TECO2030 signed strategic cooperation agreement with Al Misehal Group in the Kingdom of Saudi Arabia (KSA). The strategic cooperation agreement aims to result in a Joint Venture between the parties with the purpose of conducting business which will reduce environmental impact in the KSA. TECO2030 will bring all technical know-how and expertise to the joint venture as a part of the agreement.

This agreement secures further off-take from the production at the Innovation Center in Narvik and will lead to an increase for Norwegian export. Together the parties will establish a joint venture for operations in the KSA. The fuel cell stacks will be produced at TECO2030 Innovation Center in Narvik and later fuel cell modules with power output capacity of 400 kW will be manufactured at a desired location in the KSA.

Further a full sales and marketing department will be established to conduct business within the region.