8.2.2023 07:00:01 CET | TECO 2030 ASA | Non-regulatory press releases

(Lysaker, Norway, February 8th 2023): TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN:
NO0010887516) is pleased to announce that the HyEkoTank project which has been
awarded a EUR 5 million grant under the European funding scheme HORIZON EUROPE
has started, together with Shell and the other consortium partners.

The project has started February 1st and is planned to last for 3 years, with
the ultimate goal of eliminating emissions during voyage and in port. TECO 2030
aims to retrofit six 400 kW Fuel Cell Modules in a container solution, and
demonstrate power supply for both propulsion and auxiliary loads using hydrogen
with zero emissions as fuel.

"I am excited to see the support from the European Union and Shell in realizing
a retrofit project with the goal of demonstrating zero emission voyage and port
operations. This is one of the largest marine fuel cell projects in the world
that I am aware of, and we will do our best to prove that fuel cells are the
name of the game in decarbonizing heavy-duty marine applications." says Tore
Enger, Group CEO TECO 2030.

"Shell is proud to be a part of this fuel cell project, which aims to
demonstrate the viability of hydrogen as a zero-carbon fuel for the maritime
sector. Our target is to be a net-zero emissions energy business by 2050 and to
accelerate this transition we are partnering with customers and businesses from
across the sectors. Shell will purchase the fuel cell system and provide the
renewable hydrogen to power this pioneering project as we continue to drive
innovation to deliver the cleaner energy solutions that our customers need,"
says Carl Henrickson, General Manager Technology, Innovation & Digitalisation,
Shell Shipping and Maritime.

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/17847477/2081/2771/Download%20announcement
%20as%20PDF.pdf

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