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TECO 2030 (OTCQX: TECFF) has initiated manual production of fuel cell stacks at its Innovation Center in Narvik, Norway, marking a critical step toward commercializing its fuel cell technology. This facility is equipped with advanced manufacturing tools and skilled personnel, set to produce fuel cell stacks in small quantities initially, with plans to scale up production significantly by 2024. The innovative fuel cell stacks are designed for marine and land applications, with goals to reduce greenhouse gas emissions and enhance energy efficiency. TECO 2030 aims for a production capacity of 120 MW in 2024, escalating to 1.6 GW by 2030.
TECO 2030 has signed a Memorandum of Understanding (MOU) with an undisclosed party to explore multiple fuel cell projects, potentially generating 50MW of hydrogen fuel cell output. This MOU establishes a 3-year commitment to execute marine and on-shore fuel cell systems on a megawatt scale. The company emphasizes the environmental advantages of fuel cells, highlighting their efficiency and reduced pollutant production compared to traditional power generation. TECO 2030 is also expanding its hydrogen PEM fuel cell production facility in Norway, targeting a capacity of 120 MW by 2024, escalating to 1.6 GW by 2030.
TECO 2030 has successfully unlocked a NOK 50 million grant from Innovation Norway, initially granted in October 2021, aimed at supporting the development of their PEM fuel cell technology. This funding is crucial for advancing projects within the shipping and heavy-duty industries. The grant represents the second-largest single project allocation and emphasizes TECO 2030's commitment to green technology and regional economic growth. The company's Giga production facility in Narvik is expected to reach a capacity of 1.6 GW by 2030, enhancing zero-emission solutions for the maritime sector.