TECO 2030 signs an MOU with an undisclosed party for up to 50MW of hydrogen engines
TECO 2030 has signed an MOU with an undisclosed party for cooperation on several fuel cell projects which in total could represent 50MW of fuel cell output, according to the company's release. The projects represent marine fuel cells- and on-shore stationary fuel cell systems in megawatt scale. The MOU outlines a 3-year cooperation commitment to successfully execute the project objectives.
Fuel cells are hydrogen engines which generate electricity through a mechanism that doesn’t require combustion. This means they produce fewer pollutants than conventional, combustion-based power generation technologies. Fuel cells are also highly efficient, producing more power per unit of fuel. As a result, fuel cells offer an alternative to traditional power generation with significant health, reliability, and environmental benefits.
TECO 2030 is building up 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 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.
