Government provided funding to TECO for the development of their first semi-automated manufacturing line for hydrogen fuel cells at their new fuel cell plant and research center in northern Norway totals 5.4 million Norwegian kroner ($628,000).
This subsidy was given via Norway’s Research Council of Skattefunn, a research and development (R&D) tax credit scheme which was meant to help Norwegian firms with the funding and progress of their R&D endeavors. In the form of tax deductions, R&D expenditure offers indirect support.
TECO 2030’s new Narvik facility will start fuel cell pilot production in the second half of 2022 thanks to assistance from the Research Council of Norway.
A project has been approved that includes the building of a 400 MW hydrogen fuel cell production plant, which will bring in $160 million in yearly tax revenue. People who qualify for the tax reduction have received it for two years, 2021 and 2022.
Until 2020, up to NOK4 million in tax exemption was available for anyone who designed new technology to collect CO₂ from ship exhaust and store it until the ship docked.
TECO 2030 is involved in fuel cell development alongside AVL, who will also assist with the manufacturing and innovation center planning in Narvik.
This fuel cell was created with a focus on ships and for other applications that require maximum power.