LYSAKER, Norway, April 11, 2023 (GLOBE NEWSWIRE) -- TECO 2030 (OTCQX: TECFF OSE: TECO), based in Norway, focused on fuel cell technology for maritime and heavy-duty applications, today announced that Tore Enger, Group CEO, will present live at the Technology Investor Forum, hosted by VirtualInvestorConferences.com, on April 13th, 2023.
DATE: April 13th, 2023
TIME: 11:30 - 12:00 PM ET
LINK: https://tinyurl.com/2s3mtpb3
Available for 1x1 meetings:
April 13th: 12pm-3pm ET
April 14th: 9am-1pm ET
April 21st: 8am – 11am ET
This will be a live, interactive online event where investors are invited to ask the company questions in real-time. 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 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.
Some key financial highlights:
- Primary listed on Euronext Growth at Oslo Stock Exchange since October 2020. Secondary listings in Germany and on OTCQX in New York.
- Raised approx. MEUR 28,- in equity, approx. MEUR 8,- in convertible bond and been granted approx. MEUR 17.5,- from Innovation Norway, Horizon Europe, ENOVA among others.
- Outstanding quotes represent approx. EUR 500 million.
- Approx. 20% of shareholders represent German Retail Investors, TECO Group holds approx. 30%, SunHydrogen (strategic investor) holds approx. 8% and family offices hold approx. 12%.
- Expected EBITDA positive in 2024.
Some key operational highlights:
- First fuel cell stack has been produced and launched, AVL test lab office, Vancouver, December 2022. More units are under construction.
- Building Europe’s first Gigafactory for production of 400kW Fuel Cell Modules, production goals of 400MW in 2025 increasing to 1GW in 2028.
- Start of manual production mid-Q2 2023.
- Production equipment contracted with thyssenkrupp Automation Engineering GmbH. Commissioning expected H1 2024.
- Core team at Gigafactory already onboard built on previous experience from REC Solar’s activities in the same building from 2008-2012.
- Unique Fuel Cell IP and industrial development processes deployed together with AVL List GmbH.
- A Standard fuel cell module which can be utilized for heavy duty applications such as ships, ferry’s, construction sites, mining, data centers among others.
- Pilot container in operation during Q4 2023 for Implenia Norway, a subsidiary of Implenia AG.
- HyEkoTank project co-funded by Horizon Europe and Shell with MEUR 10,-. Fuel Cell retrofit installation on product tanker in 2024.
- Currently completing a feasibility study together with AVL for potentially industrializing a heavy-duty truck FC module which utilizes TECO 2030 100kW stacks.
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 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 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 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
Tore.enger@teco2030.no
Virtual Investor Conferences
John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
johnv@otcmarkets.com
