TECO 2030 unlocks $4.6 million grant from Innovation Norway
Norway’s cleantech company TECO 2030 has achieved a prerequisite required to release the NOK 50 million ($4.6 million) grant given to the company by Innovation Norway in October 2021.
Innovation Norway, the Norwegian Government’s instrument for supporting innovation and development of Norwegian enterprises and industry, granted the funds for development support. More specifically, the grant is provided in the ‘environmental technology’ category.
According to TECO 2030, the grant is intended to boost the deployment of its PEM fuel cell technology in applications for the shipping and heavy-duty industry.
Tore Enger, Group CEO of TECO 2030, said: “We are moving ahead with full speed to deliver heavy-duty and marine PEM fuel cells to various energy-intensive industries. The grant from Innovation Norway will allow us to accelerate the development and deployment of our fuel cells and the industrialisation 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.”
Monica Ahyee, Regional Director of Innovation Norway Nordland, commented: “The company is working on one of the world’s largest and most ambitious ventures on hydrogen fuel cells. This is an important investment both for the 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.”