TECO 2030 signs supplier partnership agreement with SinoHyKey

12 Dec 2022 07:00 CET

12.12.2022 07:00:01 CET | TECO 2030 ASA | Non-regulatory press releases

(Lysaker, Norway, December 12th 2022) TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN:
NO0010887516) and SinoHyKey (SHK) have entered into a strategic partnership that
will allow SHK to provide MEA, one of the key components in the TECO 2030 fuel
cell system to decarbonize the marine transportation. The collaboration has
already sparked off and is expected to last if the key milestones in the
development can be achieved successfully.

"I am pleased to announce our supplier agreement with SinoHyKey in Vancouver and
looking forward to a great partnership for many years," says Tore Enger, Group
CEO of TECO 2030. "Together we will be able to provide zero emissions energy
solutions to the world," Enger adds.

"SinoHyKey is very excited to partner with TECO 2030 to demonstrate the
potential of the hydrogen fuel cell in marine and other heavy duty applications
- not just in Europe, but across the globe. SHK MEAs destined for the TECO 2030
project employ a state-of-the-art design which offers superb power density,
durability, and cost efficiency," says Dr. Yuquan Zou, CEO of SinoHyKey
Technology Company.

TECO 2030 has recently announced progress in several projects. Implenia Norway
has ordered an 800kW HydroPilot container, with an option to increase the power
capacity up to 1.6MW. The project will demonstrate that construction sites can
operate emission-free. Additionally, TECO 2030's HydroPilot project, supported
by ENOVA, is planned to be delivered in Q3 2023. The order value is NOK 20
million, and if the option is exercised the total will be brought up to NOK 30
million.

Another pioneering project is the announced HyEkoTank, where TECO 2030, Shell
and partners received EUR 5 million from Horizon Europe. The HyEkoTank project
aims to retrofit a product tanker with 2.4MW fuel cells during 2024 for
zero-emission port operations and up to 100% emissions reduction.

TECO 2030 has also signed a letter of intent with development partner AVL -
https://www.avl.com/?avlregion=GLOBAL&groupId=10138&lang=en_US for the delivery
of 12MW fuel cell stacks to be deployed in 30 heavy-duty trucks for an
undisclosed owner.

CONTACTS

* 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/17847477/1960/2628/Download%20announcement
%20as%20PDF.pdf

More information:
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