US Company Invests in 2030 Zero-emission Fuel Cell Projects
US-based SunHydrogen has invested NOK 100 million (approximately $10 million) into TECO 2030, a cleantech-focused company that focuses on higher quality and safety of renewable hydrogen.
SunHydrogen’s technology has been under development for only a few months, and is actively working to revolutionize the way that hydrogen fuel is produced. It utilizes a nanoparticle-based approach, in which billions of microscopic nanoparticles split the molecules of water apart into oxygen and H2.
TECO will work with SunHydrogen through cooperation to boost its international visibility in the US, and enable its zero-emission fuel cell projects around the world.
TECO 2030 is on the brink of a major transition in the renewable-fuel market. The company is currently developing Europe’s first gigafactory and hydrogen PEM fuel cell stacks for medium to heavy-duty trucks, and modules for maritime applications.
After making an investment, SunHydrogen will be included as one of the members on a board position after TECO 2030. As part of this process, both parties agree to regulate their joint intention and explore a potential combination that would ultimately lead to an up-listing on a US stock exchange.
TECO 2030 is happy to announce a strategic investment by SunHydrogen, giving them more visibility and access to a strong strategic partner with ambitious hydrogen plans. TECO 2030 is looking forward to working with SunHydrogen on our common mission toward zero-emission fuel cell projects.
SunHydrogen believes strongly in TECO 2030’s mission. We are committed to furthering the green hydrogen economy, and through our cooperation with TECO 2030, we believe that our companies can make a significant impact on the fast-growing market of $12 trillion by 2050.