Norwegian fuel cell manufacturer Teco 2030 has filed for insolvency, citing an inability to secure the necessary capital to continue operations. The company’s board made the unanimous decision to file for bankruptcy on 10 December, acknowledging that there is no longer a realistic opportunity to raise sufficient funds to keep the business running. The bankruptcy petition was filed the same evening.
Teco 2030 had been facing challenges for some time. In September, the company announced a strategic reorganization, shifting away from manufacturing its own fuel cell systems. Instead, Teco 2030 opted to focus on licensing its technology to other companies, hoping this model would enable international growth without the need for expensive production infrastructure. Despite this shift, it appears the company could not overcome its financial difficulties.
The reasons behind the insolvency remain unclear, though previous statements by the company shed some light on its struggles. In September, Teco 2030 expressed frustration with the lack of investment in Norway’s clean tech sector, stating that efforts to secure financing from both public and private sectors had failed. The company’s financial woes were compounded by slow adoption of its new licensing model, and it remains uncertain whether the reorientation itself could not generate the needed momentum.
Teco 2030 had ambitious plans, including the development of a “gigafactory” for marine fuel cells in Norway, which it unveiled in early 2021. The company had also started building a pilot production line in Narvik with technology sourced from Thyssenkrupp. In addition to its maritime focus, Teco 2030 had expanded its efforts to develop fuel cell systems for road vehicles, collaborating with AVL on a 40-tonne truck powered by fuel cells. Despite these initiatives, the company’s financial struggles ultimately led to its insolvency.
