TECO 2030 unlocks NOK 50 million grant from Innovation Norway

17 Mar 2023 07:05 CET

17.3.2023 07:05:00 CET | TECO 2030 ASA | Non-regulatory press releases

(Lysaker, Norway, March 17th 2023) TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN:
NO0010887516) unlocks the NOK 50 million granted by Innovation Norway, the grant
was given to TECO 2030 in October 2021. TECO 2030 had a prerequisite to release
the funds, and this prerequisite has now been achieved.

Innovation Norway, the Norwegian Government's key instrument for supporting
innovation and development of Norwegian enterprises and industry has granted
TECO 2030 ASA NOK 50 million in development support. The grant is provided in
the "environmental technology" category and relates to Innovation Norway's task
of stimulating research and development projects, domestic value generation and
creation of responsible businesses.

TECO 2030 was granted the second largest "single project" grant allocation in
2021 and is intended to boost the deployment of TECO 2030's PEM fuel cell
technology in applications for the shipping and heavy-duty industry.

"We are moving ahead with full speed to deliver heavy-duty and marine PEM fuel
cells to various energy intensive industries. The grant from Innovation Norway
will allow us to accelerate the development and deployment of our fuel cells and
the industrialization of the production facility in Narvik" says Tore Enger,
Group CEO of TECO 2030. "The support from Innovation Norway will increase green
technology knowledge and economic growth in a region which aims to become a hub
for Green Industry in Norway" Enger adds.

"The company is working on one of the world's largest and most ambitious
ventures on hydrogen fuel cells. This is an important investment both for
national strategy and regional development. The technology can help to reduce
emissions from the maritime sector and at the same time provide more jobs that
require higher education in this region. Innovation Norway's role is to reduce
risk in the development phase and the company has already achieved several
important financial and technological milestones," says Monica Ahyee, Regional
Director, Innovation Norway Nordland.

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 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/17847477/2185/2950/Download%20announcement
%20as%20PDF.pdf

20230204 TECO 2030 releases NOK 50 million grant from Innovation Norway.pdf -
https://kommunikasjon.ntb.no/ir-files/17847477/2185/2947/20230204%20TECO%202030%
20releases%20NOK%2050%20million%20grant%20from%20Innovation%20Norway.pdf

More information:
Access the news on Oslo Bors NewsWeb site

585517_en_Download announcement as PDF.pdf
585517_en_20230204 TECO 2030 releases NOK 50 million grant from Innovation Norway.pdf