22.1.2024 12:50:01 CET | TECO 2030 ASA | Non-regulatory press releases

(Lysaker, Norway, January 22nd 2024): TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN:
NO0010887516) commends it's second EU Horizon Project, Zero Emission Adriatic
Ship - ZEAS, together with 13 partners from various European Countries. The
overall project grant from EU Horizon is over EUR 13.5 million, where over EUR
2.3 million is reserved to TECO 2030's deliverable of 1.2 megawatts (MW) of fuel
cells for full vessel propulsion.

The project focuses on pioneering a shift towards the safe and sustainable use
of climate-neutral fuels in maritime transport, specifically through a
full-scale demonstration of a hydrogen fuel cell-powered system suitable for
maritime applications. This ship, tailored for operation in the Adriatic Sea's
delicate marine ecosystem, is a testament to the project's commitment to
environmental preservation and zero emission waterborne transport.

"This project further enables our efforts to showcase how fuel cells and
hydrogen can be a large contributor to decarbonize and eliminate harmful
emissions of waterborne transport around the world," said Tore Enger, Group CEO,
TECO 2030.

Key activities in the project include the design and construction of the ship,
the development of comprehensive hydrogen distribution, storage, and bunkering
solutions, and rigorous testing through sea trials to ensure compliance with
certification standards. The project also places a strong emphasis on
environmental impact, with thorough emissions assessment, environmental
performance studies, and risk and safety evaluations.

Advanced digital technologies will play a crucial role, with the development of
digital twins for monitoring, control, simulation, and predictive maintenance
solutions augmented by augmented reality systems. These technologies will be
rigorously tested and optimized for use by shipowners, operators, shipyards, and
engineering firms.

"I'm excited to share that we've successfully secured our second Horizon Europe
project! Achieving a perfect record in our EU project proposals is truly
remarkable. I extend my heartfelt gratitude to our dedicated partners and our
in-house team for their exceptional proposal writing efforts," said Fredrik
Aarskog, Director of Business Development, TECO 2030.

This initiative involves an international consortium of leading entities across
the innovation spectrum, dedicated to developing, validating, and showcasing a
zero-emission passenger ship fueled by hydrogen. The involved consortium
partners are Lurssen Design Center Kvarner, TECO 2030 and affiliates, Gitone
Kvarner, Maritime Center of Excellence, Jadrolinija, University of Rijeka -
Maritime Faculty, DNV Greece, Hycenta research, TECNO Ambiente, Scan Projekt,
Technische Universitaet Chemnitz, Zenlab and the Croatian Hydrogen Association.

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 2024 and 2025, targeting an output capacity of up to 200 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. 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/17847477/2866/3989/Download%20announcement
%20as%20PDF.pdf