TECO 2030 has filed for bankruptcy of its subsidiary set up for its Norwegian gigascale hydrogen fuel cell plant.
TECO 2030 Innovation Center AS was set up by the fuel cell firm to manage the development of its 1.2GW manufacturing facility in Narvik, which had been under construction since 2021.
However, in September, the company revealed plans to pivot towards overseas licensing and manufacturing as support and demand waned in its home nation.
At the time a company spokesperson told H2View the plant was at an “uncertain stage.”
Read more:TECO 2030 turns to hydrogen fuel cell licensing model for international success
On November 14, a bankruptcy petition was filed against the subsidiary by the Norwegian Tax Authority, seemingly due to an unpaid lease agreement for the Innovation Center’s property in Narvik.
TECO 2030 had provided a guarantee of NOK 10m ($0.9m) to the former landlord of the plant, which could lead to “significant repercussions.”
A trading statement issued on Tuesday (December 3), said TECO 2030 would file for bankruptcy of the subsidiary, which it revealed had a net claim of around NOK 22m ($1.99m) against it.
With a hearing scheduled for today (December 5), the company will also write off NOK 30,000 ($2,716) of recorded equity associated with the Innovation Center.
TECO 2030 stated regulatory delays in Norway were hampering its plans to produce and deploy fuel cells in its home nation.
Highly focused on maritime applications, chief among its concerns was the Government’s change of plans to continue fossil-fuelled cruise ships to sail into the World Heritage fjords until 2032 – four years later than original proposals.
The company told H2 View, the original timeline would have accelerated the growth of zero-emission technology firms.
Despite its ambitions to tap into the US market, the outcome of the bankruptcy proceedings could make TECO 2030’s road to profitability all the more difficult.
Newsletters
H2 View knows just how much hydrogen news there is to keep on top of. Keep up to date on the latest developments across the industry with our daily newsletter that will give you the top five stories of the day, straight to your inbox.
Don’t forget we also have our weekly newsletter which includes a round-up of the past seven days’ hydrogen highlights, including not only news but also interviews, features and analysis.
Sign up for our newsletters here.
