TECO 2030 ASA Approves Conversion of Bond Loan to Shares, Boosting Equity
Key Ideas
- TECO 2030 ASA has approved the conversion of 84% of a bond loan into shares, significantly increasing the company's equity by NOK 82.6 million.
- The new shares, totaling 41,310,511, will be issued following registration with the Norwegian Register of Business Enterprises, resulting in a new share capital of NOK 2,038,917.89.
- TECO 2030 is constructing Europe's first Giga production facility for hydrogen PEM fuel cell stacks and modules in Narvik, aiming for a production capacity of up to 200 MW of fuel cells in 2025, scaling to gigawatt-production by 2030.
- As a clean tech company, TECO 2030 focuses on developing zero-emission technology for the maritime and heavy industry, with a commitment to enabling emissions-free operations through PEM hydrogen fuel cell technology.
TECO 2030 ASA, a Norwegian clean tech company, recently announced the approval of the conversion of a significant portion of its bond loan into shares. This decision has enhanced the company's equity by NOK 82.6 million, demonstrating a positive financial development. The issuance of 41,310,511 new shares at NOK 2 per share will bolster TECO 2030's position in the market, with a total share capital of NOK 2,038,917.89. The company's strategic focus on sustainable technology is evident in its plans to establish Europe's first Giga production facility for hydrogen PEM fuel cell stacks and modules in Narvik, Norway. By targeting a production output capacity of up to 200 MW of fuel cells in 2025 and scaling to gigawatt-production by 2030, TECO 2030 is at the forefront of green energy innovation. Specializing in zero-emission solutions for the maritime and heavy industry, the company's PEM hydrogen fuel cell technology is paving the way for environmentally-friendly operations. TECO 2030's dedication to emission-free applications underscores its commitment to driving sustainability in the industry. With a solid foundation in clean energy initiatives, TECO 2030 continues to lead the way in the development of transformative technologies for a greener future.