Norwegian hydrogen fuel cell firm TECO 2030 has launched plans to raise capital to set up production in the US after revealing it would look outside of its home market amid waning support.
The company today (October 31) said it planned to launch a capitalisation process for its US subsidiary TECO 2030 Inc., with Hamilton Clark Sustainable Capital providing guidance.
If successful, TECO plans to set up a high-capacity fuel cell manufacturing site in the US to meet anticipated demand in transport, data centres, heavy industry and more.
As part of the US expansion, the firm said it is in conversations with one of the seven government-funded Regional Clean Hydrogen Hubs (H2Hubs) to explore opportunities to collaborate on fuel cell deployment.
Read more:US DOE selects seven hydrogen hubs for $7bn funding
Furthermore, the Norwegian player is looking to form partnerships with “several prominent US universities” to further strengthen its R&D capabilities.
“The US offers an exceptional ecosystem for scaling hydrogen solutions, combining robust investor interest and supportive government policies,” said TECO 2030 CEO, Tore Enger.
“By engaging with a leading Hydrogen Hub and universities with relevant competencies, we will be establishing critical partnerships that should enhance our production capabilities and accelerate hydrogen adoption.”
It comes after TECO 2030, in September, said it would shift its manufacturing focus away from its home nation in the face of regulatory delays in Norway.
Read more:TECO 2030 turns to hydrogen fuel cell licensing model for international success
Despite having been developing a 1.2GW fuel cell factory in the country since 2021, a company spokesperson told H2 View that the gigafactory was at an “uncertain stage,” and would remain so until there were “clear incentives and support from government.”
As part of its shifting focus, the company revealed intentions to grab opportunities in regions such as the US, India and Southeast Asia, primarily driven by a licensing model.
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