TECO 2030 starts manual production of fuel cell stacks

27 Apr 2023 11:45 CEST

27.4.2023 11:45:01 CEST | TECO 2030 ASA | Non-regulatory press releases

(Narvik, Norway, April 27th 2023) TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN:
NO0010887516), a leading supplier of fuel cell technology, has announced the
start of manual fuel cell stack production at its Innovation Center in Narvik,
Norway.

The manual production of fuel cell stacks is an essential step towards the
commercialization of TECO 2030's fuel cell technology. The fuel cell stacks are
the core of TECO 2030's hydrogen fuel cell system, which will provide clean,
efficient, and reliable power for marine and land-based applications.

TECO 2030's Innovation Center in Narvik is a state-of-the-art facility that
features advanced manufacturing equipment and highly skilled technicians. The
facility will produce fuel cell stacks in small quantities at first, and then
scale up with the delivery of the thyssenkrupp Automation Engineering production
equipment to meet the growing demand for fuel cell technology in the marine and
heavy-duty industries.

"This is something we have been waiting for since the start of the development
process. I am delighted to announce the start of manual fuel cell stack
production at our Innovation Center in Narvik," said Tore Enger, Group CEO of
TECO 2030. "This is a significant milestone in our journey to commercialize our
fuel cell technology and provide a cleaner, more sustainable alternative to
traditional fossil fuels."

TECO 2030's fuel cell technology is bottom-up developed for marine applications,
and following strict classification approvals. The system is designed to reduce
greenhouse gas emissions and improve energy efficiency in various applications,
including marine transport, power generation, and heavy-duty transportation.

With the start of manual fuel cell stack production, TECO 2030 is on track to
deliver on its commitment to providing reliable, cost-effective, and sustainable
solutions to shipowners around the world and help reduce greenhouse gas
emissions and address climate change in energy intensive industries.

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

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/17847477/2288/3139/Download%20announcement
%20as%20PDF.pdf

20230426 TECO 2030 starts manual production of fuel cell stacks.pdf -
https://kommunikasjon.ntb.no/ir-files/17847477/2288/3138/20230426%20TECO%202030%
20starts%20manual%20production%20of%20fuel%20cell%20stacks.pdf

More information:
Access the news on Oslo Bors NewsWeb site

588785_Download announcement as PDF.pdf
588785_20230426 TECO 2030 starts manual production of fuel cell stacks.pdf