25.10.2023 10:59:07 CEST | TECO 2030 ASA | Non-regulatory press releases

(Lysaker, Norway, October 25th, 2023): TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN:
NO0010887516) is pleased to show the progress that has happened through the
3-years of development of its heavy-duty and marine 400kW fuel cell module, the
FCM400. The FCM400 is the world's most compact and efficient inherently safe
marine fuel cell system. The FCM400 possesses built-in gas safety features,
making it an ideal choice for seamless integration on board a ship to enable
zero-emission energy generation.

"We are getting ready to show our hydrogen fuel cell system to the world, and
delivery zero-emission solutions to our clients with the most sophisticated fuel
cell system available for marine and heavy-duty applications. A fuel cell
generates electricity by combining hydrogen and oxygen, producing water and
releasing energy in the form of electricity in the process, without combustion.
This means that marine vessels and other heavy-duty applications can operate
completely emissions free," says Tore Enger, Group CEO TECO 2030.

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.

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/17847477/2702/3785/Download%20announcement
%20as%20PDF.pdf

TECO 2030 progresses on the fuel cell technology development.pdf -
https://kommunikasjon.ntb.no/ir-files/17847477/2702/3784/TECO%202030%20progresse
s%20on%20the%20fuel%20cell%20technology%20development.pdf