TECO 2030 ASA Closes First Tranche of Investment with Advait Infratech Limited
Key Ideas
- TECO 2030 ASA closed the first tranche of the agreed investment of USD 4 million with Advait Infratech Limited, issuing 5,500,000 new shares.
- The second and final investment of USD 3 million will follow shortly, increasing the total shares to 209,391,789 in TECO 2030 ASA.
- TECO 2030 is building Europe's first Giga production facility of hydrogen PEM fuel cell stacks and modules in Narvik, aiming for significant output capacities in the coming years.
- The company focuses on developing zero-emission technology for the maritime and heavy industry, providing PEM hydrogen fuel cell solutions for emissions-free applications.
TECO 2030 ASA, based in Lysaker, Norway, has successfully closed the first tranche of its investment agreement with Advait Infratech Limited, amounting to USD 4 million. This investment saw the issuance of 5,500,000 new shares, with a second investment of USD 3 million to follow. With this, the total number of shares in TECO 2030 ASA will rise to 209,391,789. The company is focused on developing Europe's first Giga production facility for hydrogen PEM fuel cell stacks and modules in Narvik, Norway. By 2024, they aim to achieve an output capacity of 120 MW of fuel cells, with projections for 400 MW in 2025 and 1.6 GW in 2030. TECO 2030 specializes in clean technology for the maritime and heavy industry, offering PEM hydrogen fuel cell solutions to enable emission-free operations. The company, listed on Euronext Growth on Oslo Stock Exchange and OTCQX in New York, is a spinoff from TECO Maritime Group, established in 1994. For more details, visit www.teco2030.no.