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Home » News » TECO 2030 and Advait Infratech form fuel cell partnership in India

TECO 2030 and Advait Infratech form fuel cell partnership in India

April 15, 2024 2:26 pm

TECO 2030 and Advait Infratech form fuel cell partnership in India
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The partnership aims to expand fuel cell technology production and commercialisation in India and SAARC markets.

TECO 2030 (OSE: TECO, OTC: TECFF, ISIN: NO0010887516) and Advait Infratech Limited (BOM: 543230) have formed a partnership for fuel cell expansion in India. TECO 2030, a Norwegian clean-tech company focused on zero-emission technology for maritime and heavy industry, specialises in developing PEM hydrogen fuel cell stacks and PEM hydrogen fuel cell modules. The collaboration with Advait Infratech Limited (AIL) has been formalised through a Memorandum of Understanding (MoU).

The MoU signifies AIL’s intention to invest in TECO 2030 as a business opportunity and to establish a joint venture for manufacturing fuel cell technology in India and the SAARC region. Under this agreement, AIL and TECO 2030 plan to create a joint venture in India, with AIL holding the majority shareholding. The joint venture will be exclusively authorised to develop, manufacture, and commercialise TECO 2030 Fuel Cell Technology within the Indian and SAARC markets.

Shalin Sheth, Managing Director and Founder of Advait Infratech, commented on the significance of this collaboration, saying, “Our partnership with TECO 2030 is a landmark alliance that will drive advancements in the renewable energy sector. This collaboration underscores our dedication to innovation and excellence, while also enhancing the Indo-Norway ties in renewable energy. Leveraging TECO 2030’s innovation and technology  expertise, we are committed to delivering cutting-edge, reliable, and sustainable solutions to our customers.” 

On the same topic, Tore Enger, Group CEO, TECO 2030 said “I am very excited to announce this strategic collaboration by Advait, and announce our collaboration plans for the Indian as well as SAARC Countries market for tapping market opposrtunities for TECO 2030. Advait represents a strong partner for us in India, specially with their expertise in the power infrastructure and Green Energy and Technology Markets. I am confident that our plans will continue to create shareholder value”.

Earlier this year, the Solar Energy Corporation of India (SECI) announced the winners for establishing 1.5 GW of electrolyser manufacturing capacities across India under the Strategic Interventions for Green Hydrogen Transition (SIGHT) program. Advait Infratech secured a 100 MW allocation with an incentive of ₹1.48 billion (~$17.87 million). Moreover, Advait Infratech has entered into a significant Memorandum of Understanding (MoU) with GuoFu Hydrogen Energy Equipment Co., Ltd. (“GuoFu”), a renowned Chinese manufacturer specialising in hydrogen energy equipment and related products, and Carbon Technology Energy (CTE), a German company focused on creating a prototype fuel cell that optimises carbon-based plate stack distribution.

This joint venture represents a key collaboration between AIL and TECO 2030, aiming to foster local development, production, and commercialisation capabilities while establishing a robust presence in India. Through this partnership, Advait seeks to harness the collective strengths of the companies to advance clean energy solutions in both the Indian and SAARC markets.

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