29.5.2024 12:25:01 CEST | TECO 2030 ASA | Non-regulatory press releases

(Norway and Austria, May 29th, 2024): TECO 2030 (OSE: TECO, OTC: TECFF, ISIN:
NO0010887516) has today successfully reached stable and maximum power output of
zero emission hydrogen-electric power with its disruptive fuel cell system.

Since November 2023, the system has been connected to AVL's testbed facility in
Graz. It has undergone minor modifications and adjustments to achieve its
maximum power output. The TECO 2030 fuel cell system has successfully achieved a
full power output by using hydrogen as fuel.

This positions the system as the most powerful marine fuel cell system globally,
which is purposely designed for heavy-duty industrial applications. The unique
design is based on our 30 years of maritime experience and AVL's two decades of
R&D experiences in the field of hydrogen and fuel cells.

TECO 2030's fuel cell technology features a modular system with installed power
capacity of 400kW's. This includes exceptional energy efficiency, an inherent
safety concept, optimal weight and size dimensions, advanced component design,
extended lifespan, and rapid dynamic load response.

"This milestone is the biggest one so far in the history of TECO 2030 Group, we
now have a fully functional fuel cell which is almost ready for market
deployment and powering our client's applications with zero emission
hydrogen-electric power. This is a moment we have all been waiting for since we
started our development four years ago. A huge achievement by the entire team at
TECO 2030 and AVL," said Tore Enger, Group CEO, TECO 2030. "All in all, the team
is overwhelmed how well the system operates and how the design has beat our
expected performances and proves our position as a leading provider of
heavy-duty fuel cell applications," Enger concludes.

Fuel cell technology can offer the potential of achieving zero emissions in a
large variety of applications. For example, in transportation, including cars,
buses, trucks, ships, and planes providing efficient and clean energy. In
stationary power generation, fuel cells offer reliable power for residential,
commercial, and industrial facilities, as well as for backup power and remote
locations.

CONTACTS

 * 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 2024 and 2025, targeting a production output capacity of up to
200 MW of fuel cells in 2025, increasing to gigawatt 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,
OTC 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/17847477/3162/4576/Download%20announcement
%20as%20PDF.pdf

20240527 TECO 2030 Fuel Cells operating at 100 percent power.pdf -
https://kommunikasjon.ntb.no/ir-files/17847477/3162/4575/20240527%20TECO%202030%
20Fuel%20Cells%20operating%20at%20100%20percent%20power.pdf