TECO2030 Fuel Cell Update March 2022
13 MAR 2022 08:30 CET
COMPANY NAME
TECO 2030
ISN
NO0010887516MARKET
Euronext Growth
SYMBOL
TECO
13.3.2022 08:30:00 CET | TECO 2030 ASA | Additional regulated information
required to be disclosed under the laws of a member state
(Lysaker, Norway, March 13th 2022) TECO2030 ASA (OSE: TECO) has decided to
publish an operational update about the developments of our Marine Fuel Cells.
Through 2021 we saw great progress in both the technology and production
developments and reached several milestones.
The Marine Fuel Cells have moved a long way through 2021 with several
interesting zero emission fuel cell projects. The Fuel Cell development has been
progressing according to schedule, and the first fuel cell modules will be
deployed in the demonstrator project of a zero-emission construction site with
Implenia Norway during the summer of 2023. This project has been funded by the
state enterprise ENOVA. The project group has biweekly meetings to align for
execution of the project and mid-February TECO2030 visited Implenia Norway's
construction site right outside Oslo, "Fornebubanen". The visit gave the project
team a good understanding of what a future construction site will look like and
boosted the motivation for continued success. If we now go back to the
developments, the fuel cell has performed thousands of hours in AVL's testbench
and is outperforming our expectations. The performance numbers achieved are
substantially higher than what we expected in the feasibility study. Several of
the components have been through detailed evaluation, simulation, and selection.
The decision of components is a large milestone for the engineering team of
TECO2030 and is a large step towards a zero-emission fuel cell future.
The project in Narvik for the Port of Narvik is waiting for feedback from ENOVA.
The Port of Narvik is looking for a high-speed zero-emission hydrogen fuel cell
workboat. The fuel cells will be delivered during 2023, pending financing with a
total energy capacity of 1.6 MW. The project will be the first vessel to
demonstrate and pilot a TECO2030 FCC1600 onboard, another large milestone for
TECO2030.
The first fuel cells and prototypes will be delivered to customers during second
and third quarter 2023.
There are plenty of other very promising and interesting projects ongoing and
further details will be released in timely manner and according to stock
exchange requirements. The ongoing projects are of every size and includes Green
Hydrogen @ Blue Danube which is currently waiting for an answer on its IPCEI
application. There is no doubt that renewable energy will play a key role in
decarbonizing the heavy duty and marine applications in the coming years and
TECO2030 is positioning itself to be a key player in the hydrogen field.
The EU recently also launched its "REPowerEU" initiative after the ongoing
sanctions with Russia were enforced. The European Commission unveiled proposals
to further boost renewables and quadruple current 2030 targets for green
hydrogen supplies as part of a hastily assembled strategy to cut the EU's
reliance on Russian gas by two-thirds as soon as the end of this year. This will
spark a boost in the European hydrogen industry and leads to higher reliance of
hydrogen fuel cells in the years to come.
Things are happening in Narvik as well. The kick-off for the development of the
production facility in Narvik started in early December 2021 with our first
employee onboard, followed by a second employee who started in January 2022. The
team in Narvik, along with several employees at Lysaker have started working
closely with AVL's production planning engineers. Currently the team is
designing the floorplan with the proper dimensions of all necessary machines and
other equipment. Simultaneously, there are several certification processes being
worked on, such as ISO-certifications, RamBase Technology implementation and a
broad hiring process. TECO2030 Innovation Center is looking for 5 new
colleagues, the positions needed are Facility Manager, Supply Chain Manager,
Technical Lead Engineer, Production Engineer (both Electro/Automation and
Mechanical).
Tuesday March 1st 2022, we had the Norwegian Prime Minister, Jonas Gahr Støre,
visiting us for a tour of the facility where he was introduced to our plans with
the building in Narvik. Prime Minister Støre was very pleased and engaged with
all aspects of the facilities and the fact that we found an existing building
which was perfect for our needs. The tour ended in a conference room with a
short power point discussion around the holistic possibilities with TECO2030
Marine and Heavy-Duty Fuel Cells.
TECO2030 is proud to present higher efficiency at the Innovation Center with an
increased production capacity, and the company is now aiming to achieve 1.6GW of
annual PEM fuel cell production in the facilities in Narvik in 2030. The
increased production capacity is in line with the market demands and the newly
published strategy of the European Commission "REPowerEU". The EU's consumption
of renewable energy is expected to increase substantially in the years towards
2030, and a new strategi quadrupling the current 2030 targets for renewable
energy.
In January 2022, TECO2030 signed a strategic cooperation agreement with Al
Misehal Group in the Kingdom of Saudi Arabia (KSA). The cooperation is built to
contribute towards the KSA's "Vision 2030" with an ultimate goal of achieving
net zero by 2060. The TECO2030 and Al-Misehal cooperation aims to be a leading
supplier of zero emission hydrogen-based fuel cells in the region, with an
intended goal of converting various power sources towards zero emissions. The
vision is built around three themes: a vibrant society, a thriving economy, and
an ambitious nation. This strategic cooperation will be a rewarding partnership
in terms of knowledge sharing, economic growth, and innovative thinking for
achieving the ultimate goals of the net zero vision.
"We are currently in a good position to deliver PEM fuel cells to the maritime
and heavy-duty industry, and the interest among clients is high. Currently I
would estimate that we are involved in 65 fuel cell projects in all sizes and
appropriate stock exchange notices will be given when ready for launch," said
Tore Enger, Group CEO, TECO 2030. "The current market situation for hydrogen is
accelerating from the hype stage we saw a couple years ago, to the take-action
stage we are now experiencing. The future will include hydrogen as an energy
source, and we are striving daily to deliver world-class fuel cell systems to
our clients," Enger adds.
Zurück
