Norwegian fuel cell maker TECO 2030 files for bankruptcy

"The board of directors has decided to file for bankruptcy. The board decision is unanimous and is due to the fact that there is no longer a realistic opportunity to raise sufficient capital to continue operations", was written in an official note.

By Editorial staff

Norwegian fuel cell maker TECO 2030 was forced to file for bankruptcy due to a very challenging financial situation. “The board of directors has decided to file for bankruptcy. The board decision is unanimous and is due to the fact that there is no longer a realistic opportunity to raise sufficient capital to continue operations”, was written in an official note.

TECO 2030: long-term trouble

In September, TECO 2030 announced a strategic reorganization of its business. In particular, the initial plan to manufacture its own fuel cell systems was discarded, and the company shifted focus to licensing its proprietary technologies. The company viewed this licensing model as a way to unlock international growth opportunities.

Also, despite the main focus of the Norwegian company was on the maritime sector, TECO 2030 developed some concrete projects also for road transport.

Highlights

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