TECO 2030 ASA and Advait Infratech Limited have agreed on a term sheet for a partnership relating to a planned fuel cell expansion in India and SAARC countries. Simultaneously, Advait has committed to invest approx. NOK 43 million (USD 4 million) through a private placement of new shares in TECO 2030, at a price per share of NOK 2.00.

TECO 2030 Board has agreed to resolve the private placement pursuant to the authorization granted to the Board by the annual general meeting on May 12, 2023, and is expected to do so as soon as all formalities have been finalized. The settlement is expected to take place within Second Quarter 2024. Following the private placement and subject to the parties' agreement on the final terms of the cooperation, the parties intend to establish a joint venture in India, where Advait and TECO 2030 will hold 51% and 49% of the outstanding shares, respectively.

The joint venture will hold the exclusive rights to develop, manufacture and commercialize TECO 2030 Fuel Cell Technology for the India and SAARC countries and will be a collaboration between the parties aiming towards creating and maintaining local development, production, and commercialization capabilities with presence in India.