hydrogen

SunHydrogen announces $10 million strategic investment in TECO 2030

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Developer of a breakthrough technology to produce renewable hydrogen using sunlight and water SunHydrogen announced that it has invested $10 million in Norwegian company TECO 2030 ASA, the developer of zero-emission technology for the maritime and heavy industry sectors.
SunHydrogen announces $10 million strategic investment in TECO 2030

TECO 2030 is currently accelerating the transition to renewable fuels by developing and building Europe’s first gigafactory of hydrogen PEM fuel cell stacks for medium to heavy-duty trucks and PEM fuel cell modules for maritime applications.

Most recently, TECO 2030, Shell, and additional partners received 5 million euros in funding from Horizon Europe to realize the HyEkoTank, a hydrogen powered tanker that will look to lead the maritime shipping sector in achieving climate targets set by the European Union.

Additionally, earlier this year TECO 2030 announced a new collaboration with their long time development partner AVL in which TECO 2030 will provide fuel cell stacks with energy capacities above 300 kW for AVL’s HyTruck fuel cell system.

“Over the past year, we have considered many companies in the hydrogen space for strategic investment” said SunHydrogen’s CEO Tim Young. “We believe TECO 2030’s fuel cell technology, designed with their development partner AVL, has shown incredible potential to become a key player in the fuel cell market. In addition to our commitment to developing our nanoparticle technology, SunHydrogen is in parallel committed to enabling the green hydrogen economy. Through our cooperation with TECO 2030, we believe our companies can make a significant impact in a fast-growing market that Goldman Sachs estimates to be worth $12 trillion by 2050.”

SunHydrogen’s $10 million total strategic investment is in two parts. The first is a $7 million direct investment for shares equal to 9.3 percent of TECO 2030. The second is a $3 million convertible note at 8 percent interest that will be convertible into 6.1 million shares at 5.08 Norwegian Krone per share.

Following the investment, SunHydrogen shall designate a director to serve on TECO 2030’s board of directors. As part of the investment, the two parties agree to pursue a potential business combination and an up-listing onto a US stock exchange will be explored.

“This strategic investment by SunHydrogen will give us more visibility and a strong strategic partner in the US which has very ambitious hydrogen plans” added TECO 2030’s CEO Tore Enger. “I am looking forward to cooperating with SunHydrogen on our mission toward zero emission fuel cell projects.”

For additional information:

SunHydrogen

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