Norwegian technology company Teco Group is aiming for an Oslo listing to raise funds for its new hydrogen cell project.
The scrubber supplier is spinning off its Teco 2030 unit with an initial public offering (IPO) through the Oslo Stock Exchange's Merkur Market, with the sale closing on Tuesday.
The company wants to raise between NOK 80m and NOK 100m ($10.5m).
The cash will go towards starting the fuel-cell programme and developing its Future Funnel scrubber tower product.
Teco 2030 also wants to intensify research projects involving carbon capture.
In addition, debt worth NOK 12.8m will be repaid.
The group works with Austrian power systems developer and tester AVL, but has no customers for the exhaust cleaners currently, Teco 2030 said in a presentation to investors.
The company also has "few" customers for its ballast water treatment systems.
Teco Group owns 52% of Teco 2030 currently.
Teco 2030 has built two of its Future Funnel scrubbers and has a letter of intent for their use with a European shipyard.
The company also has a letter of intent for a 100 MW fuel cell, which it is working on with AVL.
Teco 2030 believes 110,000 ships are suitable for retrofits, as well as 2,500 newbuildings per year.
Huge potential
The annual global fuel cell market could be worth $2.55bn, while the company's own share could reach 10%, with annual sales estimated at NOK 2.3bn, Teco 2030 said.
Teco Group was founded in 1994 by Teco 2030 chief executive Tore Enger.
He was also the chairman and major shareholder of Scanship Holding, now named Vow.
Scanship listed in Oslo in 2014 and continues to be listed under the Vow name.
Vow is a wastewater purification company, as well as a developer of systems to convert biomass and waste into clean energy.
Scanship Holding was listed in Oslo in 2014 and remains listed under the Vow name.
The IPO is being handled by Norwegian investment bank Fearnley Securities.
The Teco group has been involved in more than 130 scrubber fittings and more than 100 ballast water treatment system jobs since 2014.
