TECO 2030 with consortium finalizes agreement for EUR 5 million in HyEkoTank project

21 Dec 2022 07:00 CET

21.12.2022 07:00:00 CET | TECO 2030 ASA | Non-regulatory press releases

(Lysaker, Norway, December 21st 2022): TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN:
NO0010887516) is pleased to announce that the Grant Agreement has been signed by
the European Union. The grant consists of EUR 5 million in grants under the
funding scheme HORIZON EUROPE. The project is planned to start in February 2023.

The HyEkoTank project will retrofit an 18.600 DWT product tanker with a 2.4 MW
fuel cell system by TECO 2030 and 4000 kg compressed hydrogen storage for
demonstration in 2024.

"I am pleased with the tremendous efforts dedicated by all the consortium
partners to this project; together we will show the world what fuel cells are
capable of when retrofitting a product tanker for Ektank," says Tore Enger,
Group CEO, TECO 2030. "I am grateful to the EU who wants to assist us in
realizing a retrofit fuel cell project for reducing and eliminating emissions
along the European coastlines," Enger adds.

"Shell is proud to be a part of this fuel cell project, which aims to
demonstrate the viability of hydrogen as a zero-carbon fuel for the maritime
sector. Our target is to be a net-zero emissions energy business by 2050 and to
accelerate this transition we are partnering with customers and businesses from
across the sectors. Shell will purchase the fuel cell system and provide the
renewable hydrogen to power this pioneering project as we continue to drive
innovation to deliver the cleaner energy solutions that our customers need,"
says Carl Henrickson, General Manager Technology, Innovation & Digitalisation,
Shell Shipping and Maritime.

The HyEkoTank hydrogen powered tanker will demonstrate zero emission at berth
and great reduction of GHG emissions during voyage. This pioneering project
could become a first mover in this maritime shipping segment and contribute to
achieving the ambitious climate targets set by the European Union. As part of
the European Green Deal, the EU has committed to reducing GHG emissions by 55%
by 2030, and a binding target of achieving climate neutrality by 2050. Under the
'Fit for 55 package' the EU is currently developing its climate, energy and
transport-related legislation to align current laws with the 2030 and 2050
ambitions.

CONTACTS

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

ABOUT TECO 2030 ASA

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 the 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/17847477/1987/2660/Download%20announcement
%20as%20PDF.pdf

TECO 2030 with consortium finalizes agreement for EUR 5 million in HyEkoTank
project.pdf -
https://kommunikasjon.ntb.no/ir-files/17847477/1987/2659/TECO%202030%20with%20co
nsortium%20finalizes%20agreement%20for%20EUR%205%20million%20in%20HyEkoTank%20pr
oject.pdf

More information:
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578798_en_Download announcement as PDF.pdf
578798_en_TECO 2030 with consortium finalizes agreement for EUR 5 million in HyEkoTank project.pdf