13.10.2023 07:00:00 CEST | TECO 2030 ASA | Non-regulatory press releases

(Lysaker, Norway, October 13th, 2023): TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN:
NO0010887516) is pleased to elaborate on the world's most power dense marine and
heavy-duty fuel cell module, the FCM400. The FCM400 has already an Approval in
Principle from DNV and currently undergoes type approval process for maritime
and heavy-duty applications. FCM400 is inherently gas-safe to accommodate easy
integration onboard a ship for zero emission energy generation.

TECO 2030 has developed hydrogen fuel cells that enable ships and other
heavy-duty applications to become emissions-free, and the company is in the
process of establishing Europe's first Giga production facility for hydrogen PEM
fuel cell stacks and modules in Narvik, Norway. Production of fuel cell stacks
is already underway, and the commencement of module production is expected to
start within the next few months. TECO 2030's fuel cell stacks employ unique
technologies developed together with technology partner, AVL, a forerunner in
hydrogen applications, enabling industry-leading power density and performance.

TECO 2030's world-class fuel cell system is a technologically advanced clean
energy generation system. The attributes of the modular 400kW fuel cell system
includes industry leading energy efficiency, inherent safety concept, leading
dimensions and component design, lifetime, and rapid dynamic load response.

Safety is always the key priority. TECO 2030's fuel cell system has been
developed along with an inherent safety concept, this means that the design and
operation of fuel cells minimize consequence of potential hazards. This includes
a separate and independent safety system, venting arrangement, certified and
field proven components, and robust containment systems.

The FCM400 system has the lowest footprint on the market when calculating power
output per unit volume, meaning that there is no other supplier of similar
energy density for marine and heavy-duty applications. Real estate onboard a
ship or similar sites is limited so the importance of energy density is key to
many of TECO 2030's clients and partners. The FCM400 has a dynamic load which
relates to the ability of the fuel cell to rapidly respond to changes in power
demand, which is important for mobility and grid applications were power
requirements can change swiftly.

"I am proud to elaborate on our world-leading fuel cell technology on AVL's 75th

anniversary and showcase our FCM400 which is currently at their premises in
Graz, Austria. A huge congratulations to AVL on their anniversary! There is no
one in the world who has developed a fuel cell system with similar power
efficiency, safety concept or power density. Our fuel cell isn't just resilient,
it is practically invincible and can be used for whatever high-power application
needed. The system is easily scalable in power increments of 400kW, and can be
utilized in multimegawatt power source applications," says Tore Enger, Group CEO
at TECO 2030.

"Our system is a standard and fully customizable fuel cell system that can be
used in various applications such as marine main- or auxiliary engines,
construction sites, stationary shore power applications and other energy
intensive applications. TECO 2030 is at an exciting pivotal point in its
development and are continuously looking for new potential partners, employees,
and investors to work with, so we together can realize a common zero-emission
future," Enger concludes.

CONTACTS

 * Tore Enger, CEO, +47 920 83 800, 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/17847477/2669/3712/Download%20announcement
%20as%20PDF.pdf

TECO 2030 launches its world leading fuel cell technology.pdf -
https://kommunikasjon.ntb.no/ir-files/17847477/2669/3711/TECO%202030%20launches%
20its%20world%20leading%20fuel%20cell%20technology.pdf