5.9.2023 10:34:24 CEST | TECO 2030 ASA | Non-regulatory press releases

(Lysaker, Norway, September 5th, 2023): TECO 2030 (OSE: TECO, OTCQX: TECFF,
ISIN: NO0010887516) has started the countdown for the first TECO 2030 FCM400
being in operation at AVL's facility in Graz, Austria! The first
state-of-the-art 400kW fuel cell system for marine and heavy-duty applications
is currently being built and will be deployed for validation and testing
purposes very soon at AVL's facility in Graz, Austria.

A combined TECO 2030 and AVL development team has laid down more than 30 intense
months or over 500,000 working hours of developments of the world's first marine
and heavy-duty fuel cell module. In total, over 100 engineers from both TECO
2030 and AVL have been involved in the joint development project and we are
steaming ahead.

"This next milestone is an important step for validating our fuel cell
technology as several investors, clients and other stakeholders are waiting for
the complete integrated and tested 400kW fuel cell system confirmation through
this advanced real life simulation stage," says Tore Enger, Group CEO, TECO
2030.

Tore Enger continues in a calmly matter "Fuel cells are the next big energy
generators, there is no doubt. We at TECO 2030 are working at full speed to have
our systems ready for the market's demand once it comes. The 200 projects we
currently are involved in, are building the entire infrastructure value chain
for a new energy alternative to secure their applications operation. This is a
time-consuming exercise and partially outside our control. We are working to
secure our own production volumes and projects in order to be ready when the
project train is 'departing' the station."

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 120 MW of
fuel cells in 2024, 400 MW in 2025 and 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. TECO 2030 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/17847477/2596/3627/Download%20announcement
%20as%20PDF.pdf

20230905 The countdown has started.pdf -
https://kommunikasjon.ntb.no/ir-files/17847477/2596/3626/20230905%20The%20countd
own%20has%20started.pdf