Innovative company
TECO 2030
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 2023 and early 2024, targeting an output capacity of up to 120 MW of fuel cells in 2024, 400 MW in 2025 and 1.6 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, OTCQX under the ticker TECFF. TECO2030 is a spinoff from TECO Maritime Group, a group that has provided technology and services to the global shipping industry since 1994.
What we have:
- Experienced core team
- Lean production strategy
- Industrial approach
- Inhouse cell, stack and module production
- Serial product developed with world leading partners ThyssenKrupp and AVL
On a mission towards zero emission
TECO2030 accelerates the green transition in the maritime sector by delivering technology that helps ships to reduce their environmental and climate impacts. TECO2030 is developing hydrogen fuel cells that enable ships and other heavy-duty applications to become emissions-free. The company is also developing other solutions that can help the maritime industry to reduce its emissions, such as exhaust gas cleaning and carbon capture systems for ships.
Latest Press Releases
Stock Exchange Announcements
(Lysaker, Norway, November 29th, 2023) TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) releases its Q3 2023 Report. The report is attached to this Stock Exchange Notice and can be found on our website.
TECO 2030 has made great progress through Q3 2023, here are some highlights:
- In July, TECO 2030 announced that the company for the second time within approx. one year, has achieved to be invited for HORIZON EUROPE funding. This time, the company, together with partners, will receive EUR 13.5 million, the grant amount reserved for TECO 2030 is EUR 2.3 million. The project is a Horizon Innovation Action that aims to develop, build and demonstrate a 35-meter, 300 passenger capacity vessel that will be powered by the FCM400 fuel cell system by TECO 2030.
- In August, TECO 2030 signed a MoU with an undisclosed European engine company.
- In September, TECO 2030 and Pherousa Green Shipping signed a supply agreement to realize ammonia powered zero-emission deep-sea shipping. A 12 MW fuel cell system will be utilized for full propulsion onboard each of the six vessels, enabling 100% emission-free operations.
The financial results for the third quarter are in line with the board and management’s expectations and builds on the same cost levels as the previous quarters. The group is about to move from a pure development phase into the next phase which includes production of more pilot units as well as further testing, verifications, and commercialization.
After Q3 2023 highlights:
- In October, TECO 2030 signs loan agreement with its largest shareholder, TECO Group AS. Under the agreement, TECO Group lends TECO 2030 20 million shares in TECO 2030. TECO 2030 may, when appropriate, sell the shares to new investors as a flexible way of securing financing for its business plan.
- In November, TECO 2030 and Yokogawa Electric sign Partnership and Investment Agreement for the Utilization of Hydrogen Fuel Cells in Industrial Applications. Under this agreement, Yokogawa Electric has invested in TECO 2030 by way of acquiring treasury shares, and the two companies will collaborate on optimizing hydrogen fuel cell technology and exploring business opportunities.
- In November, TECO 2030 successfully injected its 400kW fuel cell system with hydrogen and created emission free hydrogen-electric power. A big milestone for the TECO 2030 development team who has been working on the achievement for the past three years. The innovative fuel cell system is an advanced clean energy generation system. The attributes of the modular 400kW fuel cell system include industry leading energy efficiency, inherent safety concept, leading weight/size dimensions and component design, lifetime, and rapid dynamic load response.
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, +47 920 83 800, 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 2023 and early 2024, targeting an output capacity of 400 MW of fuel cells in 2025, increasing to 1.6 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, OTCQX under the ticker TECFF. TECO2030 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.
Attachments
(Lysaker, Norway, November 29th, 2023) TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) releases its Q3 ...
(Lysaker, Norway and Graz, Austria, November 24th 2023): TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) has successfully injected its fuel cell system with hydrogen and created emission free hydrogen-electric power. The 400kW module represents the most compact and energy dense system available for marine vessels and other heavy-duty equipment.
By 2030, the target is to produce a capacity of 4.000 units per year at TECO’s giga factory in Northern Norway. In that way, TECO wants to potentially reduce the amount of CO2 emissions similar to the number of annual emissions from countries like Sweden or Portugal and cities like Berlin or Toronto according to the C40 Knowledge Hub.
TECO’s fuel cell technology offers a compelling alternative to traditional diesel machinery, addressing critical environmental concerns, while also relieving the pressure on port- and city grid capacity, and the use of critical materials. The switch to fuel cells signifies a major step in supporting the clean transition targets under the European Green Deal, the U.S. Inflation Reduction Act and other frontrunner regions.
“A fuel cell is the next generation of engines and power generators, where hydrogen is the fuel,” says an enthusiastic Tore Enger, Group CEO, TECO 2030. “Operating one FCM400 unit instead of a diesel generator, saves our planet from over 9000 tons of CO2 emissions - or consuming over 3.5 million liters of diesel - during 35,000 hours of operations.”
Since the IPO in October 2020, TECO has invested heavily in its marine and heavy-duty fuel cells development, which has resulted in its leading fuel cell system.
Over the past few months, the company has built and installed the FCM400 into the test bench in Graz, where the goal has been to utilize the FCM400 to produce electricity from hydrogen. The first hydrogen has now been injected into the fuel cell module, validating the technology performance.
The system will undergo further testing, with the intention to deploy the first system during the first half of 2024. The manual production of FCM400 systems will continue at the technology development partner AVL in Graz, Austria for the next few units before moving the production to Narvik, Norway during the first half of 2024. The Narvik site is already well underway with manual production of fuel cell stacks.
The innovative fuel cell system is an advanced clean energy generation system. The attributes of the modular 400kW fuel cell system include industry leading energy efficiency, inherent safety concept, leading weight/size dimensions and component design, lifetime, and rapid dynamic load response.
“A remarkable accomplishment, our FCM400 system has officially been tested with hydrogen and produced electricity as expected and the performance data collected proves our expectation of how we have met or outperformed our own expectations,” says an engaged Tore Enger. “The road to a better and more sustainable future is becoming clearer and clearer to us as we reached this enormous milestone in our company’s history,” Enger concludes.
Contacts
- Tore Enger, CEO, +47 920 83 800, 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 2023 and early 2024, targeting an output capacity of 400 MW of fuel cells in 2025, increasing to 1.6 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, OTCQX under the ticker TECFF. TECO2030 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.
Attachments
(Lysaker, Norway and Graz, Austria, November 24th 2023): TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) has successfully injected its fuel...
(Lysaker, Norway, and Tokyo, Japan – November 1, 2023): TECO 2030 ASA ("TECO 2030", OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) and Yokogawa Electric Corporation ("Yokogawa Electric", TOKYO: 6841) announce that they have signed a strategic partnership and investment agreement regarding the development of technology for utilizing hydrogen fuel cells in industrial applications. Under this agreement, Yokogawa Electric has invested in TECO 2030 by way of acquiring treasury shares, and the two companies will collaborate on optimizing hydrogen fuel cell technology and exploring business opportunities for distributed power sources in the maritime transportation and other industrial sectors.
Hydrogen fuel cells use an electrochemical process that combines hydrogen and oxygen to produce electrical energy and water, and are utilized as power sources in fuel cell vehicles (FCV) and stationary power supply devices. Green hydrogen and ammonia are considered promising energy carriers for the storage and transportation of renewable energy that has been produced as electricity. Fuel cells powered by green hydrogen, or hydrogen produced through green ammonia-to-hydrogen cracking technology, are more energy efficient than conventional combustion engines and don’t generate nitrogen oxide (NOx), so can be used as zero-emission energy sources in a range of applications. Although adoption has been limited up to now, technology maturity and a dramatic increase in demand for hydrogen-powered marine vessels are driving expansion of the fuel cell market, and the resulting reduction in manufacturing costs is expected to in turn accelerate use in the automotive and industrial sectors as well.
TECO 2030 develops and manufactures hydrogen fuel cells, and has opened in Narvik, Norway, a gigafactory for the production of hydrogen proton exchange membrane (PEM) fuel cells and energy modules, which consist of multiple cells and auxiliary operating equipment. Production of hydrogen fuel cells is already underway, and module production is expected to start within the next few months. The production capacity will be built up over time, targeting an output capacity of 400 MW in 2025 and 1.6 GW in 2030. TECO 2030’s hydrogen fuel cells employ unique technologies developed together with technology partner AVL, a forerunner in this field, enabling industry-leading energy density and performance.
Yokogawa Electric brings to this partnership decades of experience in developing core measurement, control, and information technologies for the energy, chemical, and other process industries. Yokogawa Electric and TECO 2030 see opportunities for applying this knowhow to develop technology for optimizing the operation of fuel cells, and will also explore their use as distributed energy resources in industries that have high decarbonization needs.
Tore Enger, Group CEO of TECO 2030, commented, “I am very excited to have Yokogawa on board as an investor and strategic partner for the ongoing development of TECO 2030’s complete fuel cell system. I am looking forward to working together toward the common goal of a zero-emission future.”
Tsuyoshi Abe, a Yokogawa Electric senior vice president and head of the Marketing Headquarters, said, “As we mention in our whitepaper Reweave the World*, energy conversion systems are going to play an important role in the transition from the fossil fuel era to a renewable energy era. Yokogawa firmly believes that fuel cells are one of the pathways to net-zero emissions in the maritime and industrial sectors, and we are confirming this by embarking on a journey with TECO 2030 as a strategic partner for a sustainable future.”
Contacts
- Tore Enger, CEO, +47 920 83 800, tore.enger@teco2030.no
About TECO 2030 ASA
TECO 2030 is a Norwegian clean tech company developing zero-emission technology for maritime and other industries. We are developing PEM hydrogen fuel cell stacks and PEM hydrogen fuel cell modules that enable ships and other industrial applications to become emissions-free. TECO 2030 is a spinoff from TECO Maritime Group, which has provided technology and services to the global shipping industry since 1994. The company is listed on Euronext Growth on Oslo Stock Exchange under the ticker TECO and in New York, OTCQX under the ticker TECFF. For more information, visit www.teco2030.no.
Attachments
(Lysaker, Norway, and Tokyo, Japan – November 1, 2023): TECO 2030 ASA ("TECO 2030", OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) and Yokog...