By Dominic Chopping 

TECO 2030 ASA said Thursday that it has been granted up to 5.4 million Norwegian kroner ($623,557) in indirect government support to develop its first semi-automated production line for hydrogen fuel cells at its new factory in Narvik, northern Norway.

The engineering company is developing hydrogen fuel cells and other solutions to help the maritime industry reduce its emissions, such as exhaust gas cleaning and carbon capture systems for ships.

The support has been granted through the Research Council of Norway's Skattefunn scheme, which is a tax deduction scheme designed to stimulate research and development activities in Norwegian companies. It provides indirect support in the form of tax deductions on costs related to implemented research and development activities.

The tax relief has been given for two years, 2021 and 2022.

Over the next ten years, TECO 2030 expects total investments in the plant in Narvik to amount to up to NOK1 billion. It plans to produce fuel cells with a total capacity of 10 megawatts at the factory in 2022 and intends to gradually scale up the plant's output over the following years.

By 2030, the factory will be able to produce 1.2 gigwatts of fuel cells every year, it added.


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(END) Dow Jones Newswires

September 23, 2021 09:25 ET (13:25 GMT)

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