14.9.2023 07:00:03 CEST | TECO 2030 ASA | Additional regulated information
required to be disclosed under the laws of a member state

(Lysaker, Norway, September 14th, 2023): TECO 2030 (OSE: TECO, OTCQX: TECFF,
ISIN: NO0010887516) and Pherousa Green Shipping AS (PGS) sign green package
supply agreement for up to six modern, zero-emission Ultramax dry bulk carriers
of about 63.000 deadweight tons each. Each vessel will be equipped with 12
megawatts (MW) of TECO 2030 fuel cells for main propulsion onboard.

The TECO 2030 delivery scope is a green package approx. worth EUR 23 million per
vessel. The delivery for TECO 2030 includes a complete system of fuel cells
installed on a skid solution as well as power and automation equipment and is
estimated to start shipment to shipyard by early-2026, with delivery in
mid-2026. The fuel cell system will go into production at our Innovation Center
in Narvik, Norway at the end of 2024.

A 12 MW fuel cell system will be utilized for full propulsion onboard each of
the six vessels, enabling 100% emission-free operations. Each vessel will be
about 63,000-deadweight tons and the first vessel is targeted for delivery Q1
2027.

The TECO 2030 fuel cell system will be installed in combination with a Pherousa
Green Technologies AS' (PGT) ammonia to hydrogen cracker. Bunkering ammonia and
cracking to hydrogen on board the vessel will solve the present storage and
infrastructure challenges of hydrogen as a marine fuel and thus paving the way
for zero emission deep-sea shipping.

Opting for hydrogen fuel cells in combination with an ammonia cracker allows
shipowners to commence with ammonia and transition to hydrogen whenever desired,
minimizing the investment risks. This approach does not only position ammonia as
a viable hydrogen carrier but also enables its economic trade as a preferred
fuel in shipping and complementing its traditional role in the chemical and
fertilizer sector.

The total supply agreement is subject to financing of PGS' newbuild vessels and
reaching a final contract of supply including closing price negotiations
according to industry standards.

"We are excited to team up with TECO 2030 and incorporate their Fuel Cell
solution together with our own Cracking technology, permitting the Pherousa
newbuildings to be the first ever fully electric deep-sea vessels on water" said
Hans Bredrup, Chairman of the Pherousa group. He further commented: "The
technology combination between TECO 2030 and Pherousa doesn't only reduce the
ammonia consumption versus the ammonia fueled Internal Combustion Engines
currently being developed, it also avoids burning Ammonia together with Carbon
based pilot fuels" and adds: "Truly Zero Emission by Choice".

"We are proud to sign a firm supply agreement for six vessels with Pherousa
Green Shipping, they are a young forward-thinking shipowner who wants to realize
zero emissions deep-sea shipping. Pherousa is an exciting company, with a clear
vision of proving that hydrogen and ammonia can be utilized to fuel tomorrow's
deep-sea vessels," said an enthusiastic Tore Enger, Group CEO TECO 2030.

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 of TECO 2030 ASA, +4792083800, tore.enger@teco2030.no 

ABOUT TECO 2030 ASA

TECO 2030 is building up Europe's first Giga production facility of hydrogen PEM
fuel cell stacks and modules in Narvik, Norway. The production capacity will be
built up through 2023 and early 2024, targeting an output capacity of 400 MW of
fuel cells in 2025, increasing to 1.6 GW in 2030.

TECO 2030 is a Norwegian based clean tech company developing zero-emission
technology for the maritime and heavy industry. We are developing PEM hydrogen
fuel cell stacks and PEM hydrogen fuel cell modules, that enable ships and other
heavy-duty applications to become emissions-free. The company is listed on
Euronext Growth on Oslo Stock Exchange under the ticker TECO and in New York,
OTCQX under the ticker TECFF. TECO2030 is a spinoff from TECO Maritime Group, a
group that has provided technology and 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/17847477/2615/3660/Download%20announcement
%20as%20PDF.pdf

TECO 2030 and Pherousa Green Shipping sign supply agreement.pdf -
https://kommunikasjon.ntb.no/ir-files/17847477/2615/3656/TECO%202030%20and%20Phe
rousa%20Green%20Shipping%20sign%20supply%20agreement.pdf