TECO 2030 will initiate a fuel cell expansion in India and SAARC countries, backed with NOK43m ($4m) from Advait Infratech Limited.
Following a private placement of new shares in TECO 2030, the two companies will establish a joint venture (JV) in India, with Advait and TECO 2030 holding 51% and 49% of the outstanding shares, respectively.
The JV will hold the exclusive rights to develop, manufacture and commercialise TECO 2030 Fuel Cell Technology for India and South Asian Association for Regional Cooperation (SAARC) countries.
Under the collaboration between the two companies, they will the aim to create and maintain local development, production and commercialisation capabilities in the region.
The private placement settlement is expected to take place within Q2 2024. The new shares will be listed on Euronext Growth once the share capital has been resolved and registered with the Norwegian Register of Business Enterprises.
“Our partnership with TECO 2030 is a landmark alliance that will drive advancements in the renewable energy sector,” said Shalin Sheth, Managing Director and Founder of Advait Infratech.
“This collaboration underscores our dedication to innovation and excellence, while also enhancing the Indo-Norway ties in renewable energy.”
Tore Enger, TECO 2030’s Group CEO, added, “Advait represents a strong partner for us in India, especially with their expertise in the power and green energy markets.”
The company produced its first 100kW PEM fuel cell at its Innovation Centre in Narvik, Norway, last May (2023). Since then it has supplied fuel cells to Yokogawa from its 1.2GW facility.
Read more: TECO 2030 reveals first production of 100kW PEM fuel cell stack
