private placement, after which the Company's share capital will be NOK 1,585,113.31 divided into 158,511,331 shares, each with a nominal value of NOK 0.01.
The net proceeds will be used to fund the Company's operations, fuel cell industrialization and development projects going forward.
The payment of USD 3 million into the convertible bond loan is a continuation of the bond loan raised in May/June 2022. TECO 2030 is very pleased with the interest gained in the issuance of the convertible loan, and the trust provided by the existing shareholders at the annual general meeting held on May 20th, 2022, where the shareholders approved an authorization to the Board of Directors to issue a convertible loan of up to NOK 120 million.
ThinkEquity LLC and Fearnley Securities AS (the "Managers") acted as joint placement agents for the offering.
“I am pleased, humble, and proud to announce the strategic investment completed in TECO 2030. I believe this partnership will spark the beginning of a strong collaboration towards global hydrogen markets. This investment will also make us more visible in the US, and I am looking forward to cooperating with SunHydrogen on our mission towards zero emission mobility,” says Tore Enger, Group CEO, TECO 2030.
The private placement implies a deviation from the shareholders' preferential right to the new shares under the Norwegian Public Limited Liability Companies Act. The board of directors carefully considered this and was of the view that it would be in the best interest of the Company and its shareholders to deviate from the shareholders' preferential right to the new shares by allocating the shares to SunHydrogen, Inc. In reaching this conclusion, the board of directors emphasized that the Company requires additional financing to fund its operations, fuel cell industrialization and development projects going forward and that the benefit of a private placement is not obtainable by structures with longer lead time, such as a rights offering.
The new shares will be listed on Euronext Growth as soon as the share capital increase has been 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
- Tore Enger, CEO of TECO 2030 ASA, +4792083800, tore.enger@teco2030.no
About TECO 2030 ASA
About TECO 2030: 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
11.11.2022 07:00:00 CET | TECO 2030 ASA | Half yearly financial reports and audit reports / limited reviews
(Lysaker, Norway, 11 November 2022): Norwegian Cleantech Company TECO 2030 ASA (OSE: TECO, OTCQX: TECFF) released results for Q3 2022 today. The report is attached to this Stock Exchange Notice and can be found on the Company's website.
The financial numbers are in accordance with the board and management's expectations for the period and clearly underlines the development phase of which TECO 2030 currently is going through.
Most of the Group's focus and effort is on the development of the TECO 2030 PEM fuel cells for shipping and other heavy-duty applications. PEM fuel cells are energy generators that enable zero emission ship and heavy-duty machinery operations.
The first fuel cell stacks will be assembled and commissioned in mid-December 2022, while the first FCM400 (Fuel Cell Module 400 kW) will be assembled and begin advanced testing during Q2 2023 at AVL’s facility in Graz, Austria. These milestones mark the start of commercialization for TECO 2030’s fuel cell systems and the launch of the world’s first purpose developed marine and heavy-duty zero emission fuel cell.
The gigafactory in Narvik, Norway is in the planning and design layout phase, and being prepared for installation of stacking equipment. The first stacks will be built and assembled in Narvik during Q2 2023. An MoU has been signed with thyssenkrupp Automation Engineering (tkAE) for delivery of the first complete production line, which will be assembled and commissioned at tkAE’s facility in Germany. Before transportation to Narvik at the end of 2023, the production equipment will produce several tens of stacks and complete pilot production to reduce risks when the equipment is installed in Narvik.
“I am very excited to feel, touch and see the first TECO 2030 fuel cell stack during December 2022. I cannot wait to show the world the first heavy-duty and marine fuel cell stack, zero emission energy generation is around the corner as the world strives everyday to cut harmful emissions,” says Tore Enger, Group CEO, TECO 2030.no.
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
TECO 2030 accelerates the green transition in the maritime sector by delivering technology that helps ships to reduce their environmental and climate impacts. TECO 2030 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. TECO 2030 was founded in 2019 and is headquartered at Lysaker, Norway. The company is listed on Euronext Growth on Oslo Stock Exchange under the ticker TECO. TECO 2030 has its roots in the TECO Maritime Group, a group that has provided technology and repair services to the global shipping industry since 1994. For more information, please visit www.teco2030.no
Attachments
7.11.2022 11:32:11 CET | TECO 2030 ASA | Total number of voting rights and capital
(Lysaker, Norway, November 7th 2022): Reference is made to the two announcements by TECO 2030 ASA (OSE: TECO) on October 9th 2022 regarding the private placement.
The share capital increase pertaining to the issuance of the new shares has now been registered with the Norwegian Register of Business Enterprises. The Company's new registered share capital is NOK 1,450,674.56 divided into 145,067,456 shares, each with a nominal value of NOK 0.01.
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
About TECO 2030 ASA
About TECO 2030: 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
3.11.2022 07:00:00 CET | TECO 2030 ASA | Additional regulated information required to be disclosed under the laws of a member state
(Lysaker, Norway, November 3nd 2022) TECO 2030 (OSE: TECO, OTCQX: TECFF) with partners have been invited for HORIZON EUROPE funding of EUR 5 million to realise the hydrogen powered tanker concept, HyEkoTank. All beneficiaries have now signed the GA Declaration of Honour, stating that they are committed to participate in the project. The consortium expects to finalise the Grant Agreement process within the end of this year, and plans project startup by February 1st, 2023.
In addition to TECO 2030, Shell International Trading and Shipping Company Limited and Shell International Exploration and Production BV, the HyEkoTank project involves partners Ektank AB, Blom Maritime AS, TECO Solutions AS, Umoe Advanced Composites AS (UAC), FKAB Marine Design, Neste Oyj, and UiT - The Arctic University of Norway.
The HyEkoTank project will retrofit a 18.600 DWT product tanker with a 2.4 MW fuel cell system by TECO 2030 and 4000 kg compressed hydrogen storage for demonstration in 2024.
The HyEkoTank hydrogen powered tanker will demonstrate zero emission at berth and 60% reduction of GHG emissions during voyage. This pioneering project could become a first mover in this maritime shipping segment and contribute to achieving the ambitious climate targets set by the European Union. As part of the European Green Deal, the EU has committed to reducing GHG emissions by 55% by 2030, and a binding target of achieving climate neutrality by 2050. Under the ‘Fit for 55 package’ the EU is currently developing its climate, energy and transport-related legislation to align current laws with the 2030 and 2050 ambitions.
“We are proud to have been invited for funding from HORIZON EUROPE as we move forward with the integration of TECO 2030 Fuel Cells onboard ships. The hydrogen tanker concept will be a state-of-the-art vessel retrofitted to reduce up to 100% of GHG emissions during voyage and at berth,” says Tore Enger, Group CEO, TECO 2030. “There is no doubt that zero emission is the way forward if we have any ambition to reach the targets in the Paris Agreement,” Enger adds.
“Shell is proud to be a part of this fuel cell project, which aims to demonstrate the viability of hydrogen as a zero-carbon fuel for the maritime sector. Our target is to be a net-zero emissions energy business by 2050 and to accelerate this transition we are partnering with customers and businesses from across the sectors. Shell will purchase the fuel cell system and provide the renewable hydrogen to power this pioneering project as we continue to drive innovation to deliver the cleaner energy solutions that our customers need.” says Carl Henrickson, General Manager Technology, Innovation & Digitalisation, Shell Shipping and Maritime.
“We are pleased to contribute with our high-quality and energy-efficient vessels towards the development of zero-emission technologies to meet environmental demands and regulations. We are delighted with how suitable our vessels fit into the concept of HyEkoTank which is aligned perfectly with our Company’s environmental strategy,” says Jörgen Johnsson, CEO Ektank AB.
“Supporting the shipping industry towards carbon neutrality requires partnerships, new innovations and utilizing all available solutions. As maritime is one of the largest sources of transport emissions, there is an urgent need for lower-emission solutions that are available already today. Neste is excited to be part of this project which enables significant reduction in GHG emissions. This is again another step towards decarbonizing the industry and well aligned with our sustainability targets to enable low carbon shipping of renewable fuels,” says Lauri Helin, Vice President, Logistics & Operations Oil Products, Neste.
“BLOM Maritime is proud to be part of this exciting project. We are a strong believer in the maritime industries change to more eco-friendly power systems and are proud to be part of the HyEkoTank project funded by HORIZON EUROPE. This is a milestone for greener shipping and fully aligned with the IMO/UN goals and BLOM Maritime’s company vision” says Marius Blom, Group CEO, BLOM Maritime.
“TECO Solutions is excited to take part in the HyEkoTank project, with funding from HORIZON EUROPE. Our aim is to be at forefront of the decarbonizing the maritime industry and see this milestone project as a fantastic opportunity in this regard. We aspire to utilize our vast experience from maritime installations to be a valuable contributor into this important project,” says Eivind Hermansen, CEO, TECO Solutions.
Disclosure regulation
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Contacts
- Tore Enger, CEO of TECO 2030 ASA, +4792083800, tore.enger@teco2030.no
About TECO 2030 ASA
About TECO 2030: 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
1.11.2022 11:44:31 CET | TECO 2030 ASA | Non-regulatory press releases
(Lysaker, Norway, November 1st 2022) TECO 2030 ASA (OSE: TECO, OTCQX: TECFF), Norwegian based clean tech company developing zero-emission technology for the maritime and heavy-duty industry space.
This letter of intent (“LOI”) summarises the prospect of discussions between TECO 2030 and AVL concerning the delivery of 120 fuel cell stacks. AVL has received a request for quotation (RFQ) from a customer for the delivery of 60 automotive fuel cell systems based on the 100kW TECO2030 fuel cell stacks.
This customer project has the target to equip 30 HD trucks with fuel cell systems based on the AVL HyTruck platform. Each of these systems would require 2x100kW stacks, which sums up to in total 120 individual stacks (total of 12mW). The delivery of these stacks is intended to start in Q4/2023.
AVL is already working on a formal request (RFI/RFQ) for the potential sub-supply of respective TECO2030 fuel cell stacks, such RFI/RFQ to be issued by AVL to TECO2030 within the next 2-3 weeks. Based on that, AVL plans to enter into detailed discussions with TECO2030 in respect to the scope of delivery, all technical details, commercial terms as well as terms & conditions.
“This will have a huge positive impact on our production start, earlier than anticipated, and we are confident that this will mark the start of a worldwide green transition towards a sustainable hydrogen fuel cell future,” says Tore Enger, Group CEO, TECO 2030 ASA.
“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.
About AVL: AVL is the world's largest independent company for the development, simulation and testing of powertrain systems, their integration into the vehicle as well as new fields like ADAS/AD and Data Intelligence. www.avl.com
Contacts
- Tore Enger, CEO of TECO 2030 ASA, +4792083800, tore.enger@teco2030.no
About TECO 2030 ASA
About TECO 2030: 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
TECO 2030 have signed a LOI with AVL on behalf of an undisclosed truck customer for delivery of fuel cell stacks to 30 trucks based on the AVL HyTruck platform, delivery to start end of next year.
1.11.2022 11:44:31 CET | TECO 2030 ASA | Non-regulatory press releases
(Lysaker, Norway, November 1st 2022) TECO 2030 ASA (OSE: TECO, OTCQX: TECFF), Norwegian based clean tech company developing zero-emission technology for the maritime and heavy-duty industry space.
This letter of intent (“LOI”) summarises the prospect of discussions between TECO 2030 and AVL concerning the delivery of 120 fuel cell stacks. AVL has received a request for quotation (RFQ) from a customer for the delivery of 60 automotive fuel cell systems based on the 100kW TECO2030 fuel cell stacks.
This customer project has the target to equip 30 HD trucks with fuel cell systems based on the AVL HyTruck platform. Each of these systems would require 2x100kW stacks, which sums up to in total 120 individual stacks (total of 12mW). The delivery of these stacks is intended to start in Q4/2023.
AVL is already working on a formal request (RFI/RFQ) for the potential sub-supply of respective TECO2030 fuel cell stacks, such RFI/RFQ to be issued by AVL to TECO2030 within the next 2-3 weeks. Based on that, AVL plans to enter into detailed discussions with TECO2030 in respect to the scope of delivery, all technical details, commercial terms as well as terms & conditions.
“This will have a huge positive impact on our production start, earlier than anticipated, and we are confident that this will mark the start of a worldwide green transition towards a sustainable hydrogen fuel cell future,” says Tore Enger, Group CEO, TECO 2030 ASA.
“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.
About AVL: AVL is the world's largest independent company for the development, simulation and testing of powertrain systems, their integration into the vehicle as well as new fields like ADAS/AD and Data Intelligence. www.avl.com
Contacts
- Tore Enger, CEO of TECO 2030 ASA, +4792083800, tore.enger@teco2030.no
About TECO 2030 ASA
About TECO 2030: 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
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