Vessel hydrogen fuel cell developer Teco 2030 is facing bankruptcy action from the Norwegian tax authorities.
The Oslo-listed cleantech group said on Thursday that a petition had been filed against subsidiary Teco 2030 Innovation Center, its Norvik-based production facility.
A hearing at the Midtre Halogaland District Court has been set for 5 December.
Teco 2030 said this potential bankruptcy could have “significant repercussions” for the company, as the parent has a debt guarantee for the centre capped at NOK 10m (about $900,000) covering rental payments under Innovation Center’s property lease agreement in Narvik.
“A claim has already been made against the company by the beneficiary of this guarantee, prompting the company to engage in discussions to address the situation,” Teco 2030 said.
By Thursday evening, the company, led by chief executive Tore Enger, received its own bankruptcy petition “following failure to pay its obligations under the parent company guarantee”.
“In light of this situation, the board of directors will convene to evaluate the circumstances to decide on the best course of action,” it added.
Teco 2030 said it remains committed to engaging with stakeholders to explore viable options.
The company has been setting up what it calls Europe’s first “giga” production facility of hydrogen proton exchange membrane fuel cell stacks and modules in Narvik, northern Norway.
Big plans
It is targeting a production capacity of up to 200 MW of fuel cells in 2025, increasing to gigawatt-scale output in 2030.
The Oslo Stock Exchange has now placed the company in its “recovery box”, for securities whose pricing is “particularly uncertain”.
The share has plunged 33% to NOK 0.29. It had been as high as NOK 4.60 at the beginning of the year.
At the end of October, Teco 2030 said it was launching a potential capitalisation process for its US subsidiary with the strategic guidance of investment banking adviser Hamilton Clark Sustainable Capital to raise money for a high-capacity fuel cell factory in the US.
This is aimed at “preparing for the anticipated surge in demand for hydrogen-based solutions in transportation, data centres, heavy industry and other critical sectors”.
In July, Teco 2030 raised $1m in a new share issue.
And in April, it secured approval in principle for a containerised fuel cell system from class society DNV.
The firm, majority-owned by Teco Group, has also been developing a potential multi-gas exhaust cleaning system.
The approval in principle has been secured for the company’s design of a full power generation system that includes a fuel cell and power management system that can be integrated into a ship’s main switchboard to provide clean electricity.
Teco 2030 has been developing hydrogen fuel cells in conjunction with AVL, an Austrian research and development company with expertise in heavy-duty power systems.
