Hydrogen – SunHydrogen declares $10 million strategic funding in TECO 2030

TECO 2030 is presently accelerating the transition to renewable fuels by growing and constructing Europe’s first gigafactory of hydrogen PEM gasoline cell stacks for medium to heavy-duty vans and PEM gasoline cell modules for maritime purposes.

Most just lately, TECO 2030, Shell, and extra companions obtained 5 million euros in funding from Horizon Europe to appreciate the HyEkoTank, a hydrogen powered tanker that may look to guide the maritime delivery sector in reaching local weather targets set by the European Union.

Moreover, earlier this 12 months TECO 2030 introduced a brand new collaboration with their very long time growth accomplice AVL wherein TECO 2030 will present gasoline cell stacks with power capacities above 300 kW for AVL’s HyTruck gasoline cell system.

“Over the previous 12 months, we have now thought-about many firms within the hydrogen area for strategic funding” mentioned SunHydrogen’s CEO Tim Younger. “We imagine TECO 2030’s gasoline cell expertise, designed with their growth accomplice AVL, has proven unimaginable potential to change into a key participant within the gasoline cell market. Along with our dedication to growing our nanoparticle expertise, SunHydrogen is in parallel dedicated to enabling the inexperienced hydrogen economic system. By means of our cooperation with TECO 2030, we imagine our firms could make a major influence in a fast-growing market that Goldman Sachs estimates to be price $12 trillion by 2050.”

SunHydrogen’s $10 million whole strategic funding is in two elements. The primary is a $7 million direct funding for shares equal to 9.3 % of TECO 2030. The second is a $3 million convertible observe at 8 % curiosity that shall be convertible into 6.1 million shares at 5.08 Norwegian Krone per share.

Following the funding, SunHydrogen shall designate a director to serve on TECO 2030’s board of administrators. As a part of the funding, the 2 events conform to pursue a possible enterprise mixture and an up-listing onto a US inventory alternate shall be explored.

“This strategic funding by SunHydrogen will give us extra visibility and a robust strategic accomplice within the US which has very bold hydrogen plans” added TECO 2030’s CEO Tore Enger. “I’m trying ahead to cooperating with SunHydrogen on our mission towards zero emission gasoline cell initiatives.”

For added info: