TECO 2030 raises NOK 43 million and partners up with Advait Infratech Limited (Advait) in India

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 2024 and 2025, targeting an output capacity of up to 200 MW of fuel cells in 2025, increasing to 3.2 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, OTC under the ticker TECFF. TECO 2030 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.

Since its establishment in 2009, Advait Infratech has been at the forefront of delivering robust products and solutions tailored for power transmission, substation, and telecommunication infrastructure. Our operations span various verticals, including turnkey telecommunication projects, the installation of power transmission and substation equipment, liasoning, marketing, and the provision of end-to-end solutions to our esteemed customers.

We proudly engage in the manufacturing and supply of essential power transmission products such as stringing tools, OPGW (Optical Fibre Ground Wire), OFC cables, ACS (Aluminium Clad Steel Wire), ERS (Emergency Restoration System), and OPGW joint boxes. Notably, our commitment to innovation has led us to diversify into green energy, marking our entrance into the supply of electrolyzers and fuel cells in 2023.

Earlier this year, Solar Energy Corporation of India’s (SECI) announced winners to set up 1.5 GW of electrolyser manufacturing capacities across India under the Strategic Interventions for Green Hydrogen Transition (SIGHT) program. Advait Infratech won 100 MW with an incentive allocation of ₹1.48 billion (~$17.87 million) which will be contributing towards setting up an Electrolyser factory. Additionally, Advait Infratech has also signed a significant MoU with Jiangsu GuoFu Hydrogen Energy Equipment Co., Ltd. (“GuoFu”), a distinguished Chinese manufacturer specializing in hydrogen energy equipment and related products.

Furthermore, Advait has extended its impact into climate services, focusing on sustainability consultancy, decarbonization consultancy, and comprehensive carbon consultancy services. This strategic expansion aligns with our overarching goal: to contribute to the long-term, comprehensive, and efficient power delivery system of the country by offering cost-efficient and environmentally friendly energy solutions.