TECO 2030 Completes First FCM400's Component Procurement

Rhea-AI Summary

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.

Positive

• Completion of supplier selection for FCM400 fuel cell modules.
• First unit assembly scheduled for Q2 2023, indicating development progress.
• FCM400 aims to deliver zero emissions for heavy-duty marine applications.
• Planned production capacity growth to 1.6 GW by 2030 enhances market potential.

Negative

• None.

LYSAKER, NORWAY / ACCESSWIRE / January 10, 2023 / TECO 2030 (OSE:TECO)(OTCQX:TECFF) ISIN: NO0010887516) has completed selection of all major component suppliers and procured necessary parts for the first fuel cell modules (FCM400). This means the FCM400 development is close to completion and the first units are ready for assembly.

Picture text: TECO 2030's Fuel Cell Module 400 (FCM400) is the building block of TECO 2030 Fuel Cell System, which is purposely developed for heavy-duty marine applications.

The layout release entails a freeze of all functional components to allow for further resimulation and fine detail solutions to be executed. The first FCM400 will be assembled at AVL's facility in Graz, Austria during Q2, before its scheduled operation in the advanced testbed for complete simulation. The fuel cell development project now shifts from design engineering to the build and validation phase. The FCM400 will complete advanced testbed operations during Q3 2023.

The FCM400 is the building block in TECO 2030's Fuel Cell Power System and is a key driver towards achieving zero emissions while operating marine and heavy-duty applications. The system is designed for an electrical capacity of 400kW.

"The milestone proves maturity of the product details and is a step towards reaching our final product design. In other words, a clear indication of development progressions as we move into a new step in the development project timeline, according to our schedule" says Tore Enger, Group CEO, TECO 2030. "Zero emission fuel cell power sources for heavy duty and marine applications are very soon ready for market introduction, and we are ready to provide clients with fuel cells performing like never seen before. The FCM400 will undoubtedly become a propulsion game-changer in the marine industry," Enger concludes.

Contact:

TECO 2030: Tore Enger, Group CEO of TECO 2030, +47 920 83 800, tore.enger@teco2030.no

About TECO 2030:

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 the 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.

SOURCE: TECO 2030 ASA

View source version on accesswire.com:
https://www.accesswire.com/734566/TECO-2030-Completes-First-FCM400s-Component-Procurement

FAQ

What is the significance of TECO 2030's recent announcement on FCM400?

TECO 2030 announced the completion of component procurement for FCM400, marking a critical development milestone aimed at zero-emission marine applications.

When will the first FCM400 unit be assembled?

The first FCM400 unit is scheduled for assembly in Q2 2023 at AVL's facility in Graz, Austria.

What is the electrical capacity of the FCM400 fuel cell module?

The FCM400 fuel cell module is designed with an electrical capacity of 400kW.

What are the future production targets for TECO 2030?

TECO 2030 aims for a production capacity of 120 MW in 2024, 400 MW in 2025, and 1.6 GW by 2030.

How does the FCM400 contribute to emissions reduction?

The FCM400 is designed for heavy-duty marine applications and aims to provide zero-emission solutions, supporting clean technology in the maritime industry.