TECO 2030 reaches new milestone: Has been granted up to NOK 4 million in tax relief for carbon capture development
The support has been granted through the Research Council of Norway’s Skattefunn scheme, which is a tax deduction scheme designed to stimulate research and development (R&D) activities in Norwegian companies. It provides indirect support in the form of tax deductions on costs related to implemented research and development activities.
“We are currently in the process of developing technological solutions that will enable ships running on fossil fuels to reduce their emissions and become more climate-friendly by capturing the CO2 that they would otherwise emit with their exhaust gases,” says Tore Enger, CEO of TECO 2030 ASA.
“We are very pleased and thankful for the support we have now received from the Research Council of Norway to this end. The recognition of carbon capture as an emissions reduction technology for the maritime industry represents a milestone in our efforts,” Enger says.
The project that has been granted tax relief involves the development and testing of onboard solutions that can capture more than 90% of the CO2 in the ship exhaust. The tax relief granted to TECO 2030 under the Skattefunn scheme will cover 19% of the costs accrued in this project, up to about NOK 4 million over the project period of two years, 2021 and 2022.
Cooperating with Chart Industries
TECO 2030 is developing carbon capture solutions for ships together with the American technology company Chart Industries, Inc. The solutions will separate the CO2 from the ship’s exhaust gases and store it in liquid form until it can be offloaded when the ship has reached port.
When offloaded, the CO2 can then either be permanently stored in geological formations underground or be put to beneficial use in CO2-consuming industries, such as the agricultural, industrial, energy, or food and beverage sectors.
Carbon capture technology has the potential to reduce greenhouse gas emissions from the shipping industry by more than 30% by 2050, according to DNV’s Maritime Forecast to 2050, which was published last week.
TECO 2030 is currently in the process of separating its carbon capture business unit into a separate entity fully owned by TECO 2030 ASA. The new entity will be known as TECO 2030 Carbon Capture AS and will be based in Narvik in northern Norway.
Green transition in the maritime industry
The International Maritime Organization (IMO) aims to reduce carbon intensity in international shipping by 40% by 2030, and to cut the total annual greenhouse gas emissions from international shipping by at least 50% by 2050 compared to 2008.
Ship-owners across the world will therefore have to do something to make their vessels more climate-friendly, and TECO 2030 will help them with that.
TECO 2030 is delivering technology that helps ships to reduce their environmental and climate impacts. In addition to carbon capture solutions for ships, the company is developing exhaust gas cleaning systems and hydrogen fuel cells for the maritime industry.
Hydrogen fuel cells are the engines of tomorrow and convert hydrogen into electricity while emitting nothing but water vapour and warm air. With the TECO 2030 Marine Fuel Cell, ships will be able to switch from fossil fuels to hydrogen and become emissions-free.
For more information, please contact:
Tore Enger, CEO of TECO 2030 ASA. +47 920 83 800, tore.enger@teco2030.no
About TECO 2030
TECO 2030 aims to contribute to the green transition in the maritime sector by delivering technology that helps ships to reduce their environmental and climate impacts. TECO 2030 is developing hydrogen fuel cells that enable ships and other heavy-duty applications to become emissions-free. The company is also developing other solutions that can help the maritime industry to reduce its emissions, such as exhaust gas cleaning and carbon capture systems for ships. TECO 2030 was founded in 2019 and is headquartered at Lysaker, Norway. The company is listed on Euronext Growth on Oslo Stock Exchange under TECO. TECO 2030 has its roots in the TECO Maritime Group, a group that has provided technology and repair services to the global shipping industry since 1994. For more information, please visit www.teco2030.no.
To view this video from www.youtube.com, please give your consent at the top of this page.Video interview with Tore Enger and Bettina Nowak about TECO 2030More videos
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Tore EngerKonsernleder for TECO 2030 ASA
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About TECO 2030 ASA
TECO 2030 aims to contribute to the green transition in the maritime sector by delivering technology that helps ships to reduce their environmental and climate impacts. TECO 2030 is developing hydrogen fuel cells that enable ships and other heavy-duty applications to become emissions-free. The company is also developing other solutions that can help the maritime industry to reduce its emissions, such as exhaust gas cleaning and carbon capture systems for ships. TECO 2030 was founded in 2019 and is headquartered at Lysaker, Norway. The company is listed on Euronext Growth on Oslo Stock Exchange under TECO. TECO 2030 has its roots in the TECO Maritime Group, a group that has provided technology and repair 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 raises NOK 43 million and partners up with Advait Infratech Limited (Advait) in India16.4.2024 08:45:00 CEST | Press release
(Norway and India, April 16th 2024) TECO 2030 (OSE: TECO, OTC: TECFF, ISIN: NO0010887516) and Advait Infratech Limited (BOM: 543230) invests and partners up for fuel cell expansion in India and SAARC countries. Simultaneously, Advait injects approx. NOK 43 million (USD 4 million) through a private placement in TECO 2030 ASA at a price of NOK 2.00 per share.
TECO 2030 Receives AIP for Containerized Fuel Cell Power Generator8.4.2024 07:00:00 CEST | Press release
(Lysaker, Norway, April 8th 2024): TECO 2030 (OSE: TECO, OTC: TECFF, ISIN: NO0010887516) has, in connection to the HyEkoTank project, received an Approval in Principe (AIP) from the Norwegian classification society DNV for a containerized fuel cell power generator (FCPG) for use onboard oceangoing applications.
TECO 2030 Receives AIP from DNV for Onboard Compressed Hydrogen Fuel Systems19.3.2024 07:00:00 CET | Press release
(Lysaker, Norway, March 19th 2024): TECO 2030 (OSE: TECO, OTC: TECFF, ISIN: NO0010887516) is proud to announce that it has received an additional Approval in Principle (AiP) from DNV regarding compressed hydrogen fuel systems. This milestone achievement marks a significant step forward in the development of sustainable propulsion solutions for the maritime industry.
TECO 2030 and Umoe Mandal receives preliminary approval for high-speed vessel design29.2.2024 07:00:00 CET | Press release
(Lysaker, Norway, February 29th, 2024): TECO 2030 (OSE: TECO, OTC: TECFF, ISIN: NO0010887516) and Umoe Mandal successfully receives “approval of preliminary design” from the Norwegian Maritime Authority for a multimegawatt hydrogen fuel cell powered high-speed vessel design. The preliminary approval is a result of the application submitted earlier this month and is the first stage of the design and approval process for constructing a fuel cell powered vessel.
TECO 2030 and Yokogawa Take Partnership to the Next Stage with Delivery of One TECO Fuel Cell Stack28.2.2024 07:00:00 CET | Press release
(Lysaker, Norway, February 28th 2024): TECO 2030 (OSE: TECO, ISIN: NO0010887516) announces that for the next step in its partnership with Yokogawa, the global industrial automation company, it will be delivering a TECO fuel cell stack of 100kW to the Yokogawa global headquarters in Tokyo before the end of Q1 2024.
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