Norwegian technology company Teco 2030 has been selected to help transport green hydrogen from south-eastern Europe into Germany and Austria.
The Oslo-listed firm said Verbund, Austria's leading electricity company, signed a deal to use Teco 2030 hydrogen fuel cells to power pusher tugs carrying the gas on the Danube river.
The project, Green Hydrogen@Blue Danube, involves the production of hydrogen from renewable electricity generated by solar, wind and hydro power.
Verbund is building one of the world’s largest electrolysis plants as part of the H2Future project with companies like Voestalpine and Siemens.
Austria, just like most western European countries, will rely on imports of green hydrogen to achieve their ambitious climate targets, the Austrian company said.
New addition to team
Last month, Teco 2030 brought in a Wartsila executive to spearhead development of a hydrogen fuel cell for shipping.
The company, which debuted on Oslo's Merkur Market last month, said Stian Aakre was joining as chief executive of main operating company Teco 2030 AS.
At the end of September, the Teco Group spin-off sold new stock in an IPO, corresponding to a pre-money equity value of NOK 400m ($43m), while banking proceeds of NOK 80m.
The company is working on a 100-MW fuel cell with Austrian power systems developer and tester AVL.
Teco 2030 believes 110,000 ships are suitable for retrofits, as well as 2,500 newbuildings per year.
The company also wants to develop its Future Funnel scrubber tower product and intensify research projects involving carbon capture.
