TECO 2030 ASA raises the first NOK 11 million of approx. NOK 44 million as the first of two tranches through a private placement

26 Jul 2024 22:25 CEST

26.7.2024 22:25:54 CEST | TECO 2030 ASA | Additional regulated information
required to be disclosed under the laws of a member state

(Lysaker, Norway, July 26th 2024) - With reference to the agreement with the
Indian publicly listed company Advait Infratech Limited ("Advait") (BOM: 543230)
previously announced on April 16, TECO 2030 ASA (OSE: TECO) is pleased to
announce that it has formally closed the first tranche of the agreed investment
of USD 4 million (approx. NOK 44 million). This first investment amounts to NOK
11 million at a price of NOK 2.00 per share by issuing 5,500,000 new shares.

The second and final investment of USD 3 million (approx. NOK 33 million) will
follow shortly.

Upon completion of registration of the private placement in the first tranche,
the total number of shares in TECO 2030 ASA will increase to 209,391,789 each
with a nominal value of NOK 0.01.

The new shares will be listed on Euronext Growth on Oslo Stock Exchange as soon
as the share capital increase has been registered with the Norwegian Register of
Business Enterprises.

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 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/17847477/18186412/4797/Download%20announce
ment%20as%20PDF.pdf

More information:
Access the news on Oslo Bors NewsWeb site

624162_Download announcement as PDF.pdf