TECO 2030 ASA Expands Investment from Advait Infratech Limited in Hydrogen Production Facility
Key Ideas
- TECO 2030 ASA closed a USD 1 million investment tranche from Advait Infratech Limited for its hydrogen production facility in Narvik, Norway.
- The investment will lead to the issuance of 5,283,500 new shares at a price of NOK 2.00 per share, increasing the total number of shares in TECO 2030 ASA.
- TECO 2030 is focused on developing zero-emission technology for the maritime and heavy industry, aiming to achieve gigawatt-production capacity by 2030.
- The company's hydrogen PEM fuel cell stacks and modules are designed to enable emissions-free operations for ships and heavy-duty applications.
TECO 2030 ASA has successfully finalized another tranche of investment from Advait Infratech Limited, amounting to USD 1 million for the construction of Europe's first Giga production facility of hydrogen PEM fuel cell stacks in Narvik, Norway. This investment involves the issuance of 5,283,500 new shares at a price of NOK 2.00 per share, contributing to a total of 220,621,592 shares in TECO 2030 ASA. The company's focus lies in developing zero-emission technology for the maritime and heavy industry, with a strategic vision to achieve gigawatt-production capacity by 2030. TECO 2030's hydrogen PEM fuel cell stacks and modules are pivotal in enabling ships and heavy-duty applications to operate without emissions. The company's commitment to clean tech solutions is reinforced by its listing on Euronext Growth on the Oslo Stock Exchange and OTC in New York under tickers TECO and TECFF respectively. As part of the TECO Maritime Group lineage established in 1994, TECO 2030 continues to propel sustainable advancements in the industry.