Norway-based cleantech company TECO 2030 is launching a potential capitalization process for its U.S. subsidiary, with the strategic guidance of investment banking advisor Hamilton Clark Sustainable Capital. If successful, the capital infusion would be directed toward establishing a high-capacity fuel cell production facility in the U.S.
According to TECO 2030, the production would be aimed at preparing for the anticipated surge in demand for hydrogen-based solutions in transportation, data centers, heavy industry and other critical sectors.
The demand for hydrogen fuel cells is expected to rise significantly, TECO 2030 said, noting that the company is committed to meeting this demand, ensuring it can deliver advanced fuel cell technology to sectors poised for transformation.
The cleantech company revealed that it is actively engaging in dialogue with one of the U.S. hydrogen hubs to explore collaborative opportunities for regional hydrogen infrastructure and the deployment of its fuel cell technology.
Additionally, to strengthen its research and development capabilities, TECO 2030 is said to be in the process of forming partnerships with several U.S. universities that have expertise in hydrogen and clean energy technologies.
Tore Enger, CEO of TECO 2030, commented: “The U.S. offers an exceptional ecosystem for scaling hydrogen solutions, combining robust investor interest with supportive government policies. By engaging with a leading Hydrogen Hub and universities with relevant competencies, we will be establishing critical partnerships that should enhance our production capabilities and accelerate hydrogen adoption. We are preparing to meet the rising demand for fuel cells, ensuring we are ready to support industries that are transitioning to sustainable energy.”
To remind, in September 2024, TECO 2030 announced its decision 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.
The company revealed 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.