1.9.2023 14:09:11 CEST | TECO 2030 ASA | Half yearly financial reports and audit
reports / limited reviews

(Lysaker, Norway, September 1st, 2023) TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN:
NO0010887516) releases its H1 2023 Report. The report is attached to this Stock
Exchange Notice and can be found on our website.

TECO 2030 has reached a series of significant milestones and great progress
through H1 2023:

* During February, the HyEkoTank project which has been awarded a EUR 5 million
grant under the European funding scheme HORIZON EUROPE has started, together
with Shell and the other consortium partners.

* In March TECO 2030 fulfilled all prerequisites connected with the NOK 50
million grant from Innovation Norway and started to withdraw the first NOK 40
million. The grant was awarded to TECO 2030 in October 2021 and was the second
largest single project grant provided by Innovation Norway in 2021.

* In early May, TECO 2030 started manual production at the Innovation Center in
Narvik, Norway. This marked the beginning of manual stack production of our own
100kW fuel cell stacks. The manual production of fuel cell stacks is an
essential step towards the commercialization of TECO 2030's fuel cell
technology. The first stack was successfully completed in mid-May.

* During June TECO 2030 and Skeleton Technologies entered into a strategic
partnership to boost zero-emission technologies. Skeleton Technologies and TECO
2030 will then aim to develop joint solutions combining TECO 2030's hydrogen
fuel cells and Skeleton's SuperBattery to enable the maritime industry's
transition to net-zero.

Events after the reporting period:

In July, TECO 2030 announced that the company for the second time within approx.
one year, has achieved to be invited for HORIZON EUROPE funding. This time, the
company, together with partners, will receive EUR 13.5 million to build and
demonstrate a passenger ferry powered by TECO 2030 fuel cells. The grant amount
reserved for TECO 2030 is EUR 2.3 million. The project is a Horizon Innovation
Action that aims to develop, build and demonstrate a 35-meter, 300 passenger
capacity vessel that will be powered by the FCM400 fuel cell system by TECO
2030.

Outlook going forward: 

Through the second half of 2023, TECO 2030 is looking forward to validating the
FCM400 in AVL's state-of-the-art test environment in Graz, Austria for
continuous optimization of the fuel cell system. This milestone is an important
step for validating our fuel cell technology as several investors, clients and
other stakeholders are waiting for the integrated and tested fuel cell
technology confirmation through this advanced simulation stage.

Financial:

The major focus during the first half of 2023 has been on the continued
development of the fuel cells and significant resources is spent in that
respect. The company has purchased components for the first fuel cell systems
and started the production of fuel cell stacks. Throughout the first six months,
this has been funded via various sources such as bond loan, grants from public
agencies (EU, Innovation Norway, etc) and customer payments. As per 30 June
2023, TECO 2030 has submitted budgetary quotes of more than EURO 1 billion and
see a constant increase in the interest from potential customers. The company is
hoping to secure firm contracts towards the end of the year.

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

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 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. 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/17847477/2592/3620/Download%20announcement
%20as%20PDF.pdf

TECO2030_H1_2023.pdf -
https://kommunikasjon.ntb.no/ir-files/17847477/2592/3619/TECO2030_H1_2023.pdf