TECO 2030 and AVL Sign Contract for Heavy Duty Truck Feasibility Study

Rhea-AI Summary

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.

Positive

• Contract signed with AVL List for feasibility study, indicating strategic partnership.
• Potential for significant market presence in the heavy-duty truck sector with an estimated need for one million trucks by 2030.
• Plans to industrialize the Fuel Cell System at the new facility in Narvik, enhancing production capacity.

Negative

• None.

LONG BEACH, CA / ACCESSWIRE / February 10, 2023 / TECO 2030 ASA (OSE:TECO)(OTCQX:TECFF) (ISIN:NO0010887516) and AVL List sign contract for feasibility study of developing and industrializing a Fuel Cell System for heavy-duty (HD) trucks. The feasibility study starts immediately and is expected to be completed in 2 months. After successful completion, TECO 2030 plans to industrialize this Heavy Duty Fuel Cell System and manufacture them at the Innovation Center and gigafactory in Narvik, Norway.

Picture text: From the left, Hans-Peter Klein, Director of Project Operations and Tore Enger, Group CEO at TECO 2030, Falko Berg, Manager PEM Systems and Alexander Schenk, Lead Engineer PEM Fuel Cell System Architecture at AVL List.

The decarbonization towards renewable energies is just getting started, and through the feasibility study and development of the HD fuel cell system TECO 2030 aims to have a solution for truck fleet owners who wish to uplift their existing and new fleet. The market for HD trucks is enormous and estimated to be millions of trucks across Europe and the US alone. TECO 2030 estimates that there needs to be deployed roughly one million new zero emission HD trucks in Europe and the US alone by 2030, in addition to the existing trucks which can be upfitted with a HD fuel cell System. The average lifetime of a truck is 13 years, which means there are also many existing trucks that can be fitted with new propulsion technologies. The HD fuel cell module can also be deployed in other heavy-duty on- and off-road applications as well, for example mining trucks, rail, buses.

"I am grateful for the support shown by AVL to drive innovation and assist us with developing technologies to reach our common goals of eliminating harmful emissions. We have already received huge interest from several stakeholders in the automotive space, and this will strengthen our zero emission technologies portfolio with a new space efficient HD fuel cell module, purposely made-to-fit Class 8- and 40-ton truck chassis," says Tore Enger, Group CEO, TECO 2030. "This also brings us closer to our partner AVL and contributes to increasing our leading presence in the fuel cell market for HD applications."

"I am really excited to see the TECO 2030 stacks perform in an additional HD application other than marine. With the carbon plate stack design, we laid the foundation for pretty much everything heavy duty and it is absolutely key to find these common denominators across industries," said Falko Berg, Manager and Technical Product Responsible PEM Systems at AVL List.

"This is the only viable way to make sure that our customers like TECO2030 succeed and are able to utilize their upcoming Narvik plant for additional needs besides their main business. Customers looking for off-the-shelf solutions will be very happy to see that a this world class facility can support their heavy-duty product in a timely manner," Berg adds.

Learn more about AVL's vision of the HyTruck project here: https://www.youtube.com/watch?v=gmB9nugBBCU

Contact:

Tore Enger, Group CEO, +47 920 83 800, tore.enger@teco2030.no

About:

TECO 2030 is building up Europe's first Giga production facility of hydrogen PEM fuel cell stacks and modules in Narvik, Norway. The production capacity will be built up through 2023 and early 2024, targeting an output capacity of 120 MW of fuel cells in 2024, 400 MW in 2025 and 1.6 GW in 2030.

TECO 2030 is a Norwegian based clean tech company developing zero-emission technology for the maritime and heavy industry. We are developing PEM hydrogen fuel cell stacks and PEM hydrogen fuel cell modules, that enable ships and other heavy-duty applications to become emissions-free. The company is listed on Euronext Growth on Oslo Stock Exchange under the ticker TECO and in New York, OTCQX under the ticker TECFF. TECO2030 is a spinoff from TECO Maritime Group, a group that has provided technology and services to the global shipping industry since 1994. For more information, please visit www.teco2030.no.

About AVL:

AVL List GmbH ("AVL") with its headquarters in Graz, is one of the world's leading mobility technology companies for development, simulation and testing in the automotive industry, and in other sectors. Drawing on its pioneering spirit, the company provides concepts, solutions and methodologies for a greener, safer and better world of mobility.

AVL constantly expands its portfolio of high-end methodologies and technologies in the areas of vehicle development and testing. With a holistic approach - from ideation phase to serial production - the company covers vehicle architectures and platform solutions including the impact of new propulsion systems and energy carriers.

To achieve the vision of climate-neutral mobility, AVL drives innovative and affordable solutions for all applications - from traditional to hybrid to battery and fuel cell electric technologies.

AVL's passion is innovation. Together with 10,700 employees at more than 90 locations and with 45 Tech and Engineering Centers worldwide, AVL is supporting customers in their mobility ambitions. In 2021, the company generated a turnover of 1.6 billion Euros, of which 12% are invested in R&D activities to ensure continuous innovation.

SOURCE: TECO 2030 ASA

View source version on accesswire.com:
https://www.accesswire.com/738894/TECO-2030-and-AVL-Sign-Contract-for-Heavy-Duty-Truck-Feasibility-Study

FAQ

What is the significance of the contract between TECO 2030 and AVL List?

The contract is significant as it represents a collaborative effort to advance the development of a Fuel Cell System for heavy-duty trucks, indicating strategic industry partnerships.

What is TECO 2030's goal for the heavy-duty truck market by 2030?

TECO 2030 aims to support the deployment of approximately one million new zero-emission heavy-duty trucks in Europe and the US by 2030.

Where will TECO 2030 manufacture the new Fuel Cell System?

The new Fuel Cell System will be manufactured at TECO 2030's Innovation Center and gigafactory located in Narvik, Norway.

What is the expected timeline for the feasibility study announced by TECO 2030?

The feasibility study is expected to be completed within two months of its commencement.

How does TECO 2030 plan to support existing truck fleets?

TECO 2030 plans to offer solutions for truck fleet owners by providing upfit options for existing trucks to become zero-emission through the new Fuel Cell System.