(Lysaker, Norway, and Tokyo, Japan – November 1, 2023): TECO 2030 ASA (“TECO
2030”, OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) and Yokogawa Electric
Corporation (“Yokogawa Electric”, TOKYO: 6841) announce that they have signed a
strategic partnership and investment agreement regarding the development of
technology for utilizing hydrogen fuel cells in industrial applications. Under
this agreement, Yokogawa Electric has invested in TECO 2030 by way of acquiring
treasury shares, and the two companies will collaborate on optimizing hydrogen
fuel cell technology and exploring business opportunities for distributed power
sources in the maritime transportation and other industrial sectors.
Hydrogen fuel cells use an electrochemical process that combines hydrogen and
oxygen to produce electrical energy and water, and are utilized as power sources
in fuel cell vehicles (FCV) and stationary power supply devices. Green hydrogen
and ammonia are considered promising energy carriers for the storge and
transportation of renewable energy that has been produced as electricity. Fuel
cells powered by green hydrogen, or hydrogen produced through green
ammonia-to-hydrogen cracking technology, are more energy efficient than
conventional combustion engines and don’t generate nitrogen oxide (NOx), so can
be used as zero-emission energy sources in a range of applications. Although
adoption has been limited up to now, technology maturity and a dramatic increase
in demand for hydrogen-powered marine vessels are driving expansion of the fuel
cell market, and the resulting reduction in manufacturing costs is expected to
in turn accelerate use in the automotive and industrial sectors as well.
TECO 2030 develops and manufactures hydrogen fuel cells, and has opened in
Narvik, Norway, a gigafactory for the production of hydrogen proton exchange
membrane (PEM) fuel cells and energy modules, which consist of multiple cells
and auxiliary operating equipment. Production of hydrogen fuel cells i already
underway, and module production is expected to start within the next few months.
The production capacity will be built up over time, targeting an output capacity
of 400 MW in 2025 and 1.6 GW in 2030. TECO 2030’s hydrogen fuel cells employ
unique technologies developed together with technology partner AVL, a forerunner
in this field, enabling industry-leading energy density and performance.
Yokogawa Electric brings to this partnership decades of experience in developing
core measurement, control, and information technologies for the energy,
chemical, and other process industries. Yokogawa Electric and TECO 2030 see
opportunities for applying this knowhow to develop technology for optimizing the
operation of fuel cells, and will also explore their use as distributed energy
resources in industries that have high decarbonization needs.
Tore Enger, Group CEO of TECO 2030, commented, “I am very excited to have
Yokogawa on board as an investor and strategic partner for the ongoig
development of TECO 2030’s complete fuel cell system. I am looking forward to
working together toward the common goal of a zero-emission future.”
Tsuyoshi Abe, a Yokogawa Electric senior vice president and head of the
Marketing Headquarters, said, “As we mention in our whitepaper Reweave the World
*, energy conversion systems are going to play an important role in the
transition from the fossil fuel era to a renewable energy era. Yokogawa firmly
believes that fuel cells are one of the pathways to net-zero emissions in the
maritime and industrial sectors, and we are confirming this by embarking on a
journey with TECO 2030 as a strategic partner for a sustainable future.”
CONTACTS
* Tore Enger, CEO, +47 920 83 800, tore.enger@teco2030.no
ABOUT TECO 2030 ASA
TECO 2030 is a Norwegian clean tech company developing zero-emission technology
for maritime and other industries. We are developing PEM hydrogen fuel cell
stacks and PEM hydrogen fuel cell modules that enable ships and oter industrial
applications to become emissions-free. TECO 2030 is a spinoff from TECO Maritime
Group, which has provided technology and services to the global shipping
industry since 1994. The company is listed on Euronext Growth on Oslo Stock
Exchange under the ticker TECO and in New York, OTCQX under the ticker TECFF.
For more information, visit www.teco2030.no – http://www.teco2030.no.
ATTACHMENTS
Download announcement as PDF.pdf –
https://kommunikasjon.ntb.no/ir-files/17847477/2712/3799/Download%20announcement
%20as%20PDF.pdf
Yokogawa TECO2030 sign partnership and investment agreement.pdf –
https://kommunikasjon.ntb.no/ir-files/17847477/2712/3798/Yokogawa%20TECO2030%20s
ign%20partnership%20and%20investment%20agreement.pdf
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