TECO 2030 and Yokogawa Electric Corporation have signed an 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.
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
… explained Tsuyoshi Abe, a Yokogawa Electric senior vice president and head of the Marketing Headquarters
As green hydrogen and ammonia are promising energy carriers, and TECO 2030 is developing and manufacturing hydrogen fuel cells in Narvik, Norway, with a production capacity of 400 MW by 2025. Meanwhile, Yokogawa Electric brings to this partnership experience in developing core measurement, control, and information technologies for the energy, chemical, and other process industries.
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.
… commented Tore Enger, Group CEO of TECO 2030
