LYSAKER, Norway and NEW YORK, Nov. 30, 2023 (GLOBE NEWSWIRE) — TECO 2030 (OTCQX:TECFF, OSE: TECO, ISIN: NO0010887516), based in Oslo, Norway, focused on heavy-duty and marine hydrogen fuel cells manufacturing, today announced that Tore Enger, Group CEO, will present live at the US Climate Virtual Investor Conference, presented by Water Tower Research at OTC Markets Group offices, on Thursday, December 7th, 2023. The presentations will also be streamed live at VirtualInvestorConferences.com.
DATE: December 7th, 2023
TIME: 09:00am ET / 15:00 CET
LINK: https://bit.ly/46Sd9Rp
This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If you would like to attend in-person, please email [email protected] for a free attendee pass. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.
It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.
Learn more about the event at www.virtualinvestorconferences.com.
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, targeting an output capacity of 400 megawatt (MW) of fuel cells in 2025, increasing to 1.6 gigawatt (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.
Recent Company Highlights
Key milestone for one of the world´s most powerful hydrogen fuel cells, TECO 2030 on schedule for first customer deployment H1 2024
Nov. 24th 2023 – TECO 2030 has successfully injected its fuel cell system with hydrogen and created emission free hydrogen-electric power. The 400kW module represents the most compact and energy dense system available for marine vessels and other heavy-duty equipment.
TECO’s fuel cell technology offers a compelling alternative to traditional diesel machinery, addressing critical environmental concerns, while also relieving the pressure on port- and city grid capacity, and the use of critical materials. The switch to fuel cells signifies a major step in supporting the clean transition targets under the European Green Deal, the U.S. Inflation Reduction Act and other frontrunner regions.
“A fuel cell is the next generation of engines and power generators, where hydrogen is the fuel,” says an enthusiastic Tore Enger, Group CEO, TECO 2030. “Operating one FCM400 unit instead of a diesel generator, saves our planet from over 9000 tons of CO2 emissions – or consuming over 3.5 million liters of diesel – during 35,000 hours of operations.”
TECO 2030 and Yokogawa Sign Partnership and Investment Agreement for the Utilization of Hydrogen Fuel Cells in Industrial Applications
Nov. 1st, 2023 – TECO 2030 ASA and Yokogawa Electric Corporation announced that they have signed a strategic partnership and investment agreement regarding the development of technology for utilizing hydrogen fuel cells in industrial applications. Under this agreement, Yokogawa Electric has invested in TECO 2030 by way of acquiring treasury shares, and the two companies will collaborate on optimizing hydrogen fuel cell technology and exploring business opportunities for distributed power sources in the maritime transportation and other industrial sectors.
Yokogawa Electric brings to this partnership decades of experience in developing core measurement, control, and information technologies for the energy, chemical, and other process industries. Yokogawa Electric and TECO 2030 see opportunities for applying this knowhow to develop technology for optimizing the operation of fuel cells and will also explore their use as distributed energy resources in industries that have high decarbonization needs.
TECO 2030 and Pherousa Green Shipping sign supply agreement to realize ammonia powered zero-emission deep-sea shipping
Sept. 14, 2023 – TECO 2030 and Pherousa Green Shipping AS (PGS) sign green package supply agreement for up to six modern, zero-emission Ultramax dry bulk carriers of about 63.000 deadweight tons each. Each vessel will be equipped with 12 megawatts (MW) of TECO 2030 fuel cells for main propulsion onboard.
The TECO 2030 delivery scope is a green package approx. worth EUR 23 million per vessel. The delivery for TECO 2030 includes a complete system of fuel cells installed on a skid solution as well as power and automation equipment and is estimated to start shipment to shipyard by early-2026, with delivery in mid-2026. The fuel cell system will go into production at our Innovation Center in Narvik, Norway at the end of 2024.
TECO 2030 signs MoU with an undisclosed European Motor Company
Aug. 02, 2023 — TECO 2030 has signed an MoU with an undisclosed renowned European Motor Company. The MoU is signed to formally set out a pathway to collaborate with ongoing and future projects.
According to the MOU, TECO 2030 is supposed to support the undisclosed European Motor Company with FCM400 modules for their development of an integrated skid/containerized fuel cell system for their market segments. The agreement also includes utilizing the FCM400 module within their ongoing projects to ensure a solid partnership and collaboration platform in the years to come. The undisclosed Company ultimately intends to then sell and promote their solution under their brand supported by TECO 2030 if the collaboration progresses successfully.
About TECO 2030
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 2023 and early 2024, targeting an output capacity of 400 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. 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.
About Water Tower Research
WTR is modernizing Investor Relations through research-driven communications and Investor Engagement. Sound investment research begins with good information. At WTR, we help companies and investors connect by creating expert information flow and strategies that are the foundations of a successful modern investor relations platform. Our analysts and capital markets professionals bring decades of unrivaled Wall Street experience and insight to a new digital world of investor communications and engagement. Our research and investor content is open for everyone to access and distributed across traditional research aggregators like Bloomberg, FactSet, etc., proprietary direct distribution lists, social media, search engines, and our website. As a result, every institutional and retail investor has equal access to our high-quality company research. Our mission is to help companies take control of their IR program and proactively reach investors while bringing investors a consistent flow of quality information to help them understand our clients’ businesses, industries, and the investment opportunities they present.
About Virtual Investor Conferences®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.
Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.
CONTACTS:
TECO 2030
Tore Enger
Group CEO
+47 920 83 800
[email protected]
TECO 2030
Cristian Skajem
Head of Communications
+47 418 84 186
[email protected]
Virtual Investor Conferences
John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
[email protected]
Water Tower Research
Tim Regan
Head of Business Development
(978) 505-2478
[email protected]
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/3bfd4f04-4fe6-4c03-84b9-22e2b32e4e8b
https://www.globenewswire.com/NewsRoom/AttachmentNg/3a680000-db85-4b99-bbca-677875cb58e8
