TECO 2030 ASA
(Lysaker,
Al
TECO2030 is a leader in the field of marine and heavy-duty fuel cell applications and 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.
The cooperation is built to contribute towards the KSA’s “Vision 2030” with an ultimate goal of achieving net zero by 2060. The TECO2030 and Al-Misehal cooperation aims to be a leading supplier of zero emission hydrogen-based fuel cells in the region, with an intended goal of converting various power sources towards zero emissions. The vision is built around three themes: a vibrant society, a thriving economy, and an ambitious nation. This strategic cooperation will be a rewarding partnership in terms of knowledge sharing, economic growth, and innovative thinking for achieving the ultimate goals of the net zero vision.
The parties believe that green hydrogen will play a key role in reaching the United Nation’s
“This marks the beginning of a fruitful cooperation with
“We look forward to working with TECO2030 on the fuel cell deployment in KSA to manufacture heavy-duty hydrogen fuel cell units and transfer knowledge to the local workforce in the OXAGON Industrial City within NEOM. This joint venture is in line with the Kingdom’s Vision 2030, and a major milestone in achieving net zero carbon in 2060,” said
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) ofTECO 2030 ASA , +4792083800, tore.enger@teco2030.no
About TECO 2030 ASA
About TECO2030:
TECO2030 accelerates the green transition in the maritime sector by delivering technology that helps ships to reduce their environmental and climate impacts. TECO2030 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. TECO2030 was founded in 2019 and is headquartered at Lysaker,
Attachments
- Download announcement as PDF.pdf
- TECO2030 signs strategic cooperation with
Al Misehal Group .pdf
© NTB Norway, source
