TECO 2030 unlocks NOK 50 million grant from Innovation Norway

Innovation Norway, the Norwegian Government’s key instrument for supporting innovation and development of Norwegian enterprises and industry has granted TECO 2030 ASA NOK 50 million in development support. The grant is provided in the “environmental technology” category and relates to Innovation Norway’s task of stimulating research and development projects, domestic value generation and creation of responsible businesses.

TECO 2030 was granted the second largest “single project” grant allocation in 2021 and is intended to boost the deployment of TECO 2030’s PEM fuel cell technology in applications for the shipping and heavy-duty industry.

“We are moving ahead with full speed to deliver heavy-duty and marine PEM fuel cells to various energy intensive industries. The grant from Innovation Norway will allow us to accelerate the development and deployment of our fuel cells and the industrialization of the production facility in Narvik” says Tore Enger, Group CEO of TECO 2030. “The support from Innovation Norway will increase green technology knowledge and economic growth in a region which aims to become a hub for Green Industry in Norway” Enger adds.

“The company is working on one of the world's largest and most ambitious ventures on hydrogen fuel cells. This is an important investment both for national strategy and regional development. The technology can help to reduce emissions from the maritime sector and at the same time provide more jobs that require higher education in this region. Innovation Norway's role is to reduce risk in the development phase and the company has already achieved several important financial and technological milestones,” says Monica Ahyee, Regional Director, Innovation Norway Nordland.