(Lysaker, Norway, July 26th 2024) – With reference to the agreement with the Indian publicly listed company Advait Infratech Limited ("Advait") (BOM: 543230) previously announced on April 16, TECO 2030 ASA (OSE: TECO) is pleased to announce that it has formally closed the first tranche of the agreed investment of USD 4 million (approx. NOK 44 million). This first investment amounts to NOK 11 million at a price of NOK 2.00 per share by issuing 5,500,000 new shares.
The second and final investment of USD 3 million (approx. NOK 33 million) will follow shortly.
Upon completion of registration of the private placement in the first tranche, the total number of shares in TECO 2030 ASA will increase to 209,391,789 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
- Pål Christian Johnsen, CFO, +47 412 76 747, pcj@teco2030.no
- Tore Enger, CEO of TECO 2030 ASA, +4792083800, tore.enger@teco2030.no
About TECO 2030 ASA
TECO 2030 is building up Europe's first Giga production facility of hydrogen PEM fuel cell stacks and modules in Narvik, Norway. The production capacity will be built up through 2023 and early 2024, targeting an output capacity of 120 MW of fuel cells in 2024, 400 MW in 2025 and 1.6 GW in 2030.
TECO 2030 is a Norwegian based clean tech company developing zero-emission technology for the maritime and heavy industry. We are developing PEM hydrogen fuel cell stacks and PEM hydrogen fuel cell modules, that enable ships and other heavy-duty applications to become emissions-free. The company is listed on Euronext Growth on Oslo Stock Exchange under the ticker TECO and in New York, OTCQX under the ticker TECFF. TECO2030 is a spinoff from TECO Maritime Group, a group that has provided technology and services to the global shipping industry since 1994. For more information, please visit www.teco2030.no.
Attachments
(Lysaker, Norway, July 17th 2024) The shareholders in TECO 2030 ASA (OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) are hereby given notice of the Annual General Meeting (AGM) on July 31st 2024 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
- Tore Enger, CEO of TECO 2030 ASA, +4792083800, tore.enger@teco2030.no
About TECO 2030 ASA
About TECO 2030 ASA:
TECO 2030 is building up Europe's first Giga production facility of hydrogen PEM fuel cell stacks and modules in Narvik, Norway. The production capacity will be built up through 2023 and early 2024, targeting an output capacity of 120 MW of fuel cells in 2024, 400 MW in 2025 and 1.6 GW in 2030.
TECO 2030 is a Norwegian based clean tech company developing zero-emission technology for the maritime and heavy industry. We are developing PEM hydrogen fuel cell stacks and PEM hydrogen fuel cell modules, that enable ships and other heavy-duty applications to become emissions-free. The company is listed on Euronext Growth on Oslo Stock Exchange under the ticker TECO and in New York, OTCQX under the ticker TECFF. TECO2030 is a spinoff from TECO Maritime Group, a group that has provided technology and services to the global shipping industry since 1994. For more information, please visit www.teco2030.no.
Attachments
(Lysaker, Norway, July 17th 2024) TECO 2030 ASA (OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) releases its Annual Report 2023 and ESG Report 2023.
The reports can be found on the company’s website or attached to this notice.
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 a production output capacity of up to 200 MW of fuel cells in 2025, increasing to gigawatt-production 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, July 1st 2024): Reference is made to the announcement by TECO 2030 ASA (OSE: TECO, OTC: TECFF, ISIN: NO0010887516) on June 19th 2024 regarding the conversion of convertible bonds.
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 2,038,917.89 divided into 203,891,789 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
- 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 a production output capacity of up to 200 MW of fuel cells in 2025, increasing to gigawatt-production 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
TECO 2030 ASA (OSE: TECO, OTC: TECFF, ISIN: NO0010887516) held an Extraordinary General Meeting on June 25th 2024. All resolutions were adopted in accordance with Board's proposal.
The minutes of the Extraordinary General Meeting are attached, as well as the voting protocol.
Disclosure regulation
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Contacts
- Pål Christian Johnsen, CFO, +47 412 76 747, pcj@teco2030.no
- 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 a production output capacity of up to 200 MW of fuel cells in 2025, increasing to gigawatt-production 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, June 19th, 2024): TECO 2030 (OSE: TECO, OTC: TECFF, ISIN: NO0010887516) Reference is made to the stock exchange notice published on April 12th, 2024.
The board of directors have today formally approved conversion of 84% of the bond loan into 41,310,511 shares at NOK 2 per share, increasing the company’s total equity by NOK 82.6 million. The conversion amount includes accumulated interests.
The new shares will be issued once the documentation has been registered with the Norwegian Register of Business Enterprises.
After issuance, the Company's new registered share capital will be NOK 2,038,917.89 divided into 203,891,789 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
- 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 a production output capacity of up to 200 MW of fuel cells in 2025, increasing to gigawatt-production 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, June 14th 2024): TECO 2030 (OSE: TECO, OTC: TECFF, ISIN: NO0010887516) together with BLOM Maritime and Samskip receive a grant for a pre-project aiming to retrofit Samskip’s vessel Kvitnos with TECO 2030 fuel cells and hydrogen fuel.
This innovative project aims to significantly reduce emissions from this LNG-fueled vessel, which currently operates on a weekly multipurpose service from Rotterdam, The Netherlands and along most of the Norwegian coastline to Hammerfest. By switching to zero-emission hydrogen technology, these partners join in their goal of reducing greenhouse gas emissions.
The goal of the project is to prepare for an investment decision to retrofit Kvitnos. The project also aims to facilitate long-term hydrogen fuel supply contracts due to the vessel’s fixed route.
Blom Maritime will support naval architects, piping engineers and structural engineers to produce the documentation needed to obtain preliminary approval of the fuel cell and hydrogen solution. Blom Maritime has its main expertise in engineering for retrofitting solutions, a great strength for this project.
Samskip is a multimodal logistics company, offering transport services by land, sea, rail and air around the world. The group has an annual turnover of EUR 900 million, and currently has offices in 24 countries and a network covering 35 countries. Samskip has already one hydrogen powered container vessel under construction in the SeaShuttle project. This new retrofit project with Kvitnos may become Samskip’s second hydrogen project.
Sustainability lies at the center of Samskip as a company. Samskip is committed to seize every opportunity to become Net-Zero by 2040. This project represents an opportunity to greatly reduce, or even eliminate, all emissions from one of our existing vessels.
Samskip Regional Director Norway and Sweden - Are Grathen: “With the delivery of our LNG propelled multipurpose vessels back in 2015, Samskip already offered one of the world’s most environmentally friendly cargo ships, which eliminated SOx emissions while drastically reducing NOx and CO2 emissions. With this grant from Enova, and in close cooperation with fuel cell provider TECO 2030.
We will continue our endeavor to enable full zero emission propulsion which in turn will further pave the way for our H2-propelled new-builds coming out next year and bring us closer to our net-zero targets for 2040.”
Samskip Head of Fleet Management - Erik Hofmeester: “Samskip embraces every opportunity to reduce CO2 emissions either through using biofuels, CO2 capture-systems, shore-power, innovative newbuilding vessels , and now also into retro-fits solutions.
Using the power take in device (PTI) driving the propellor with green energy, allowing our existing vessels to sail and maneuver emission-free in the Norwegian Fjords and other coastal areas."
“This grant shows our capability to help our clients secure public funding for smaller pre-studies, this means they can focus on progress towards their ultimate goals of zero emission shipping. Our fuel cell technology is a great match for retrofitting the existing fleet to operate with environment friendly propulsion along the coast,” says Tore Enger, Group CEO, TECO 2030.
About Samskip
Samskip offers pan-European, environmentally responsible combined transport services via shortsea, road, rail and inland waterway routes. We are committed to cost-effectiveness, operational excellence and best practice in sustainable transport. High frequency services connect destinations across Europe, the Baltic States, Iceland and Faroes Island, both door-to-door (including collection) and quay-to-quay, transported using a wide range of owned vessels, containers, trucks and trailers.
Contacts
- Tore Enger, CEO of TECO 2030 ASA, +4792083800, tore.enger@teco2030.no
About TECO 2030 ASA
About TECO 2030:
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 a production output capacity of up to 200 MW of fuel cells in 2025, increasing to gigawatt 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, June 11th 2024): The Shareholders of TECO 2030 ASA (OSE: TECO) are hereby given notice of an Extraordinary General Meeting (EGM) on June 25th 2024 at 10:00 CET.
The notice of the Extraordinary General Meeting is enclosed and is also being sent to the company's shareholders.
A link to register attendance and votes has been published on the Company's website: www.teco2030.no/investors
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 2024 and 2025, targeting a production output capacity of up to 200 MW of fuel cells in 2025, increasing to gigawatt 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
(Norway and Austria, May 29th, 2024): TECO 2030 (OSE: TECO, OTC: TECFF, ISIN: NO0010887516) has today successfully reached stable and maximum power output of zero emission hydrogen-electric power with its disruptive fuel cell system.
Since November 2023, the system has been connected to AVL’s testbed facility in Graz. It has undergone minor modifications and adjustments to achieve its maximum power output. The TECO 2030 fuel cell system has successfully achieved a full power output by using hydrogen as fuel.
This positions the system as the most powerful marine fuel cell system globally, which is purposely designed for heavy-duty industrial applications. The unique design is based on our 30 years of maritime experience and AVL’s two decades of R&D experiences in the field of hydrogen and fuel cells.
TECO 2030’s fuel cell technology features a modular system with installed power capacity of 400kW’s. This includes exceptional energy efficiency, an inherent safety concept, optimal weight and size dimensions, advanced component design, extended lifespan, and rapid dynamic load response.
“This milestone is the biggest one so far in the history of TECO 2030 Group, we now have a fully functional fuel cell which is almost ready for market deployment and powering our client’s applications with zero emission hydrogen-electric power. This is a moment we have all been waiting for since we started our development four years ago. A huge achievement by the entire team at TECO 2030 and AVL,” said Tore Enger, Group CEO, TECO 2030. “All in all, the team is overwhelmed how well the system operates and how the design has beat our expected performances and proves our position as a leading provider of heavy-duty fuel cell applications,” Enger concludes.
Fuel cell technology can offer the potential of achieving zero emissions in a large variety of applications. For example, in transportation, including cars, buses, trucks, ships, and planes providing efficient and clean energy. In stationary power generation, fuel cells offer reliable power for residential, commercial, and industrial facilities, as well as for backup power and remote locations.
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 a production output capacity of up to 200 MW of fuel cells in 2025, increasing to gigawatt 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
(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.
Attachments
(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.