TECO 2030 Gets Government Support for Hydrogen Fuel Cell Production Line
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
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
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.
Write to Dominic Chopping at email@example.com
(END) Dow Jones Newswires
September 23, 2021 09:25 ET (13:25 GMT)
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