Norway’s TECO 2030 announced a wider net loss for the first half of the year as it continues to focus on the development of its technologies, production capacity, and workforce.
TECO 2030 reported a net loss of 56.4 million Norwegian kroner ($5.3 million) for the first half of this year, compared to a net loss of NOK36.3 million in the same period last year. However, there was positive news on the revenue front, with total revenue increasing by 50% to reach NOK8.1 million.
As a clean-tech company, TECO 2030 is dedicated to developing hydrogen fuel cells and other innovative products that aim to reduce emissions in the maritime and heavy industry sectors.
The company emphasized that its primary focus during the first half of 2023 has been on the ongoing development of fuel cells. Substantial resources have been allocated to this aspect, including the purchase of components for the first fuel-cell systems and the commencement of fuel-cell stack production.
TECO 2030’s CEO, Tore Enger, highlighted the growing interest in renewable energy sources globally. Enger noted that during the first half of 2023, the company’s team has submitted fuel cell quotes amounting to over 500 million euros ($542.2 million) for 52 distinct projects. Furthermore, he stated, “When considering the cumulative results from 2021, 2022, and the first half of 2023, our pipeline for quotes exceeds EUR1 billion.”
With a steady increase in interest from potential customers, TECO 2030 aims to secure firm contracts by the end of this year.
