Norway-based cleantech company TECO 2030, known for the development of hydrogen fuel cells, has filed for bankruptcy.
In a stock exchange announcement on December 10, 2024, the company stated that its board of directors unanimously agreed to the filing “due to the fact that there is no longer a realistic opportunity to raise sufficient capital to continue operations.”
Just days before, on December 3, 2024, TECO’s wholly-owned subsidiary TECO 2030 Innovation Center formally filed for bankruptcy. Reportedly, this filing has now been executed.
At the time, TECO 2030, said that the company was evaluating the implications of that bankruptcy filing, adding: “Innovation Center holds a net claim of approximately NOK 22 million [approximately $1.9 million] against the Company. Additionally, the Company has provided a guarantee of NOK 10 million [less than $1 million] to the former landlord of Innovation Center. As part of the bankruptcy proceedings, the Company will also write off the recorded equity of NOK 30,000 [less than $3000] associated with Innovation Center.”
To note, the bankruptcy filings come just weeks after the announcement of the launch of a potential capitalization process for the company’s U.S. subsidiary and the establishment of a high-capacity fuel cell production facility in the U.S.
In September 2024, TECO 2030 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. The company had plans to take advantage of growing opportunities in regions like the U.S., India and Southeast Asia.
READ MORE TECO 2030 reveals plans for high-volume fuel cell production facility in US Norway’s TECO 2030 sets sights on becoming global technology provider It is worth mentioning that in 2024 TECO 2030 reached a “stable and maximum” power output of zero-emission hydrogen-electric power with its fuel cell system. The company claimed that this positions the system as the “most powerful marine fuel cell system globally,” which is purposely designed for heavy-duty industrial applications.