SunHydrogen Invests NOK 100 Million In TECO 2030 ASA

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Credits: Viktor Kiryanov/ Unsplash
  • SunHydrogen, the company behind a new technology for producing hydrogen from sunlight and any source of water. 
  • As part of the investment, the two parties agree to further regulate their joint intention to pursue a potential business combination.
  • “We believe our companies can make a significant impact in a fast-growing market that will be worth $12 trillion by 2050,” says Tim Young.

TECO 2030 ASA is pleased to announce that it has accepted an NOK 100 million investment from SunHydrogen, Inc.

SunHydrogen

SunHydrogen, based in the United States, is the creator of a game-changing technology for producing renewable hydrogen from sunlight and any source of water. 

SunHydrogen’s technology is currently in development and employs a nanoparticle-based approach in which billions of microscopic nanoparticles split water at the molecular level into oxygen and green hydrogen.

SunHydrogen’s nanoparticle technology does not rely on grid power or expensive power electronics because it directly uses the electrical charges created by sunlight to generate hydrogen. 

SunHydrogen’s scalable system configuration of many individual hydrogen-generating panels also ensures redundancy and stability.

International visibility

TECO 2030 will work with SunHydrogen to increase its international visibility, particularly in the United States, and to advance zero-emission fuel cell projects around the world.

TECO 2030 is accelerating the transition to renewable fuels by developing and constructing Europe’s first gigafactory of hydrogen PEM fuel cell stacks for medium to heavy-duty trucks and PEM fuel cell modules for maritime applications.

Following the investment, SunHydrogen will be invited to join the board of directors of TECO 2030. 

As part of the investment, the two parties agree to further regulate their joint intention to pursue a potential business combination in which the investor’s up-listing on a US exchange will be investigated.

Hydrogen Plans

“I am pleased to announce this strategic investment by SunHydrogen, which will give us more visibility and a strong strategic partner in the US, which has very ambitious hydrogen plans,” said TECO 2030 CEO Tore Enger.

“I am excited to work with SunHydrogen on our mission to develop zero-emission fuel cell projects,” Mr. Enger said.

“SunHydrogen strongly supports TECO 2030’s mission,” SunHydrogen CEO Tim Young said.

“We are committed to advancing the green hydrogen economy, and we believe our companies can make a significant impact in a fast-growing market that Goldman Sachs estimates will be worth $12 trillion by 2050 through our collaboration with TECO 2030.”

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Source: Teco2030

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