SunHydrogen CEO Tim Young Joins TECO 2030 Board of Directors

Rhea-AI Summary

SunHydrogen (OTC: HYSR) announced that its CEO, Tim Young, has joined the Board of Directors for TECO 2030 ASA, a developer of zero-emission technology. This strategic alliance aims to enhance capital market strategies and product development, particularly in the hydrogen value chain. SunHydrogen previously invested $10 million in TECO 2030, which is focused on establishing Europe's first gigafactory for hydrogen fuel cell stacks. The partnership could position both companies to significantly impact the marine and heavy industry sectors, especially given rising emissions from traditional diesel-powered vessels.

Positive

• Tim Young's election to TECO 2030's Board may enhance strategic decision-making.
• The $10M investment in TECO 2030 strengthens ties in zero-emission technology.

Negative

• Concerns about continuity and experience gaps due to management changes.

SANTA BARBARA, CA, Dec. 06, 2022 (GLOBE NEWSWIRE) -- SunHydrogen, Inc. (OTC: HYSR), the developer of a breakthrough technology to produce renewable hydrogen using sunlight and water, today shared that its CEO Tim Young has been elected to serve on TECO 2030 ASA’s Board of Directors.

In November 2022, SunHydrogen announced a $10M strategic investment in Norway-based TECO 2030, the developer of zero-emission technology for the maritime and heavy industry sectors.

As a member of TECO 2030’s Board of Directors, Mr. Young will work closely with TECO 2030’s Group CEO Tore Enger to lead strategic decision-making in areas such as capital markets, investors and clients, and further product development.

“I am very much looking forward to working with Mr. Young as a board member,” said TECO 2030’s Group CEO Tore Enger. “He possesses a deep understanding of U.S. capital markets and investors, and he has an excellent understanding of the U.S. hydrogen value chain and industry. Together we will be able to serve our clients and partners with purpose-developed heavy-duty and marine PEM fuel cells,” Mr. Enger concluded.

TECO 2030 is currently developing and building Europe’s first gigafactory of hydrogen PEM fuel cell stacks for medium to heavy-duty trucks and PEM fuel cell modules for maritime applications.

“My recent attendance at the International WorkBoat Show with TECO 2030 has only reinforced my belief in the tremendous market opportunity that exists in the marine and heavy industry sectors,” said SunHydrogen’s CEO Tim Young.

“Port emissions from diesel-powered vessels and vehicles have soared in the past several years. California’s Port of Los Angeles is just one example of a global problem,” Mr. Young continued. “In 2021, diesel particulate matter rose 56% and greenhouse gas emissions rose 39% compared with 2020 levels at the Port of Los Angeles, according to the Los Angeles Times. TECO 2030 is in a prime position to address problems like these, and I believe they are poised to become one of the top companies in this market.”

About SunHydrogen, Inc.
SunHydrogen is developing breakthrough technologies to make, store and use green hydrogen in a market that Goldman Sachs estimates to be worth $12 trillion by 2050. Our patented SunHydrogen Panel technology, currently in development, uses sunlight and any source of water to produce low-cost green hydrogen. Similar to solar panels that produce electricity, our SunHydrogen Panels will produce green hydrogen. Our vision is to become a major technology supplier in the new hydrogen economy. By developing, acquiring and partnering with other critical technologies, we intend to enable a future of emission-free vehicles, ships, data centers, aircrafts and more. To learn more about SunHydrogen, please visit our website at www.SunHydrogen.com.

Safe Harbor Statement
Matters discussed in this press release may contain forward-looking statements. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. Forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties and other factors, known and unknown, including the risk factors described from time to time in the Company's reports filed with the Securities and Exchange Commission. Forward-looking statements contained herein are applicable only as of the date on which they are made, and the Company does not assume any obligation to update any forward-looking statements, except as may be required under applicable law.

Press Contact:
info@sunhydrogen.com

FAQ

What recent leadership change occurred at SunHydrogen?

Tim Young, CEO of SunHydrogen, has been elected to the Board of Directors at TECO 2030 ASA.

How might Tim Young's board position at TECO 2030 affect SunHydrogen?

His role could facilitate strategic collaborations in zero-emission technology development.

What is SunHydrogen's investment in TECO 2030?

SunHydrogen announced a $10 million strategic investment in TECO 2030 in November 2022.

What are the implications of rising port emissions for SunHydrogen?

The increasing emissions from diesel vessels highlight the market opportunity for SunHydrogen's green hydrogen technology.