29.2.2024 07:00:00 CET | TECO 2030 ASA | Non-regulatory press releases

(Lysaker, Norway, February 29th, 2024): TECO 2030 (OSE: TECO, OTC: TECFF, ISIN:
NO0010887516) and Umoe Mandal successfully receives "approval of preliminary
design" from the Norwegian Maritime Authority for a multimegawatt hydrogen fuel
cell powered high-speed vessel design.

The preliminary approval is a result of the application submitted earlier this
month and is the first stage of the design and approval process for constructing
a fuel cell powered vessel.

The vessel design is utilizing Umoe Mandal's proven Crew Transfer Vessel (CTV)
Surface Effect Ship (SES) technology, featuring an air-cushion catamaran design.
This configuration ensures very high fuel efficiency, sufficient range to sail a
complete route without charging stops unlike battery-driven vessels.
Additionally, it also offers high passenger comfort in rough sea conditions.
CTVs are commonly used in construction, maintenance, and operations of offshore
wind farms. The imminent vessel, designed for passenger transportation, will
boast a service speed of 35 knots, a minimum range of 160 nautical miles, and
will accommodate up to 275 passengers.

Compared to the fuel consumption of existing equivalent fossil-fueled high speed
passenger vessels, the consumption is reduced by more than 55%. The emission of
climate gasses is zero.

The "Approval of preliminary design" marks the completion of the first stage of
the complete design and approval process for this hydrogen fueled vessel,
following the procedures required by the International Maritime Organization
IGF-code and "Alternative Design Process" design process.

Passenger transport by high-speed ferries is common in Norway and many other
locations, but it has traditionally been linked to very high greenhouse gas
emissions per passenger kilometer. The Norwegian government now processing the
implementation of a zero-emission requirement for high-speed ferries starting in
2025 after a public hearing was conducted in 2023. The vessel designed by Umoe
Mandal and TECO 2030 fulfills these expected zero-emission requirements.

This project has been financed by the Norwegian County Municipalities Finnmark,
Nordland, Trøndelag and Vestland, who are now working to secure financing to
construct and demonstrate a hydrogen powered high-speed ferry in line with the
Norwegian 2025 zero-emission requirements.

"It is a great pleasure to announce the preliminary approval from the Norwegian
Maritime Authority. This vessel can become an accelerator for emission-free
marine passenger transport