TECO 2030 ASA raises approx. NOK 10.5 million (USD 1 million) of the remaining USD 3 million as the second tranche of the private placement from Advait

30 Aug 2024 14:08 CEST

30.8.2024 14:08:28 CEST | TECO 2030 ASA | Additional regulated information
required to be disclosed under the laws of a member state

(Lysaker, Norway, August 30th, 2024) - With reference to the agreement with the
Indian publicly listed company Advait Infratech Limited ("Advait") (BOM: 543230)
previously announced on April 16 2024, TECO 2030 ASA (OSE: TECO) is pleased to
announce that it has formally closed another tranche of the agreed investment of
USD 4 million. This second investment amounts to approx. NOK 10.5 million (USD 1
million) at a price of NOK 2.00 per share by issuing 5,283,500 new shares.

The next investment of USD 2 million will follow shortly.

Upon completion of registration of the private placement in this tranche, the
total number of shares in TECO 2030 ASA will increase to 220,621,592 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 2024 and 2025, targeting a production output capacity of up to
200 MW of fuel cells in 2025, increasing to gigawatt-production 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,
OTC under the ticker TECFF. TECO 2030 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/17847477/18220692/4929/Download%20announce
ment%20as%20PDF.pdf

More information:
Access the news on Oslo Bors NewsWeb site

626752_Download announcement as PDF.pdf