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TECO 2030 releases Q1 2023 Report

Friday, 26 May 2023 | 20:00

TECO2030 releases its Q1 2023 Report. The report is attached to this Stock Exchange Notice and can be found on our website. TECO2030 has reached a series of significant milestones and great progress through Q1 2023:

* During January, TECO 2030 completed the selection of all major component suppliers and procured necessary parts for the first fuel cell modules (FCM400) marking that the FCM400 development is close to completion and the first units are ready for assembly.

* 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 February, TECO 2030 and AVL List sign contract for feasibility study of developing and industrializing a Fuel Cell System for heavy-duty (HD) trucks. After successful completion, TECO 2030 plans to industrialize this Heavy-Duty Fuel Cell System and manufacture them at the Innovation Center and gigafactory in Narvik, Norway.

* During March, TECO 2030 signed an MOU with an undisclosed party for cooperation on several fuel cell projects which in total could represent 50MW of fuel cell output. The projects represent marine fuel cells- and on-shore stationary fuel cell systems in megawatt scale. The MOU outlines a 3-year cooperation commitment to successfully execute the project objectives.

* In March, TECO 2030 fulfilled all prerequisites connected with the NOK 50 million grant from Innovation Norway and started to withdraw the first NOK 15 million. The grant was awarded to TECO 2030 in October 2021
Source: TECO 2030 ASA

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