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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 Indian market. 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.
About Advait Infratech Limited:
Since its establishment in 2009, Advait Infratech has been at the forefront of
delivering robust products and solutions tailored for power transmission,
substation, and telecommunication infrastructure. Our operations span various
verticals, including turnkey telecommunication projects, the installation of
power transmission and substation equipment, liasoning, marketing, and the
provision of end-to-end solutions to our esteemed customers.
We proudly engage in the manufacturing and supply of essential power
transmission products such as stringing tools, OPGW (Optical Fibre Ground Wire),
OFC cables, ACS (Aluminium Clad Steel Wire), ERS (Emergency Restoration System),
and OPGW joint boxes. Notably, our commitment to innovation has led us to
diversify into green energy, marking our entrance into the supply of
electrolyzers and fuel cells in 2023.
Earlier this year, Solar Energy Corporation of India’s (SECI) announced winners
to set up 1.5 GW of electrolyser manufacturing capacities across India under the
Strategic Interventions for Green Hydrogen Transition (SIGHT) program. Advait
Infratech won 100 MW with an incentive allocation of ?1.48 billion (~$17.87
million) which will be contributing towards setting up an Electrolyser factory.
Additionally, Advait Infratech has also signed a significant MoU with Jiangsu
GuoFu Hydrogen Energy Equipment Co., Ltd. (“GuoFu”), a distinguished Chinese
manufacturer specializing in hydrogen energy equipment and related products.
Furthermore, Advait has extended its impact into climate services, focusing on
sustainability consultancy, decarbonization consultancy, and comprehensive
carbon consultancy services. This strategic expansion aligns with our
overarching goal: to contribute to the long-term, comprehensive, and efficient
power delivery system of the country by offering cost-efficient and
environmentally friendly energy solutions.
DISCLOSURE REGULATION
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
CONTACTS
- Pål Christian Johnsen, CFO, +47 412 76 747, pcj@teco2030.no
- Tore Enger, CEO of TECO 2030 ASA, +4792083800, tore.enger@teco2030.no
ABOUT TECO 2030 ASA
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 2024 and 2025, targeting an output capacity of up to 200 MW of
fuel cells in 2025, increasing to 3.2 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,
OTC under the ticker TECFF. TECO 2030 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 -
http://www.teco2030.no.
ATTACHMENTS
Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17847477/3027/4315/Download%20announcement
%20as%20PDF.pdf
TECO 2030 partners up with Advait Infratech Limited.pdf -
https://kommunikasjon.ntb.no/ir-files/17847477/3027/4314/TECO%202030%20partners%
20up%20with%20Advait%20Infratech%20Limited.pdf
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