TECO 2030 ASA announced that it entered into purchase agreement with new investor SunHydrogen, Inc which will hold 8.48% of the total shares issued in the Company following completion of the private placement on November 11, 2022. The company issued 13,443,875 new shares at an issue price of NOK 5.42 per share for gross proceeds of NOK 72,865,802.5 and 8% convertible bonds matures on June 1, 2025 for gross proceeds of NOK 31,288,200 for aggregate proceeds of NOK 104,154,003. The bonds are convertible into 6,100,000 shares at a rate of NOK 5.0868.The Subscription Agreement also provides for the nomination by the Company of a director to serve on the Board of Directors, subject to such appointment being approved by company's extraordinary general meeting.

Post the transaction, 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.