25.11.2021 07:00:00 CET | TECO 2030 ASA | Additional regulated information
required to be disclosed under the laws of a member state

Lysaker, Norway, 25 November 2021 - The Port of Narvik in northern Norway needs
a new workboat which should be both fast and emissions-free. Together with eight
project partners, they are now seeking public funding to build one of the
world's first hydrogen-powered, high-speed vessels.

The boat will be equipped with hydrogen fuel cells from TECO 2030 -
https://teco2030.no/ and will be built by the shipyard Grovfjord Mekaniske
Verksted (GMV) - https://www.gmv.no/, which is located near Narvik.

When completed, the boat will replace one of the port's diesel vessels. As a
result, the Port of Narvik - https://www.narvikhavn.no/ will be able to reduce
both its diesel consumption and its CO2 emissions significantly.

"A new hydrogen-powered workboat will put the Port of Narvik in a unique
position, where we will reduce our own emissions and use pioneering technology
that will become important for both national and international shipping in the
years to come," says Børge Edvardsen Klingan, Port Director at the Port of
Narvik.

"This project will contribute to economic growth and development in Narvik and
its surrounding regions and will also be an important contribution to the green
transition in the maritime industry. We are very happy that we are able to take
the lead in reducing emissions from ships," Klingan says.

The boat is planned to be completed in 2023. The Port of Narvik will mainly use
it for keeping an overview of the port and the activities there, for emergency
preparedness, and for teaching and training of crews.

The Port of Narvik aims to get the boat classified as a long-range, high-speed
passenger vessel, and the plan is that it should be able to keep a pace of 23
knots. 

The vessel's fuel cells will be produced in Narvik

The fuel cells that will ensure the boat's propulsion will be produced at the 
TECO 2030 Innovation Center -
https://kommunikasjon.ntb.no/pressemelding/teco-2030-moves-into-its-new-giga-fac
tory-for-fuel-cell-production-in-northern-norway?publisherId=17847477&releaseId=
17911557 in Narvik and will enable it to operate emissions-free. The boat will
be one of the first vessels that will get fuel cells from TECO 2030 installed.

"We are thrilled that the Port of Narvik plans to build a hydrogen high-speed
boat which will be powered by fuel cells from TECO 2030. We are looking forward
to working on this project, and we are happy and grateful that the Port of
Narvik has chosen TECO 2030 as supplier of fuel cells to their new hydrogen
vessel," says Tore Enger, CEO of TECO 2030 ASA.

"Now we only need to get support for this project by the Norwegian state
enterprise Enova. Everything else has already been prepared, and we are ready to
get to work. Hydrogen will be key to reducing greenhouse gas emissions from the
maritime industry, but the development of hydrogen technology for ships and
other hydrogen infrastructure requires large resources," says Enger.

"We hope that the Norwegian government will stand by their promise to promote
the development of climate and environmentally friendly shipping, and that we
will therefore receive support from Enova for this project," he adds.

UiT in Narvik is a research partner in the project

TECO 2030 has signed an agreement -
https://kommunikasjon.ntb.no/pressemelding/teco-2030-signs-cooperation-agreement
-with-uit-the-arctic-university-of-norway?publisherId=17847477&releaseId=1791840
5 with UiT The Arctic University of Norway - https://en.uit.no/startsida - which
has a campus in Narvik - to cooperate on enhancing research and education in
Norway on hydrogen and fuel cells.

UiT Narvik will therefore participate in the project as a research partner, with
the aim of gaining expertise in maritime hydrogen systems. This will ensure that
they can provide education that will enable their students to become valuable
potential, future employees of the partners in the project.

The maritime engineering company BLOM Maritime - https://www.blommaritime.com/,
the hydrogen supplier Everfuel - https://www.everfuel.com/, the consultancies 
Proactima - https://proactima.com/?lang=en and KUPA - https://www.kupa.no/, and
the company Norinnova Narvik - https://norinnovanarvik.no/Hjem, which
specialises in commercialising research results, are also partners in the
project.

BLOM Maritime and Proactima will contribute to the development of the boat. BLOM
Maritime will provide technical assistance to Grovfjord Mekaniske Verksted
during the building of the boat, and Proactima will be responsible for risk
assessments and analyses to ensure that it will be safe to use.

Knowledge dissemination will be an important part of the project, and KUPA will
focus on disseminating the knowledge about hydrogen boats that will be developed
during the boat's building and testing phase. KUPA is leading a maritime
technology cluster in Norway and will pass on lessons learned in the project to
its members. 

Hydrogen filling station for ships and road transport

The hydrogen boat will become Narvik's first hydrogen consumer and will need to
be refuelled on a regular basis. The project therefore also involves the
establishment of a hydrogen filling station.

Everfuel will seek to develop this filling station. The company is currently
working to establish hydrogen filling stations for trucks, buses and other
heavy-duty transport all across Norway.

Other users of the port will also be able to use the planned filling station in
Narvik. About 500 trucks drive through the city every day, and the filling
station will therefore not solely be intended to cater for sea traffic.

The goal is that it will become the world's first hydrogen filling station that
can serve both ships and road traffic, and that its establishment will make it
possible for more companies and people in the region to switch to
climate-friendly hydrogen.

Everfuel will now, together with UiT and Norinnova Narvik, work to find possible
new hydrogen users within the municipality and county municipality, such as
buses, waste collection vehicles and taxis. 

Hydrogen fuel cells: The engines of tomorrow

TECO 2030 is developing hydrogen fuel cells -
https://teco2030.no/solutions/teco-marine-fuel-cell/ together with the Austrian
powertrain technology company AVL. Hydrogen fuel cells are the engines of
tomorrow and convert hydrogen into electricity while emitting nothing but water
vapour and warm air.

By installing fuel cells, ships and other heavy-duty applications that are
powered by diesel engines or generators can switch from fossil fuels to hydrogen
and reduce their greenhouse gas emissions to zero.

Hydrogen fuel cells can also be used during port-stay, loading and discharging,
enabling zero-emission operation at berth, without having to connect the ship to
an onshore power supply.

Green transition in the maritime industry

Norway aims to reduce emissions from domestic shipping by at least 50% by 2030,
compared with 1990. This target should be reached -
https://www.regjeringen.no/no/dokumenter/meld.-st.-10-20202021/id2788786/ 
through a stronger focus on the development of low- and zero-emission solutions,
and by setting emission requirements for ships operating on Norwegian fjords. 

Norway plans to introduce requirements for low- and zero-emission solutions in
public tenders to speed up the green transition in the maritime industry. Such
requirements will be introduced in 2023 in new public tenders for ferry
connections, and in 2025 for high-speed vessels. 

Moreover, from 2026 only zero-emission cruise ships and ferries will be allowed
entry into the Norwegian world heritage fjords. 

Ships operating in Norwegian waters will therefore have to reduce their
emissions and become more climate-friendly, and TECO 2030 will help them with
that.

TECO 2030 is delivering technology that helps ships to reduce their
environmental and climate impacts. In addition to hydrogen fuel cells, the
company is developing carbon capture and exhaust gas cleaning systems for the
maritime industry, which will enable ships running on fossil fuels to reduce
their environmental and climate footprints.

DISCLOSURE REGULATION

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

CONTACTS

 * Tore Enger, Chief Executive Officer (CEO) of TECO 2030 ASA, +4792083800,
   tore.enger@teco2030.no 

ABOUT TECO 2030 ASA

TECO 2030 (OSE: TECO) accelerates the green transition in the maritime sector by
delivering technology that helps ships to reduce their environmental and climate
impacts. TECO 2030 is developing hydrogen fuel cells that enable ships and other
heavy-duty applications to become emissions-free. The company is also developing
other solutions that can help the maritime industry to reduce its emissions,
such as exhaust gas cleaning and carbon capture systems for ships. TECO 2030 was
founded in 2019 and is headquartered at Lysaker, Norway. The company is listed
on Euronext Growth on Oslo Stock Exchange under TECO. TECO 2030 has its roots in
the TECO Maritime Group, a group that has provided technology and repair
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/17847477/1017/1352/Download%20announcement
%20as%20PDF.pdf

PressRelease_NarvikHavn_211125.pdf -
https://kommunikasjon.ntb.no/ir-files/17847477/1017/1351/PressRelease_NarvikHavn
_211125.pdf

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