TECO 2030 releases Q3 2022 results

11 Nov 2022 07:00 CET

11.11.2022 07:00:00 CET | TECO 2030 ASA | Half yearly financial reports and
audit reports / limited reviews

(Lysaker, Norway, 11 November 2022): Norwegian Cleantech Company TECO 2030 ASA
(OSE: TECO, OTCQX: TECFF) released results for Q3 2022 today. The report is
attached to this Stock Exchange Notice and can be found on the Company's
website.

The financial numbers are in accordance with the board and management's
expectations for the period and clearly underlines the development phase of
which TECO 2030 currently is going through.

Most of the Group's focus and effort is on the development of the TECO 2030 PEM
fuel cells for shipping and other heavy-duty applications. PEM fuel cells are
energy generators that enable zero emission ship and heavy-duty machinery
operations.

The first fuel cell stacks will be assembled and commissioned in mid-December
2022, while the first FCM400 (Fuel Cell Module 400 kW) will be assembled and
begin advanced testing during Q2 2023 at AVL's facility in Graz, Austria. These
milestones mark the start of commercialization for TECO 2030's fuel cell systems
and the launch of the world's first purpose developed marine and heavy-duty zero
emission fuel cell.

The gigafactory in Narvik, Norway is in the planning and design layout phase,
and being prepared for installation of stacking equipment. The first stacks will
be built and assembled in Narvik during Q2 2023. An MoU has been signed with
thyssenkrupp Automation Engineering (tkAE) for delivery of the first complete
production line, which will be assembled and commissioned at tkAE's facility in
Germany. Before transportation to Narvik at the end of 2023, the production
equipment will produce several tens of stacks and complete pilot production to
reduce risks when the equipment is installed in Narvik.

"I am very excited to feel, touch and see the first TECO 2030 fuel cell stack
during December 2022. I cannot wait to show the world the first heavy-duty and
marine fuel cell stack, zero emission energy generation is around the corner as
the world strives everyday to cut harmful emissions," says Tore Enger, Group
CEO, TECO 2030.no - http://2030.no.

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 accelerates the green transition in the maritime sector by delivering
technology that helps ships to reduce their environmental and climate impacts.
TECO 2030 is developing hydrogen fuel cells that enable ships and other
heavy-duty applications to become emissions-free. The company is also developing
other solutions that can help the maritime industry to reduce its emissions,
such as exhaust gas cleaning and carbon capture systems for ships. TECO 2030 was
founded in 2019 and is headquartered at Lysaker, Norway. The company is listed
on Euronext Growth on Oslo Stock Exchange under the ticker TECO. TECO 2030 has
its roots in the TECO Maritime Group, a group that has provided technology and
repair services to the global shipping industry since 1994. For more
information, please visit www.teco2030.no - http://www.teco2030.no

ATTACHMENTS

Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17847477/1883/2546/Download%20announcement
%20as%20PDF.pdf

TECO 2030 Q3 report 2022.pdf -
https://kommunikasjon.ntb.no/ir-files/17847477/1883/2545/TECO%202030%20%20Q3%20r
eport%202022.pdf

More information:
Access the news on Oslo Bors NewsWeb site

575460_en_Download announcement as PDF.pdf
575460_en_TECO 2030 Q3 report 2022.pdf