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(Narvik, Norway, 10 March 2021): TECO 2030 ASA (OSE-Ticker: TECO) plans to
establish Norway’s first large-scale production of hydrogen-based fuel cells in
Narvik in Northern Norway. Fuel cells enable ships and other heavy applications
to switch from fossil fuels such as heavy oil and diesel to climate-friendly
hydrogen, and thereby reduce greenhouse gas emissions from the shipping
industry. TECO 2030 is proud to publish its newest video showing the vision of
TECO 2030 Giga Fuel Cell Innovation Center: https://youtu.be/Q82vVVTH28c
TECO 2030 will host an investor presentation today at 14:00 CET with CEO Tore
Enger and board member Birgit Liodden. There will be a short presentation
followed by live Q&A: https://youtu.be/keLA0yVVO4k
“We plan to establish a combined innovation center and factory in Narvik. The
plant will be able to produce fuel cells with a capacity of more than one
gigawatt per year, equivalent to several billion NOK of annual turnover,” said
Tore Enger, CEO of TECO 2030 ASA.
Fuel cells convert hydrogen into electricity with water vapor and hot air as the
only emissions. TECO 2030 develops fuel cells for heavy transport, primarily
shipping, and these will help reduce greenhouse gas emissions from ships.
Through the initiative in Narvik, the company contributes to the Norwegian
government’s ambition that Norway should build a complete value chain for the
utilization of hydrogen as an energy carrier.
Evaluated various locations
TECO 2030 has considered a number of different potential locations for the giga
factory and had initially planned to build the factory in Eastern Norway.
However, Narvik turned out to be the best option, and the factory will be
established in a facility that previously was home to a plant operated by solar
company REC.
“After it was announced that we were planning a factory in Norway, we received
close to 30 serious suggestions for possible locations. We truly appreciate the
interest and all the input, but the former REC building is highly advanced and
perfect for us. This is why we ended up choosing Narvik,” said Enger.
“The building is completely finished and ready to be put to use, and this is
obviously an advantage for the project,” he added.
“We also note that Narvik has a positive attitude towards industry and business
development, and we hope and believe that this initiative will create
significant ripple effects in the city and region related to hydrogen, an energy
carrier recognized to have great potential. While the neighboring city of
Harstad has been the oil capital of Northern Norway, our goal is now that Narvik
becomes Norway’s hydrogen capital,” said Enger.
Investment and employment
The plan calls for a gradual increase of the plant’s capacity. Work on the site
is planned to start in 2021, and the first production is expected next year.
Total investments of up to NOK 1 billion are expected over a ten-year period.
During this period, up to 500 jobs may be created in Narvik within development,
pilot production and full-scale industrial production. TECO 2030 expects to have
100 employees at the factory by the end of 2025. The development of the
technology is done in collaboration with the Austrian technology company AVL,
which will also contribute to the planning and construction of the proposed
facility.
TECO 2030 is evaluating various financing alternatives for the new giga factory.
The company is in talks with the Norwegian public environmental body ENOVA and
other institutions to evaluate the financing options.
The former REC building previously belonged to state-owned SIVA - The Industrial
Development Corporation of Norway but was recently purchased by the real estate
company Kubera AS, which will lease it to TECO 2030 on a long-term lease with a
purchase option.
Green shipping
TECO 2030 focuses on one of the biggest environmental challenges of our time:
How can we combine ever-increasing shipping volumes with reduced emissions? The
company’s vision is emissions free shipping, and hydrogen-based fuel cells will
be key, especially when it comes to applications where batteries will be too
heavy.
An example is the project Green Hydrogen @ Blue Danube, where hydrogen will be
produced from solar and wind in Romania and transported on barges along the
Danube river to industrial buyers in Austria and Germany. TECO 2030 is a partner
in the project and will supply fuel cells for the hydrogen-powered tugboats that
will take the barges along the Danube.
TECO 2030 has its roots in the TECO Maritime Group, a group of companies that
has provided technology and services to the global shipping industry for over 25
years. TECO 2030 ASA was listed on Euronext Growth on the Oslo Stock Exchange in
the fall of 2020.
DISCLAIMER
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
CONTACTS
- Tore Enger, CEO, +4792083800, tore.enger@teco.no
ABOUT TECO 2030 ASA
TECO 2030 (OSE: TECO-ME) aims to tackle one of the biggest environmental
challenges of our time: How to combine growing global shipping volumes with
reduced emissions. The shipping industry can move to zero emissions by
implementing new technologies, with hydrogen-based fuel cells as the ultimate
solution. TECO 2030 - powering the maritime industry’s transition to renewable
energy.
ATTACHMENTS
Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17847477/374/460/Download%20announcement%2
0as%20PDF.pdf
210310_Stock Exchange Release Narvik.pdf -
https://kommunikasjon.ntb.no/ir-files/17847477/374/459/210310_Stock%20Exchange%2
0Release%20Narvik.pdf
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