A NOK 50 million (U$4.7m) grant awarded to TECO 2030 in October 2021 has now been unlocked by the company, following the achievement of a prerequisite for fund release.
The grant, awarded by Innovation Norway under the environmental technology category, will be used by TECO 2030 to support the development of its PEM fuel cell technology for shipping and heavy-duty industrial applications. The company also hopes the funding will accelerate the deployment of the technology.
TECO 2030 was granted the second largest single project grant allocation in 2021.
“We are moving ahead with full speed to deliver heavy-duty and marine PEM fuel cells to various energy-intensive industries,” said Tore Enger, Group CEO, TECO 2030. “The grant from Innovation Norway will allow us to accelerate the development and deployment of our fuel cells and the industrialization of the production facility in Narvik. The support from Innovation Norway will increase green technology knowledge and economic growth in a region which aims to become a hub for green industry in Norway.”
“The company is working on one of the world’s largest and most ambitious ventures on hydrogen fuel cells,” commented Monica Ahyee, regional director, Innovation Norway Nordland. “This is an important investment both for national strategy and regional development. The technology can help to reduce emissions from the maritime sector and at the same time provide more jobs that require higher education in this region. Innovation Norway’s role is to reduce risk in the development phase and the company has already achieved several important financial and technological milestones.”
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