TECO 2030, a Norwegian clean tech company, has successfully completed the first tranche of a private placement towards Advait Infratech Limited, with a second investment tranche of USD 3 million expected soon. The share capital increase related to the issuance of new shares has been registered, leading to a new registered share capital of NOK 2,093,917.89, divided into 209,391,789 shares. TECO 2030 is currently in the process of establishing Europe's first Giga production facility for hydrogen PEM fuel cell stacks and modules in Narvik, Norway. The company plans to build production capacity throughout 2024 and 2025, with the aim of reaching a production output capacity of up to 200 MW of fuel cells in 2025, scaling up to gigawatt production by 2030. With a focus on clean technology, TECO 2030 is dedicated to developing zero-emission solutions for the maritime and heavy industry sectors. By providing PEM hydrogen fuel cell stacks and modules, TECO 2030 aims to facilitate the transition to emissions-free operations for ships and other heavy-duty applications. TECO 2030 is listed on Euronext Growth on the Oslo Stock Exchange under the ticker TECO and on the OTC market in New York under the ticker TECFF. The company originated as a spinoff from TECO Maritime Group, a longstanding provider of technology and services to the global shipping industry since 1994. For more information, visit www.teco2030.no.