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 2024

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(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.

From right Prof. List, CEO of AVL List GmbH and Tore Enger, CEO of TECO 2030 in front of the FCM400 on the testbed in Graz, Austria.
From right Prof. List, CEO of AVL List GmbH and Tore Enger, CEO of TECO 2030 in front of the FCM400 on the testbed in Graz, Austria.

By 2030, the target is to produce a capacity of 4.000 units per year at TECO’s giga factory in Narvik, Northern Norway. In that way, TECO wants to potentially reduce the amount of CO2 emissions similar to the number of annual emissions from countries like Sweden or Portugal and cities like Berlin or Toronto according to the C40 Knowledge Hub.

TECO’s fuel cell technology offers a compelling alternative to traditional diesel machinery, addressing critical environmental concerns, while also relieving the pressure on port- and city grid capacity, and the use of critical materials. The switch to fuel cells signifies a major step in supporting the clean transition targets under the European Green Deal, the U.S. Inflation Reduction Act and other frontrunner regions.

“A fuel cell is the next generation of engines and power generators, where hydrogen is the fuel,” says an enthusiastic Tore Enger, Group CEO, TECO 2030. “Operating one FCM400 unit instead of a diesel generator, saves our planet from over 9000 tons of CO2 emissions - or consuming over 3.5 million liters of diesel - during 35,000 hours of operations.”

Since the IPO in October 2020, TECO has invested heavily in its marine and heavy-duty fuel cells development, which has resulted in its leading fuel cell system.

Over the past few months, the company has built and installed the FCM400 into the test bench in Graz, where the goal has been to utilize the FCM400 to produce electricity from hydrogen. The first hydrogen has now been injected into the fuel cell module, validating the technology performance.

The system will undergo further testing, with the intention to deploy the first system during the first half of 2024. The manual production of FCM400 systems will continue at the technology development partner AVL in Graz, Austria for the next few units before moving the production to Narvik, Norway during the first half of 2024. The Narvik site is already well underway with manual production of fuel cell stacks.

The innovative fuel cell system is an advanced clean energy generation system. The attributes of the modular 400kW fuel cell system include industry leading energy efficiency, inherent safety concept, leading weight/size dimensions and component design, lifetime, and rapid dynamic load response.

“A remarkable accomplishment, our FCM400 system has officially been tested with hydrogen and produced electricity as expected and the performance data collected proves our expectation of how we have met or outperformed our own expectations,” says an engaged Tore Enger. “The road to a better and more sustainable future is becoming clearer and clearer to us as we reached this enormous milestone in our company’s history,” Enger concludes.

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About TECO 2030

TECO 2030 is building up 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 400 MW of fuel cells in 2025, increasing to 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.

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Latest releases from TECO 2030 ASA

TECO 2030 and Umoe Mandal submits fuel cell high-speed vessel design for approval in principle1.2.2024 12:15:00 CET | Press release

(Lysaker, Norway, February 1st, 2024): TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) and Umoe Mandal has just delivered the documentation package to the Norwegian Maritime Authority for an approval in principle application of the World’s first fuel cell high-speed vessel design. The designed vessel is designed to be installed with a multimegawatt fuel cell system for full propulsion.

TECO 2030 with partners starts second EU Horizon project, granted over EUR 2.3 million22.1.2024 12:50:00 CET | Press release

(Lysaker, Norway, January 22nd 2024): TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) commends it’s second EU Horizon Project, Zero Emission Adriatic Ship – ZEAS, together with 13 partners from various European Countries. The overall project grant from EU Horizon is over EUR 13.5 million, where over EUR 2.3 million is reserved to TECO 2030’s deliverable of 1.2 megawatts (MW) of fuel cells for full vessel propulsion.

TECO 2030 to Present at the Hybrid US Climate Investor Conference December 7th 202330.11.2023 14:45:31 CET | Pressemelding

TECO 2030 invites individual and institutional investors, as well as advisors and analysts, to attend in person or online at VirtualInvestorConferences.com Lysaker, Norway and New York, USA November 30th, 2023 – TECO 2030 (OTCQX:TECFF, OSE: TECO, ISIN: NO0010887516), based in Oslo, Norway, focused on heavy-duty and marine hydrogen fuel cells manufacturing, today announced that Tore Enger, Group CEO, will present live at the US Climate Virtual Investor Conference, presented by Water Tower Research at OTC Markets Group offices, on Thursday, December 7th, 2023. The presentations will also be streamed live at VirtualInvestorConferences.com.

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.

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