24.7.2023 07:00:03 CEST | TECO 2030 ASA | Non-regulatory press releases
(Lysaker, Norway, July 24th 2023): TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN:
NO0010887516) with partners have been invited for HORIZON EUROPE funding of EUR
13.5 million to build and demonstrate a passenger ferry powered by TECO 2030
fuel cells. The grant amount reserved for TECO 2030 is EUR 2.3 million. The
principal goal of the project is to accelerate the transition towards safe use
of sustainable fuels in waterborne transport through full-scale demonstration of
hydrogen fuel cells within maritime applications.
The consortium consists of 14 partners from seven European countries covering
the whole innovation value chain, including technology developers, academic
institutions, maritime engineering, class society, digital transformation and a
shipyard.
The project is a Horizon Innovation Action that aims to develop, build and
demonstrate a 35 meter, 300 passenger capacity vessel that will be powered by
the FCM400 fuel cell system by TECO 2030. The vessel will be operated in
Southern Europe. TECO 2030 will work closely with all the consortium partners to
develop the entire value chain ensuring full operational requirements for the
vessel. This includes a functional hydrogen refueling system, fulfilling
infrastructure requirements, cost optimization during operations and efficient
data management.
The project proposal was submitted in April 2023 and has been evaluated by
experts in the European Commission in terms of Excellence, Impact and Quality.
The project was among the highest-scoring proposals of this Call and has now
been invited for Horizon Europe Grant Agreement Preparation. We expect the grant
preparation process to be finalized later this year, and the project start date
to be around January 2024.
"I'm proud to announce that we have won our second Horizon Europe project!
Winning two EU-projects out of two attempts is an extraordinary achievement, and
I would like to thank our partners and our internal proposal writing team for
their strong efforts," said Fredrik Aarskog, Director of Business Development,
TECO 2030.
"We are thrilled to continue to showcase how hydrogen can contribute to the
reduction of harmful emissions within the marine industry. This project has the
potential to enable seaborn passenger transport, without any emissions," said
Tore Enger, Group CEO, TECO 2030. "Our fuel cells are the first
purpose-developed marine fuel cells, with an industry leading footprint without
compromising efficiency," Enger concludes.
Renewable hydrogen is universally considered to be an important energy vector in
the global efforts to combat climate change by limiting greenhouse gas emissions
to the "well below 2°C scenario", as agreed by more than 190 states in the 2015
Paris Agreement.
Waterborne transport, in particular the use of large seagoing vessels, remains a
major contributor to greenhouse gas emissions and this sector must step up its
efforts significantly and through a wide range of measures. Within the
International Maritime Organization (IMO), a global agreement was reached in
2018 to reduce total GHG missions from maritime transport by at least 50% by
2050 compared to 2008 as a base year.
CONTACTS
* Tore Enger, CEO of TECO 2030 ASA, +4792083800, tore.enger@teco2030.no
ABOUT TECO 2030 ASA
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 up to 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 -
http://www.teco2030.no.
ATTACHMENTS
Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17847477/2506/3474/Download%20announcement
%20as%20PDF.pdf