(Lysaker, Norway, March 2nd 2023): Reference is made to the announcement by TECO
2030 ASA (OSE: TECO) on February 12th 2023 regarding the offer to bondholders to
an extraordinary conversion of bonds.

Bonds totaling NOK 19,550,000 have been converted into 3,843,280 shares.
Outstanding amount in the convertible bond after the transaction totals NOK
82,293,827.

The share capital increase pertaining to the issuance of the new shares has now
been registered with the Norwegian Register of Business Enterprises. The
Company's new registered share capital is NOK 1,625,812.78  divided into
162,581,278 shares, each with a nominal value of NOK 0.01.

Contact:
Tore Enger, Group CEO, +47 920 83 800, tore.enger@teco2030.no 

About:
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.

Click here for more information

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