TECO 2030 Raises NOK 43M, Partners with Advait Infratech on Fuel Cell Expansion

Norwegian company TECO 2030 has teamed up with India’s Advait Infratech to expand fuel cell technology in India and SAARC countries.

This collaboration is supported by the private placement of approximately NOK 43 million (USD 4 million) in TECO 2030 ASA by Advait at NOK 2.00 per share.

Post the private placement, the two companies are seeking to establish a joint venture in India, with Advait and TECO owning 51% and 49% of the shares, respectively. This venture will hold exclusive rights to develop, manufacture, and commercialize TECO 2030’s Fuel Cell Technology within the Indian market and SAARC countries. The joint project will foster local development, production, and commercialization capabilities with presence in India.

Strategic Investment

Tore Enger, Group CEO, TECO 2030, expressed his enthusiasm for this strategic investment by Advait, and the plans for collaboration in the Indian market. He recognised Advait as instrumental partners in India, especially for their expertise in the power and green energy markets. He believes these plans will create shareholder value.