TECO 2030 ASA has received NOK 50 million in development funding from Innovation Norway, the main tool used by the Norwegian government to support innovation and development in Norwegian businesses and industry.
The grant is given in the field of “environmental technology” and corresponds to Innovation Norway’s job of encouraging R&D initiatives, local value creation, and establishment of ethical firms.
The PEM fuel cell technology developed by TECO 2030 is designed to accelerate the adoption of this technology in applications for the maritime and heavy-duty industry. TECO 2030 was awarded the second biggest “single project” funding allocation in 2021.
“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.