EMEA News
TECO 2030 Wins Norwegian Funding for Hydrogen Fuel Cells
Marine technology company TECO 2030 has won funding from the Norwegian government for its work on the development of hydrogen fuel cells for shipping.
The firm has been granted NOK 50 million ($6 million) by Innovation Norway in the largest single amount given so far, the company said in an emailed statement on Monday. The money will go towards the development of TECO 2030's hydrogen fuel cell for ships.
"With support from the Norwegian government, we will continue our work on developing fuel cells and establishing a factory in Narvik where these will be produced," Tore Enger, CEO of TECO 2030, said in the statement.
"This plant will contribute to economic growth and the creation of new, green jobs in northern Norway.
"The fuel cells we will produce here will help to reduce the environmental and climate impacts of ships and other heavy-duty applications and enable them to cut their emissions to zero."
As a prerequisite for receiving the grant, the firm will need to raise about NOK 160 million in additional funding from other investors before the end of March 2023.
