TECO 2030 ASA

TECO 2030 have signed a LOI with AVL on behalf of an undisclosed truck customer for delivery of fuel cell stacks to 30 trucks based on the AVL HyTruck platform, delivery to start end of next year.

Share
(Lysaker, Norway, November 1st 2022) TECO 2030 ASA (OSE: TECO, OTCQX: TECFF), Norwegian based clean tech company developing zero-emission technology for the maritime and heavy industry space.
Picture text: AVL’s HyTruck will utilize heavy duty fuel cell stacks with energy capacities above 300kW provided by TECO2030. A viable zero emission retrofit solution for existing heavy-duty trucks.
Picture text: AVL’s HyTruck will utilize heavy duty fuel cell stacks with energy capacities above 300kW provided by TECO2030. A viable zero emission retrofit solution for existing heavy-duty trucks.

This letter of intent (“LOI”) summarises the prospect of discussions between TECO 2030 and AVL concerning the delivery of 120 fuel cell stacks. AVL has received a request for quotation (RFQ) from a customer for the delivery of 60 automotive fuel cell systems based on the 100kW TECO2030 fuel cell stacks.

This customer project has the target to equip 30 HD trucks with fuel cell systems based on the AVL HyTruck platform. Each of these systems would require 2x100kW stacks, which sums up to in total 120 individual stacks (total of 12mW). The delivery of these stacks is intended to start in Q4/2023.

AVL is already working on a formal request (RFI/RFQ) for the potential sub-supply of respective TECO2030 fuel cell stacks, such RFI/RFQ to be issued by AVL to TECO2030 within the next 2-3 weeks. Based on that, AVL plans to enter into detailed discussions with TECO2030 in respect to the scope of delivery, all technical details, commercial terms as well as terms & conditions.

“This will have a huge positive impact on our production start, earlier than anticipated, and we are confident that this will mark the start of a worldwide green transition towards a sustainable hydrogen fuel cell future,” says Tore Enger, Group CEO, TECO 2030 ASA.

“We see increasing traction in the adoption of fuel cell technology, in particular in the heavy-duty truck segment. With this project, we want to support one of our customers in bringing vehicles early to the market with a performance and drivability not seen before with fuel cells”, says Juergen Rechberger, Vice President Hydrogen & Fuel Cell, AVL List GmbH.

About AVL: AVL is the world's largest independent company for the development, simulation and testing of powertrain systems, their integration into the vehicle as well as new fields like ADAS/AD and Data Intelligence. www.avl.com

Keywords

Contacts

Images

Picture text: AVL’s HyTruck will utilize heavy duty fuel cell stacks with energy capacities above 300kW provided by TECO2030. A viable zero emission retrofit solution for existing heavy-duty trucks.
Picture text: AVL’s HyTruck will utilize heavy duty fuel cell stacks with energy capacities above 300kW provided by TECO2030. A viable zero emission retrofit solution for existing heavy-duty trucks.
Download

Links

About TECO 2030 ASA

TECO 2030 ASA
TECO 2030 ASA
Lysaker Torg 45
1366 Lysaker

+47 672 00 300http://www.teco2030.no

About TECO 2030: Europe’s first Giga production facility of hydrogen PEM fuel cell stacks and modules in Narvik, Norway. The production capacity will be built up through 2023 and early 2024, targeting an output capacity of 120 MW of fuel cells in 2024, 400 MW in 2025 and 1.6 GW in 2030.

TECO 2030 is a Norwegian based clean tech company developing zero-emission technology for the maritime and heavy industry. We are developing PEM hydrogen fuel cell stacks and PEM hydrogen fuel cell modules, that enable ships and other heavy-duty applications to become emissions-free. The company is listed on Euronext Growth on Oslo Stock Exchange under the ticker TECO and in New York, OTCQX under the ticker TECFF. TECO2030 is a spinoff from TECO Maritime Group, a group that has provided technology and services to the global shipping industry since 1994. For more information, please visit www.teco2030.no.

Subscribe to releases from TECO 2030 ASA

Subscribe to all the latest releases from TECO 2030 ASA by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from TECO 2030 ASA

TECO 2030 kunngjør strategisk skifte til global leverandør av brenselcelleteknologi26.9.2024 07:00:00 CEST | Pressemelding

(Lysaker, Norge, 26. september 2024) – TECO 2030 er begeistret over å kunngjøre et strategisk skifte fra å produsere brenselceller i Norge i dag til å posisjonere seg som en global teknologileverandør. Ved å tilby lisensavtaler til internasjonale partnere er TECO 2030 klar til å akselerere den globale adopsjonen av sin brenselcelleteknologi for tungtransport. Dette skiftet gjør det mulig for selskapet å fokusere på sin kjernekompetanse for å låse opp nye vekstmuligheter internasjonalt. Produksjonen av stacker kan fortsatt finne sted i Norge.

TECO 2030 Announces Strategic Shift to Global Fuel Cell Technology Provider26.9.2024 07:00:00 CEST | Press release

(Lysaker, Norway, September 26th, 2024) – TECO 2030 is excited to announce a strategic shift from manufacturing fuel cells in Norway at present, to positioning itself as a global technology provider. By offering licensing agreements to international partners, TECO 2030 is poised to accelerate the global adoption of its fuel cell technology in heavy-duty applications. This shift allows the company to focus on its core technology to unlock new international growth opportunities. Stack production might still take place in Norway.

Samskip joins TECO 2030’s Horizon Europe project “HyEkoTank”30.8.2024 07:00:00 CEST | Press release

(Lysaker, Norway, August 30th 2024): TECO 2030 (OSE: TECO, OTC: TECFF, ISIN: NO0010887516) and the HyEkoTank consortium are proud to announce that Samskip has been formally approved by the EU as partner in the HyEkoTank project. The consortium also announces that the vessel to be retrofitted with their zero-emission technology will be Samskip’s MPP vessel Kvitnos. Samskip Kvitnos, built in 2015, is a cargo ship which operates in a fixed route on a weekly multipurpose service from Rotterdam, along the Norwegian west coast, all the way north to Hammerfest.

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom
World GlobeA line styled icon from Orion Icon Library.HiddenA line styled icon from Orion Icon Library.Eye