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    TECO   NO0010887516

TECO 2030 ASA

(TECO)
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TECO 2030 : Everfuel to deliver green hydrogen to fuel cells developed by TECO 2030

08/31/2021 | 01:01am EDT
31.8.2021 07:00:00 CEST | TECO 2030 ASA | Additional regulated information
required to be disclosed under the laws of a member state

Lysaker, Norway, 31 August 2021 - TECO 2030 has signed a strategic cooperation
agreement with the leading European hydrogen supplier Everfuel for the delivery
of green hydrogen to fuel its fuel cells and fuel cell generators. This will
enable decarbonisation of hard-to-decarbonise areas, such as construction sites.

As part of the agreement, the companies will develop solutions enabling Everfuel
to distribute and deliver green hydrogen to sites where TECO 2030's hydrogen
fuel cell power generators are located, or to ships, vehicles or equipment with
TECO 2030's fuel cell technology installed.

TECO 2030 and Everfuel will focus particularly on exploring the possibility of
providing decentralised power supply for off-grid construction projects in areas
where Everfuel has available hydrogen capacity and infrastructure.

Will enable a switch away from diesel generators

The cooperation between the two companies will enable construction sites with no
available grid connection to lower their climate footprint and reduce emissions
by switching from diesel generators to zero-emission hydrogen fuel cell
generators.

By doing so, they will be able to charge their electric diggers and other 
electric construction equipment emissions-free.

Diesel generators cause greenhouse gas emissions and pollution and are often
used to produce electricity when there is no available connection to a power
grid, such as at construction sites in areas with limited grid capacity.

The cooperation between TECO 2030 and Everfuel will also enable other projects
that use equipment and machines that need electricity, and that are located in
areas with insufficient grid capacity, to cut their emissions to zero. 

Green hydrogen

"We are very excited about our new cooperation with Everfuel because it means
that we will soon be able to offer our customers easy access to green hydrogen
to fuel our fuel cells in areas that are difficult to decarbonise," says Tore
Enger, CEO of TECO 2030 ASA.

"Due to our new cooperation with Everfuel, many construction sites and other
projects and activities that use diesel generators will now be able to reduce
their climate footprint by switching to emissions-free fuel cell generators,"
Enger says.

Green hydrogen is hydrogen produced with renewable energy such as electricity
from hydropower plants, wind turbines and solar panels. When applications or
vehicles replace their traditional combustion engines running on fossil fuels
with fuel cells fuelled by green hydrogen, they can become completely
emissions-free.

Will open a huge market for hydrogen

"We are very excited to develop distribution and delivery solutions for users of
the robust and high-capacity fuel cells delivered by TECO 2030. We believe it
will open a huge market for hydrogen and introduce zero-emission solutions in
hard-to-decarbonise segments," says Jacob Krogsgaard, CEO of Everfuel AS.

TECO 2030 is developing hydrogen fuel cells that are specifically designed for
use on ships or other heavy-duty applications. Hydrogen fuel cells are the
engines of tomorrow and convert hydrogen into electricity while emitting nothing
but water vapour and warm air.

TECO 2030 is also developing fuel cell generators that can replace diesel
generators. The fuel cell generators will function much like a generator that is
powered by diesel or other fossil fuels but will use hydrogen as fuel and will
therefore be emissions-free.

 

 

For more information, please contact:

 * TECO 2030: Tore Enger, CEO of TECO 2030 ASA. +47 920 83 800, 
   tore.enger@teco2030.no
 * Everfuel: Helge Skaarberg Holen, Business Development Manager Norway. +47 94
   16 07 07, hh@everfuel.com

 

 

About Everfuel

Everfuel is making green hydrogen for zero emission mobility commercially
available across Europe, offering competitive all-inclusive hydrogen supply- and
fueling solutions. We own and operate green hydrogen infrastructure and partner
with vehicle OEMs to connect the entire hydrogen value chain and seamlessly
provide hydrogen fuel to enterprise customers under long-term contracts. Green
hydrogen is a 100% clean fuel made from renewable energy and key to
electrification of the transportation sector in Europe and a sustainable future.
We are a young, ambitious company, headquartered in Herning, Denmark, and with
activities in Norway, Denmark, Sweden, the Netherlands, Germany and Belgium, and
a plan to grow across Europe. Everfuel is listed on Euronext Growth in Oslo
under EFUEL.

About TECO 2030

TECO 2030 aims to contribute to the green transition in the maritime sector by
delivering technology that helps ships to reduce their environmental and climate
impacts. TECO 2030 is developing hydrogen fuel cells that enable ships and other
heavy-duty applications to become emissions-free. The company is also developing
other solutions that can help the maritime industry to reduce its emissions,
such as exhaust gas cleaning and carbon capture systems for ships. TECO 2030 was
founded in 2019 and is headquartered at Lysaker, Norway. The company is listed
on Euronext Growth on Oslo Stock Exchange under TECO. TECO 2030 has its roots in
the TECO Maritime Group, a group that has provided technology and repair
services to the global shipping industry since 1994. For more information,
please visit www.teco2030.no - http://www.teco2030.no.

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

CONTACTS

 * Tore Enger, Chief Executive Officer (CEO) of TECO 2030 ASA, +4792083800,
   tore.enger@teco2030.no 

ABOUT TECO 2030 ASA

About TECO 2030

TECO 2030 aims to contribute to the green transition in the maritime sector by
delivering technology that helps ships to reduce their environmental and climate
impacts. TECO 2030 is developing hydrogen fuel cells that enable ships and other
heavy-duty applications to become emissions-free. The company is also developing
other solutions that can help the maritime industry to reduce its emissions,
such as exhaust gas cleaning and carbon capture systems for ships. TECO 2030 was
founded in 2019 and is headquartered at Lysaker, Norway. The company is listed
on Euronext Growth on Oslo Stock Exchange under TECO. TECO 2030 has its roots in
the TECO Maritime Group, a group that has provided technology and repair
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/17847477/810/1058/Download%20announcement%
20as%20PDF.pdf

PressRelease_Everfuel_210831.pdf -
https://kommunikasjon.ntb.no/ir-files/17847477/810/1057/PressRelease_Everfuel_21
0831.pdf

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange

Stocks mentioned in the article
ChangeLast1st jan.
EVERFUEL A/S 0.00% 45.4 Real-time Quote.-63.68%
TECO 2030 ASA -2.98% 6.52 Real-time Quote.-2.69%
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Financials
Sales 2021 243 M 28,8 M 28,8 M
Net income 2021 35,0 M 4,15 M 4,15 M
Net Debt 2021 - - -
P/E ratio 2021 22,5x
Yield 2021 -
Capitalization 830 M 98,6 M 98,5 M
Capi. / Sales 2021 3,41x
Capi. / Sales 2022 1,60x
Nbr of Employees 21
Free-Float 36,0%
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Tore Enger Co-Chairman & Chief Executive Officer
Pňl Christian Johnsen Chief Financial Officer
Sigurd Gaarder Lange Co-Chairman
Arild Eiken Chief Technology & Project Officer
Birgit Marie Liodden Director
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