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TECO 2030 ASA

(TECO)
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TECO 2030 signs MoU with Gen2 Energy

01/12/2022 | 02:01am EDT
12.1.2022 08:00:00 CET | TECO 2030 ASA | Additional regulated information
required to be disclosed under the laws of a member state

(Lysaker, Norway, January 12th 2022) TECO 2030 ASA (OSE: TECO) and Gen2 Energy
signs a Memorandum of Understanding to cooperate on relevant projects where
green hydrogen is needed for fuel cells.

The parties jointly commit to investigate supply of green hydrogen from Gen2
Energy for relevant projects where customers need hydrogen and power conversion
through fuel cells either in ports, offshore fish farms or other heavy-duty
customers. Further, Gen2 Energy will involve TECO 2030 Marine Fuel Cells in Gen2
Energy's seaborn value chain, allowing hydrogen to be transported onboard
vessels powered by hydrogen fuel cells.

The parties intend to work together for soft funding regarding maritime hydrogen
applications and develop a complete hydrogen value chain, through the project
"Hydrogen Hub Nordland". Together, the parties will work to develop and
establish a functional and effective value chain for hydrogen industry in
northern Norway and enabling zero emission sailing along the Norwegian
coastline.

The MoU is intended to support the opposing party with the establishment of
their shared vision of an emissions-free ocean and heavy-duty industry space in
the Nordic region. Jointly the parties will promote each other's products and
services towards the hydrogen community.

"We are excited to continue the development of creating a maritime hydrogen
value chain. Gen2 Energy is an exciting industry leader aiming to supply the UK
and mainland Europe with green hydrogen from Norway. Together we can create a
world-class maritime and heavy-duty hydrogen infrastructure foundation to build
our zero-emission future upon," says Tore Enger, CEO of TECO 2030 Group.

"We are pleased to sign this MoU with TECO 2030. The company has strong presence
in the maritime sector and has taken an attractive early mover position towards
fuel cells. Together, we aim to reduce emissions in the maritime- and heavy-duty
sector by making green hydrogen accessible and easy to adapt for our customers,"
says Jonas Meyer, CEO of Gen2 Energy.

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/17847477/1114/1482/Download%20announcement
%20as%20PDF.pdf

20220112_TECO 2030 and Gen2 Energy sign MoU.pdf -
https://kommunikasjon.ntb.no/ir-files/17847477/1114/1481/20220112_TECO%202030%20
and%20Gen2%20Energy%20sign%20MoU.pdf

Click here for more information

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Stocks mentioned in the article
ChangeLast1st jan.
GEN 2 TECHNOLOGIES INC. 17.45% 0.599 Delayed Quote.33.11%
TECO 2030 ASA 2.94% 4.9 Real-time Quote.-0.31%
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Financials
Sales 2022 91,0 M 9,38 M 9,38 M
Net income 2022 -49,0 M -5,05 M -5,05 M
Net cash 2022 336 M 34,6 M 34,6 M
P/E ratio 2022 -19,8x
Yield 2022 -
Capitalization 676 M 69,6 M 69,6 M
EV / Sales 2022 3,73x
EV / Sales 2023 1,78x
Nbr of Employees 23
Free-Float 42,3%
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Managers and Directors
Tore Enger Co-Chairman & Chief Executive Officer
Pål Christian Johnsen Chief Financial Officer
Sigurd Gaarder Lange Co-Chairman
Arild Eiken Chief Technology & Project Officer
Birgit Marie Liodden Director