TECO 2030 ASA Receives approx. NOK 100 million Strategic Investment From US-Based SunHydrogen, Inc.
A US-based company, SunHydrogen is the developer of a breakthrough technology to make renewable hydrogen using sunlight and any source of water. Currently in development, SunHydrogen’s technology utilizes a nanoparticle-based approach in which billions of microscopic nanoparticles split apart water at the molecular level into oxygen and green hydrogen.
Because SunHydrogen’s technology directly uses the electrical charges created by sunlight to generate hydrogen, the Company’s nanoparticle technology does not rely on grid power or require costly power electronics. Additionally, SunHydrogen’s planned scalable system configuration of many individual hydrogen-generating panels ensures redundancy and stability.
Through its cooperation with SunHydrogen, TECO 2030 will look to bolster its international visibility, specifically in the US, and further its zero emission fuel cell projects around the world.
TECO 2030 is currently accelerating the transition to renewable fuels by developing and building Europe’s first gigafactory of hydrogen PEM fuel cell stacks for medium to heavy-duty trucks and PEM fuel cell modules for maritime applications.
Following the investment, SunHydrogen will be invited for one board position on TECO 2030’s board of directors. As part of the investment, the two parties agree to further regulate their joint intention to pursue a potential business combination through which an up-listing of the investor on a US exchange will be explored.
“I am pleased to announce this strategic investment by SunHydrogen which will give us more visibility and a strong strategic partner in the US which has very ambitious hydrogen plans,” said TECO 2030’s CEO Tore Enger. “I am looking forward to cooperating with SunHydrogen on our mission toward zero emission fuel cell projects,” Mr. Enger added.
“SunHydrogen believes strongly in TECO 2030’s mission,” said SunHydrogen’s CEO Tim Young. “We are committed to furthering the green hydrogen economy, and through our cooperation with TECO 2030, we believe our companies can make a significant impact in a fast-growing market that Goldman Sachs estimates to be worth $12 trillion by 2050.”
Contacts
Tore EngerCEO
Tel:+47 920 83 800tore.enger@teco2030.noImages
Links
About TECO 2030 ASA
About TECO 2030
TECO 2030 is a Norwegian based clean tech company developing zero-emission technology for the maritime and heavy industry sectors. We are developing PEM hydrogen fuel cell stacks and PEM hydrogen fuel cell modules that enable ships and other heavy-duty applications to become emission-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. 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.
About SunHydrogen, Inc.
SunHydrogen is developing a breakthrough, low-cost technology to make renewable hydrogen using sunlight and any source of water, including seawater and wastewater. The only byproduct of hydrogen fuel is pure water, unlike hydrocarbon fuels such as oil, coal and natural gas that release carbon dioxide and other contaminants into the atmosphere when used. By optimizing the science of water electrolysis at the nano-level, our low-cost nanoparticles mimic photosynthesis to efficiently use sunlight to separate hydrogen from water, ultimately producing environmentally friendly renewable hydrogen. Using our low-cost method to produce renewable hydrogen, we intend to enable a world of distributed hydrogen production for renewable electricity and hydrogen fuel cell vehicles. To learn more about SunHydrogen, please visit www.SunHydrogen.com.
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Latest releases from TECO 2030 ASA
TECO 2030 and AVL Successfully Complete Feasibility Study on Industrializing Heavy-Duty Truck Systems31.5.2023 07:00:00 CEST | Press release
(Lysaker, Norway, May 31st, 2023) TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) successfully completes feasibility study for developing and industrializing a one size fits all heavy-duty truck fuel cell system.
TECO 2030 completes production of first stack in Narvik15.5.2023 07:00:00 CEST | Press release
(Narvik, Norway, May 15th 2023) TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) completes first manual fuel cell stack production in Narvik. The TECO 2030 Fuel Cell stack is a 100kW Proton Exchange Membrane (PEM) fuel cell stack purposely developed for marine, heavy duty, stationary or mobile power applications.
TECO 2030 Expands its Partnership with Chart Industries Inc3.5.2023 07:00:00 CEST | Press release
(Lysaker, Norway, May 3rd 2023 – TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) and Chart Industries, Inc. (NYSE: GTLS, “Chart”) have expanded their existing cooperation agreement on Chart’s Cryogenic Carbon Capture™ process technology (“CCC”), to include Chart’s offer of liquid cryogenic fuel storage and supply systems, as well as Howden’s hydrogen solutions.
TECO 2030 starts manual production of fuel cell stacks27.4.2023 11:45:00 CEST | Press release
(Narvik, Norway, April 27th 2023) TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516), a leading supplier of fuel cell technology, has announced the start of manual fuel cell stack production at its Innovation Center in Narvik, Norway.
TECO 2030 to Webcast Live at VirtualInvestorConferences.com April 13th11.4.2023 13:00:00 CEST | Press release
TECO 2030 invites individual and institutional investors, as well as advisors and analysts, to attend real-time, interactive presentations on VirtualInvestorConferences.com
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