TECO 2030 and Yokogawa Sign Partnership and Investment Agreement for the Utilization of Hydrogen Fuel Cells in Industrial Applications
TECO 2030 ASA ("TECO 2030", OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) and Yokogawa Electric Corporation ("Yokogawa Electric", TOKYO: 6841) announce that they have signed a strategic partnership and investment 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.
Hydrogen fuel cells use an electrochemical process that combines hydrogen and oxygen to produce electrical energy and water, and are utilized as power sources in fuel cell vehicles (FCV) and stationary power supply devices. Green hydrogen and ammonia are considered promising energy carriers for the storage and transportation of renewable energy that has been produced as electricity. Fuel cells powered by green hydrogen, or hydrogen produced through green ammonia-to-hydrogen cracking technology, are more energy efficient than conventional combustion engines and don’t generate nitrogen oxide (NOx), so can be used as zero-emission energy sources in a range of applications. Although adoption has been limited up to now, technology maturity and a dramatic increase in demand for hydrogen-powered marine vessels are driving expansion of the fuel cell market, and the resulting reduction in manufacturing costs is expected to in turn accelerate use in the automotive and industrial sectors as well.
TECO 2030 develops and manufactures hydrogen fuel cells, and has opened in Narvik, Norway, a gigafactory for the production of hydrogen proton exchange membrane (PEM) fuel cells and energy modules, which consist of multiple cells and auxiliary operating equipment. Production of hydrogen fuel cells is already underway, and module production is expected to start within the next few months. The production capacity will be built up over time, targeting an output capacity of 400 MW in 2025 and 1.6 GW in 2030. TECO 2030’s hydrogen fuel cells employ unique technologies developed together with technology partner AVL, a forerunner in this field, enabling industry-leading energy density and performance.
Yokogawa Electric brings to this partnership decades of experience in developing core measurement, control, and information technologies for the energy, chemical, and other process industries. Yokogawa Electric and TECO 2030 see opportunities for applying this knowhow to develop technology for optimizing the operation of fuel cells, and will also explore their use as distributed energy resources in industries that have high decarbonization needs.
Tore Enger, Group CEO of TECO 2030, commented, “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.”
Tsuyoshi Abe, a Yokogawa Electric senior vice president and head of the Marketing Headquarters, said, “As we mention in our whitepaper Reweave the World*, energy conversion systems are going to play an important role in the transition from the fossil fuel era to a renewable energy era. 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.”
* Yokogawa Electric Corporation, Reweave the World―Energy Systems Convergence leads to global resilience and sustainability in energy, food, and water, 2023
Cristian SkajemHead of CommunicationsTel:+firstname.lastname@example.org
Yokogawa Electric Corporation
PR Section, Integrated Communications Center, Marketing HQ
Yokogawa provides advanced solutions in the areas of measurement, control, and information to customers across a broad range of industries, including energy, chemicals, materials, pharmaceuticals, and food. Yokogawa addresses customer issues regarding the optimization of production, assets, and the supply chain with the effective application of digital technologies, enabling the transition to autonomous operations.
Founded in Tokyo in 1915, Yokogawa continues to work toward a sustainable society through its 17,000+ employees in a global network of 129 companies spanning 60 countries.
For more information, visit www.yokogawa.com.
The names of corporations, organizations, products, services and logos herein are either registered trademarks or trademarks of Yokogawa Electric Corporation or their respective holders.
About TECO 2030
TECO 2030 is a Norwegian clean tech company developing zero-emission technology for maritime and other industries. We are developing PEM hydrogen fuel cell stacks and PEM hydrogen fuel cell modules that enable ships and other industrial applications to become emissions-free. TECO 2030 is a spinoff from TECO Maritime Group, which has provided technology and services to the global shipping industry since 1994. The company is listed on Euronext Growth on Oslo Stock Exchange under the ticker TECO and in New York, OTCQX under the ticker TECFF. For more information, visit www.teco2030.no.
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Latest releases from TECO 2030 ASA
Key milestone for one of the world´s most powerful hydrogen fuel cells, TECO 2030 on schedule for first customer deployment H1 202424.11.2023 07:00:00 CET | Press release
(Lysaker, Norway and Graz, Austria, November 24th 2023): TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) has successfully injected its fuel cell system with hydrogen and created emission free hydrogen-electric power. The 400kW module represents the most compact and energy dense system available for marine vessels and other heavy-duty equipment.
Interview with TECO 2030: A Green Pioneer in the Maritime Industry3.11.2023 11:57:35 CET | Press release
In an exclusive interview with the Norwegian finance media InvestorNytt, TECO 2030 gives InvestorNytt an insight into their groundbreaking work on green solutions for the maritime industry. From their early days focusing on environmentally friendly cleaning methods to their current pioneering work with hydrogen-based fuel cells, TECO 2030 is leading the way to a more sustainable future in the maritime industry.
TECO 2030 progresses on the fuel cell technology development25.10.2023 10:59:17 CEST | Pressemelding
(Lysaker, Norway, October 25th, 2023): TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) is pleased to show the progress that has happened through the 3-years of development of its heavy-duty and marine 400kW fuel cell module, the FCM400.
TECO 2030 launches the world’s most compact and efficient inherently safe marine fuel cell system13.10.2023 07:00:00 CEST | Press release
(Lysaker, Norway, October 13th, 2023): TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) is pleased to elaborate on the world’s most power dense marine and heavy-duty fuel cell module, the FCM400. The FCM400 has already an Approval in Principle from DNV and currently undergoes type approval process for maritime and heavy-duty applications. FCM400 is inherently gas-safe to accommodate easy integration onboard a ship for zero emission energy generation.
TECO 2030 and Pherousa Green Shipping sign supply agreement to realize ammonia powered zero-emission deep-sea shipping14.9.2023 07:01:00 CEST | Press release
(Lysaker, Norway, September 14th, 2023): TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) and Pherousa Green Shipping AS (PGS) sign green package supply agreement for up to six modern, zero-emission Ultramax dry bulk carriers of about 63.000 deadweight tons each. Each vessel will be equipped with 12 megawatts (MW) of TECO 2030 fuel cells for main propulsion onboard. The TECO 2030 delivery scope is a green package approx. worth EUR 23 million per vessel. The delivery for TECO 2030 includes a complete system of fuel cells installed on a skid solution as well as power and automation equipment and is estimated to start shipment to shipyard by early-2026, with delivery in mid-2026. The fuel cell system will go into production at our Innovation Center in Narvik, Norway at the end of 2024.
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