TECO 2030 ASA Receives Approx. NOK 100 Million Strategic Investment From US-Based SunHydrogen, Inc.
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.
- Secured NOK 100 million investment from SunHydrogen, enhancing financial stability.
- Partnership aims to boost visibility in the promising US hydrogen market.
- SunHydrogen's technology aligns with zero-emission goals and reduces dependency on grid power.
- Potential for a business combination that could lead to US exchange listing.
- None.
NEW YORK, NY / ACCESSWIRE / November 14, 2022 / TECO 2030 ASA (Oslo Stock Exchange:TECO)(OTCQX:TECFF) is pleased to announce that it has accepted an NOK 100 million investment from SunHydrogen, Inc. (HYSR).
A US-based company, SunHydrogen is the developer of a breakthrough technology to make renewable hydrogen using sunlight and any source of water. Currently in development, SunHydrogen's technology utilizes a nanoparticle-based approach in which billions of microscopic nanoparticles split apart water at the molecular level into oxygen and green hydrogen.
Because SunHydrogen's technology directly uses the electrical charges created by sunlight to generate hydrogen, the Company's nanoparticle technology does not rely on grid power or require costly power electronics. Additionally, SunHydrogen's planned scalable system configuration of many individual hydrogen-generating panels ensures redundancy and stability.
Through its cooperation with SunHydrogen, TECO 2030 will look to bolster its international visibility, specifically in the US, and further its zero emission fuel cell projects around the world.
TECO 2030 is currently accelerating the transition to renewable fuels by developing and building Europe's first gigafactory of hydrogen PEM fuel cell stacks for medium to heavy-duty trucks and PEM fuel cell modules for maritime applications.
Following the investment, SunHydrogen will be invited for one board position on TECO 2030's board of directors. As part of the investment, the two parties agree to further regulate their joint intention to pursue a potential business combination through which an up-listing of the investor on a US exchange will be explored.
"I am pleased to announce this strategic investment by SunHydrogen which will give us more visibility and a strong strategic partner in the US which has very ambitious hydrogen plans," said TECO 2030's CEO Tore Enger. "I am looking forward to cooperating with SunHydrogen on our mission toward zero emission fuel cell projects," Mr. Enger added.
"SunHydrogen believes strongly in TECO 2030's mission," said SunHydrogen's CEO Tim Young. "We are committed to furthering the green hydrogen economy, and through our cooperation with TECO 2030, we believe our companies can make a significant impact in a fast-growing market that Goldman Sachs estimates to be worth
About TECO 2030
TECO 2030 is a Norwegian based clean tech company developing zero-emission technology for the maritime and heavy industry sectors. We are developing PEM hydrogen fuel cell stacks and PEM hydrogen fuel cell modules that enable ships and other heavy-duty applications to become emission-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. TECO 2030 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 SunHydrogen, Inc.
SunHydrogen is developing a breakthrough, low-cost technology to make renewable hydrogen using sunlight and any source of water, including seawater and wastewater. The only byproduct of hydrogen fuel is pure water, unlike hydrocarbon fuels such as oil, coal and natural gas that release carbon dioxide and other contaminants into the atmosphere when used. By optimizing the science of water electrolysis at the nano-level, our low-cost nanoparticles mimic photosynthesis to efficiently use sunlight to separate hydrogen from water, ultimately producing environmentally friendly renewable hydrogen. Using our low-cost method to produce renewable hydrogen, we intend to enable a world of distributed hydrogen production for renewable electricity and hydrogen fuel cell vehicles. To learn more about SunHydrogen, please visit www.SunHydrogen.com.
Contact:
Tore Enger, Group CEO, +4792083800, tore.enger@teco2030.no
SOURCE: TECO 2030 ASA
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