EMEA News
TECO 2030 Goes Bust
TECO 2030, a Norwegian technology firm developing hydrogen fuel cell batteries for marine and heavy industry applications, has filed fpr bankruptcy.
Trading in the company's shares on the Oslo stock exchange was suspended on December 11 following the announcement the day before.
A statement issued on December 10 by the firm's board of directors cited lack of capital as behind the move.
"The board decision is unanimous and is due to the fact that there is no longer a realistic opportunity to raise sufficient capital to continue operations," the statement said.
A statement on the firm's website posted in September outlined the difficulties the firm was facing.
Without a clear regulatory path spelling out the where and when of rules on zero emissions for shipping in Norway, investors in the technology were hesitant.
"Potential investors do not trust that the requirements for emission reductions will come," the statement said.
Citing one example, the statement said that although the Norwegian state had long announced zero-emissions requirements for ferries from 2023, no regulation had been forthcoming.
Another example given in the statement referenced the absence of zero-emission requirements for fjords. These were put back from 2026 to 2032, according to the statement.
In July, TECO 2030 signed a grant-backed deal to retrofit LNG-fuelled ships with fuel cell systems while a design for a containerised fuel cell was approved in April.
