10.1.2023 07:00:00 CET | TECO 2030 ASA | Non-regulatory press releases

(Lysaker, Norway, January 10th, 2023): TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN:
NO0010887516) has completed selection of all major component suppliers and
procured necessary parts for the first fuel cell modules (FCM400). This means
the FCM400 development is close to completion and the first units are ready for
assembly.

The layout release entails a freeze of all functional components to allow for
further resimulation and fine detail solutions to be executed. The first FCM400
will be assembled at AVL's facility in Graz, Austria during Q2, before its
scheduled operation in the advanced testbed for complete simulation. The fuel
cell development project now shifts from design engineering to the build and
validation phase. The FCM400 will complete advanced testbed operations during Q3
2023.

The FCM400 is the building block in TECO 2030's Fuel Cell Power System and is a
key driver towards achieving zero emissions while operating marine and
heavy-duty applications. The system is designed for an electrical capacity of
400kW.

"The milestone proves maturity of the product details and is a step towards
reaching our final product design. In other words, a clear indication of
development progressions as we move into a new step in the development project
timeline, according to our schedule" says Tore Enger, Group CEO, TECO 2030.
"Zero emission fuel cell power sources for heavy duty and marine applications
are very soon ready for market introduction, and we are ready to provide clients
with fuel cells performing like never seen before. The FCM400 will undoubtedly
become a propulsion game-changer in the marine industry," Enger concludes.

CONTACTS

 * Tore Enger, CEO of TECO 2030 ASA, +4792083800, tore.enger@teco2030.no 

ABOUT TECO 2030 ASA

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 the 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/17847477/2026/2698/Download%20announcement
%20as%20PDF.pdf

20230109 TECO 2030 achieves FCM400 layout release.pdf -
https://kommunikasjon.ntb.no/ir-files/17847477/2026/2697/20230109%20TECO%202030%
20achieves%20FCM400%20layout%20release.pdf

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