Norway-based cleantech company TECO 2030 has decided to make a strategic shift from manufacturing fuel cells in Norway to positioning the company as a global technology provider by offering licensing agreements to international partners.
TECO explained that this decision reflects its commitment to growth in dynamic global markets, particularly in the face of regulatory delays in Norway.
The company plans to take advantage of growing opportunities in regions like the U.S., India, and Southeast Asia, driven by government support and substantial public investment in hydrogen. Stack production might still take place in Norway.
According to TECO, initiatives like the Bipartisan Infrastructure Law and the Inflation Reduction Act (IRA) in the U.S. create favorable conditions for hydrogen development, with $8 billion allocated for hydrogen hubs and $369 billion dedicated to climate and energy initiatives. TECO 2030 intends to pursue these opportunities through its American entity, TECO2030 INC.
“Despite efforts to secure risk financing in Norway, both from public and private sectors, the interest and capital support for clean-tech projects remain limited. By shifting focus to licensing, TECO 2030 can leverage stronger demand in high-potential international markets, ensuring sustainable growth and reinforcing its leadership in hydrogen fuel cell innovation,” the company stated.
The move is expected to open new opportunities for investors by enabling the company to efficiently scale its offerings through licensing agreements and allowing TECO 2030 to bring its fuel cell solutions to various industries, including maritime, heavy-duty applications, data centers, mining, and trucking.
Earlier this year, TECO 2030 achieved ‘ the biggest milestone’ in its history by reaching a stable and maximum power output of zero-emission hydrogen-electric power with its fuel cell system.