TECO 2030 Gets $10.1 Mln Investment From SunHydrogen

By Dominic Chopping

TECO 2030 ASA said Monday that it has received a 100 million Norwegian kroner ($10.1 million) strategic investment from U.S.-based SunHydrogen Inc.

The Norwegian clean technology company said the investment comprises NOK70 million through a private placement and NOK30 million from a secured convertible loan.

Through the private placement, 13.4 million new shares will be issued at a price of NOK5.42 a share and SunHydrogen will hold 8.48% of the total shares in the company following completion, it said.

“I believe this partnership will spark the beginning of a strong collaboration toward global hydrogen markets. This investment will also make us more visible in the U.S.,” TECO 2030 Chief Executive Tore Enger said.

Net proceeds will be used to fund the company’s operations, fuel cell industrialization and development projects going forward, the company said.

TECO 2030 is a Norwegian engineering company that is developing hydrogen fuel cells and other solutions primarily to help the maritime industry reduce its emissions, such as exhaust gas cleaning and carbon capture systems for ships.

Write to Dominic Chopping at dominic.chopping@wsj.com

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