TECO 2030 ASA - Subsidiary Files For Bankruptcy

03 Dec 2024 21:00 CET

3.12.2024 21:00:01 CET | TECO 2030 ASA | Additional regulated information
required to be disclosed under the laws of a member state

Lysaker, Norway - 3 December 2024: Reference is made to the stock exchange
notice of 14 November 2024 in which it was disclosed that a bankruptcy petition
was filed against TECO 2030 Innovation Center AS ("Innovation Center"), a wholly
owned subsidiary of TECO 2030 ASA (the "Company"), with the bankruptcy hearing
scheduled for 5 December 2024. In light of recent developments, the board of
directors of Innovation Center has made the decision to formally file for
bankruptcy, and this filing has now been executed.

The Company is currently evaluating the implications of this bankruptcy filing,
particularly concerning its overall prospects and outlook in light of the
ongoing bankruptcy petition against it. Notably, Innovation Center holds a net
claim of approximately NOK 22 million against the Company. Additionally, the
Company has provided a guarantee of NOK 10 million to the former landlord of
Innovation Center. As part of the bankruptcy proceedings, the Company will also
write off the recorded equity of NOK 30,000 associated with Innovation Center.

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 -
http://www.teco2030.no.

ATTACHMENTS

Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17847477/18346260/5363/Download%20announce
ment%20as%20PDF.pdf

More information:
Access the news on Oslo Bors NewsWeb site

633776_Download announcement as PDF.pdf