Teco 2030 ASA — Governance Information 2021

Oct 4, 2021

TECO 2030 receives Approval in Principle by DNV for its Marine Hydrogen Fuel Cell System and Fuel Cell Module FCM400

TECO 2030 receives Approval in Principle by DNV for its Marine Hydrogen Fuel Cell System and Fuel Cell Module FCM400

4.10.2021 14:00:49 CEST | TECO 2030 ASA | Additional regulated information

required to be disclosed under the laws of a member state

Lysaker, Norway, 4 October 2021 - TECO 2030 (OSE: TECO) has reached another

milestone in its development of zero-emission solutions for the maritime

industry. The cleantech company has now received an "Approval in Principle"

(AIP) by DNV for its Hydrogen Fuel Cell System and three versions of its Fuel

Cell Module FCM400.

DNV - one of the world's leading classification and certification bodies - has

evaluated TECO 2030's Hydrogen Fuel Cell System and three versions of its Fuel

Cell Module FCM400TM and concluded that they comply with the applicable rules

and regulations, codes and standards.

"The Approval in Principle by DNV marks another important milestone for us in

our development of zero-emission solutions for the maritime industry. By giving

us the AiP, DNV clearly states that our hydrogen fuel cell system and fuel cell

modules are safe to use," says Tore Enger, CEO of TECO 2030 ASA.

An Approval in Principle is an independent assessment, confirming that the

design is feasible and that there are no obstacles that could prevent the

solution from being realised.

Confirms suitability for marine applications

"We are very pleased to be working with TECO 2030 on this important project,"

says Olaf Drews, Head of Machinery and Piping Systems at DNV Maritime.

"For novel technologies, like fuel cells, having class involvement can be vital

in building market confidence. We are continually working to provide practical

solutions to enable their uptake and were the first classification society to

publish rules for fuel cells in 2008," says Drews.

"This certificate confirms the basic suitability of TECO's fuel cell systems for

marine applications," he adds.

The engine of tomorrow

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

electricity while emitting nothing but water vapour and warm air.

By exchanging one or more of their engines with a TECO 2030 Marine Fuel Cell,

ships can switch from fossil fuels to hydrogen and reduce their emissions to

zero. They can then sail emissions-free either on the whole journey or on

shorter distances, such as when sailing into and out of ports.

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.

The first fuel cell system designed for ships

The TECO 2030 Marine Fuel Cell is the first fuel cell system in the world that

is specifically designed for use onboard ships and on other heavy-duty

applications.

The fuel cell module is designed with a capacity of 400 kW net power output.

Several modules can easily be put together in containers, enabling system

configuration in the multi-megawatt scale. A 40 feet ISO fuel cell container

from TECO 2030 will have a power production capacity of 6.4 MW.

The TECO 2030 Marine Fuel Module FCM400TM encloses a low temperature PEM (Proton

Exchange Membrane) fuel cell system. The system is developed by TECO 2030 in

cooperation with the Austrian powertrain technology company AVL, while the

modules have been developed internally at TECO 2030.

TECO 2030 has now started the process of receiving "Type Approval" (TA) from

DNV. Type Approval is a procedure by which the classification society confirms

that a certain product complies with the rules for standard designs and/or for

routinely manufactured, identical equipment.

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 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/17847477/877/1137/Download%20announcement%

20as%20PDF.pdf

041021 TECO 2030 receives Approval in Principle by DNV.pdf -

https://kommunikasjon.ntb.no/ir-files/17847477/877/1136/041021%20TECO%202030%20r

eceives%20Approval%20in%20Principle%20by%20DNV.pdf