(Lysaker, Norway, November 29th, 2023) TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) releases its Q3 2023 Report. The report is attached to this Stock Exchange Notice and can be found on our website.
TECO 2030 has made great progress through Q3 2023, here are some highlights:
- In July, TECO 2030 announced that the company for the second time within approx. one year, has achieved to be invited for HORIZON EUROPE funding. This time, the company, together with partners, will receive EUR 13.5 million, the grant amount reserved for TECO 2030 is EUR 2.3 million. The project is a Horizon Innovation Action that aims to develop, build and demonstrate a 35-meter, 300 passenger capacity vessel that will be powered by the FCM400 fuel cell system by TECO 2030.
- In August, TECO 2030 signed a MoU with an undisclosed European engine company.
- In September, TECO 2030 and Pherousa Green Shipping signed a supply agreement to realize ammonia powered zero-emission deep-sea shipping. A 12 MW fuel cell system will be utilized for full propulsion onboard each of the six vessels, enabling 100% emission-free operations.
The financial results for the third quarter are in line with the board and management’s expectations and builds on the same cost levels as the previous quarters. The group is about to move from a pure development phase into the next phase which includes production of more pilot units as well as further testing, verifications, and commercialization.
After Q3 2023 highlights:
- In October, TECO 2030 signs loan agreement with its largest shareholder, TECO Group AS. Under the agreement, TECO Group lends TECO 2030 20 million shares in TECO 2030. TECO 2030 may, when appropriate, sell the shares to new investors as a flexible way of securing financing for its business plan.
- In November, TECO 2030 and Yokogawa Electric sign Partnership and Investment Agreement for the Utilization of 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.
- In November, TECO 2030 successfully injected its 400kW fuel cell system with hydrogen and created emission free hydrogen-electric power. A big milestone for the TECO 2030 development team who has been working on the achievement for the past three years. The innovative fuel cell system is an advanced clean energy generation system. The attributes of the modular 400kW fuel cell system include industry leading energy efficiency, inherent safety concept, leading weight/size dimensions and component design, lifetime, and rapid dynamic load response.
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, +47 920 83 800, 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 400 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. For more information, please visit www.teco2030.no.
Attachments
(Lysaker, Norway and Graz, Austria, November 24th 2023): TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) 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.
By 2030, the target is to produce a capacity of 4.000 units per year at TECO’s giga factory in Northern Norway. In that way, TECO wants to potentially reduce the amount of CO2 emissions similar to the number of annual emissions from countries like Sweden or Portugal and cities like Berlin or Toronto according to the C40 Knowledge Hub.
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.”
Since the IPO in October 2020, TECO has invested heavily in its marine and heavy-duty fuel cells development, which has resulted in its leading fuel cell system.
Over the past few months, the company has built and installed the FCM400 into the test bench in Graz, where the goal has been to utilize the FCM400 to produce electricity from hydrogen. The first hydrogen has now been injected into the fuel cell module, validating the technology performance.
The system will undergo further testing, with the intention to deploy the first system during the first half of 2024. The manual production of FCM400 systems will continue at the technology development partner AVL in Graz, Austria for the next few units before moving the production to Narvik, Norway during the first half of 2024. The Narvik site is already well underway with manual production of fuel cell stacks.
The innovative fuel cell system is an advanced clean energy generation system. The attributes of the modular 400kW fuel cell system include industry leading energy efficiency, inherent safety concept, leading weight/size dimensions and component design, lifetime, and rapid dynamic load response.
“A remarkable accomplishment, our FCM400 system has officially been tested with hydrogen and produced electricity as expected and the performance data collected proves our expectation of how we have met or outperformed our own expectations,” says an engaged Tore Enger. “The road to a better and more sustainable future is becoming clearer and clearer to us as we reached this enormous milestone in our company’s history,” Enger concludes.
Contacts
- Tore Enger, CEO, +47 920 83 800, 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 400 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. For more information, please visit www.teco2030.no.
Attachments
(Lysaker, Norway, and Tokyo, Japan – November 1, 2023): TECO 2030 ASA ("TECO 2030", OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) and Yokogawa Electric Corporation ("Yokogawa Electric", TOKYO: 6841) announce 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.
Hydrogen fuel cells use an electrochemical process that combines hydrogen and oxygen to produce electrical energy and water, and are utilized as power sources in fuel cell vehicles (FCV) and stationary power supply devices. Green hydrogen and ammonia are considered promising energy carriers for the storage and transportation of renewable energy that has been produced as electricity. Fuel cells powered by green hydrogen, or hydrogen produced through green ammonia-to-hydrogen cracking technology, are more energy efficient than conventional combustion engines and don’t generate nitrogen oxide (NOx), so can be used as zero-emission energy sources in a range of applications. Although adoption has been limited up to now, technology maturity and a dramatic increase in demand for hydrogen-powered marine vessels are driving expansion of the fuel cell market, and the resulting reduction in manufacturing costs is expected to in turn accelerate use in the automotive and industrial sectors as well.
TECO 2030 develops and manufactures hydrogen fuel cells, and has opened in Narvik, Norway, a gigafactory for the production of hydrogen proton exchange membrane (PEM) fuel cells and energy modules, which consist of multiple cells and auxiliary operating equipment. Production of hydrogen fuel cells is already underway, and module production is expected to start within the next few months. The production capacity will be built up over time, targeting an output capacity of 400 MW in 2025 and 1.6 GW in 2030. TECO 2030’s hydrogen fuel cells employ unique technologies developed together with technology partner AVL, a forerunner in this field, enabling industry-leading energy density and performance.
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.
Tore Enger, Group CEO of TECO 2030, commented, “I am very excited to have Yokogawa on board as an investor and strategic partner for the ongoing development of TECO 2030’s complete fuel cell system. I am looking forward to working together toward the common goal of a zero-emission future.”
Tsuyoshi Abe, a Yokogawa Electric senior vice president and head of the Marketing Headquarters, said, “As we mention in our whitepaper Reweave the World*, energy conversion systems are going to play an important role in the transition from the fossil fuel era to a renewable energy era. Yokogawa firmly believes that fuel cells are one of the pathways to net-zero emissions in the maritime and industrial sectors, and we are confirming this by embarking on a journey with TECO 2030 as a strategic partner for a sustainable future.”
Contacts
- Tore Enger, CEO, +47 920 83 800, tore.enger@teco2030.no
About TECO 2030 ASA
TECO 2030 is a Norwegian clean tech company developing zero-emission technology for maritime and other industries. We are developing PEM hydrogen fuel cell stacks and PEM hydrogen fuel cell modules that enable ships and other industrial applications to become emissions-free. TECO 2030 is a spinoff from TECO Maritime Group, which has provided technology and services to the global shipping industry since 1994. The company is listed on Euronext Growth on Oslo Stock Exchange under the ticker TECO and in New York, OTCQX under the ticker TECFF. For more information, visit www.teco2030.no.
Attachments
(Lysaker, Norway, October 25th, 2023): TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) is pleased to show the progress that has happened through the 3-years of development of its heavy-duty and marine 400kW fuel cell module, the FCM400. The FCM400 is the world’s most compact and efficient inherently safe marine fuel cell system. The FCM400 possesses built-in gas safety features, making it an ideal choice for seamless integration on board a ship to enable zero-emission energy generation.
“We are getting ready to show our hydrogen fuel cell system to the world, and delivery zero-emission solutions to our clients with the most sophisticated fuel cell system available for marine and heavy-duty applications. A fuel cell generates electricity by combining hydrogen and oxygen, producing water and releasing energy in the form of electricity in the process, without combustion. This means that marine vessels and other heavy-duty applications can operate completely emissions free,” says Tore Enger, Group CEO TECO 2030.
TECO 2030’s world-class fuel cell system is a technologically advanced clean energy generation system. The attributes of the modular 400kW fuel cell system includes industry leading energy efficiency, inherent safety concept, leading dimensions and component design, lifetime, and rapid dynamic load response.
Safety is always the key priority. TECO 2030’s fuel cell system has been developed along with an inherent safety concept, this means that the design and operation of fuel cells minimize consequence of potential hazards. This includes a separate and independent safety system, venting arrangement, certified and field proven components, and robust containment systems.
The FCM400 system has the lowest footprint on the market when calculating power output per unit volume, meaning that there is no other supplier of similar energy density for marine and heavy-duty applications. Real estate onboard a ship or similar sites is limited so the importance of energy density is key to many of TECO 2030’s clients and partners. The FCM400 has a dynamic load which relates to the ability of the fuel cell to rapidly respond to changes in power demand, which is important for mobility and grid applications were power requirements can change swiftly.
Contacts
- Tore Enger, CEO, +47 920 83 800, 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 400 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. For more information, please visit www.teco2030.no.
Attachments
(Lysaker, Norway, October 16th, 2023): TECO 2030 ASA (OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) has signed a loan agreement with its largest shareholder, TECO Group AS.
Under the agreement, TECO Group lends TECO 2030 20 million shares in TECO 2030.
TECO 2030 may, when appropriate, sell the shares to new investors as a flexible way of securing financing for its business plan.
TECO 2030 will settle the share loan through the return of any unsold shares and a private placement of new shares against TECO Group no later than June 30th, 2024. TECO 2030 may repay the loan in whole or in part at any time prior to this date.
TECO Group will not receive any fee or interest on the loan and will subscribe for new shares at the nominal value.
“We appreciate this show of support from TECO Group. The share loan provides us with the option to allocate shares to targeted investors in a flexible manner that streamlines the administrative process associated with each placement,” says Pål Christian Johnsen, CFO of TECO 2030.
TECO Group is a closely associated party to each of TECO 2030’s Chairman Sigurd Gaarder Lange, CEO Tore Enger and CSO Tor-Erik Hoftun . See attached form for further details.
Considering that the alternative to sell shares borrowed from TECO Group could be to resolve one or more private placements, this will in practice imply deviations from the shareholders' preferential right to new shares under the Norwegian Public Limited Liability Companies Act. The board of directors will carefully consider this prior to any sale of shares and only complete sales in which the conclusion is that (i) it will be in the best interest of the Company and its shareholders to deviate from the shareholders' preferential right to the new shares by selling shares to investors as proposed, and (ii) this is in compliance with the requirements in the Norwegian Public Limited Companies Act and the prohibition against giving anyone an unreasonable advantage at the Company's or the shareholders' expense set out in the Norwegian Securities Trading Act, Euronext Growth Oslo Rule Book – Part II section 3.1(2), and the Oslo Stock Exchange's Guidelines on the rules of equal treatment.
This information is subject to the disclosure requirements pursuant to the EU Market Abuse Regulation Article 19 and section 5-12 of the Norwegian Securities Trading Act.
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, +47 920 83 800, 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 400 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. For more information, please visit www.teco2030.no.
Attachments
(Lysaker, Norway, October 13th, 2023): TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) is pleased to elaborate on the world’s most power dense marine and heavy-duty fuel cell module, the FCM400. The FCM400 has already an Approval in Principle from DNV and currently undergoes type approval process for maritime and heavy-duty applications. FCM400 is inherently gas-safe to accommodate easy integration onboard a ship for zero emission energy generation.
TECO 2030 has developed hydrogen fuel cells that enable ships and other heavy-duty applications to become emissions-free, and the company is in the process of establishing Europe's first Giga production facility for hydrogen PEM fuel cell stacks and modules in Narvik, Norway. Production of fuel cell stacks is already underway, and the commencement of module production is expected to start within the next few months. TECO 2030’s fuel cell stacks employ unique technologies developed together with technology partner, AVL, a forerunner in hydrogen applications, enabling industry-leading power density and performance.
TECO 2030’s world-class fuel cell system is a technologically advanced clean energy generation system. The attributes of the modular 400kW fuel cell system includes industry leading energy efficiency, inherent safety concept, leading dimensions and component design, lifetime, and rapid dynamic load response.
Safety is always the key priority. TECO 2030’s fuel cell system has been developed along with an inherent safety concept, this means that the design and operation of fuel cells minimize consequence of potential hazards. This includes a separate and independent safety system, venting arrangement, certified and field proven components, and robust containment systems.
The FCM400 system has the lowest footprint on the market when calculating power output per unit volume, meaning that there is no other supplier of similar energy density for marine and heavy-duty applications. Real estate onboard a ship or similar sites is limited so the importance of energy density is key to many of TECO 2030’s clients and partners. The FCM400 has a dynamic load which relates to the ability of the fuel cell to rapidly respond to changes in power demand, which is important for mobility and grid applications were power requirements can change swiftly.
“I am proud to elaborate on our world-leading fuel cell technology on AVL’s 75th anniversary and showcase our FCM400 which is currently at their premises in Graz, Austria. A huge congratulations to AVL on their anniversary! There is no one in the world who has developed a fuel cell system with similar power efficiency, safety concept or power density. Our fuel cell isn’t just resilient, it is practically invincible and can be used for whatever high-power application needed. The system is easily scalable in power increments of 400kW, and can be utilized in multimegawatt power source applications,” says Tore Enger, Group CEO at TECO 2030.
“Our system is a standard and fully customizable fuel cell system that can be used in various applications such as marine main- or auxiliary engines, construction sites, stationary shore power applications and other energy intensive applications. TECO 2030 is at an exciting pivotal point in its development and are continuously looking for new potential partners, employees, and investors to work with, so we together can realize a common zero-emission future,” Enger concludes.
Contacts
- Tore Enger, CEO, +47 920 83 800, 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 400 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. For more information, please visit www.teco2030.no.
Attachments
(Lysaker, Norway, September 14th, 2023): TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) 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.
A 12 MW fuel cell system will be utilized for full propulsion onboard each of the six vessels, enabling 100% emission-free operations. Each vessel will be about 63,000-deadweight tons and the first vessel is targeted for delivery Q1 2027.
The TECO 2030 fuel cell system will be installed in combination with a Pherousa Green Technologies AS’ (PGT) ammonia to hydrogen cracker. Bunkering ammonia and cracking to hydrogen on board the vessel will solve the present storage and infrastructure challenges of hydrogen as a marine fuel and thus paving the way for zero emission deep-sea shipping.
Opting for hydrogen fuel cells in combination with an ammonia cracker allows shipowners to commence with ammonia and transition to hydrogen whenever desired, minimizing the investment risks. This approach does not only position ammonia as a viable hydrogen carrier but also enables its economic trade as a preferred fuel in shipping and complementing its traditional role in the chemical and fertilizer sector.
The total supply agreement is subject to financing of PGS’ newbuild vessels and reaching a final contract of supply including closing price negotiations according to industry standards.
”We are excited to team up with TECO 2030 and incorporate their Fuel Cell solution together with our own Cracking technology, permitting the Pherousa newbuildings to be the first ever fully electric deep-sea vessels on water” said Hans Bredrup, Chairman of the Pherousa group. He further commented: “The technology combination between TECO 2030 and Pherousa doesn’t only reduce the ammonia consumption versus the ammonia fueled Internal Combustion Engines currently being developed, it also avoids burning Ammonia together with Carbon based pilot fuels” and adds: “Truly Zero Emission by Choice”.
“We are proud to sign a firm supply agreement for six vessels with Pherousa Green Shipping, they are a young forward-thinking shipowner who wants to realize zero emissions deep-sea shipping. Pherousa is an exciting company, with a clear vision of proving that hydrogen and ammonia can be utilized to fuel tomorrow’s deep-sea vessels,” said an enthusiastic Tore Enger, Group CEO TECO 2030.
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
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 400 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. For more information, please visit www.teco2030.no.
Attachments
(Lysaker, Norway, September 5th, 2023): TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) has started the countdown for the first TECO 2030 FCM400 being in operation at AVL’s facility in Graz, Austria! The first state-of-the-art 400kW fuel cell system for marine and heavy-duty applications is currently being built and will be deployed for validation and testing purposes very soon at AVL’s facility in Graz, Austria.
A combined TECO 2030 and AVL development team has laid down more than 30 intense months or over 500,000 working hours of developments of the world’s first marine and heavy-duty fuel cell module. In total, over 100 engineers from both TECO 2030 and AVL have been involved in the joint development project and we are steaming ahead.
“This next milestone is an important step for validating our fuel cell technology as several investors, clients and other stakeholders are waiting for the complete integrated and tested 400kW fuel cell system confirmation through this advanced real life simulation stage,” says Tore Enger, Group CEO, TECO 2030.
Tore Enger continues in a calmly matter “Fuel cells are the next big energy generators, there is no doubt. We at TECO 2030 are working at full speed to have our systems ready for the market’s demand once it comes. The 200 projects we currently are involved in, are building the entire infrastructure value chain for a new energy alternative to secure their applications operation. This is a time-consuming exercise and partially outside our control. We are working to secure our own production volumes and projects in order to be ready when the project train is ‘departing’ the station.”
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. 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, September 1st, 2023) TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) releases its H1 2023 Report. The report is attached to this Stock Exchange Notice and can be found on our website.
TECO 2030 has reached a series of significant milestones and great progress through H1 2023:
* 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 March TECO 2030 fulfilled all prerequisites connected with the NOK 50 million grant from Innovation Norway and started to withdraw the first NOK 40 million. The grant was awarded to TECO 2030 in October 2021 and was the second largest single project grant provided by Innovation Norway in 2021.
* In early May, TECO 2030 started manual production at the Innovation Center in Narvik, Norway. This marked the beginning of manual stack production of our own 100kW fuel cell stacks. The manual production of fuel cell stacks is an essential step towards the commercialization of TECO 2030’s fuel cell technology. The first stack was successfully completed in mid-May.
* During June TECO 2030 and Skeleton Technologies entered into a strategic partnership to boost zero-emission technologies. Skeleton Technologies and TECO 2030 will then aim to develop joint solutions combining TECO 2030’s hydrogen fuel cells and Skeleton’s SuperBattery to enable the maritime industry’s transition to net-zero.
Events after the reporting period:
In July, TECO 2030 announced that the company for the second time within approx. one year, has achieved to be invited for HORIZON EUROPE funding. This time, the company, together with partners, will receive EUR 13.5 million to build and demonstrate a passenger ferry powered by TECO 2030 fuel cells. The grant amount reserved for TECO 2030 is EUR 2.3 million. The project is a Horizon Innovation Action that aims to develop, build and demonstrate a 35-meter, 300 passenger capacity vessel that will be powered by the FCM400 fuel cell system by TECO 2030.
Outlook going forward:
Through the second half of 2023, TECO 2030 is looking forward to validating the FCM400 in AVL’s state-of-the-art test environment in Graz, Austria for continuous optimization of the fuel cell system. This milestone is an important step for validating our fuel cell technology as several investors, clients and other stakeholders are waiting for the integrated and tested fuel cell technology confirmation through this advanced simulation stage.
Financial:
The major focus during the first half of 2023 has been on the continued development of the fuel cells and significant resources is spent in that respect. The company has purchased components for the first fuel cell systems and started the production of fuel cell stacks. Throughout the first six months, this has been funded via various sources such as bond loan, grants from public agencies (EU, Innovation Norway, etc) and customer payments. As per 30 June 2023, TECO 2030 has submitted budgetary quotes of more than EURO 1 billion and see a constant increase in the interest from potential customers. The company is hoping to secure firm contracts towards the end of the year.
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 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
(Lysaker, Norway, August 2st 2023) TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) 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.
“I am humble to work with the undisclosed European Motor Company on this exciting collaboration, together we will create a concept for the Company’s industry to become an environmental pioneer in the field while transitioning to a more sustainable alternative. There is no doubt that hydrogen will play a key role in decarbonizing the various industries, and fuel cells will be an efficient engine which hydrogen can run on,” said Tore Enger, Group CEO, TECO 2030.
Contacts
- Cristian Skajem, Head of Communications, Head of Communications, +4741884186, cristian.skajem@teco2030.no
- 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.
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(Lysaker, Norway, July 24th 2023): TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) with partners have been invited for HORIZON EUROPE funding of EUR 13.5 million to build and demonstrate a passenger ferry powered by TECO 2030 fuel cells. The grant amount reserved for TECO 2030 is EUR 2.3 million. The principal goal of the project is to accelerate the transition towards safe use of sustainable fuels in waterborne transport through full-scale demonstration of hydrogen fuel cells within maritime applications.
The consortium consists of 14 partners from seven European countries covering the whole innovation value chain, including technology developers, academic institutions, maritime engineering, class society, digital transformation and a shipyard.
The project is a Horizon Innovation Action that aims to develop, build and demonstrate a 35 meter, 300 passenger capacity vessel that will be powered by the FCM400 fuel cell system by TECO 2030. The vessel will be operated in Southern Europe. TECO 2030 will work closely with all the consortium partners to develop the entire value chain ensuring full operational requirements for the vessel. This includes a functional hydrogen refueling system, fulfilling infrastructure requirements, cost optimization during operations and efficient data management.
The project proposal was submitted in April 2023 and has been evaluated by experts in the European Commission in terms of Excellence, Impact and Quality. The project was among the highest-scoring proposals of this Call and has now been invited for Horizon Europe Grant Agreement Preparation. We expect the grant preparation process to be finalized later this year, and the project start date to be around January 2024.
“I’m proud to announce that we have won our second Horizon Europe project! Winning two EU-projects out of two attempts is an extraordinary achievement, and I would like to thank our partners and our internal proposal writing team for their strong efforts,” said Fredrik Aarskog, Director of Business Development, TECO 2030.
“We are thrilled to continue to showcase how hydrogen can contribute to the reduction of harmful emissions within the marine industry. This project has the potential to enable seaborn passenger transport, without any emissions,” said Tore Enger, Group CEO, TECO 2030. “Our fuel cells are the first purpose-developed marine fuel cells, with an industry leading footprint without compromising efficiency,” Enger concludes.
Renewable hydrogen is universally considered to be an important energy vector in the global efforts to combat climate change by limiting greenhouse gas emissions to the "well below 2°C scenario", as agreed by more than 190 states in the 2015 Paris Agreement.
Waterborne transport, in particular the use of large seagoing vessels, remains a major contributor to greenhouse gas emissions and this sector must step up its efforts significantly and through a wide range of measures. Within the International Maritime Organization (IMO), a global agreement was reached in 2018 to reduce total GHG missions from maritime transport by at least 50% by 2050 compared to 2008 as a base year.
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.
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(Lysaker, Norway, June 22nd 2023): TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) completes the first future funnel installation successfully onboard a vessel belonging to an undisclosed shipowner.
Future Funnels, also known as scrubbers, are technologies designed to reduce air pollution from the emissions of ships and other industrial sources. These systems are particularly used in the maritime industry to comply with stricter environmental regulations. By installing scrubbers, ships can reduce their emissions and achieve compliance with international emission standards, such as the sulfur limits set by the International Maritime Organization (IMO) under the MARPOL Annex VI regulations.
“I am happy to see the first future funnel installed onboard a vessel. The shipowner can now sail with reduced emissions without interrupting its operations,” said Tore Enger, Group CEO, TECO 2030. “We are ready to install more future funnels to shipowners willing to reduce emissions and get returns on their investments. This proves that the market is still attracted to scrubbers while zero emission technologies are readily becoming available. ” Enger concluded.
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 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.
Attachments
(Lysaker, Norway, June 7th 2023) TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) and Skeleton Technologies have entered into a strategic partnership to accelerate the use of renewable hydrogen in the maritime sector and demonstrate zero-emissions voyage and port operations. Skeleton Technologies is a global technology leader in high power, fast charging energy storage for transportation, grid, automotive and industrial applications.
As a first step, Skeleton’s SuperBattery shall be integrated with TECO 2030’s fuel cell modules in the HyEkoTank project, the largest marine fuel cell retrofit projects in the world, led by TECO 2030, Shell, and other consortium partners from three European countries (Norway, Sweden, and Netherlands). Skeleton Technologies and TECO 2030 will then aim to develop joint solutions combining TECO 2030’s hydrogen fuel cells and Skeleton’s SuperBattery to enable the maritime industry’s transition to net-zero, based on Skeleton's work in the HydroCap project funded by the Estonian government.
The HyEkoTank project started on February 1st, 2023, in Lysaker, Norway, and is planned to last for 3 years, with the goal of eliminating carbon emissions during voyage and in port operations. TECO 2030 will retrofit six 400 kW Fuel Cell Modules in a container solution and demonstrate power supply for both propulsion and auxiliary loads using hydrogen with zero emissions as fuel.
Skeleton’s SuperBattery modules will sharply increase fuel cells’ performance and lifetime by reducing the requirement for peak power from the fuel cell.
"We are thrilled to announce this strategic partnership with TECO2030, one of the global leaders in green maritime technology. There are many synergies between our companies, as Skeleton is focused on reducing CO2 emissions in hard-to-decarbonize sectors and the maritime industry is surely one of them. We are confident our SuperBattery product can contribute to its transition towards net-zero by being a key enabling and complementary technology for fuel cell powered ships. Our SuperBattery shall first be integrated with TECO 2030’s fuel cell modules in the HyEkoTank project, whose consortium includes another key partner for Skeleton – Shell - with whom we collaborate on the electrification of mining sector. We are hopeful many opportunities will arise from this new partnership with TECO 2030“, states Taavi Madiberk, CEO and co-founder of Skeleton Technologies.
“On a fuel cell powered ship all energy is generated by the fuel cell and it is optimal to supply that energy directly to the consumer when possible. Therefore, large battery energy storage capacity is typically not needed on a ship. However, a fuel cell system needs a few seconds to react to load changes so a high-power battery for peak-shaving is the perfect match. Combining the compact and dynamic FCM400 marine fuel cell from TECO 2030 with the high-power SuperBattery from Skeleton significantly reduces the installation space needed in the HyEkoTank project. In addition, this solution will be cheaper, safer and more sustainable than a conventional lithium-ion battery solution,“ says Fredrik Aarskog, Director of Business Development in TECO 2030.
Skeleton’s SuperBattery is a perfect fit for TECO 2030’s fuel cells due to its power, safety, lifetime, and recyclability, therefore contributing to a joint solution to retrofit fleets and significantly reduce their GHG emissions cost-effectively.
The HyEkoTank is a project funded by the European Union under the Horizon Europe programme to develop optimised hydrogen fuel cell solutions for maritime applications and accelerate the achievement of climate neutrality of both sea-going and inland waterway waterborne transport.
Shipping is considered as a hard-to-decarbonize sector and its CO2 emissions accounts for 2.89 % of the world's emissions. The industry needs modular systems applicable for retrofit and newbuild, capable of reducing emissions and enable flexibility. Renewable hydrogen is seen as the best solution to enable the sector’s decarbonization goals, but fuel cells need complementary technologies such as Skeleton’s SuperBattery to increase their performance and lifetime. The solution may eventually be used beyond the maritime sector, in heavy duty trucks, rail, shorepower, and construction. Skeleton is already involved in the project „HydroCap“ funded by the Estonian government to explore these additional applications.
TECO 2030, a spin-off from TECO Maritime Group, is building Europe’s first Proton exchange membrane (PEM) fuel cells gigafactory in Norway. The factory is planned to start production as soon as possible in 2024, with an annual output of 400MW in 2025 and 1,600MW of fuel cells by 2030.
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.
Attachments
(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
(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.