ACCESS Newswire
23 Mar 2023, 11:38 GMT+10
LYSAKER, NORWAY / ACCESSWIRE / March 23, 2023 / TECO 2030 (OSE:TECO)(OTCQX:TECFF)(ISIN:NO0010887516) 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. 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.
'I am thrilled to have signed this MOU with an undisclosed party. This shows the trust and confidence the party has in our fully scalable and modular fuel cell systems. I am looking forward to work with our client on these projects to cover their zero emission energy needs,' says Tore Enger, Group CEO, TECO 2030. 'Both the marine and stationary applications for these projects are in megawatt size and will demonstrate the capabilities of the TECO 2030 fuel cell systems,' Enger concluded.
Contact:
Tore Enger, Group CEO, +47 920 83 800, [email protected]
About:
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. For more information, please visit www.teco2030.no.
SOURCE: TECO 2030 ASA
Get a daily dose of Europe Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Europe Sun.
More InformationThe Israeli Navy has intercepted a ship carrying humanitarian aid and a number of activists including Greta Thunberg, Rima Hassan,...
TOKYO, Japan: Japan's demographic challenges intensified in 2024, with the number of births falling to another all-time low—underscoring...
BEIJING, China: A little-known office inside China's Ministry of Commerce has become a powerful chokepoint in the global auto and tech...
OMAHA BEACH, France: Eighty-one years after the D-Day landings, a small group of World War II veterans has returned to the beaches...
BEIJING, China: The public security bureau in Guangzhou, a city in China, has announced a secret reward for more than 20 people it...
THE HAGUE - The International Criminal Court (ICC) has strongly condemned the United States for imposing sanctions on four of its judges,...
AMSTERDAM, Netherlands: Tesla saw a sharp decline in sales across several major European markets in May, marking its fifth consecutive...
BERLIN/FRANKFURT: Some car parts factories in Europe have stopped production, and companies like Mercedes-Benz are making backup plans...
CHICAGO, Illinois: McDonald's is bringing back its much-loved Snack Wrap in the U.S. starting July 10. The wrap, which includes chicken,...
GOODLETTSVILLE, Tennessee: Dollar General reported record sales of US$10.44 billion for the latest quarter and raised its full-year...
SOUTH BURLINGTON, Vermont: Beta Technologies has become the first U.S. company to land an all-electric aircraft at an airport in the...
WASHINGTON, D.C. Forget bucket lists; this summer, it's all about budget lists. Amid economic uncertainty and a weaker dollar, Americans...