10.2.2023 07:00:01 CET | TECO 2030 ASA | Non-regulatory press releases

(Long Beach, California, February 10th 2022): TECO 2030 ASA (OSE: TECO, OTCQX:
TECFF, ISIN: NO0010887516) and AVL List sign contract for feasibility study of
developing and industrializing a Fuel Cell System for heavy-duty (HD) trucks.
The feasibility study starts immediately and is expected to be completed in 2
months. After successful completion, TECO 2030 plans to industrialize this Heavy
Duty Fuel Cell System and manufacture them at the Innovation Center and
gigafactory in Narvik, Norway.

The decarbonization towards renewable energies is just getting started, and
through the feasibility study and development of the HD fuel cell system TECO
2030 aims to have a solution for truck fleet owners who wish to uplift their
existing and new fleet. The market for HD trucks is enormous and estimated to be
millions of trucks across Europe and the US alone. TECO 2030 estimates that
there needs to be deployed roughly one million new zero emission HD trucks in
Europe and the US alone by 2030, in addition to the existing trucks which can be
upfitted with a HD fuel cell System. The average lifetime of a truck is 13
years, which means there are also many existing trucks that can be fitted with
new propulsion technologies. The HD fuel cell module can also be deployed in
other heavy-duty on- and off-road applications as well, for example mining
trucks, rail, buses.

"I am grateful for the support shown by AVL to drive innovation and assist us
with developing technologies to reach our common goals of eliminating harmful
emissions. We have already received huge interest from several stakeholders in
the automotive space, and this will strengthen our zero emission technologies
portfolio with a new space efficient HD fuel cell module, purposely made-to-fit
Class 8- and 40-ton truck chassis," says Tore Enger, Group CEO, TECO 2030. "This
also brings us closer to our partner AVL and contributes to increasing our
leading presence in the fuel cell market for HD applications."

"I am really excited to see the TECO 2030 stacks perform in an additional HD
application other than marine. With the carbon plate stack design, we laid the
foundation for pretty much everything heavy duty and it is absolutely key to
find these common denominators across industries" said Falko Berg, Manager and
Technical Product Responsible PEM Systems at AVL List. "This is the only viable
way to make sure that our customers like TECO2030 succeed and are able to
utilize their upcoming Narvik plant for additional needs besides their main
business. Customers looking for off-the-shelf solutions will be very happy to
see that a this world class facility can support their heavy-duty product in a
timely manner," Berg adds.

Learn more about AVL's vision of the HyTruck project here: 
https://www.youtube.com/watch?v=gmB9nugBBCU

CONTACTS

 * 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 2023 and early 2024, targeting an output capacity of 120 MW of
fuel cells in 2024, 400 MW in 2025 and 1.6 GW 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,
OTCQX under the ticker TECFF. TECO2030 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/17847477/2098/2798/Download%20announcement
%20as%20PDF.pdf

20230209 TECO 2030 and AVL signs contract for HyTruck feasibility study.pdf -
https://kommunikasjon.ntb.no/ir-files/17847477/2098/2797/20230209%20TECO%202030%
20and%20AVL%20signs%20contract%20for%20HyTruck%20feasibility%20study.pdf

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