US company invests in TECO 2030 zero-emission fuel cell projects
Norway’s cleantech company TECO 2030 has received a NOK 100 million (approximately $10 million) investment from US-based SunHydrogen, a developer of technology that uses sunlight and any source of water to make renewable hydrogen.
Currently under development, SunHydrogen’s technology utilizes a nanoparticle-based approach in which billions of microscopic nanoparticles split apart water at the molecular level into oxygen and green hydrogen.
Through its cooperation with SunHydrogen, TECO 2030 will look to bolster its international visibility, specifically in the US, and further its zero-emission fuel cell projects around the world.
TECO 2030 is currently accelerating the transition to renewable fuels by developing and building Europe’s first gigafactory of hydrogen PEM fuel cell stacks for medium to heavy-duty trucks and PEM fuel cell modules for maritime applications.
Following the investment, SunHydrogen will be invited for one board position on TECO 2030’s board of directors. As part of the investment, the two parties agree to further regulate their joint intention to pursue a potential business combination through which an up-listing of the investor on a US exchange will be explored.
“I am pleased to announce this strategic investment by SunHydrogen which will give us more visibility and a strong strategic partner in the US which has very ambitious hydrogen plans”, said TECO 2030’s CEO Tore Enger. “I am looking forward to cooperating with SunHydrogen on our mission toward zero-emission fuel cell projects.”
“SunHydrogen believes strongly in TECO 2030’s mission”, added SunHydrogen’s CEO Tim Young. “We are committed to furthering the green hydrogen economy, and through our cooperation with TECO 2030, we believe our companies can make a significant impact in a fast-growing market that Goldman Sachs estimates to be worth $12 trillion by 2050.”