Teco 2030 ASA — Environmental & Social Information 2021

Sep 9, 2021

TECO 2030 reaches new milestone: Has been granted up to NOK 4 million in tax relief for carbon capture development

TECO 2030 reaches new milestone: Has been granted up to NOK 4 million in tax relief for carbon capture development

9.9.2021 12:00:00 CEST | TECO 2030 ASA | Additional regulated information

required to be disclosed under the laws of a member state

Lysaker, Norway, 9 September 2021 - TECO 2030 (OSE: TECO) has reached a new

milestone: The company has been granted up to NOK 4 million in tax relief as

indirect government support for developing solutions that will capture CO? in

the ship exhaust and store it until the ship reaches port.

The support has been granted through the Research Council of Norway's Skattefunn

- https://www.forskningsradet.no/en/call-for-proposals/2019/skattefunn/ scheme,

which is a tax deduction scheme designed to stimulate research and development

(R&D) activities in Norwegian companies. It provides indirect support in the

form of tax deductions on costs related to implemented research and development

activities.

"We are currently in the process of developing technological solutions that will

enable ships running on fossil fuels to reduce their emissions and become more

climate-friendly by capturing the CO2 that they would otherwise emit with their

exhaust gases," says Tore Enger, CEO of TECO 2030 ASA.

"We are very pleased and thankful for the support we have now received from the

Research Council of Norway to this end. The recognition of carbon capture as an

emissions reduction technology for the maritime industry represents a milestone

in our efforts," Enger says.

The project that has been granted tax relief involves the development and

testing of onboard solutions that can capture more than 90% of the CO2 in the

ship exhaust. The tax relief granted to TECO 2030 under the Skattefunn scheme

will cover 19% of the costs accrued in this project, up to about NOK 4 million

over the project period of two years, 2021 and 2022.

Cooperating with Chart Industries

TECO 2030 is developing carbon capture solutions for ships together with the

American technology company Chart Industries, Inc -

https://kommunikasjon.ntb.no/pressemelding/teco-2030-to-cooperate-with-chart-ind

ustries-inc-on-developing-marine-carbon-capture-and-storage-solutions?publisherI

d=17847477&releaseId=17910123. The solutions will separate the CO2 from the

ship's exhaust gases and store it in liquid form until it can be offloaded when

the ship has reached port.

When offloaded, the CO2 can then either be permanently stored in geological

formations underground or be put to beneficial use in CO2-consuming industries,

such as the agricultural, industrial, energy, or food and beverage sectors.

Carbon capture technology has the potential to reduce greenhouse gas emissions

from the shipping industry by more than 30% by 2050, according to DNV's Maritime

Forecast to 2050 - https://eto.dnv.com/2018/maritime, which was published last

week.

TECO 2030 is currently in the process of separating its carbon capture business

unit into a separate entity fully owned by TECO 2030 ASA. The new entity will be

known as TECO 2030 Carbon Capture AS and will be based in Narvik in northern

Norway.

Green transition in the maritime industry

The International Maritime Organization (IMO) aims to reduce carbon intensity in

international shipping by 40% by 2030, and to cut the total annual greenhouse

gas emissions from international shipping by at least 50% by 2050 compared to

Ship-owners across the world will therefore have to do something to make their

vessels 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 carbon capture solutions for

ships, the company is developing exhaust gas cleaning systems and hydrogen fuel

cells for the maritime industry.

Hydrogen fuel cells are the engines of tomorrow and convert hydrogen into

electricity while emitting nothing but water vapour and warm air. With the TECO

2030 Marine Fuel Cell, ships will be able to switch from fossil fuels to

hydrogen and become 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, CEO, +47 920 83 800, tore.enger@teco.no

ABOUT TECO 2030 ASA

TECO 2030 (OSE: TECO, OTCQB: TECFF) aims to contribute to 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/17847477/833/1095/Download%20announcement%

20as%20PDF.pdf

PressRelease_CarbonCapture_210909.pdf -

https://kommunikasjon.ntb.no/ir-files/17847477/833/1094/PressRelease_CarbonCaptu

re_210909.pdf