Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Norway
  4. Oslo Bors
  5. TECO 2030 ASA
  6. News
  7. Summary
    TECO   NO0010887516

TECO 2030 ASA

(TECO)
  Report
Real-time Quote. Real-time Oslo Bors - 12/03 10:18:02 am
5.79 NOK   +2.84%
11/29Initiates equity research coverage
AQ
11/25TECO 2030 Seeks Public Funding To Develop First Hydrogen-Powered Boats
MT
11/25Teco 2030 asa
AQ
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

TECO 2030 : receives Approval in Principle by DNV for its Marine Hydrogen Fuel Cell System and Fuel Cell Module FCM400

10/04/2021 | 08:02am EST

Lysaker, Norway, 4 October 2021 – TECO 2030 (OSE: TECO) has reached another milestone in its development of zero-emission solutions for the maritime industry. The cleantech company has now received an “Approval in Principle” (AIP) by DNV for its Hydrogen Fuel Cell System and three versions of its Fuel Cell Module FCM400.

DNV – one of the world’s leading classification and certification bodies – has evaluated TECO 2030’s Hydrogen Fuel Cell System and three versions of its Fuel Cell Module FCM400TM and concluded that they comply with the applicable rules and regulations, codes and standards.

 “The Approval in Principle by DNV marks another important milestone for us in our development of zero-emission solutions for the maritime industry. By giving us the AiP, DNV clearly states that our hydrogen fuel cell system and fuel cell modules are safe to use,” says Tore Enger, CEO of TECO 2030 ASA.

An Approval in Principle is an independent assessment, confirming that the design is feasible and that there are no obstacles that could prevent the solution from being realised.

Confirms suitability for marine applications

“We are very pleased to be working with TECO 2030 on this important project,” says Olaf Drews, Head of Machinery and Piping Systems at DNV Maritime.

“For novel technologies, like fuel cells, having class involvement can be vital in building market confidence. We are continually working to provide practical solutions to enable their uptake and were the first classification society to publish rules for fuel cells in 2008,” says Drews.

“This certificate confirms the basic suitability of TECO’s fuel cell systems for marine applications,” he adds.

The engine of tomorrow

Hydrogen fuel cells are the engines of tomorrow and convert hydrogen into electricity while emitting nothing but water vapour and warm air.

By exchanging one or more of their engines with a TECO 2030 Marine Fuel Cell, ships can switch from fossil fuels to hydrogen and reduce their emissions to zero. They can then sail emissions-free either on the whole journey or on shorter distances, such as when sailing into and out of ports.

Hydrogen fuel cells can also be used during port-stay, loading and discharging, enabling zero-emission operation at berth, without having to connect the ship to an onshore power supply.

The first fuel cell system designed for ships

The TECO 2030 Marine Fuel Cell is the first fuel cell system in the world that is specifically designed for use onboard ships and on other heavy-duty applications.

The fuel cell module is designed with a capacity of 400 kW net power output. Several modules can easily be put together in containers, enabling system configuration in the multi-megawatt scale. A 40 feet ISO fuel cell container from TECO 2030 will have a power production capacity of 6.4 MW.

The TECO 2030 Marine Fuel Module FCM400TM encloses a low temperature PEM (Proton Exchange Membrane) fuel cell system. The system is developed by TECO 2030 in cooperation with the Austrian powertrain technology company AVL, while the modules have been developed internally at TECO 2030.

TECO 2030 has now started the process of receiving “Type Approval” (TA) from DNV. Type Approval is a procedure by which the classification society confirms that a certain product complies with the rules for standard designs and/or for routinely manufactured, identical equipment.

Disclosure regulation

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Contacts

  • Tore Enger, Chief Executive Officer (CEO) of TECO 2030 ASA, +4792083800, tore.enger@teco2030.no

About TECO 2030 ASA

TECO 2030 aims to contribute to the green transition in the maritime sector by delivering technology that helps ships to reduce their environmental and climate impacts. TECO 2030 is developing hydrogen fuel cells that enable ships and other heavy-duty applications to become emissions-free. The company is also developing other solutions that can help the maritime industry to reduce its emissions, such as exhaust gas cleaning and carbon capture systems for ships. TECO 2030 was founded in 2019 and is headquartered at Lysaker, Norway. The company is listed on Euronext Growth on Oslo Stock Exchange under TECO. TECO 2030 has its roots in the TECO Maritime Group, a group that has provided technology and repair services to the global shipping industry since 1994. For more information, please visit www.teco2030.no.

Attachments

  • Download announcement as PDF.pdf
  • 041021 TECO 2030 receives Approval in Principle by DNV.pdf

© NTB Norway, source NTB English Regulatory Releases

All news about TECO 2030 ASA
11/29Initiates equity research coverage
AQ
11/25TECO 2030 Seeks Public Funding To Develop First Hydrogen-Powered Boats
MT
11/25Teco 2030 asa
AQ
11/25TECO 2030 is leading a project group that will build a hydrogen-powered high-speed vess..
AQ
11/25TECO 2030 ASA leading a project group that will build a hydrogen-powered high-speed ves..
CI
10/29TECO 2030 publishes its results for Q3 2021
AQ
10/28TECO 2030 ASA Reports Earnings Results for the Third Quarter and Nine Months Ended Sept..
CI
10/25TECO 2030 : receives NOK 50 million in government support for fuel cell development
AQ
10/22TECO 2030 : Share capital increase registered
AQ
10/21TECO 2030 : signs cooperation agreement with UiT The Arctic University of Norway
AQ
More news
Financials
Sales 2021 16,0 M 1,74 M 1,74 M
Net income 2021 -42,0 M -4,58 M -4,58 M
Net Debt 2021 86,0 M 9,37 M 9,37 M
P/E ratio 2021 -17,5x
Yield 2021 -
Capitalization 761 M 82,9 M 82,9 M
EV / Sales 2021 52,9x
EV / Sales 2022 1,77x
Nbr of Employees 23
Free-Float 39,4%
Chart TECO 2030 ASA
Duration : Period :
TECO 2030 ASA Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends TECO 2030 ASA
Short TermMid-TermLong Term
TrendsBearishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 1
Last Close Price 5,79 NOK
Average target price 10,00 NOK
Spread / Average Target 72,7%
EPS Revisions
Managers and Directors
Tore Enger Co-Chairman & Chief Executive Officer
Pňl Christian Johnsen Chief Financial Officer
Sigurd Gaarder Lange Co-Chairman
Arild Eiken Chief Technology & Project Officer
Birgit Marie Liodden Director
Sector and Competitors