Teco receives funding from Innovation Norway
Teco is developing fuel cell technology to help ships reduce their environmental and climate impacts.
Teco 2030 has been granted NOK 50 million (US$ 4.8 million) in Norwegian government support for its development of hydrogen fuel cells.
The support has been granted by Innovation Norway, which is the Norwegian government’s most important instrument for innovation and development of Norwegian enterprises and industry. The funding is the highest amount the organisation has granted to a single project so far this year.
The funding will go towards developing and testing the Teco 2030 Marine Fuel Cell, which is specifically designed for use onboard ships and on other heavy-duty applications.
Teco 2030 will produce fuel cells at its new combined factory and innovation centre in Narvik in northern Norway, the Teco 2030 Innovation Center. The plant will become Norway’s first large-scale production of hydrogen fuel cells.
A prerequisite for receiving support from Innovation Norway is that Teco 2030 raises around NOK 160 million in additional funding from other investors before the end of March 2023.
Jan Christian Vestre, Norwegian Minister of Trade and Industry, said, “What Teco 2030 is doing is pioneering work that has the potential to change shipping, cut emissions and create new jobs in northern Norway.”
Håkon Haugli, CEO of Innovation Norway, added, “We believe that Teco 2030’s solutions have great potential, both in the Norwegian market, and internationally.”
Tore Enger, CEO of Teco 2030 Asa, commented, “This clearly shows that the Norwegian government believes in our technology and our plans.”
Last week, Teco signed a strategic cooperation agreement with UiT – The Arctic University of Norway to enhance research and education in Norway on hydrogen and fuel cells. The agreement was signed with the UiT’s Faculty of Engineering Science and Technology, which offers hydrogen and fuel cells courses, and is also based in Narvik.
As part of the agreement, Teco will contribute to improving UiT’s research and education in the field of hydrogen fuel cells and will provide UiT researchers and students the opportunity to use the fuel cell element testing facilities at the Teco 2030 Innovation Center during periods when they are not used in the production of fuel cells. Both partners will also identify and cooperate on creating hydrogen-related projects for marine and land-based applications.
