TECO 2030 secures 12 MNOK in secured convertible loan

27 Apr 2023 22:00 CEST

(Lysaker, Norway, April 27 2023) TECO 2030 ASA (the "Company" or "TECO 2030")
(OSE: TECO) has today secured 12 MNOK in a secured convertible loan from new and
existing investors.

In accordance with the resolution in the extraordinary general meeting held on
March 15th 2023, the Company has issued a convertible bond loan. The amount
raised in the first tranche is NOK 12 million. The loan has a 3-year maturity,
an annual interest rate of 8 % and the loan can be converted by the shareholders
at a conversion rate of 9,7303 NOK. The loan is secured by a third ranked pledge
in TECO 2030’s factory building in Narvik.

Contact:

Pål Christian Johnsen, CFO, +47 412 76 747, pcj@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.

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