3.11.2022 07:00:00 CET | TECO 2030 ASA | Additional regulated information
required to be disclosed under the laws of a member state

(Lysaker, Norway, November 3nd 2022) TECO 2030 (OSE: TECO, OTCQX: TECFF) with
partners have been invited for HORIZON EUROPE funding of EUR 5 million to
realise the hydrogen powered tanker concept, HyEkoTank. All beneficiaries have
now signed the GA Declaration of Honour, stating that they are committed to
participate in the project. The consortium expects to finalise the Grant
Agreement process within the end of this year, and plans project startup by
February 1st, 2023.

In addition to TECO 2030, Shell International Trading and Shipping Company
Limited and Shell International Exploration and Production BV, the HyEkoTank
project involves partners Ektank AB, Blom Maritime AS, TECO Solutions AS, Umoe
Advanced Composites AS (UAC), FKAB Marine Design, Neste Oyj, and UiT - The
Arctic University of Norway.

The HyEkoTank project will retrofit a 18.600 DWT product tanker with a 2.4 MW
fuel cell system by TECO 2030 and 4000 kg compressed hydrogen storage for
demonstration in 2024.

The HyEkoTank hydrogen powered tanker will demonstrate zero emission at berth
and 60% reduction of GHG emissions during voyage. This pioneering project could
become a first mover in this maritime shipping segment and contribute to
achieving the ambitious climate targets set by the European Union. As part of
the European Green Deal, the EU has committed to reducing GHG emissions by 55%
by 2030, and a binding target of achieving climate neutrality by 2050. Under the
'Fit for 55 package' the EU is currently developing its climate, energy and
transport-related legislation to align current laws with the 2030 and 2050
ambitions.

"We are proud to have been invited for funding from HORIZON EUROPE as we move
forward with the integration of TECO 2030 Fuel Cells onboard ships. The hydrogen
tanker concept will be a state-of-the-art vessel retrofitted to reduce up to
100% of GHG emissions during voyage and at berth," says Tore Enger, Group CEO,
TECO 2030. "There is no doubt that zero emission is the way forward if we have
any ambition to reach the targets in the Paris Agreement," Enger adds.

"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.

"We are pleased to contribute with our high-quality and energy-efficient vessels
towards the development of zero-emission technologies to meet environmental
demands and regulations. We are delighted with how suitable our vessels fit into
the concept of HyEkoTank which is aligned perfectly with our Company's
environmental strategy," says Jörgen Johnsson, CEO Ektank AB.

"Supporting the shipping industry towards carbon neutrality requires
partnerships, new innovations and utilizing all available solutions. As maritime
is one of the largest sources of transport emissions, there is an urgent need
for lower-emission solutions that are available already today. Neste is excited
to be part of this project which enables significant reduction in GHG emissions.
This is again another step towards decarbonizing the industry and well aligned
with our sustainability targets to enable low carbon shipping of renewable
fuels," says Lauri Helin, Vice President, Logistics & Operations Oil Products,
Neste.

"BLOM Maritime is proud to be part of this exciting project. We are a strong
believer in the maritime industries change to more eco-friendly power systems
and are proud to be part of the HyEkoTank project funded by HORIZON EUROPE. This
is a milestone for greener shipping and fully aligned with the IMO/UN goals and
BLOM Maritime's company vision" says Marius Blom, Group CEO, BLOM Maritime.

"TECO Solutions is excited to take part in the HyEkoTank project, with funding
from HORIZON EUROPE. Our aim is to be at forefront of the decarbonizing the
maritime industry and see this milestone project as a fantastic opportunity in
this regard. We aspire to utilize our vast experience from maritime
installations to be a valuable contributor into this important project," says
Eivind Hermansen, CEO, TECO Solutions.

DISCLOSURE REGULATION

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

CONTACTS

 * Tore Enger, CEO of TECO 2030 ASA, +4792083800, tore.enger@teco2030.no 

ABOUT TECO 2030 ASA

About TECO 2030: 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/17847477/1860/2520/Download%20announcement
%20as%20PDF.pdf

TECO 2030 and Shell MEUR 5 in Horizon Europe Support.pdf -
https://kommunikasjon.ntb.no/ir-files/17847477/1860/2519/TECO%202030%20and%20She
ll%20MEUR%205%20in%20Horizon%20Europe%20Support.pdf

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