Norway’s cleantech company TECO 2030 and India’s manufacturing company Advait Infratech have partnered up for fuel cell expansion in India and other South Asian Association for Regional Cooperation (SAARC) countries.
Simultaneously, Advait has injected approximately NOK 43 million ($4 million) through a private placement in TECO 2030 at a price of NOK 2.00 ($0.18) per share.
Following the private placement, the parties will establish a joint venture in India, where Advait and TECO 2030 will respectively hold 51% and 49% of the outstanding shares.
According to TECO 2030, the joint venture will receive the exclusive rights to develop, manufacture and commercialize TECO 2030 fuel cell technology for the Indian market and SAARC countries.
Furthermore, the venture will act as a collaboration between the parties towards creating and maintaining local development, production and commercialization capabilities with a presence in India, TECO 2030 noted.
Tore Enger, Group CEO of TECO 2030, stated: “I am very excited to announce this strategic investment by Advait, and announce our collaboration plans for the Indian market. Advait represents a strong partner for us in India, especially with their expertise in the power and green energy markets. I am confident that our plans will create shareholder value.”
Shalin Sheth, Managing Director and Founder of Advait Infratech, commented: “This collaboration underscores our dedication to innovation and excellence, while also enhancing the Indo-Norway ties in renewable energy. Leveraging TECO 2030’s manufacturing expertise, we are committed to delivering cutting-edge, reliable, and sustainable solutions to our customers.”
To note, TECO 2030 is setting 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 2024 and 2025, targeting an output capacity of up to 200 MW of fuel cells in 2025, increasing to 1.6 GW in 2030.