Teco 2030 receives tax incentive for hydrogen fuel cells
The incentive is in indirect government support in tax deductions on costs related to implemented R&D activities.
Teco 2030 has been granted around NOK 5.4 million (US$ 0.63 million) in tax relief for developing its first semi-automated production line for hydrogen fuel cells at its fuel cell factory and innovation centre in Narvik, Norway.
The company has been granted support through the Research Council of Norway’s Skattefunn scheme, a tax deduction scheme designed to support R&D in Norway. The tax relief has been given for two years, 2021 and 2022.
Tore Enger, CEO of Teco 2030, said that Teco is in the process of setting up a combined innovation centre and factory in Narvik in northern Norway to produce hydrogen fuel cells. The factory’s pilot production of fuel cells is expected to start in the second half of 2022.
It is developing fuel cell technology in cooperation with the Austrian powertrain technology company AVL. The Teco 2030 Marine Fuel Cell is the first fuel cell system that is specifically designed for onboard ships and other heavy-duty applications.
It also intends to invest NOK 1 billion in Narvik plant over the next ten years, producing fuel cells with a total capacity of 10 MW in 2022 and gradually scaling up the output going forward, reaching 1.2 GW of fuel cells annual production by 2030.
Teco has also received around NOK 4 million in tax relief for developing solutions to capture CO₂ in the ship exhaust and store it on-board until it reaches port.
