Following the private placement, the parties will establish a joint venture in India, were Advait and TECO 2030 will respectively hold 51% and 49% of the outstanding shares. The joint venture will receive the exclusive rights to develop, manufacture and commercialize TECO 2030 Fuel Cell Technology to the Indian market and SAARC countries. The joint venture will act as a collaboration between the parties 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, specially 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.