TECO 2030 signs an MOU with an undisclosed party for up to 50MW of hydrogen engines

23 Mar 2023 07:00 CET

23.3.2023 07:00:00 CET | TECO 2030 ASA | Non-regulatory press releases

(Lysaker, Norway, March 23rd 2023) TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN:
NO0010887516) has signed an MOU with an undisclosed party for cooperation on
several fuel cell projects which in total could represent 50MW of fuel cell
output. The projects represent marine fuel cells- and on-shore stationary fuel
cell systems in megawatt scale. The MOU outlines a 3-year cooperation commitment
to successfully execute the project objectives.

Fuel cells are hydrogen engines which generate electricity through a mechanism
that doesn't require combustion. This means they produce fewer pollutants than
conventional, combustion-based power generation technologies. Fuel cells are
also highly efficient, producing more power per unit of fuel. As a result, fuel
cells offer an alternative to traditional power generation with significant
health, reliability, and environmental benefits.

"I am thrilled to have signed this MOU with an undisclosed party. This shows the
trust and confidence the party has in our fully scalable and modular fuel cell
systems. I am looking forward to work with our client on these projects to cover
their zero emission energy needs," says Tore Enger, Group CEO, TECO 2030. "Both
the marine and stationary applications for these projects are in megawatt size
and will demonstrate the capabilities of the TECO 2030 fuel cell systems," Enger
concluded.

CONTACTS

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

ABOUT TECO 2030 ASA

TECO 2030 is building up 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/17847477/2201/2976/Download%20announcement
%20as%20PDF.pdf

TECO 2030 signs an MOU with an undisclosed party for up to 50MW Fuel Cells.pdf -
https://kommunikasjon.ntb.no/ir-files/17847477/2201/2975/TECO%202030%20signs%20a
n%20MOU%20with%20an%20undisclosed%20party%20for%20up%20to%2050MW%20Fuel%20Cells.
pdf

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585924_en_TECO 2030 signs an MOU with an undisclosed party for up to 50MW Fuel Cells.pdf
585924_en_Download announcement as PDF.pdf