1.11.2022 11:44:31 CET | TECO 2030 ASA | Non-regulatory press releases

(Lysaker, Norway, November 1st 2022) TECO 2030 ASA (OSE: TECO, OTCQX: TECFF),
Norwegian based clean tech company developing zero-emission technology for the
maritime and heavy-duty industry space.

This letter of intent ("LOI") summarises the prospect of discussions between
TECO 2030 and AVL concerning the delivery of 120 fuel cell stacks. AVL has
received a request for quotation (RFQ) from a customer for the delivery of 60
automotive fuel cell systems based on the 100kW TECO2030 fuel cell stacks.

This customer project has the target to equip 30 HD trucks with fuel cell
systems based on the AVL HyTruck platform. Each of these systems would require
2x100kW stacks, which sums up to in total 120 individual stacks (total of 12mW).
The delivery of these stacks is intended to start in Q4/2023. 

AVL is already working on a formal request (RFI/RFQ) for the potential
sub-supply of respective TECO2030 fuel cell stacks, such RFI/RFQ to be issued by
AVL to TECO2030 within the next 2-3 weeks. Based on that, AVL plans to enter
into detailed discussions with TECO2030 in respect to the scope of delivery, all
technical details, commercial terms as well as terms & conditions.

"This will have a huge positive impact on our production start, earlier than
anticipated, and we are confident that this will mark the start of a worldwide
green transition towards a sustainable hydrogen fuel cell future," says Tore
Enger, Group CEO, TECO 2030 ASA.

"We see increasing traction in the adoption of fuel cell technology, in
particular in the heavy-duty truck segment. With this project, we want to
support one of our customers in bringing vehicles early to the market with a
performance and drivability not seen before with fuel cells", says Juergen
Rechberger, Vice President Hydrogen & Fuel Cell, AVL List GmbH.

About AVL: AVL is the world's largest independent company for the development,
simulation and testing of powertrain systems, their integration into the vehicle
as well as new fields like ADAS/AD and Data Intelligence. www.avl.com -
http://www.avl.com/

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/17847477/1852/2511/Download%20announcement
%20as%20PDF.pdf

Press release undisclosed truck owner 12 MW November 2022.pdf -
https://kommunikasjon.ntb.no/ir-files/17847477/1852/2509/Press%20release%20undis
closed%20truck%20owner%2012%20MW%20November%202022.pdf

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