Teco 2030 ASA

Regulatory Filings • Sep 26, 2024

TECO 2030 Announces Strategic Shift to Global Fuel Cell Technology Provider

TECO 2030 Announces Strategic Shift to Global Fuel Cell Technology Provider

26.9.2024 07:00:01 CEST | TECO 2030 ASA | Non-regulatory press releases

(Lysaker, Norway, September 26th, 2024) - TECO 2030 is excited to announce a

strategic shift from manufacturing fuel cells in Norway at present, to

positioning itself as a global technology provider. By offering licensing

agreements to international partners, TECO 2030 is poised to accelerate the

global adoption of its fuel cell technology in heavy-duty applications. This

shift allows the company to focus on its core technology to unlock new

international growth opportunities. Stack production might still take place in

Norway.

This decision reflects TECO 2030's commitment to growth in dynamic global

markets, particularly in the face of regulatory delays in Norway. As

opportunities in regions like the U.S., India, and Southeast Asia grow, driven

by strong government support and substantial public investment in hydrogen, TECO

2030 is positioning itself to take full advantage. In the U.S., initiatives like

the Bipartisan Infrastructure Law and the Inflation Reduction Act (IRA) are

creating favorable conditions for hydrogen development, with $8 billion

allocated for hydrogen hubs and $369 billion dedicated to climate and energy

initiatives. TECO 2030 will pursue these opportunities through its American

entity, TECO2030 INC, positioning the company to capture a significant share of

the growing U.S. hydrogen market. Similarly, India is pursuing government-backed

projects aimed at reducing emissions and expanding renewable energy

infrastructure.

Despite efforts to secure risk financing in Norway, both from public and private

sectors, the interest and capital support for clean-tech projects remain

limited. By shifting focus to licensing, TECO 2030 can leverage stronger demand

in high-potential international markets, ensuring sustainable growth and

reinforcing its leadership in hydrogen fuel cell innovation.

Investor Outlook

TECO 2030's pivot opens exciting new opportunities for investors by enabling the

company to efficiently scale its offerings through licensing agreements. This

will allow TECO 2030 to bring its advanced fuel cell solutions to various

industries, including maritime, heavy-duty applications, data centers, mining,

and trucking. With a strong focus on regions with robust public investment and

favorable regulatory frameworks, the company is well-positioned to deliver

long-term value and growth.

Technology Leadership and Product Expansion

At the core of TECO 2030's strategy is its cutting-edge PEM fuel cell

technology, developed in close collaboration with AVL List GmbH. AVL, the

world's largest independent powertrain developer, brings over 20 years of

experience in the fuel cell space. Their unmatched expertise has played a key

role in the development of TECO 2030's FCM400 system and the TECO 2030 fuel cell

stack, which are designed to meet the stringent demands of heavy-duty

industries. Additionally, TECO 2030 has introduced its Fuel Cell Backup (FCB)

solution, which offers efficient, zero-emission backup power for data centers

and other critical infrastructure, complementing its other offerings in the

clean energy space.

With over 500,000 man-hours dedicated to advancing fuel cell technology, TECO

2030 is positioned to meet the growing global demand for clean, efficient energy

solutions. By transitioning to a licensing model, the company will extend its

technological reach to a broader range of industries, expanding its global

footprint and impact.

Global Opportunities

TECO 2030 continues to explore complementary markets, including data centers,

mining, and heavy-duty trucking. The company's planned joint venture with Advait

Infratech Limited in India and its U.S. operations, through TECO2030 INC, will

leverage favorable market conditions and public funding, such as the IRA, to

drive growth in these key regions.

CONTACTS

* Pål Christian Johnsen, CFO, +47 412 76 747, pcj@teco2030.no

* Tore Enger, CEO of TECO 2030 ASA, +4792083800, tore.enger@teco2030.no

ABOUT TECO 2030 ASA

TECO 2030 is a Norwegian clean-tech company with a legacy of over 30 years in

the maritime industry. Spun off from the TECO Maritime Group, which has provided

cutting-edge technology and services to global shipping since 1994, TECO 2030

focuses on developing zero-emission solutions for heavy-duty industries.

Building on its deep expertise in maritime and industrial applications, the

company offers innovative hydrogen fuel cell technology designed to

significantly reduce the environmental impact of global industries.

In partnership with AVL List GmbH, the world's leading independent powertrain

developer, TECO 2030 has developed state-of-the-art fuel cell solutions for

demanding applications in sectors such as shipping, mining, trucking, and data

centers. TECO 2030 continues to drive innovation and sustainability in the clean

energy space. For more information, visit www.teco2030.no -

http://www.teco2030.no

ATTACHMENTS

Download announcement as PDF.pdf -

https://kommunikasjon.ntb.no/ir-files/17847477/18254277/5029/Download%20announce

ment%20as%20PDF.pdf