(Norway and India, April 16th 2024) TECO 2030 ASA (“TECO 2030”) (OSE: TECO, OTC: TECFF, ISIN: NO0010887516) and Advait Infratech Limited (“Advait”) (BOM: 543230) have agreed on a term sheet for a partnership relating to a planned fuel cell expansion in India and SAARC countries. Simultaneously, Advait has committed to invest approx. NOK 43 million (USD 4 million) through a private placement of new shares in TECO 2030, at a price per share of NOK 2.00. TECO 2030 Board has agreed to resolve the private placement pursuant to the authorization granted to the Board by the annual general meeting on May 12th, 2023, and is expected to do so as soon as all formalities have been finalized. The settlement is expected to take place within Q2 2024.

Following the private placement and subject to the parties’ agreement on the final terms of the cooperation, the parties intend to establish a joint venture in India, where Advait and TECO 2030 will hold 51% and 49% of the outstanding shares, respectively. The joint venture will hold the exclusive rights to develop, manufacture and commercialize TECO 2030 Fuel Cell Technology for the India and SAARC countries and will be a collaboration between the parties aiming towards creating and maintaining local development, production, and commercialization capabilities with presence in India. Mr. Shalin Sheth, Managing Director and Founder of Advait

Infratech, commented on the significance of this collaboration, saying, “Our partnership with TECO 2030 is a landmark alliance that will drive advancements in the renewable energy sector. This collaboration underscores our dedication to innovation and excellence, while also enhancing the Indo-Norway ties in renewable energy. Leveraging TECO 2030’s manufacturing expertise, we are committed to delivering cutting-edge, reliable, and sustainable solutions to our customers.”

“I am very excited to announce this strategic investment by Advait, and announce our collaboration plans for the Indianmarket. Advait represents a strong partner for us in India, especially with their expertise in the power and green energy markets. I am confident that our plans will create shareholder value” says an enthusiastic Tore Enger, Group CEO, TECO 2030.

The private placement represents a deviation from the shareholders’ pre-emptive right to subscribe for and be allocated the new shares. The board of directors of the Company (the “Board”) has carefully considered this in light of the equal treatment obligations under section 3.1 of the Euronext Growth Rule Book Part II and Oslo Børs’ Circular no. 2/2014, and is of the opinion that it is in compliance with these requirements and guidelines. The Board has considered whether the private placement is in the best interest of the Company and its shareholders, emphasizing that the Company requires additional financing to fund its operations, fuel cell industrialization and development projects going forward and that the benefits of a private placement is not obtainable by structures with longer lead time, such as a rights offering. Taking into consideration the current equity markets, the Company’s need for funding, execution risk and available alternatives, the Board is of the opinion that the waiver of the pre-emption rights inherent in the planned private placement is in the best interest of the Company and its shareholders.

The new shares will be listed on Euronext Growth as soon as the share capital increase has been resolved and registered with the Norwegian Register of Business Enterprises
Source: ECO 2030 ASA

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