TECO 2030 Announces Strategic Shift to Global Fuel Cell Technology Provider

26 Sep 2024 07:00 CEST

26.9.2024 07:00:01 CEST | TECO 2030 ASA | Non-regulatory press releases

(Lysaker, Norway, September 26th, 2024) - TECO 2030 is excited to announce a
strategic shift from manufacturing fuel cells in Norway at present, to
positioning itself as a global technology provider. By offering licensing
agreements to international partners, TECO 2030 is poised to accelerate the
global adoption of its fuel cell technology in heavy-duty applications. This
shift allows the company to focus on its core technology to unlock new
international growth opportunities. Stack production might still take place in
Norway.

This decision reflects TECO 2030's commitment to growth in dynamic global
markets, particularly in the face of regulatory delays in Norway. As
opportunities in regions like the U.S., India, and Southeast Asia grow, driven
by strong government support and substantial public investment in hydrogen, TECO
2030 is positioning itself to take full advantage. In the U.S., initiatives like
the Bipartisan Infrastructure Law and the Inflation Reduction Act (IRA) are
creating favorable conditions for hydrogen development, with $8 billion
allocated for hydrogen hubs and $369 billion dedicated to climate and energy
initiatives. TECO 2030 will pursue these opportunities through its American
entity, TECO2030 INC, positioning the company to capture a significant share of
the growing U.S. hydrogen market. Similarly, India is pursuing government-backed
projects aimed at reducing emissions and expanding renewable energy
infrastructure.

Despite efforts to secure risk financing in Norway, both from public and private
sectors, the interest and capital support for clean-tech projects remain
limited. By shifting focus to licensing, TECO 2030 can leverage stronger demand
in high-potential international markets, ensuring sustainable growth and
reinforcing its leadership in hydrogen fuel cell innovation.

Investor Outlook

TECO 2030's pivot opens exciting new opportunities for investors by enabling the
company to efficiently scale its offerings through licensing agreements. This
will allow TECO 2030 to bring its advanced fuel cell solutions to various
industries, including maritime, heavy-duty applications, data centers, mining,
and trucking. With a strong focus on regions with robust public investment and
favorable regulatory frameworks, the company is well-positioned to deliver
long-term value and growth.

Technology Leadership and Product Expansion

At the core of TECO 2030's strategy is its cutting-edge PEM fuel cell
technology, developed in close collaboration with AVL List GmbH. AVL, the
world's largest independent powertrain developer, brings over 20 years of
experience in the fuel cell space. Their unmatched expertise has played a key
role in the development of TECO 2030's FCM400 system and the TECO 2030 fuel cell
stack, which are designed to meet the stringent demands of heavy-duty
industries. Additionally, TECO 2030 has introduced its Fuel Cell Backup (FCB)
solution, which offers efficient, zero-emission backup power for data centers
and other critical infrastructure, complementing its other offerings in the
clean energy space.

With over 500,000 man-hours dedicated to advancing fuel cell technology, TECO
2030 is positioned to meet the growing global demand for clean, efficient energy
solutions. By transitioning to a licensing model, the company will extend its
technological reach to a broader range of industries, expanding its global
footprint and impact.

Global Opportunities

TECO 2030 continues to explore complementary markets, including data centers,
mining, and heavy-duty trucking. The company's planned joint venture with Advait
Infratech Limited in India and its U.S. operations, through TECO2030 INC, will
leverage favorable market conditions and public funding, such as the IRA, to
drive growth in these key regions.

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 a Norwegian clean-tech company with a legacy of over 30 years in
the maritime industry. Spun off from the TECO Maritime Group, which has provided
cutting-edge technology and services to global shipping since 1994, TECO 2030
focuses on developing zero-emission solutions for heavy-duty industries.
Building on its deep expertise in maritime and industrial applications, the
company offers innovative hydrogen fuel cell technology designed to
significantly reduce the environmental impact of global industries.

In partnership with AVL List GmbH, the world's leading independent powertrain
developer, TECO 2030 has developed state-of-the-art fuel cell solutions for
demanding applications in sectors such as shipping, mining, trucking, and data
centers. TECO 2030 continues to drive innovation and sustainability in the clean
energy space. For more information, visit www.teco2030.no -
http://www.teco2030.no

ATTACHMENTS

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https://kommunikasjon.ntb.no/ir-files/17847477/18254277/5029/Download%20announce
ment%20as%20PDF.pdf

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