The Norwegian engineering company is planning to list on the Merkur Market in an initial public offering (IPO) worth between NOK 80-100 million, and has also signed a letter of intent to supply green hydrogen fuel cells, developed in conjunction with AVL, for Chemgas Shipping’s new push tugs.
As previously reported by ship.energy, earlier this month TECO signed a partnership agreement with German tech developer AVL for the TECO Marine Fuel Cell, which will be designed for ‘heavy duty’ marine applications.
The two companies have already worked together over the past year to develop the TECO Future Funnel scrubber. The solution is intended to be upgraded to handle more types of emissions, with the end goal of zero impact emission.
A letter of intent for two scrubbers has been signed with delivery scheduled for Q4 2020 and TECO 2030 says production capacity for ‘a significant number’ of scrubbers has been established.
Subscription to the IPO is open from 22 September and books will close today (29 September). The company says that proceeds from the IPO will be used for the completion of development and commercialisation of the product portfolio.
TECO 2030 is a spinoff from TECO Group which has served the maritime industry since 1994. Through TECO 2030, the focus is on developing solutions for renewable energy sources and on reducing the environmental footprint of shipping. The company is currently involved in the development of maritime hydrogen fuel cell technology, as well as carbon capture and scrubber projects.
On 4 September 2020, TECO 2030 also signed a letter of intent with Chemgas Shipping for the delivery of fuel cells for their new push tugs. The push tugs will be driven by TECO Marine PEM Fuel Cells, developed by AVL, and green hydrogen.
Chemgas Shipping is involved in the water transportation of pressurised LPG, and the planned push tugs will be part of the Blue Danube project, which covers the large-scale production of green hydrogen in South East Europe using wind and solar energy, and the transportation the hydrogen along the River Danube to hydrogen users in countries of the Interreg Danube Transnational region.
The size of the fuel cells will be in the range of 2.5 MW per vessel. Prototype delivery is slated from 2022, with series production delivery expected from 2023. Production of the fuel cells will take place in Germany under TECO and AVL supervision.
In early August, 2020 TECO 2030 also signed a non-binding letter of intent with AVL for the development of Carbon Capture and Storage onboard ships, with a view to agreeing a mutual contractual agreement during Q1 2021.