(Norway and India, April 16th 2024) TECO 2030 ASA ("TECO 2030") (OSE: TECO, OTC: TECFF, ISIN: NO0010887516) and Advait Infratech Limited ("Advait") (BOM: 543230) have agreed on a term sheet for a partnership relating to a planned fuel cell expansion in India and SAARC countries. Simultaneously, Advait has committed to invest approx. NOK 43 million (USD 4 million) through a private placement of new shares in TECO 2030, at a price per share of NOK 2.00. TECO 2030 Board has agreed to resolve the private placement pursuant to the authorization granted to the Board by the annual general meeting on May 12th, 2023, and is expected to do so as soon as all formalities have been finalized. The settlement is expected to take place within Q2 2024.
Following the private placement and subject to the parties' agreement on the final terms of the cooperation, the parties intend to establish a joint venture in India, where Advait and TECO 2030 will hold 51% and 49% of the outstanding shares, respectively. The joint venture will hold the exclusive rights to develop, manufacture and commercialize TECO 2030 Fuel Cell Technology for the India and SAARC countries and will be a collaboration between the parties aiming towards creating and maintaining local development, production, and commercialization capabilities with presence in India.
Mr. Shalin Sheth, Managing Director and Founder of Advait Infratech, commented on the significance of this collaboration, saying, “Our partnership with TECO 2030 is a landmark alliance that will drive advancements in the renewable energy sector. This collaboration underscores our dedication to innovation and excellence, while also enhancing the Indo-Norway ties in renewable energy. Leveraging TECO 2030’s manufacturing expertise, we are committed to delivering cutting-edge, reliable, and sustainable solutions to our customers.”
“I am very excited to announce this strategic investment by Advait, and announce our collaboration plans for the Indian market. Advait represents a strong partner for us in India, especially with their expertise in the power and green energy markets. I am confident that our plans will create shareholder value” says an enthusiastic Tore Enger, Group CEO, TECO 2030.
The private placement represents a deviation from the shareholders' pre-emptive right to subscribe for and be allocated the new shares. The board of directors of the Company (the "Board") has carefully considered this in light of the equal treatment obligations under section 3.1 of the Euronext Growth Rule Book Part II and Oslo Børs' Circular no. 2/2014, and is of the opinion that it is in compliance with these requirements and guidelines. The Board has considered whether the private placement is in the best interest of the Company and its shareholders, emphasizing that the Company requires additional financing to fund its operations, fuel cell industrialization and development projects going forward and that the benefits of a private placement is not obtainable by structures with longer lead time, such as a rights offering. Taking into consideration the current equity markets, the Company's need for funding, execution risk and available alternatives, the Board is of the opinion that the waiver of the pre-emption rights inherent in the planned private placement is in the best interest of the Company and its shareholders.
The new shares will be listed on Euronext Growth as soon as the share capital increase has been resolved and registered with the Norwegian Register of Business Enterprises.
About Advait Infratech Limited:
Since its establishment in 2009, Advait Infratech has been at the forefront of delivering robust products and solutions tailored for power transmission, substation, and telecommunication infrastructure. Our operations span various verticals, including turnkey telecommunication projects, the installation of power transmission and substation equipment, liasoning, marketing, and the provision of end-to-end solutions to our esteemed customers.
We proudly engage in the manufacturing and supply of essential power transmission products such as stringing tools, OPGW (Optical Fibre Ground Wire), OFC cables, ACS (Aluminium Clad Steel Wire), ERS (Emergency Restoration System), and OPGW joint boxes. Notably, our commitment to innovation has led us to diversify into green energy, marking our entrance into the supply of electrolyzers and fuel cells in 2023.
Earlier this year, Solar Energy Corporation of India’s (SECI) announced winners to set up 1.5 GW of electrolyser manufacturing capacities across India under the Strategic Interventions for Green Hydrogen Transition (SIGHT) program. Advait Infratech won 100 MW with an incentive allocation of ₹1.48 billion (~$17.87 million) which will be contributing towards setting up an Electrolyser factory. Additionally, Advait Infratech has also signed a significant MoU with Jiangsu GuoFu Hydrogen Energy Equipment Co., Ltd. (“GuoFu”), a distinguished Chinese manufacturer specializing in hydrogen energy equipment and related products.
Furthermore, Advait has extended its impact into climate services, focusing on sustainability consultancy, decarbonization consultancy, and comprehensive carbon consultancy services. This strategic expansion aligns with our overarching goal: to contribute to the long-term, comprehensive, and efficient power delivery system of the country by offering cost-efficient and environmentally friendly energy solutions.
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 2024 and 2025, targeting an output capacity of up to 200 MW of fuel cells in 2025, increasing to 3.2 GW in 2030.
TECO 2030 is a Norwegian based clean tech company developing zero-emission technology for the maritime and heavy industry. We are developing PEM hydrogen fuel cell stacks and PEM hydrogen fuel cell modules, that enable ships and other heavy-duty applications to become emissions-free. The company is listed on Euronext Growth on Oslo Stock Exchange under the ticker TECO and in New York, OTC under the ticker TECFF. TECO 2030 is a spinoff from TECO Maritime Group, a group that has provided technology and services to the global shipping industry since 1994. For more information, please visit www.teco2030.no.
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(Lysaker, Norway, April 12th, 2024): TECO 2030 ASA (OSE: TECO, OTC: TECFF, ISIN: NO0010887516, "TECO 2030") announces that it has received commitments to convert its outstanding convertible bond from bond holders representing approx. 83% or approx. NOK 79 million of the total outstanding amount of approx. NOK 94 million.
TECO 2030 and the bond holders have agreed to complete the conversion at a price per share NOK 2.00, to be carried out as a private placement of new shares against a contribution in kind of the relevant portions of the bond. The board of directors of the Company (the "Board") has agreed to resolve the private placement pursuant to the authorization granted to the Board by the annual general meeting on May 12th, 2023, and is expected to do so as soon as all formalities have been finalized.
“I am happy to announce that 83% of our convertible bondholders have committed to convert outstanding bonds to equity by issuing new shares. This is an attractive way of increasing our equity and reducing our non-current liabilities, in order to position the company for our strategic growth plans. I am overwhelmed by the trust our bondholders and existing investors have shown through a rough period in the capital markets,” says Tore Enger, Group CEO, TECO 2030.
The conversion of bonds represents a deviation from the shareholders' pre-emptive right to subscribe for and be allocated the new shares. The Board has carefully considered this in light of the equal treatment obligations under section 3.1 of the Euronext Growth Rule Book Part II and Oslo Børs' Circular no. 2/2014, and is of the opinion that it is in compliance with these requirements and guidelines. The Board has considered whether the conversion and issuance of shares is in the best interest of the Company and its shareholders, emphasizing that the Company requires additional financing to fund its operations, fuel cell industrialization and development projects going forward and that the conversion will significantly increase the Company's equity situation, thereby also expected to improve the possibilities of obtaining additional equity financing. Taking into consideration the current equity markets, the Company's need for funding, execution risk and available alternatives, the Board is of the opinion that the waiver of the pre-emption rights inherent in the planned private placement is in the best interest of the Company and its shareholders.
The new shares will be listed on Euronext Growth as soon as the share capital increase has been resolved and registered with the Norwegian Register of Business Enterprises.
Disclosure regulation
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Contacts
- 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 2024 and 2025, targeting an output capacity of up to 200 MW of fuel cells in 2025, increasing to 3.2 GW in 2030.
TECO 2030 is a Norwegian based clean tech company developing zero-emission technology for the maritime and heavy industry. We are developing PEM hydrogen fuel cell stacks and PEM hydrogen fuel cell modules, that enable ships and other heavy-duty applications to become emissions-free. The company is listed on Euronext Growth on Oslo Stock Exchange under the ticker TECO and in New York, OTC under the ticker TECFF. TECO 2030 is a spinoff from TECO Maritime Group, a group that has provided technology and services to the global shipping industry since 1994. For more information, please visit www.teco2030.no.
Attachments
(Lysaker, Norway, April 8th 2024): TECO 2030 (OSE: TECO, OTC: TECFF, ISIN: NO0010887516) has, in connection to the HyEkoTank project, received an Approval in Principe (AIP) from the Norwegian classification society DNV for a containerized fuel cell power generator (FCPG) for use onboard oceangoing applications.
The TECO 2030 containerized FCPG represents a pioneering solution in the maritime industry. It is a complete power generator system that can seamlessly integrate with a ship's main switchboard, offering reliable and efficient power generation while emitting nothing but warm water and air, thus significantly reducing harmful emissions and environmental impact.
Included in the approval in principle are various integral components of the FCPG, ensuring its seamless integration and operational efficiency. These components encompass the fuel preparation system, fuel cell module holding room, electro technical room, battery room, HVAC and auxiliaries, inerting system, and airlock. Each element plays a crucial role in ensuring the reliability, safety, and performance of the FCPG system.
“We are pleased to announce that our fuel cell power generators have received an approval in principle from DNV. This proves it is safe to utilize onboard a vessel, for propulsion and auxiliary power,” says Tore Enger, Group CEO, TECO 2030. “This solution can of course be combined in series to facilitate multimegawatt installations and power requirements, without releasing any harmful emissions” Enger adds.
Contacts
- 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 2024 and 2025, targeting an output capacity of up to 200 MW of fuel cells in 2025, increasing to 3.2 GW in 2030.
TECO 2030 is a Norwegian based clean tech company developing zero-emission technology for the maritime and heavy industry. We are developing PEM hydrogen fuel cell stacks and PEM hydrogen fuel cell modules, that enable ships and other heavy-duty applications to become emissions-free. The company is listed on Euronext Growth on Oslo Stock Exchange under the ticker TECO and in New York, OTC under the ticker TECFF. TECO 2030 is a spinoff from TECO Maritime Group, a group that has provided technology and services to the global shipping industry since 1994. For more information, please visit www.teco2030.no.
Attachments
(Lysaker, Norway, March 19th 2024): TECO 2030 (OSE: TECO, OTC: TECFF, ISIN: NO0010887516) is proud to announce that it has received an additional Approval in Principle (AiP) from DNV regarding compressed hydrogen fuel systems. This milestone achievement marks a significant step forward in the development of sustainable propulsion solutions for the maritime industry.
The Approval in Principle granted by DNV comes with no showstopper conditions, affirming the viability and safety of TECO 2030's compressed hydrogen fuel system design. These systems are designed to be applicable for all ship types and encompass essential components such as the bunkering system, inerted tank connection space, fuel storage hold space, fuel supply system (including pressure control), and gas relief system.
TECO 2030's commitment to safety and innovation is further underscored by the adherence to the alternative design approach outlined in MSC.1 - Circ.1455 for the final approval of the systems onboard vessels. This approach ensures rigorous evaluation and compliance with industry standards, enhancing confidence in the reliability and efficiency of the technology.
Prior to construction and installation onboard any specific vessel subject to classification, TECO 2030 will provide a complete set of documentation tailored to the particular ship. This documentation will undergo thorough review and approval by DNV in accordance with established classification procedures, ensuring adherence to the highest standards of quality and safety.
"We are delighted to receive this additional Approval in Principle from DNV for our compressed hydrogen fuel systems. This recognition validates our commitment and competence to driving sustainability in the maritime sector and underscores the potential of hydrogen as a clean energy solution for the future of shipping. We remain dedicated to advancing our technology and working collaboratively with industry partners to accelerate the transition towards zero-emission shipping," says a passionate Tore Enger, Group CEO, TECO 2030.
TECO 2030's innovative approach to sustainable propulsion solutions continues to garner recognition and support within the maritime community. With a focus on safety, efficiency, and environmental responsibility, the company remains at the forefront of shaping a more sustainable future for the maritime and heavy-duty industries.
Contacts
- 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 2024 and 2025, targeting an output capacity of up to 200 MW of fuel cells in 2025, increasing to 1.6 GW in 2030.
TECO 2030 is a Norwegian based clean tech company developing zero-emission technology for the maritime and heavy industry. We are developing PEM hydrogen fuel cell stacks and PEM hydrogen fuel cell modules, that enable ships and other heavy-duty applications to become emissions-free. The company is listed on Euronext Growth on Oslo Stock Exchange under the ticker TECO and in New York, OTC under the ticker TECFF. TECO 2030 is a spinoff from TECO Maritime Group, a group that has provided technology and services to the global shipping industry since 1994. For more information, please visit www.teco2030.no.
Attachments
(Lysaker, Norway, February 29th, 2024): TECO 2030 (OSE: TECO, OTC: TECFF, ISIN: NO0010887516) and Umoe Mandal successfully receives “approval of preliminary design” from the Norwegian Maritime Authority for a multimegawatt hydrogen fuel cell powered high-speed vessel design.
The preliminary approval is a result of the application submitted earlier this month and is the first stage of the design and approval process for constructing a fuel cell powered vessel.
The vessel design is utilizing Umoe Mandal's proven Crew Transfer Vessel (CTV) Surface Effect Ship (SES) technology, featuring an air-cushion catamaran design. This configuration ensures very high fuel efficiency, sufficient range to sail a complete route without charging stops unlike battery-driven vessels. Additionally, it also offers high passenger comfort in rough sea conditions. CTVs are commonly used in construction, maintenance, and operations of offshore wind farms. The imminent vessel, designed for passenger transportation, will boast a service speed of 35 knots, a minimum range of 160 nautical miles, and will accommodate up to 275 passengers.
Compared to the fuel consumption of existing equivalent fossil-fueled high speed passenger vessels, the consumption is reduced by more than 55%. The emission of climate gasses is zero.
The “Approval of preliminary design” marks the completion of the first stage of the complete design and approval process for this hydrogen fueled vessel, following the procedures required by the International Maritime Organization IGF-code and “Alternative Design Process” design process.
Passenger transport by high-speed ferries is common in Norway and many other locations, but it has traditionally been linked to very high greenhouse gas emissions per passenger kilometer. The Norwegian government now processing the implementation of a zero-emission requirement for high-speed ferries starting in 2025 after a public hearing was conducted in 2023. The vessel designed by Umoe Mandal and TECO 2030 fulfills these expected zero-emission requirements.
This project has been financed by the Norwegian County Municipalities Finnmark, Nordland, Trøndelag and Vestland, who are now working to secure financing to construct and demonstrate a hydrogen powered high-speed ferry in line with the Norwegian 2025 zero-emission requirements.
“It is a great pleasure to announce the preliminary approval from the Norwegian Maritime Authority. This vessel can become an accelerator for emission-free marine passenger transport; as a result, we are ready to engage with interested parties,” says an enthusiastic Tore Enger, Group CEO, TECO 2030.
“I am excited to keep the great momentum going with Umoe Mandal and hope the Norwegian public authorities work to secure financing to continue this project as soon as possible. Also, keep in mind that this vessel design can easily be adopted to similar sized vessels who wants a viable alternative to traditional combustion engines and fossil fuels. There are no doubts that fuel cells and hydrogen will play a vital role in achieving net-zero climate goals,” 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 2024 and 2025, targeting an output capacity of up to 200 MW of fuel cells in 2025, increasing to 1.6 GW in 2030.
TECO 2030 is a Norwegian based clean tech company developing zero-emission technology for the maritime and heavy industry. We are developing PEM hydrogen fuel cell stacks and PEM hydrogen fuel cell modules, that enable ships and other heavy-duty applications to become emissions-free. The company is listed on Euronext Growth on Oslo Stock Exchange under the ticker TECO. 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, February 28th 2024): TECO 2030 (OSE: TECO, ISIN: NO0010887516) announces that for the next step in its partnership with Yokogawa, the global industrial automation company, it will be delivering a TECO fuel cell stack of 100kW to the Yokogawa global headquarters in Tokyo before the end of Q1 2024.
Yokogawa has decades of experience in developing core measurement, control, and information technologies for the energy, chemical, and other process industries. Yokogawa intends to perform research and development with the fuel cell stack to enhance their product and software portfolio to better optimize the efficiency, technical specifications, and lifetime of the TECO 2030 fuel cell stacks and system.
“I am pleased that our strategic partnership with Yokogawa is evolving. We are sailing ahead with a partner who shares our commitment to reducing and eliminating the environmental impacts from the heavy-duty industry,” says Tore Enger, Group CEO TECO 2030. “I am very excited about what the future holds for our relationship,” 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 2024 and 2025, targeting an output capacity of up to 200 MW of fuel cells in 2025, increasing to 1.6 GW in 2030.
TECO 2030 is a Norwegian based clean tech company developing zero-emission technology for the maritime and heavy industry. We are developing PEM hydrogen fuel cell stacks and PEM hydrogen fuel cell modules, that enable ships and other heavy-duty applications to become emissions-free. The company is listed on Euronext Growth on Oslo Stock Exchange under the ticker TECO. 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, February 1st, 2024): TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) and Umoe Mandal has just delivered the documentation package to the Norwegian Maritime Authority for an approval in principle application of the World’s first fuel cell high-speed vessel design. The designed vessel is designed to be installed with a multimegawatt fuel cell system for full propulsion.
The ship will be constructed based on Umoe Mandal’s proven Crew Transfer Vessel (CTV) Surface Effect Ship (SES) technology and with the air-cushion catamaran design it will offer low imprint on surrounding environment, even in challenging and vulnerable ocean conditions. CTVs are often used during the construction, maintenance, and operation of offshore wind farms. This specific vessel will be a passenger vessel and have a service speed of 35 knots, a range of minimum 160 nautical miles and carry 275 passengers.
This vessel design is expected to raise a tremendous amount of interest from the global maritime industry as they seek alternatives to transform away from fossil fuels, towards more sustainable fuels. The vessel design aims at being a first of its kind, a zero-emission high-speed passenger vessel sailing along the coast without emitting anything but warm air and water.
Once the vessel design and hydrogen propulsion plant has received the approval in principle, TECO 2030 and Umoe Mandal together with suppliers will continue the process of reaching Final Approval.
“It is a major accomplishment for us to announce our developed partnership with Umoe Mandal and submit all documentation to Norwegian Maritime Authority for an approval in principle on a ship designed for the future of zero emission maritime transportation. I am excited to continue to build on this design platform as we move forward together with our strong partner Umoe Mandal,” says Tore Enger, Group CEO TECO 2030. “This achievement demonstrates the industry's readiness to embrace commercial and public tenders for passenger vessels powered by hydrogen, thereby contributing to efforts to reduce and eliminate pollution in the maritime industry,” 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 2024 and 2025, targeting an output capacity of up to 200 MW of fuel cells in 2025, increasing to 1.6 GW in 2030.
TECO 2030 is a Norwegian based clean tech company developing zero-emission technology for the maritime and heavy industry. We are developing PEM hydrogen fuel cell stacks and PEM hydrogen fuel cell modules, that enable ships and other heavy-duty applications to become emissions-free. The company is listed on Euronext Growth on Oslo Stock Exchange under the ticker TECO and in New York, OTCQX under the ticker TECFF. 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.
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(Lysaker, Norway, January 22nd 2024): TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) commends it’s second EU Horizon Project, Zero Emission Adriatic Ship – ZEAS, together with 13 partners from various European Countries. The overall project grant from EU Horizon is over EUR 13.5 million, where over EUR 2.3 million is reserved to TECO 2030’s deliverable of 1.2 megawatts (MW) of fuel cells for full vessel propulsion.
The project focuses on pioneering a shift towards the safe and sustainable use of climate-neutral fuels in maritime transport, specifically through a full-scale demonstration of a hydrogen fuel cell-powered system suitable for maritime applications. This ship, tailored for operation in the Adriatic Sea's delicate marine ecosystem, is a testament to the project's commitment to environmental preservation and zero emission waterborne transport.
“This project further enables our efforts to showcase how fuel cells and hydrogen can be a large contributor to decarbonize and eliminate harmful emissions of waterborne transport around the world,” said Tore Enger, Group CEO, TECO 2030.
Key activities in the project include the design and construction of the ship, the development of comprehensive hydrogen distribution, storage, and bunkering solutions, and rigorous testing through sea trials to ensure compliance with certification standards. The project also places a strong emphasis on environmental impact, with thorough emissions assessment, environmental performance studies, and risk and safety evaluations.
Advanced digital technologies will play a crucial role, with the development of digital twins for monitoring, control, simulation, and predictive maintenance solutions augmented by augmented reality systems. These technologies will be rigorously tested and optimized for use by shipowners, operators, shipyards, and engineering firms.
“I'm excited to share that we've successfully secured our second Horizon Europe project! Achieving a perfect record in our EU project proposals is truly remarkable. I extend my heartfelt gratitude to our dedicated partners and our in-house team for their exceptional proposal writing efforts,” said Fredrik Aarskog, Director of Business Development, TECO 2030.
This initiative involves an international consortium of leading entities across the innovation spectrum, dedicated to developing, validating, and showcasing a zero-emission passenger ship fueled by hydrogen. The involved consortium partners are Lurssen Design Center Kvarner, TECO 2030 and affiliates, Gitone Kvarner, Maritime Center of Excellence, Jadrolinija, University of Rijeka – Maritime Faculty, DNV Greece, Hycenta research, TECNO Ambiente, Scan Projekt, Technische Universitaet Chemnitz, Zenlab and the Croatian Hydrogen Association.
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 2024 and 2025, targeting an output capacity of up to 200 MW of fuel cells in 2025, increasing to 1.6 GW in 2030.
TECO 2030 is a Norwegian based clean tech company developing zero-emission technology for the maritime and heavy industry. We are developing PEM hydrogen fuel cell stacks and PEM hydrogen fuel cell modules, that enable ships and other heavy-duty applications to become emissions-free. The company is listed on Euronext Growth on Oslo Stock Exchange under the ticker TECO and in New York, OTCQX under the ticker TECFF. 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, 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.