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TECO 2030 ASA

(TECO)
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TECO2030 signs agreement with Narvik Hydrogen AS to cooperate on developing a hydrogen value chain

03/31/2022 | 08:11am EDT

(Narvik, Norway, March 31st 2022) TECO2030 (OSE: TECO) has signed a letter of intent with Norwegian energy company Narvik Hydrogen to cooperate on relevant projects with the aim of developing a complete hydrogen value chain.

As part of the agreement, the two parties will discover, evaluate and participate in relevant projects. For the projects they decide to cooperate on, Narvik Hydrogen will provide green hydrogen to be used as fuel for the fuel cells developed by TECO2030.

“With the signing of the letter of intent with Narvik Hydrogen, we can supply hydrogen to our customers in the Northern Norway region in order to offer complete infrastructure hydrogen projects,” says Tore Enger, CEO of TECO2030 ASA.

“We believe that the hydrogen community stands stronger shoulder by shoulder, and collaboration is key towards achieving our common goal of a zero emission future,” Enger adds.

“At Narvik Hydrogen we are proud to work with an ambitious partner like TECO 2030. We strongly believe in collaboration throughout the value chain to accelerate the introduction of hydrogen as an energy carrier across different sectors,” says Håvard Hjallar, CEO Narvik Hydrogen AS.

Hydrogen fuel cells are the engines of tomorrow and convert hydrogen into electricity while emitting nothing but water vapour and warm air.

Green hydrogen is hydrogen produced with renewable energy such as electricity from wind turbines and solar panels. When ships or other large applications replace their traditional combustion engines running on fossil fuels with fuel cells fuelled by green hydrogen, they can become completely emissions-free.

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

TECO2030 accelerates the green transition in the maritime sector by delivering technology that helps ships to reduce their environmental and climate impacts. TECO2030 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. TECO2030 was founded in 2019 and is headquartered at Lysaker, Norway. The company is listed on Euronext Growth on Oslo Stock Exchange under the ticker TECO. TECO2030 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.

Attachments

  • Download announcement as PDF.pdf
  • 20220331 TECO2030 signs agreement with Narvik Hydrogen.pdf

© NTB Norway, source NTB English Regulatory Releases

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Sales 2022 59,0 M 5,98 M 5,98 M
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P/E ratio 2022 -15,3x
Yield 2022 -
Capitalization 606 M 61,4 M 61,4 M
EV / Sales 2022 10,8x
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Tore Enger Group Chief Executive Officer
Pål Christian Johnsen Chief Financial Officer
Sigurd Gaarder Lange Chairman
Arild Eiken Chief Technology & Project Officer
Tor-Erik Hoftun Executive Vice President-Operations