TECO 2030, a Norwegian company known for its hydrogen fuel cell technology, is confronting a potential shutdown as its production center in Narvik moves toward bankruptcy.

The company, which is publicly traded in Oslo, revealed that its division TECO 2030 Innovation Center initiated this process prior to a court hearing scheduled for later this week.

The board at the Innovation Center cited “recent developments” as the reason for the decision. The filing suggests the company is grappling with financial issues that have forced this drastic measure. There are concerns about the future of TECO 2030 amid these financial challenges.

Meanwhile, TECO 2030’s parent company also faces its own set of financial difficulties, indicating broader struggles that could impact its operations and future ventures. The financial strain on both the subsidiary and the parent company raises questions about the sustainability of their green initiatives.

The upcoming court proceedings will be crucial in determining the fate of TECO 2030’s Innovation Center. The bankruptcy hearing may reveal more about the company’s path forward and the steps it will take to address its financial woes.