Stock Exchange Annoucements
20.5.2022 15:30:51 CEST | TECO 2030 ASA | Additional regulated information required to be disclosed under the laws of a member state
The Annual General Meeting of TECO 2030 ASA was held today 20 May 2022. All resolutions were adopted in accordance with the Board's proposal and the Nomination Committee's recommendation.
The signed protocol from the Annual General Meeting is attached.
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
TECO2030 accelerates the green transition in the maritime sector by delivering technology that helps ships to reduce their environmental and climate impacts. TECO2030 is developing hydrogen fuel cells that enable ships and other heavy-duty applications to become emissions-free. The company is also developing other solutions that can help the maritime industry to reduce its emissions, such as exhaust gas cleaning and carbon capture systems for ships. TECO2030 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. TECO2030 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
6.5.2022 09:00:00 CEST | TECO 2030 ASA | Additional regulated information required to be disclosed under the laws of a member state
The Shareholders in TECO 2030 ASA (OSE: TECO) are hereby given notice of the Annual General Meeting (AGM) on 20 May 2022 at 10:00 CET.
Please find attached notice of the AGM.
The notice of the Annual General Meeting is enclosed and is also being sent to the company's shareholders incl. necessary PIN-codes etc.
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
TECO2030 accelerates the green transition in the maritime sector by delivering technology that helps ships to reduce their environmental and climate impacts. TECO2030 is developing hydrogen fuel cells that enable ships and other heavy-duty applications to become emissions-free. The company is also developing other solutions that can help the maritime industry to reduce its emissions, such as exhaust gas cleaning and carbon capture systems for ships. TECO2030 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. TECO2030 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
29.4.2022 10:00:01 CEST | TECO 2030 ASA | Non-regulatory press releases
(Lysaker, Norway, 29 April 2022) TECO 2030 ASA (OSE: TECO) releases ESG Report 2021. The company is fully engaged in executing its growth strategy of becoming a leading provider of maritime and heavy-duty fuel cells.
The 2021 ESG Report has been prepared with inspiration by and follows the pillars of World Economic Forum’s IBC common metrics. In addition, the report has been supplemented with other standards where relevant, such as the recommendations from Task Force on Climate-Related Financial Disclosures (TCFD), the GRI Standards and the Euronext guidance on ESG reporting.
TECO 2030 aims to be transparent about our operations and will therefore continue to improve and develop our annual reporting by expanding the scope of the report and including additional disclosures relevant to the developments of the company.
“Over the past year, we have continued to explore ways to make the shipping industry more sustainable. We believe the industry will play a vital part in reaching the goals of the Paris Agreement as an alternative mode of transport to road, and air freight, which are significantly more emissions intensive than maritime transport. Our ambition remains to enable the shipping industry to grow while at the same time meeting the emission reduction goals of the EU and the International Maritime Organization (IMO),” says Tore Enger, Group CEO, TECO 2030.
The ESG Report 2021 is attached to this notice and is available on The Company's website.
Contacts
- Pål Christian Johnsen, CFO, +47 412 76 747, pcj@teco2030.no
- Tore Enger, Chief Executive Officer (CEO) of TECO 2030 ASA, +4792083800, tore.enger@teco2030.no
About TECO 2030 ASA
About TECO 2030:
TECO2030 accelerates the green transition in the maritime sector by delivering technology that helps ships to reduce their environmental and climate impacts. TECO2030 is developing hydrogen fuel cells that enable ships and other heavy-duty applications to become emissions-free. The company is also developing other solutions that can help the maritime industry to reduce its emissions, such as exhaust gas cleaning and carbon capture systems for ships. TECO2030 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. TECO2030 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
29.4.2022 07:30:00 CEST | TECO 2030 ASA | Annual financial and audit reports
(Lysaker, Norway, 29 April 2022) TECO 2030 ASA (OSE: TECO) releases Annual Report 2021. The company is fully engaged in executing its growth strategy of becoming a leading provider of maritime and heavy-duty fuel cells.
Through 2021 the company made great progress on its journey towards zero emission maritime shipping. The full annual report is attached to this stock exchange notice and available on the company homepage www.teco2030.no. The Company has previously disclosed Q4 2021 highlights in the stock exchange notice on February 11th 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, Chief Executive Officer (CEO) of TECO 2030 ASA, +4792083800, tore.enger@teco2030.no
About TECO 2030 ASA
About TECO 2030:
TECO2030 accelerates the green transition in the maritime sector by delivering technology that helps ships to reduce their environmental and climate impacts. TECO2030 is developing hydrogen fuel cells that enable ships and other heavy-duty applications to become emissions-free. The company is also developing other solutions that can help the maritime industry to reduce its emissions, such as exhaust gas cleaning and carbon capture systems for ships. TECO2030 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. TECO2030 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
13.4.2022 10:05:01 CEST | TECO 2030 ASA | Additional regulated information required to be disclosed under the laws of a member state
(Lysaker, Norway, April 13th, 2022): TECO2030 ASA (OSE: TECO) has received an order for 1 TECO2030 Ballast Water Treatment System (BWTS) from Avangard Shipyards, for the ship AVANGARD II, worth approximately NOK 1 million.
This BWTS order was landed by TECO2030's team in Miami, USA. This confirms TECO2030's position in the market as a preferred BWTS partner and proves our capabilities to cooperate with clients around the world.
Ballasts are reservoirs used to stabilize ships according to their load. In order to prevent invasive species from travelling from one region to another, and possible health issues, a ship's ballast water needs to be treated before being discharged back to sea. Our system complies with the new G8 rules which were put in force in October 2020. TECO2030 Ballast Water Treatment System complies with International Maritime Organization and United States Coast Guard rules.
"The sale of existing and proven technology to reduce emissions and pollution from ships, means TECO2030 will have meaningful revenue streams while we work on our most ambitious project, the development of the TECO2030 Marine Fuel Cell, a hydrogen-based fuel cell specifically developed for maritime use," says Tore Enger, CEO of TECO2030 ASA.
"The order from Avangard Shipyards, perfectly illustrates this combination of short-term sales and long-term development. By 2024, all ships will need a ballast water treatment system," Mr. Enger added.
Disclosure regulation
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Contacts
- Tore Enger, Chief Executive Officer (CEO) of TECO 2030 ASA, +4792083800, tore.enger@teco2030.no
About TECO 2030 ASA
TECO2030 accelerates the green transition in the maritime sector by delivering technology that helps ships to reduce their environmental and climate impacts. TECO2030 is developing hydrogen fuel cells that enable ships and other heavy-duty applications to become emissions-free. The company is also developing other solutions that can help the maritime industry to reduce its emissions, such as exhaust gas cleaning and carbon capture systems for ships. TECO2030 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. TECO2030 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
31.3.2022 14:10:00 CEST | TECO 2030 ASA | Additional regulated information required to be disclosed under the laws of a member state
(Narvik, Norway, March 31st 2022) TECO2030 (OSE: TECO) has signed a letter of intent with Norwegian energy company Narvik Hydrogen to cooperate on relevant projects with the aim of developing a complete hydrogen value chain.
As part of the agreement, the two parties will discover, evaluate and participate in relevant projects. For the projects they decide to cooperate on, Narvik Hydrogen will provide green hydrogen to be used as fuel for the fuel cells developed by TECO2030.
“With the signing of the letter of intent with Narvik Hydrogen, we can supply hydrogen to our customers in the Northern Norway region in order to offer complete infrastructure hydrogen projects,” says Tore Enger, CEO of TECO2030 ASA.
“We believe that the hydrogen community stands stronger shoulder by shoulder, and collaboration is key towards achieving our common goal of a zero emission future,” Enger adds.
“At Narvik Hydrogen we are proud to work with an ambitious partner like TECO 2030. We strongly believe in collaboration throughout the value chain to accelerate the introduction of hydrogen as an energy carrier across different sectors,” says Håvard Hjallar, CEO Narvik Hydrogen AS.
Hydrogen fuel cells are the engines of tomorrow and convert hydrogen into electricity while emitting nothing but water vapour and warm air.
Green hydrogen is hydrogen produced with renewable energy such as electricity from wind turbines and solar panels. When ships or other large applications replace their traditional combustion engines running on fossil fuels with fuel cells fuelled by green hydrogen, they can become completely emissions-free.
Disclosure regulation
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Contacts
- Tore Enger, Chief Executive Officer (CEO) of TECO 2030 ASA, +4792083800, tore.enger@teco2030.no
About TECO 2030 ASA
TECO2030 accelerates the green transition in the maritime sector by delivering technology that helps ships to reduce their environmental and climate impacts. TECO2030 is developing hydrogen fuel cells that enable ships and other heavy-duty applications to become emissions-free. The company is also developing other solutions that can help the maritime industry to reduce its emissions, such as exhaust gas cleaning and carbon capture systems for ships. TECO2030 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. TECO2030 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
15.3.2022 12:35:01 CET | TECO 2030 ASA | Total number of voting rights and capital
(Lysaker, Norway, March 15th 2022): Reference is made to the announcement by TECO 2030 ASA (OSE: TECO) on February 20th 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 1,419,786.41 divided into 141,978,641 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
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 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
13.3.2022 08:30:00 CET | TECO 2030 ASA | Additional regulated information required to be disclosed under the laws of a member state
(Lysaker, Norway, March 13th 2022) TECO2030 ASA (OSE: TECO) has decided to publish an operational update about the developments of our Marine Fuel Cells. Through 2021 we saw great progress in both the technology and production developments and reached several milestones.
The Marine Fuel Cells have moved a long way through 2021 with several interesting zero emission fuel cell projects. The Fuel Cell development has been progressing according to schedule, and the first fuel cell modules will be deployed in the demonstrator project of a zero-emission construction site with Implenia Norway during the summer of 2023. This project has been funded by the state enterprise ENOVA. The project group has biweekly meetings to align for execution of the project and mid-February TECO2030 visited Implenia Norway’s construction site right outside Oslo, “Fornebubanen”. The visit gave the project team a good understanding of what a future construction site will look like and boosted the motivation for continued success. If we now go back to the developments, the fuel cell has performed thousands of hours in AVL’s testbench and is outperforming our expectations. The performance numbers achieved are substantially higher than what we expected in the feasibility study. Several of the components have been through detailed evaluation, simulation, and selection. The decision of components is a large milestone for the engineering team of TECO2030 and is a large step towards a zero-emission fuel cell future.
The project in Narvik for the Port of Narvik is waiting for feedback from ENOVA. The Port of Narvik is looking for a high-speed zero-emission hydrogen fuel cell workboat. The fuel cells will be delivered during 2023, pending financing with a total energy capacity of 1.6 MW. The project will be the first vessel to demonstrate and pilot a TECO2030 FCC1600 onboard, another large milestone for TECO2030.
The first fuel cells and prototypes will be delivered to customers during second and third quarter 2023.
There are plenty of other very promising and interesting projects ongoing and further details will be released in timely manner and according to stock exchange requirements. The ongoing projects are of every size and includes Green Hydrogen @ Blue Danube which is currently waiting for an answer on its IPCEI application. There is no doubt that renewable energy will play a key role in decarbonizing the heavy duty and marine applications in the coming years and TECO2030 is positioning itself to be a key player in the hydrogen field.
The EU recently also launched its “REPowerEU” initiative after the ongoing sanctions with Russia were enforced. The European Commission unveiled proposals to further boost renewables and quadruple current 2030 targets for green hydrogen supplies as part of a hastily assembled strategy to cut the EU’s reliance on Russian gas by two-thirds as soon as the end of this year. This will spark a boost in the European hydrogen industry and leads to higher reliance of hydrogen fuel cells in the years to come.
Things are happening in Narvik as well. The kick-off for the development of the production facility in Narvik started in early December 2021 with our first employee onboard, followed by a second employee who started in January 2022. The team in Narvik, along with several employees at Lysaker have started working closely with AVL’s production planning engineers. Currently the team is designing the floorplan with the proper dimensions of all necessary machines and other equipment. Simultaneously, there are several certification processes being worked on, such as ISO-certifications, RamBase Technology implementation and a broad hiring process. TECO2030 Innovation Center is looking for 5 new colleagues, the positions needed are Facility Manager, Supply Chain Manager, Technical Lead Engineer, Production Engineer (both Electro/Automation and Mechanical).
Tuesday March 1st 2022, we had the Norwegian Prime Minister, Jonas Gahr Støre, visiting us for a tour of the facility where he was introduced to our plans with the building in Narvik. Prime Minister Støre was very pleased and engaged with all aspects of the facilities and the fact that we found an existing building which was perfect for our needs. The tour ended in a conference room with a short power point discussion around the holistic possibilities with TECO2030 Marine and Heavy-Duty Fuel Cells.
TECO2030 is proud to present higher efficiency at the Innovation Center with an increased production capacity, and the company is now aiming to achieve 1.6GW of annual PEM fuel cell production in the facilities in Narvik in 2030. The increased production capacity is in line with the market demands and the newly published strategy of the European Commission “REPowerEU”. The EU’s consumption of renewable energy is expected to increase substantially in the years towards 2030, and a new strategi quadrupling the current 2030 targets for renewable energy.
In January 2022, TECO2030 signed a strategic cooperation agreement with Al Misehal Group in the Kingdom of Saudi Arabia (KSA). The cooperation is built to contribute towards the KSA’s “Vision 2030” with an ultimate goal of achieving net zero by 2060. The TECO2030 and Al-Misehal cooperation aims to be a leading supplier of zero emission hydrogen-based fuel cells in the region, with an intended goal of converting various power sources towards zero emissions. The vision is built around three themes: a vibrant society, a thriving economy, and an ambitious nation. This strategic cooperation will be a rewarding partnership in terms of knowledge sharing, economic growth, and innovative thinking for achieving the ultimate goals of the net zero vision.
“We are currently in a good position to deliver PEM fuel cells to the maritime and heavy-duty industry, and the interest among clients is high. Currently I would estimate that we are involved in 65 fuel cell projects in all sizes and appropriate stock exchange notices will be given when ready for launch,” said Tore Enger, Group CEO, TECO 2030. “The current market situation for hydrogen is accelerating from the hype stage we saw a couple years ago, to the take-action stage we are now experiencing. The future will include hydrogen as an energy source, and we are striving daily to deliver world-class fuel cell systems to our clients,” Enger adds.
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, +47 920 83 800, tore.enger@teco2030.no
About TECO 2030 ASA
TECO2030 accelerates the green transition in the maritime sector by delivering technology that helps ships to reduce their environmental and climate impacts. TECO2030 is developing hydrogen fuel cells that enable ships and other heavy-duty applications to become emissions-free. The company is also developing other solutions that can help the maritime industry to reduce its emissions, such as exhaust gas cleaning and carbon capture systems for ships. TECO2030 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. TECO2030 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
3.3.2022 07:30:00 CET | TECO 2030 ASA | Mandatory notification of trade primary insiders
TECO 2030 has been notified that Erling Hoftun, Primary Insider and CEO of subsidiary company TECO 2030 AS, has bought 36 847 shares in TECO 2030 ASA at a price of NOK 4,2242 per share. After the transaction, Erling Hoftun holds 39 847 shares in TECO 2030 ASA.
Please refer to the attached notification of trading for further details.
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 TECO2030:
TECO2030 accelerates the green transition in the maritime sector by delivering technology that helps ships to reduce their environmental and climate impacts. TECO2030 is developing hydrogen fuel cells that enable ships and other heavy-duty applications to become emissions-free. The company is also developing other solutions that can help the maritime industry to reduce its emissions, such as exhaust gas cleaning and carbon capture systems for ships. TECO2030 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. TECO2030 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 http://www.teco2030.no.
Attachments
24.2.2022 16:22:36 CET | TECO 2030 ASA | Additional regulated information required to be disclosed under the laws of a member state
(Lysaker, Norway, February 24th, 2022): TECO2030 ASA (OSE: TECO) has received an order for 1 TECO2030 Ballast Water Treatment System (BWTS) from CMI Ship Management, for the ship Ocean Nova, worth approximately NOK 0.9 million.
This ecosystem protection solution order was landed by TECO2030's team in Miami, USA. This confirms TECO2030's position in the market as a preferred BWTS partner and proves our capabilities to cooperate with clients around the world.
Ballasts are reservoirs used to stabilize ships according to their load. In order to prevent invasive species from travelling from one region to another, and possible health issues, a ship's ballast water needs to be treated before being discharged back to sea. Our system complies with the new G8 rules which were put in force in October 2020. TECO2030 Ballast Water Treatment System complies with International Maritime Organization and United States Coast Guard rules.
"The sale of existing and proven technology to reduce emissions and pollution from ships, means TECO2030 will have meaningful revenue streams while we work on our most ambitious project, the development of the TECO Marine Fuel Cell, a hydrogen-based fuel cell specifically developed for maritime use," says Tore Enger, CEO of TECO2030 ASA.
"The order from CMI Ship Management, perfectly illustrates this combination of short-term sales and long-term development. By 2024, all ships will need a ballast water treatment system," Mr. Enger added.
Disclosure regulation
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Contacts
- Tore Enger, Chief Executive Officer (CEO) of TECO 2030 ASA, +4792083800, tore.enger@teco2030.no
About TECO 2030 ASA
About TECO2030:
TECO2030 accelerates the green transition in the maritime sector by delivering technology that helps ships to reduce their environmental and climate impacts. TECO2030 is developing hydrogen fuel cells that enable ships and other heavy-duty applications to become emissions-free. The company is also developing other solutions that can help the maritime industry to reduce its emissions, such as exhaust gas cleaning and carbon capture systems for ships. TECO2030 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. TECO2030 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
20.2.2022 20:35:00 CET | TECO 2030 ASA | Additional regulated information required to be disclosed under the laws of a member state
(Lysaker, Norway, February 20th 2022) - TECO 2030 ASA (OSE: TECO) is pleased to announce that it has raised approx. NOK 6.7 million (USD 750,000) through a private placement of 1,608,827 new shares, which took place today.
The shares will be issued at a price of NOK 4.166 per share to one investor, Al-Misehal Group. This placement follows the Al-Misehal Group's initial placement in TECO 2030 on October 7th 2021. Al-Misehal Group’s total holding after the most recent placement is 5,733,997 shares.
"It is with great pleasure we announce that Al-Misehal family has invested in TECO 2030 in two private placements. This strengthens our partnership and our joint project’s mission towards a net zero carbon 2060 in the Kingdom of Saudi Arabia." said Tore Enger, CEO of TECO 2030.
“Al-Misehal Group has a good network and solid expertise in the field of Engineering, and is the exact partner we need to fulfill the business opportunities in the Kingdom of Saudi Arabia,” Mr. Enger Adds.
“Almisehal Group is focused on the Vision 2030 for the Kingdom of Saudi Arabia. That combined with the global focus on decarbonization and finding zero emission power generation, we believe that the leader in the world of decarbonization, power applications and the maritime energy market is TECO 2030. We are proud to be in cooperation with TECO 2030, ” says Samer Al-Misehal, Chairman, Almisehal Investment company.
The completion of the private placement and the issuance of the new shares were resolved by TECO 2030's Board of Directors (the "Board") during a board meeting on February 20th, 2022, pursuant to an authorization given at the Company's annual general meeting on 19 February 2021.
The Private Placement implies a deviation from the pre-emptive rights of the existing shareholders of the Company. The Board has considered this and is of the view that it would be in the best interest of the Company and its shareholders to deviate from the existing shareholders' pre-emptive right to the Offer Shares, and that this would also be in compliance with the requirements in the Norwegian Public Limited Companies Act on equal treatment of shareholders and the prohibition against giving anyone an unreasonable advantage at the Company's or the shareholders' expense and the obligations relating to equal treatment of shareholders, cf. section 3.1 of the Euronext Growth Rule Book Part II and the Oslo Stock Exchange's Guidelines on the rules of equal treatment.
In reaching this conclusion, the Board inter alia emphasized that:
* The subscription price of NOK 4.166 per share represents a modest discount of approximately 5 % to the closing market price of the Company's shares.
* The share issue has a very limited dilutive effect of 1.15% towards existing shareholders.
* A share issue in the form of a private placement enables the Company to capitalize on current market conditions in an efficient manner. Alternative transaction structures would imply a longer lead time and potentially significant discounts.
The Company has resolved not to carry out a subsequent offering. Upon completion of registration of the private placement, the total number of shares in TECO 2030 ASA will increase to 141,978,641 each with a nominal value of NOK 0.01.
The new shares will be listed on Euronext Growth on Oslo Stock Exchange 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, +47 920 83 800, tore.enger@teco.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. TECO2030 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. TECO2030 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 - http://www.teco2030.no.
Attachments
15.2.2022 13:00:01 CET | TECO 2030 ASA | Additional regulated information required to be disclosed under the laws of a member state
(Lysaker, Norway, February 15th, 2022): TECO2030 (OSE: TECO) signs strategic cooperation agreement with Al Misehal Group in the Kingdom of Saudi Arabia (KSA). The strategic cooperation agreement aims to result in a Joint Venture between the parties with the purpose of conducting business which will reduce environmental impact in the KSA.
Al Misehal Group Company has, over the past 30 years, built an outstanding reputation for delivering excellent service to their partners and customers. Al Misehal Group combine commitment, their local market knowledge with the technical expertise and diverse product ranges of overseas partners to forge long lasting successful relationships.
TECO2030 is a leader in the field of marine and heavy-duty fuel cell applications and will bring all technical know-how and expertise to the joint venture as a part of the agreement. This agreement secures further off-take from the production at the Innovation Center in Narvik and will lead to an increase for Norwegian export.
Together the parties will establish a joint venture for operations in the KSA. The fuel cell stacks will be produced at TECO2030 Innovation Center in Narvik and later fuel cell modules with power output capacity of 400 kW will be manufactured at a desired location in the KSA. Further a full sales and marketing department will be established to conduct business within the region.
The cooperation is built to contribute towards the KSA’s “Vision 2030” with an ultimate goal of achieving net zero by 2060. The TECO2030 and Al-Misehal cooperation aims to be a leading supplier of zero emission hydrogen-based fuel cells in the region, with an intended goal of converting various power sources towards zero emissions. The vision is built around three themes: a vibrant society, a thriving economy, and an ambitious nation. This strategic cooperation will be a rewarding partnership in terms of knowledge sharing, economic growth, and innovative thinking for achieving the ultimate goals of the net zero vision.
The parties believe that green hydrogen will play a key role in reaching the United Nation’s Sustainable Development Goals. In that sense, KSA is a pioneer within innovation and new-thinking and is a leading country in regard to innovative value-creation.
“This marks the beginning of a fruitful cooperation with Al-Misehal Group with a goal of supplying the region with leading marine and heavy-duty fuel cells. We could not be more satisfied with our strategic partner, and we are looking forward to collaborating towards Saudi’s Vision 2030”, says Tore Enger, Group CEO, TECO2030.
“We look forward to working with TECO2030 on the fuel cell deployment in KSA to manufacture heavy-duty hydrogen fuel cell units and transfer knowledge to the local workforce in the OXAGON Industrial City within NEOM. This joint venture is in line with the Kingdom’s Vision 2030, and a major milestone in achieving net zero carbon in 2060,” said Adnan Al-Misehal, Al Misehal Group Chairman.
Disclosure regulation
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Contacts
- Tore Enger, Chief Executive Officer (CEO) of TECO 2030 ASA, +4792083800, tore.enger@teco2030.no
About TECO 2030 ASA
About TECO2030:
TECO2030 accelerates the green transition in the maritime sector by delivering technology that helps ships to reduce their environmental and climate impacts. TECO2030 is developing hydrogen fuel cells that enable ships and other heavy-duty applications to become emissions-free. The company is also developing other solutions that can help the maritime industry to reduce its emissions, such as exhaust gas cleaning and carbon capture systems for ships. TECO2030 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. TECO2030 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
11.2.2022 07:30:00 CET | TECO 2030 ASA | Additional regulated information required to be disclosed under the laws of a member state
(Lysaker, Norway, February 11th, 2022): TECO2030 ASA (OSE: TECO) has received an order for 1 TECO2030 Ballast Water Treatment System (BWTS) from Wilhelmsen Ship Management, the agent for SEABORD EXPLORER, worth approximately NOK 1.64 million.
This ecosystem protection solution order was landed by TECO2030's team in Miami, USA. This confirms TECO2030's position in the market as a preferred BWTS partner and proves our capabilities to cooperate with clients around the world.
Ballasts are reservoirs used to stabilize ships according to their load. In order to prevent invasive species from travelling from one region to another, and possible health issues, a ship's ballast water needs to be treated before being discharged back to sea. Our system complies with the new G8 rules which were put in force in October 2020. TECO2030 Ballast Water Treatment System complies with International Maritime Organization and United States Coast Guard rules.
"The sale of existing and proven technology to reduce emissions and pollution from ships, means TECO2030 will have meaningful revenue streams while we work on our most ambitious project, the development of the TECO Marine Fuel Cell, a hydrogen-based fuel cell specifically tailored for maritime use," says Tore Enger, CEO of TECO2030 ASA.
"The order from Wilhelmsen on behalf of SEABOARD, perfectly illustrates this combination of short-term sales and long-term development. By 2024, all ships will need a ballast water treatment system," Mr. Enger added.
Disclosure regulation
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Contacts
- Tore Enger, Chief Executive Officer (CEO) of TECO 2030 ASA, +4792083800, tore.enger@teco2030.no
About TECO 2030 ASA
TECO2030 accelerates the green transition in the maritime sector by delivering technology that helps ships to reduce their environmental and climate impacts. TECO2030 is developing hydrogen fuel cells that enable ships and other heavy-duty applications to become emissions-free. The company is also developing other solutions that can help the maritime industry to reduce its emissions, such as exhaust gas cleaning and carbon capture systems for ships. TECO2030 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. TECO2030 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
11.2.2022 07:00:01 CET | TECO 2030 ASA | Half yearly financial reports and audit reports / limited reviews
(Lysaker, Norway, February 11th 2022) TECO2030 (OSE: TECO) releases its Q4 2021 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 Q4 2021:
- The Company raised MNOK 66.5 in new equity through Q4 in two private placements.
- TECO2030 was granted MNOK 50 for the company’s development of hydrogen fuel cells from Innovation Norway. This was the second largest grant for a single project given by Innovation Norway in 2021.
- TECO2030 Fuel Cell Module, FCM400 received “Approval in Principle” (AiP) by DNV, one of the world’s leading classification and certification bodies.
- Signed supply frame agreement with the Dutch shipowner Chemgas Shipping. The deal could lead to delivery of up to 200 megawatts of fuel cell modules. The delivery is for the shipowner of the push-tugs and barges in the Green Hydrogen @ Blue Danube project and could lead to sales of MEUR 150 over the next three to eight years.
- TECO2030 is leading a project group that will build a hydrogen-powered high-speed vessel for the Port of Narvik, subject to funding from ENOVA. The vessel will be equipped with fuel cell modules produced at TECO2030’s Innovation Center in Narvik and the vessel will be built by a local shipyard.
Q4 2021 Financials
2021 was TECO2030 Group’s first full year of operation. The Group’s total revenue in 2021 ended on MNOK 12.8, up from MNOK 2.2 in 2020.
EBITDA for 2021 ended on MNOK – 45.4 and MNOK -13.5 for the Q4 isolated. This is in line with the Companies’ expectations as much focus has been on the continued development of the TECO2030 Marine Fuel Cell in close cooperation with the Austrian company AVL.
Total assets as per end of 2021 were MNOK 260.4, up from MNOK 82.4 in 2020. Total equity stood at MNOK 104.2 at the end of the fourth quarter(2020: MNOK 55.6) which gives an equity ratio of 40% per December 31st, 2021.
Way forward:
2022 has started off as expected, the major development projects are well under way in 2022. The fuel cell segment is expected to reach a level where the first prototype systems are ready for delivery in first half of 2023. The same applies for the maritime carbon capture and storage system; however, the first prototypes are expected in 2023. Both segments will strengthen the Group’s position as an upcoming leading provider of green technology to the marine and heavy-duty application industry's. Through 2022 we are expected to see major progress for the planning and installation of equipment at the Innovation Center in Narvik.
The company will continue to pursue sales of ballast water treatment systems and future funnels through 2022. The price gap between heavy fuel oil (HFO) and very low sulfur fuel oil (VLSFO) increased towards the end of 2021 and increased further during January 2022. This gives shipowners larger incentives to install an exhaust gas cleaning system and reduce their environmental footprint while receiving a higher return on their investment.
“I am humble and proud of the dedication shown among all TECO2030 employees to continue with the value-adding development of our technologies and the production facility in Narvik, in line with customer expectations, market trends and upcoming environmental regulations,” said Tore Enger, Group CEO, TECO2030. He also adds “I expect 2022 to be an exciting year for the company with several projects being lifted to reach new milestones and look forward to strengthening existing and establishing partnerships.”
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@teco.no
About TECO 2030 ASA
About TECO2030:
TECO2030 accelerates the green transition in the maritime sector by delivering technology that helps ships to reduce their environmental and climate impacts. TECO2030 is developing hydrogen fuel cells that enable ships and other heavy-duty applications to become emissions-free. The company is also developing other solutions that can help the maritime industry to reduce its emissions, such as exhaust gas cleaning and carbon capture systems for ships. TECO2030 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. TECO2030 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
12.1.2022 08:00:00 CET | TECO 2030 ASA | Additional regulated information required to be disclosed under the laws of a member state
(Lysaker, Norway, January 12th 2022) TECO 2030 ASA (OSE: TECO) and Gen2 Energy signs a Memorandum of Understanding to cooperate on relevant projects where green hydrogen is needed for fuel cells.
The parties jointly commit to investigate supply of green hydrogen from Gen2 Energy for relevant projects where customers need hydrogen and power conversion through fuel cells either in ports, offshore fish farms or other heavy-duty customers. Further, Gen2 Energy will involve TECO 2030 Marine Fuel Cells in Gen2 Energy’s seaborn value chain, allowing hydrogen to be transported onboard vessels powered by hydrogen fuel cells.
The parties intend to work together for soft funding regarding maritime hydrogen applications and develop a complete hydrogen value chain, through the project “Hydrogen Hub Nordland”. Together, the parties will work to develop and establish a functional and effective value chain for hydrogen industry in northern Norway and enabling zero emission sailing along the Norwegian coastline.
The MoU is intended to support the opposing party with the establishment of their shared vision of an emissions-free ocean and heavy-duty industry space in the Nordic region. Jointly the parties will promote each other’s products and services towards the hydrogen community.
“We are excited to continue the development of creating a maritime hydrogen value chain. Gen2 Energy is an exciting industry leader aiming to supply the UK and mainland Europe with green hydrogen from Norway. Together we can create a world-class maritime and heavy-duty hydrogen infrastructure foundation to build our zero-emission future upon,” says Tore Enger, CEO of TECO 2030 Group.
“We are pleased to sign this MoU with TECO 2030. The company has strong presence in the maritime sector and has taken an attractive early mover position towards fuel cells. Together, we aim to reduce emissions in the maritime- and heavy-duty sector by making green hydrogen accessible and easy to adapt for our customers,” says Jonas Meyer, CEO of Gen2 Energy.
Disclosure regulation
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Contacts
- Tore Enger, Chief Executive Officer (CEO) of TECO 2030 ASA, +4792083800, tore.enger@teco2030.no
About TECO 2030 ASA
TECO 2030 (OSE: TECO) 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 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
TECO 2030 signs MoU with Gen2 Energy
12.1.2022 08:00:00 CET | TECO 2030 ASA | Additional regulated information required to be disclosed under the laws of a member state
(Lysaker, Norway, January 12th 2022) TECO 2030 ASA (OSE: TECO) and Gen2 Energy signs a Memorandum of Understanding to cooperate on relevant projects where green hydrogen is needed for fuel cells.
The parties jointly commit to investigate supply of green hydrogen from Gen2 Energy for relevant projects where customers need hydrogen and power conversion through fuel cells either in ports, offshore fish farms or other heavy-duty customers. Further, Gen2 Energy will involve TECO 2030 Marine Fuel Cells in Gen2 Energy’s seaborn value chain, allowing hydrogen to be transported onboard vessels powered by hydrogen fuel cells.
The parties intend to work together for soft funding regarding maritime hydrogen applications and develop a complete hydrogen value chain, through the project “Hydrogen Hub Nordland”. Together, the parties will work to develop and establish a functional and effective value chain for hydrogen industry in northern Norway and enabling zero emission sailing along the Norwegian coastline.
The MoU is intended to support the opposing party with the establishment of their shared vision of an emissions-free ocean and heavy-duty industry space in the Nordic region. Jointly the parties will promote each other’s products and services towards the hydrogen community.
“We are excited to continue the development of creating a maritime hydrogen value chain. Gen2 Energy is an exciting industry leader aiming to supply the UK and mainland Europe with green hydrogen from Norway. Together we can create a world-class maritime and heavy-duty hydrogen infrastructure foundation to build our zero-emission future upon,” says Tore Enger, CEO of TECO 2030 Group.
“We are pleased to sign this MoU with TECO 2030. The company has strong presence in the maritime sector and has taken an attractive early mover position towards fuel cells. Together, we aim to reduce emissions in the maritime- and heavy-duty sector by making green hydrogen accessible and easy to adapt for our customers,” says Jonas Meyer, CEO of Gen2 Energy.
Disclosure regulation
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Contacts
- Tore Enger, Chief Executive Officer (CEO) of TECO 2030 ASA, +4792083800, tore.enger@teco2030.no
About TECO 2030 ASA
TECO 2030 (OSE: TECO) 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 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
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