The board of directors of TECO 2030 ASA , the Norwegian hydrogen fuel cell manufacturer, has made a decision. After evaluating its options, the company has decided to file for bankruptcy , due to insufficient funds and the lack of ability to obtain the capital necessary to continue its operations. The resolution was unanimous and was formalized on December 10, 2024. Part of the statement reads as follows:
The board of directors of the company has decided this afternoon to declare bankruptcy. The decision of the board is unanimous and is due to the fact that there is no longer a realistic possibility of raising sufficient capital to continue operations.
Financial difficulties
Over the past few months, TECO 2030 ASA has faced increasing financial difficulties. The company had tried to raise funds and find investors willing to invest in its business model based on hydrogen technologies, but failed to meet the financial targets needed to move forward.
The news of its insolvency marks the end of a key company in the hydrogen sector and a technological dream that aspired to lead the energy transition in Norway and around the world.
About the manufacturer of hydrogen fuel cells TECO 2030
Founded in Norway, TECO 2030 ASA specialized in the development of hydrogen fuel cells for industrial and maritime applications.
Its ambition was to position itself as a leader in the transition to a clean energy economy, using hydrogen gas as an alternative source of energy. However, despite high expectations, the company failed to maintain a sufficient revenue stream to cover its operating expenses.
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Source and photo: TECO 2030
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