Main shareholder TECO Group lends TECO 2030 20 million shares

16 Oct 2023 11:16 CEST

16.10.2023 11:16:36 CEST | TECO 2030 ASA | Mandatory notification of trade
primary insiders

(Lysaker, Norway, October 16th, 2023): TECO 2030 ASA (OSE: TECO, OTCQX: TECFF,
ISIN: NO0010887516) has signed a loan agreement with its largest shareholder,
TECO Group AS.

Under the agreement, TECO Group lends TECO 2030 20 million shares in TECO 2030.

TECO 2030 may, when appropriate, sell the shares to new investors as a flexible
way of securing financing for its business plan.

TECO 2030 will settle the share loan through the return of any unsold shares and
a private placement of new shares against TECO Group no later than June 30th,
2024. TECO 2030 may repay the loan in whole or in part at any time prior to this
date.

TECO Group will not receive any fee or interest on the loan and will subscribe
for new shares at the nominal value.

"We appreciate this show of support from TECO Group. The share loan provides us
with the option to allocate shares to targeted investors in a flexible manner
that streamlines the administrative process associated with each placement,"
says Pål Christian Johnsen, CFO of TECO 2030.

TECO Group is a closely associated party to each of TECO 2030's Chairman Sigurd
Gaarder Lange, CEO Tore Enger and CSO Tor-Erik Hoftun . See attached form for
further details.

Considering that the alternative to sell shares borrowed from TECO Group could
be to resolve one or more private placements, this will in practice imply
deviations from the shareholders' preferential right to new shares under the
Norwegian Public Limited Liability Companies Act. The board of directors will
carefully consider this prior to any sale of shares and only complete sales in
which the conclusion is that (i) it will be in the best interest of the Company
and its shareholders to deviate from the shareholders' preferential right to the
new shares by selling shares to investors as proposed, and (ii) this is in
compliance with the requirements in the Norwegian Public Limited Companies Act
and the prohibition against giving anyone an unreasonable advantage at the
Company's or the shareholders' expense set out in the Norwegian Securities
Trading Act, Euronext Growth Oslo Rule Book - Part II section 3.1(2), and the
Oslo Stock Exchange's Guidelines on the rules of equal treatment.

This information is subject to the disclosure requirements pursuant to the EU
Market Abuse Regulation Article 19 and section 5-12 of the Norwegian Securities
Trading Act.

DISCLOSURE REGULATION

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

CONTACTS

* Pål Christian Johnsen, CFO, +47 412 76 747, pcj@teco2030.no
* Tore Enger, CEO, +47 920 83 800, 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 400 MW of
fuel cells in 2025, increasing to 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/17847477/2679/3731/Download%20announcement
%20as%20PDF.pdf

PDMR notification form.pdf -
https://kommunikasjon.ntb.no/ir-files/17847477/2679/3730/PDMR%20notification%20f
orm.pdf

More information:
Access the news on Oslo Bors NewsWeb site

601422_Download announcement as PDF.pdf
601422_PDMR notification form.pdf