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NORWEGIAN GOVERNMENT OFFERS NOK 50m SUPPORT FOR MARINE FUEL CELLS

NORWEGIAN GOVERNMENT OFFERS NOK 50m SUPPORT FOR MARINE FUEL CELLS

Monday, October 25, 2021 

Greentech company Teco 2030 has been granted NOK 50 million in Norwegian government support for its development of hydrogen fuel cells, which will lead to the creation of up to 500 new jobs in northern Norway by 2030 and contribute to reducing GHG emissions from shipping.

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 grant is the largest given to any single project so far this year.

Norwegian Minister of Trade and Industry, Jan Christian Vestre, 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. This is inspiring work, and I wish Teco 2030 the best of luck with their exciting project. I am convinced that many of the good and green solutions that will contribute to changing the world will come from Norwegian workplaces. That is why I find Teco 2030’s development project incredibly exciting.”

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.

Håkon Haugli, CEO Innovation Norway, said: “Our support to Teco 2030 is one of several contributions to the green transition in 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,"

Teco 2030 will produce fuel cells at its new combined factory and innovation centre in Narvik in northern Norway, becoming Norway’s first large-scale producer 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,” said Teco 2030 CEO Tore Enger. “With support from the Norwegian government, we will continue our work on developing fuel cells and establishing a factory in Narvik where these will be produced. This plant will contribute to economic growth and the creation of new, green jobs in northern Norway. The fuel cells we will produce here will help to reduce the environmental and climate impacts of ships and other heavy-duty applications and enable them to cut their emissions to zero.”

A prerequisite for receiving the support from Innovation Norway is that Teco 2030 raises around NOK 160m in additional funding from other investors before the end of March 2023. The company has already been granted up to NOK 5.4m in indirect government support in the form of tax deductions for developing the plant’s first semi-automated production line. Over the next 10 years, Teco 2030 expects total investments in the plant to amount to up to NOK 1bn. During that period, up to 500 new jobs may be created in Narvik within development, pilot production and full-scale production. The factory is planned to have an annual production capacity of 60 MW in 2023, and the goal is that by 2030, the plant will be able to produce up to 1,200 MW of fuel cells every year.

Production of fuel cells for use within the maritime industry is still in early stages. Teco 2030 is partnering with Austrian powertrain technology company AVL to develop the fuel cells, which will enable ships to sail emissions-free on either the whole journey or shorter distances, such as when sailing into and out of ports, or during a port stay. Hydrogen fuel cells offer a zero-emission alternative for applications such as ships, where large, heavy batteries with limited capacity and long charging times are not always a feasible option. Teco 2030 plans to test pilot versions of its fuel cells on the new hydrogen-powered tugboats and transport barges of the Dutch shipowner Chemgas Shipping,

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