Welcome to our dedicated page for TECO 2030 ASA news (Ticker: TECFF), a resource for investors and traders seeking the latest updates and insights on TECO 2030 ASA stock.
TECO 2030 ASA is a Norwegian-based clean tech company dedicated to developing zero-emission technology for the maritime and heavy industry. The company focuses on the development of PEM hydrogen fuel cell stacks and modules to enable ships and heavy-duty applications to operate emission-free. TECO 2030 is listed on Euronext Growth on the Oslo Stock Exchange under the ticker TECO and on OTCQX in New York under the ticker TECFF. A spinoff from TECO Maritime Group, which has been providing technology and services to the global shipping industry since 1994.
TECO 2030 ASA (OTCQX:TECFF) has announced a contract with AVL List for a feasibility study focused on developing a Fuel Cell System for heavy-duty trucks. The study, commencing immediately, is expected to be completed in two months. TECO 2030 aims to industrialize this system at its Innovation Center in Narvik, Norway. The company anticipates a significant market opportunity, estimating that one million new zero-emission heavy-duty trucks will be needed in Europe and the US by 2030. TECO 2030 plans to support truck fleet owners looking to convert existing fleets to cleaner technologies.
TECO 2030 has initiated the HyEkoTank project with a €5 million grant from HORIZON EUROPE, which began on February 1, 2023, and will run for three years. The project, in collaboration with Shell and consortium partners, aims to retrofit ships with zero-emission hydrogen fuel cells to eliminate emissions during voyages and at port. The retrofit will utilize six 400 kW fuel cell modules for propulsion and auxiliary power. The company’s CEO, Tore Enger, emphasizes the significance of this project in demonstrating the viability of fuel cells in decarbonizing the maritime sector. TECO 2030 targets an output of 1.6 GW in fuel cell production by 2030.
TECO 2030 has finalized the selection of component suppliers for its first fuel cell modules, FCM400, signaling significant progress in development. The assembly of the first unit will take place at AVL's facility in Graz, Austria, in Q2 2023, followed by advanced testing in Q3. The FCM400 is designed for heavy-duty marine applications and aims for zero emissions with an electrical capacity of 400kW. This milestone indicates product maturity and a shift from design to build and validation phases, with the company gearing up for market introduction.
TECO 2030 announced the signing of a EUR 5 million grant agreement with the European Union under the HORIZON EUROPE funding scheme, with project initiation planned for February 2023. The HyEkoTank project aims to retrofit a product tanker with a 2.4 MW fuel cell system and 4000 kg hydrogen storage, expected to demonstrate zero emissions by 2024. Key partners include Shell, supporting the project's zero-carbon fuel goals, contributing to the EU's climate objectives of reducing GHG emissions by 55% by 2030.
TECO 2030 has secured a significant contract with thyssenkrupp Automation Engineering for the delivery of the first complete fuel cell stack production line at its Innovation Center in Narvik, Norway. This contract includes the design, manufacturing, and shipment of equipment from Bremen, Germany, scheduled for Q1 2024.
The Narvik facility aims to establish Europe's first Gigafactory for Proton Exchange Membrane (PEM) fuel cells, targeting an annual capacity of 120 MW in 2024, increasing to 400 MW by 2025.
TECO 2030 has secured a purchase order worth approximately NOK 5.5 million for its Future Funnel from a major European shipowner, with delivery expected by the end of Q1 or beginning of Q2 2023. This first contract highlights TECO 2030’s commitment to environmental technology, focusing on emission reductions in shipping. The Future Funnel aims to meet existing and stricter future marine regulations by reducing harmful emissions, developed in collaboration with AVL. This milestone is seen as a potential catalyst for further growth in scrubber technology.
TECO 2030 has announced the successful production of the world's first fuel cell stack designed for heavy-duty and marine applications. This milestone, celebrated in Vancouver, represents a significant step towards launching a fuel cell factory in Narvik, Norway, aimed at decarbonizing the maritime industry. The fuel cell stack, generating a net output of 100 kW, will serve in multiple pilot projects in 2023. Production will ramp up for automated manufacturing by early 2024, with TECO 2030 targeting substantial greenhouse gas reductions in heavy-duty sectors.
TECO 2030 announces a strategic partnership with SinoHyKey to supply Membrane Electrode Assemblies (MEAs) for its fuel cell systems, targeting decarbonization in marine transport. This collaboration aims to achieve key development milestones, with past projects showing promising results. Noteworthy projects include an 800kW HydroPilot container set for delivery in Q3 2023, with an order value of NOK 20 million, and the HyEkoTank initiative, which has received EUR 5 million from Horizon Europe for zero-emission operations. The partnership underscores TECO's commitment to delivering emissions-free solutions globally.
TECO 2030 ASA announces a strategic investment of NOK 100 million from SunHydrogen, Inc. This partnership aims to enhance TECO 2030's visibility in the US market and support its zero-emission fuel cell projects globally. SunHydrogen's innovative technology converts sunlight and water into green hydrogen, eliminating reliance on grid power. As part of the investment, SunHydrogen will secure a board position and explore potential business combinations. TECO 2030 is focused on developing hydrogen fuel cell stacks for maritime and heavy-duty applications, positioning itself in an estimated $12 trillion market by 2050.
TECO 2030 has secured an invitation for EUR 5 million funding from HORIZON EUROPE for the development of the HyEkoTank hydrogen-powered tanker project. The project aims to retrofit a product tanker with a 2.4 MW fuel cell system and 4000 kg compressed hydrogen storage by 2024, facilitating zero emissions at berth and a 60% reduction in GHG emissions during voyages. Key partners include Shell, Ektank, and Neste. The project aligns with the EU's climate targets, aiming for 55% GHG reduction by 2030 and climate neutrality by 2050.
FAQ
What is the current stock price of TECO 2030 ASA (TECFF)?
What is the market cap of TECO 2030 ASA (TECFF)?
What does TECO 2030 ASA focus on?
Where is TECO 2030 ASA based?
In which stock exchanges is TECO 2030 ASA listed?
What is the background of TECO 2030 ASA?
What is the core goal of TECO 2030 ASA?
How does TECO 2030 ASA contribute to combating climate change?
What recent achievement has TECO 2030 ASA made?
