Lysaker, Norway - 10 December 2024: Reference is made to the stock exchange notice of 14 November 2024 in which it was disclosed that a bankruptcy petition was filed against TECO 2030 ASA (the "Company"). Further reference is made to the stock exchange notice of 3 December 2024 where the implications of the bankruptcy filing of TECO 2030 Innovation Center AS were highlighted.
The board of directors of the Company has this evening decided to file for bankruptcy. The board decision is unanimous and is due to the fact that there is no longer a realistic opportunity to raise sufficient capital to continue operations. The bankruptcy petition will be filed this evening.
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
Attachments
Lysaker, Norway – 3 December 2024: Reference is made to the stock exchange notice of 14 November 2024 in which it was disclosed that a bankruptcy petition was filed against TECO 2030 Innovation Center AS ("Innovation Center"), a wholly owned subsidiary of TECO 2030 ASA (the "Company"), with the bankruptcy hearing scheduled for 5 December 2024. In light of recent developments, the board of directors of Innovation Center has made the decision to formally file for bankruptcy, and this filing has now been executed.
The Company is currently evaluating the implications of this bankruptcy filing, particularly concerning its overall prospects and outlook in light of the ongoing bankruptcy petition against it. Notably, Innovation Center holds a net claim of approximately NOK 22 million against the Company. Additionally, the Company has provided a guarantee of NOK 10 million to the former landlord of Innovation Center. As part of the bankruptcy proceedings, the Company will also write off the recorded equity of NOK 30,000 associated with Innovation Center.
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 a Norwegian based clean tech company developing zero-emission hydrogen fuel cell 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 - http://www.teco2030.no.
Attachments
Lysaker, Norway – 14 November 2024: Reference is made to the stock exchange notice issued earlier today regarding the bankruptcy petition against one of the Company's subsidiaries, and the potential implications for the Company as a result of a parent company guarantee in favor of a creditor to the subsidiary. The Company has this evening received a bankruptcy petition following failure to pay its obligations under the parent company guarantee. In light of this situation, the board of directors will convene to evaluate the circumstances to decide on the best course of action. The Company remains committed to engaging with all relevant stakeholders to explore viable options moving forward. Further updates will be provided as the situation evolves.
This information is considered inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange announcement was published by Pål Christian Johnsen, CFO at TECO 2030 ASA, on 14 November 2024 at 23:00 CET.
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 a Norwegian based clean tech company developing zero-emission hydrogen fuel cell 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 – 14 November 2024: A bankruptcy petition has been filed against TECO 2030 Innovation Center AS ("Innovation Center"), a wholly owned subsidiary of TECO 2030 ASA (the "Company"), by the Norwegian Tax Authority. The petition has been submitted to the Midtre Hålogaland District Court, with a hearing scheduled for 5 December 2024.
The potential bankruptcy of the Innovation Center could have significant repercussions for the Company, particularly due to a parent company guarantee it has provided, which is capped at NOK 10 million, covering rental payments under the Innovation Center's property lease agreement in Narvik. A claim has already been made against the Company by the beneficiary of this guarantee, prompting the Company to engage in discussions to address the situation. Should negotiations fail to yield a satisfactory resolution with the guarantee beneficiary, the Company may face its own bankruptcy proceedings.
The Company is committed to keeping stakeholders informed and will provide further updates as more information becomes available. In the meantime, it will continue to pursue an amicable solution with all parties involved.
This information is considered inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange announcement was published by Pål Christian Johnsen, CFO at TECO 2030 ASA, on 14 November 2024 at 17:45 CET.
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 a Norwegian based clean tech company developing zero-emission hydrogen fuel cell 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 – October 31, 2024): TECO 2030 ASA (OSE: TECO) today announced that it is launching a potential capitalization process for its U.S. subsidiary, TECO 2030 Inc., with the strategic guidance of investment banking advisor Hamilton Clark Sustainable Capital Inc. (HamiltonClark). If successful, the capital infusion would be directed toward establishing a high-capacity fuel cell production facility in the United States, aimed at preparing for the anticipated surge in demand for hydrogen-based solutions in transportation, data centers, heavy industry, and other critical sectors.
As industries worldwide increasingly recognize the need for sustainable energy alternatives, the demand for hydrogen fuel cells is expected to rise significantly. TECO 2030 is committed to being ready to meet this demand, ensuring that it can deliver advanced fuel cell technology to sectors poised for transformation. In line with its expansion plans, the company is actively engaging in dialogue with one of the U.S. Hydrogen Hubs to explore collaborative opportunities for regional hydrogen infrastructure and the deployment of its cutting-edge fuel cell technology. Additionally, TECO 2030 is in the process of forming partnerships with several prominent U.S. universities that have extensive expertise in hydrogen and clean energy technologies, further strengthening its research and development capabilities.
“The U.S. offers an exceptional ecosystem for scaling hydrogen solutions, combining robust investor interest with supportive government policies,” said Tore Enger, CEO of TECO 2030 ASA. “By engaging with a leading Hydrogen Hub and universities with relevant competencies, we will be establishing critical partnerships that should enhance our production capabilities and accelerate hydrogen adoption. We are preparing to meet the rising demand for fuel cells, ensuring we are ready to support industries that are transitioning to sustainable energy.”
Funds raised through a U.S. capitalization will be used to construct a state-of-the-art facility capable of high-volume fuel cell production, serving high-demand sectors such as logistics, maritime, mining, and data centers. This facility will enable TECO 2030 to provide sustainable, zero-emission power solutions that align with the global transition to clean energy.
TECO 2030’s commitment to the U.S. market reflects the unique opportunity presented by current federal initiatives, such as the Inflation Reduction Act, Department of Energy programs, and Hydrogen Hubs, as well as the nation’s willingness to support innovation in hydrogen. Collaborating with HamiltonClark, TECO 2030 is confident in its ability to attract the necessary capital to fuel this large-scale project and fulfill its mission to become a leader in the hydrogen economy.
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 a Norwegian based clean tech company developing zero-emission hydrogen fuel cell 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, September 26th, 2024) – TECO 2030 is excited to announce a strategic shift from manufacturing fuel cells in Norway at present, to positioning itself as a global technology provider. By offering licensing agreements to international partners, TECO 2030 is poised to accelerate the global adoption of its fuel cell technology in heavy-duty applications. This shift allows the company to focus on its core technology to unlock new international growth opportunities. Stack production might still take place in Norway.
This decision reflects TECO 2030’s commitment to growth in dynamic global markets, particularly in the face of regulatory delays in Norway. As opportunities in regions like the U.S., India, and Southeast Asia grow, driven by strong government support and substantial public investment in hydrogen, TECO 2030 is positioning itself to take full advantage. In the U.S., initiatives like the Bipartisan Infrastructure Law and the Inflation Reduction Act (IRA) are creating favorable conditions for hydrogen development, with $8 billion allocated for hydrogen hubs and $369 billion dedicated to climate and energy initiatives. TECO 2030 will pursue these opportunities through its American entity, TECO2030 INC, positioning the company to capture a significant share of the growing U.S. hydrogen market. Similarly, India is pursuing government-backed projects aimed at reducing emissions and expanding renewable energy infrastructure.
Despite efforts to secure risk financing in Norway, both from public and private sectors, the interest and capital support for clean-tech projects remain limited. By shifting focus to licensing, TECO 2030 can leverage stronger demand in high-potential international markets, ensuring sustainable growth and reinforcing its leadership in hydrogen fuel cell innovation.
Investor Outlook
TECO 2030’s pivot opens exciting new opportunities for investors by enabling the company to efficiently scale its offerings through licensing agreements. This will allow TECO 2030 to bring its advanced fuel cell solutions to various industries, including maritime, heavy-duty applications, data centers, mining, and trucking. With a strong focus on regions with robust public investment and favorable regulatory frameworks, the company is well-positioned to deliver long-term value and growth.
Technology Leadership and Product Expansion
At the core of TECO 2030’s strategy is its cutting-edge PEM fuel cell technology, developed in close collaboration with AVL List GmbH. AVL, the world’s largest independent powertrain developer, brings over 20 years of experience in the fuel cell space. Their unmatched expertise has played a key role in the development of TECO 2030’s FCM400 system and the TECO 2030 fuel cell stack, which are designed to meet the stringent demands of heavy-duty industries. Additionally, TECO 2030 has introduced its Fuel Cell Backup (FCB) solution, which offers efficient, zero-emission backup power for data centers and other critical infrastructure, complementing its other offerings in the clean energy space.
With over 500,000 man-hours dedicated to advancing fuel cell technology, TECO 2030 is positioned to meet the growing global demand for clean, efficient energy solutions. By transitioning to a licensing model, the company will extend its technological reach to a broader range of industries, expanding its global footprint and impact.
Global Opportunities
TECO 2030 continues to explore complementary markets, including data centers, mining, and heavy-duty trucking. The company’s planned joint venture with Advait Infratech Limited in India and its U.S. operations, through TECO2030 INC, will leverage favorable market conditions and public funding, such as the IRA, to drive growth in these key regions.
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 a Norwegian clean-tech company with a legacy of over 30 years in the maritime industry. Spun off from the TECO Maritime Group, which has provided cutting-edge technology and services to global shipping since 1994, TECO 2030 focuses on developing zero-emission solutions for heavy-duty industries. Building on its deep expertise in maritime and industrial applications, the company offers innovative hydrogen fuel cell technology designed to significantly reduce the environmental impact of global industries.
In partnership with AVL List GmbH, the world’s leading independent powertrain developer, TECO 2030 has developed state-of-the-art fuel cell solutions for demanding applications in sectors such as shipping, mining, trucking, and data centers. TECO 2030 continues to drive innovation and sustainability in the clean energy space. For more information, visit www.teco2030.no
Attachments
(Lysaker, Norway, September 20th 2024): TECO 2030 (OSE: TECO, OTC: TECFF, ISIN: NO0010887516) releases its H1 2024 Report.
The report is attached to this Stock Exchange Notice and can be found on our website.
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, September 3rd, 2024): TECO 2030 (OSE: TECO, OTC: TECFF, ISIN: NO0010887516) has today registered the share capital increase in reference to the stock exchange notice on August 30th, 2024.
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 2 206 215,92 divided into 220,621,592 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, August 30th, 2024) – With reference to the agreement with the Indian publicly listed company Advait Infratech Limited ("Advait") (BOM: 543230) previously announced on April 16 2024, TECO 2030 ASA (OSE: TECO) is pleased to announce that it has formally closed another tranche of the agreed investment of USD 4 million. This second investment amounts to approx. NOK 10.5 million (USD 1 million) at a price of NOK 2.00 per share by issuing 5,283,500 new shares.
The next investment of USD 2 million will follow shortly.
Upon completion of registration of the private placement in this tranche, the total number of shares in TECO 2030 ASA will increase to 220,621,592 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 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, August 30th 2024): TECO 2030 (OSE: TECO, OTC: TECFF, ISIN: NO0010887516) and the HyEkoTank consortium are proud to announce that Samskip has been formally approved by the EU as partner in the HyEkoTank project. The consortium also announces that the vessel to be retrofitted with their zero-emission technology will be Samskip’s MPP vessel Kvitnos.
Samskip Kvitnos, built in 2015, is a cargo ship which operates in a fixed route on a weekly multipurpose service from Rotterdam, along the Norwegian west coast, all the way north to Hammerfest.
The HyEkoTank project is the world’s largest ongoing fuel cell retrofit project, aiming to demonstrate zero-emission fuel cell and hydrogen technology contributing to decarbonization of the worlds existing fleet of more than 100,000 ships. By introducing zero-emission hydrogen technology, the project partners have set a clear goal of reducing greenhouse gas emissions.
Samskip itself already has strict decarbonization targets and goals set and hopes that this collaborative effort will be a great addition towards staying on schedule with their targets.
Samskip, as a container ship operator, is facing increasingly stricter requirements to reduce greenhouse gas emissions through regulations such as FuelEU Maritime and EU Emissions Trading System (EU ETS). Container ships are also required to operate with zero emissions at major EU ports from 2030, and will be subject to zero emissions requirements when sailing in Norwegian world heritage fjords.
Fuel cells and hydrogen provides the most energy-efficient and cost-efficient fuel solution for the Kvitnos vessel, because Kvitnos consumes much more energy than can be charged by shore-power, and hydrogen is the most energy-efficient and least expensive zero-emission fuel. With support from HyEkoTank, this vessel will be retrofitted in 2025 with fuel cells from TECO 2030 and hydrogen storage from Umoe Advanced Composites. This retrofit aims to make Kvitnos compliant to FuelEU Maritime and EU ETS regulations for the remainder of its expected lifetime.
“I am excited to announce the HyEkoTank partnership with Samskip. Almost all of the 2-3000 new built ships each year are built with conventional fossil technologies, and the average ship lifetime is 25-30 years. To achieve the maritime sector GHG reduction targets retrofitting zero-emission technology on the existing fleet is essential. That is why the EkoTank project is so important”, says HyEkoTank’s project coordinator Leif-Gunnar Hanssen.
“I am thrilled to partner with Samskip in their mission to achieve net zero by 2040. The synergy between our fuel cell technology and Samskip’s commitment to operational sustainability creates the ideal foundation for future-proofing their existing fleet for long-term success in the maritime industry,” says TECO 2030’s Group CEO Tore Enger.
Samskip highly appreciates to collaborate with TECO 2030 and all the other professionals of the HyEkoTank project, with the support of a grant from the European Union's Horizon program.
Using the power take in device (PTI) driving the propellor with green energy, allows existing vessels to sail and maneuver emission-free in European coastal areas and Norwegian Fjords’ says Erik Hofmeester, Head of Vessel Management for Samskip.
The HyEkoTank project has received funding from the European Union's Horizon Europe Innovation Actions programme under grant agreement No. 101096981. The project partners are TECO 2030, BLOM Maritime, TECO Solutions, Shell International Trading and Shipping Company, Shell International Exploration and Production, Samskip, Nav-Tech, Umoe Advanced Composites, FKAB Marine Design, Tarbit Shipping and project coordinator UiT The Arctic University of Norway.
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-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, August 16th, 2024): TECO 2030 (OSE: TECO, OTC: TECFF, ISIN: NO0010887516) has today registered the share capital increase in reference to the stock exchange notice on June 25th 2024.
The share capital increase pertaining to the issuance of new shares towards TECO Group AS, following the share lending agreement and the resolution made in the EGM on 25 June 2024 has now been registered with the Norwegian Register of Business Enterprises. The Company's new registered share capital is NOK 2 153 380,92 divided into 215,338,092 shares, each with a nominal value of NOK 0.01.
Further to that, TECO 2030 ASA has today extended the loan agreement with its largest shareholder, TECO Group AS. Under the agreement, TECO Group lends TECO 2030 ASA up to 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 December 31st, 2024. TECO 2030 may repay the loan in whole or in part at any time prior to this date.
TECO 2030 ASA will compensate TECO Group AS equal to the cost TECO Group will have to subscribe for the number of shares sold under this agreement.
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.
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, August 12th, 2024): TECO 2030 (OSE: TECO, OTC: TECFF, ISIN: NO0010887516) has today registered the share capital increase in reference to the stock exchange notice on July 26th 2024. This registration makes the first tranche in the private placement towards Advait Infratech Limited complete. The second and final investment tranche of USD 3 million (approx. NOK 33 million) will follow shortly.
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 2,093,917.89 divided into 209,391,789 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, +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-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
The Annual General Meeting of TECO 2030 ASA was held today July 31st, 2024. All resolutions were adopted in accordance with the Board's proposal and the Nomination Committee's recommendation.
The signed protocol from the Annual General Meeting and Annual Report 2023 is attached to this stock exchange 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
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 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.