TECO 2030 – NOK 80-100m IPO in maritime cleantech company
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+47 21 40 20 68 Norway, Oslo (Toll)
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3:00 PM - 4:00 PM (1 hour)
Monday, September 28, 2020 @ 3:00 PM
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Fearnley Securities is pleased to announce the NOK 80-100m IPO of TECO 2030 ASA, in connection with the company’s intended listing on Merkur Market. TECO 2030 (www.teco2030.no ) is a spinoff from TECO Group which has served the maritime industry since 1994 from 12 offices around the world. Through TECO 2030, focus will be on solutions towards the use of renewable energy sources and on reducing the environmental footprint of the shipping industry. To this end, Teco 2030 has teamed up with leading tech developer AVL (www.avl.com) to develop two major lines of maritime cleantech products:
- TECO Fuel Cell – a Hydrogen Fuel Cell built for maritime use. AVL has 18 years track record and 150 patents in the fuel cell space. TECO 2030 has signed an LOI with first customer, with a significant potential for deliveries starting from 2022/2023.
- TECO Future Funnel – an exhaust gas cleaning system (scrubber) developed by AVL which is designed for compliance with anticipated stricter maritime regulation, including capture of particulate matter, black carbon and CO2. LOI has been signed for first two units with installation in 4Q20.
Proceeds from the IPO will go towards completion of development and commercialisation of the product portfolio.
Subscription in the IPO is open from 22 September and books will close on 29 September. First day of trading on Merkur Market is intended for 12 October. Investor meetings will be hosted from 22 September, including a group call (invitation to be sent separately). The IPO includes a retail tranche which is open for subscription through our website www.fearnleysecurities.com.
Prospectus dated 21 September 2020
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