LYSAKER, NORWAY: TECO 2030 ASA has raised approx. NOK 70 million (USD 7,000,000) through a private placement and approx. NOK 30 million (USD 3,000,000) in a secured convertible loan from a strategic U.S. based hydrogen investor.

Through the private placement, 13,443,875 new shares will be issued at a price of 5.42 NOK per share, which corresponds to the 20-day volume weighted average price prior to the agreement to issue the shares. The strategic hydrogen investor is SunHydrogen Inc., which will hold 8.48 % of the total shares issued in the Company following completion of the private placement, after which the Company’s share capital will be NOK 1,585,113.31 divided into 158,511,331 shares, each with a nominal value of NOK 0.01.

The net proceeds will be used to fund the Company’s operations, fuel cell industrialization and development projects going forward.

The payment of USD 3 million into the convertible bond loan is a continuation of the bond loan raised in May/June 2022. TECO 2030 is very pleased with the interest gained in the issuance of the convertible loan, and the trust provided by the existing shareholders at the annual general meeting held on May 20th, 2022, where the shareholders approved an authorization to the Board of Directors to issue a convertible loan of up to NOK 120 million.

ThinkEquity LLC and Fearnley Securities AS (the “Managers”) acted as joint placement agents for the offering.

“I am pleased, humble, and proud to announce the strategic investment completed in TECO 2030. I believe this partnership will spark the beginning of a strong collaboration towards global hydrogen markets. This investment will also make us more visible in the US, and I am looking forward to cooperating with SunHydrogen on our mission towards zero emission mobility,” says Tore Enger, Group CEO, TECO 2030.

The new shares will be listed on Euronext Growth as soon as the share capital increase has been registered with the Norwegian Register of Business Enterprises.