TECO 2030 has been granted NOK 50 million in Norwegian government support for its development of hydrogen fuel cells, in an effort to drop GHG emissions.
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.
For the records, the funding Innovation Norway awarded to TECO 2030, the highest amount it has granted to one single project so far this year.
The funding will go towards the development and testing of the TECO 2030 Marine Fuel Cell, the first fuel cell system in the world that is specifically designed for use onboard ships and on other heavy-duty applications.
“Our support to TECO 2030 is one of several contributions to the green transition in Norway,” says Håkon Haugli, Chief Executive Officer of Innovation Norway.
“At the same time, we see that their project could in the long run create a significant number of jobs in Narvik. Our task is to contribute to business development throughout Norway, and we believe that TECO 2030’s solutions have great potential, both in the Norwegian market, and internationally,” Haugli adds.
TECO 2030 will produce fuel cells at its new combined factory and innovation center in Narvik in northern Norway, the TECO 2030 Innovation Center. The plant will become Norway’s first large-scale production of hydrogen fuel cells.
“We are absolutely thrilled that Innovation Norway has decided to support our work on developing hydrogen fuel cells. This clearly shows that the Norwegian government believes in our technology and our plans, and we are very happy and grateful for that,” says Tore Enger, Chief Executive Officer of TECO 2030 ASA.
A prerequisite for receiving the 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.
Concluding, TECO 2030 has already been granted up to NOK 5.4 million in indirect government support in the form of tax deductions for developing the plant’s first semi-automated production line, as announced in September.
