TECO 2030 and Umoe Mandal receives preliminary approval for high-speed vessel design

29.2.2024 07:00:00 CET | TECO 2030 ASA | Non-regulatory press releases

(Lysaker, Norway, February 29th, 2024): TECO 2030 (OSE: TECO, OTC: TECFF, ISIN:
NO0010887516) and Umoe Mandal successfully receives "approval of preliminary
design" from the Norwegian Maritime Authority for a multimegawatt hydrogen fuel
cell powered high-speed vessel design.

The preliminary approval is a result of the application submitted earlier this
month and is the first stage of the design and approval process for constructing
a fuel cell powered vessel.

The vessel design is utilizing Umoe Mandal's proven Crew Transfer Vessel (CTV)
Surface Effect Ship (SES) technology, featuring an air-cushion catamaran design.
This configuration ensures very high fuel efficiency, sufficient range to sail a
complete route without charging stops unlike battery-driven vessels.
Additionally, it also offers high passenger comfort in rough sea conditions.
CTVs are commonly used in construction, maintenance, and operations of offshore
wind farms. The imminent vessel, designed for passenger transportation, will
boast a service speed of 35 knots, a minimum range of 160 nautical miles, and
will accommodate up to 275 passengers.

Compared to the fuel consumption of existing equivalent fossil-fueled high speed
passenger vessels, the consumption is reduced by more than 55%. The emission of
climate gasses is zero.

The "Approval of preliminary design" marks the completion of the first stage of
the complete design and approval process for this hydrogen fueled vessel,
following the procedures required by the International Maritime Organization
IGF-code and "Alternative Design Process" design process.

Passenger transport by high-speed ferries is common in Norway and many other
locations, but it has traditionally been linked to very high greenhouse gas
emissions per passenger kilometer. The Norwegian government now processing the
implementation of a zero-emission requirement for high-speed ferries starting in
2025 after a public hearing was conducted in 2023. The vessel designed by Umoe
Mandal and TECO 2030 fulfills these expected zero-emission requirements.

This project has been financed by the Norwegian County Municipalities Finnmark,
Nordland, Trøndelag and Vestland, who are now working to secure financing to
construct and demonstrate a hydrogen powered high-speed ferry in line with the
Norwegian 2025 zero-emission requirements.

"It is a great pleasure to announce the preliminary approval from the Norwegian
Maritime Authority. This vessel can become an accelerator for emission-free
marine passenger transport; as a result, we are ready to engage with interested
parties," says an enthusiastic Tore Enger, Group CEO, TECO 2030.

"I am excited to keep the great momentum going with Umoe Mandal and hope the
Norwegian public authorities work to secure financing to continue this project
as soon as possible. Also, keep in mind that this vessel design can easily be
adopted to similar sized vessels who wants a viable alternative to traditional
combustion engines and fossil fuels. There are no doubts that fuel cells and
hydrogen will play a vital role in achieving net-zero climate goals," Enger
concludes.

CONTACTS

 * Tore Enger, CEO, [phone], [e-mail] 

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 2024 and 2025, targeting an output capacity of up to 200 MW of
fuel cells in 2025, increasing to 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. TECO 2030 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/17847477/2944/4131/Download%20announcement
%20as%20PDF.pdf

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