TECO 2030 ASA - Bankruptcy Petition Filed Against Subsidiary

14 Nov 2024 17:47 CET

14.11.2024 17:47:47 CET | TECO 2030 ASA | Inside information

Lysaker, Norway - 14 November 2024: A bankruptcy petition has been filed against
TECO 2030 Innovation Center AS ("Innovation Center"), a wholly owned subsidiary
of TECO 2030 ASA (the "Company"), by the Norwegian Tax Authority. The petition
has been submitted to the Midtre Hålogaland District Court, with a hearing
scheduled for 5 December 2024.

The potential bankruptcy of the Innovation Center could have significant
repercussions for the Company, particularly due to a parent company guarantee it
has provided, which is capped at NOK 10 million, covering rental payments under
the Innovation Center's property lease agreement in Narvik. A claim has already
been made against the Company by the beneficiary of this guarantee, prompting
the Company to engage in discussions to address the situation. Should
negotiations fail to yield a satisfactory resolution with the guarantee
beneficiary, the Company may face its own bankruptcy proceedings.

The Company is committed to keeping stakeholders informed and will provide
further updates as more information becomes available. In the meantime, it will
continue to pursue an amicable solution with all parties involved.

This information is considered inside information pursuant to the EU Market
Abuse Regulation and is subject to the disclosure requirements pursuant to
Section 5-12 the Norwegian Securities Trading Act. This stock exchange
announcement was published by Pål Christian Johnsen, CFO at TECO 2030 ASA, on 14
November 2024 at 17:45 CET.

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 a Norwegian based clean tech company developing zero-emission
hydrogen fuel cell 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/17847477/18324396/5270/Download%20announce
ment%20as%20PDF.pdf

More information:
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