TECO 2030 raises approx. NOK 100 million through a private placement and convertible loan

14 Nov 2022 07:00 CET

14.11.2022 07:00:00 CET | TECO 2030 ASA | Inside information

(Lysaker, Norway, November 14th, 2022) TECO 2030 ASA (OSE: TECO, OTCQX: TECFF)
(the "Company" or "TECO 2030") is pleased to announce that it has raised approx.
NOK 70 million (USD 7,000,000) through a private placement and approx. NOK 30
million (USD 3,000,000) in a secured convertible loan from a strategic U.S.
based hydrogen investor.

Through the private placement, 13,443,875 new shares will be issued at a price
of 5.42 NOK per share, which corresponds to the 20-day volume weighted average
price prior to the agreement to issue the shares. The strategic hydrogen
investor is SunHydrogen Inc., which will hold 8.48 % of the total shares issued
in the Company following completion of the private placement, after which the
Company's share capital will be NOK 1,585,113.31 divided into 158,511,331
shares, each with a nominal value of NOK 0.01.

The net proceeds will be used to fund the Company's operations, fuel cell
industrialization and development projects going forward.

The payment of USD 3 million into the convertible bond loan is a continuation of
the bond loan raised in May/June 2022. TECO 2030 is very pleased with the
interest gained in the issuance of the convertible loan, and the trust provided
by the existing shareholders at the annual general meeting held on May 20th,
2022, where the shareholders approved an authorization to the Board of Directors
to issue a convertible loan of up to NOK 120 million.

ThinkEquity LLC and Fearnley Securities AS (the "Managers") acted as joint
placement agents for the offering.

"I am pleased, humble, and proud to announce the strategic investment completed
in TECO 2030. I believe this partnership will spark the beginning of a strong
collaboration towards global hydrogen markets. This investment will also make us
more visible in the US, and I am looking forward to cooperating with SunHydrogen
on our mission towards zero emission mobility," says Tore Enger, Group CEO, TECO
2030.

The private placement implies a deviation from the shareholders' preferential
right to the new shares under the Norwegian Public Limited Liability Companies
Act. The board of directors carefully considered this and was of the view that
it would be in the best interest of the Company and its shareholders to deviate
from the shareholders' preferential right to the new shares by allocating the
shares to SunHydrogen, Inc. In reaching this conclusion, the board of directors
emphasized that the Company requires additional financing to fund its
operations, fuel cell industrialization and development projects going forward
and that the benefit of a private placement is not obtainable by structures with
longer lead time, such as a rights offering.

The new shares will be listed on Euronext Growth as soon as the share capital
increase has been registered with the Norwegian Register of Business
Enterprises.

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

CONTACTS

* Tore Enger, CEO of TECO 2030 ASA, +4792083800, tore.enger@teco2030.no

ABOUT TECO 2030 ASA

About TECO 2030: 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 -
http://www.teco2030.no/.

ATTACHMENTS

Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17847477/1886/2550/Download%20announcement
%20as%20PDF.pdf

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