Advait Infratech Limited (Advait) partners up with a Norway-based fuel cell company TECO 2030

(Norway and India, April 11th 2024) TECO 2030 (OSE: TECO, OTC: TECFF, ISIN: NO0010887516) and Advait Infratech Limited (BOM: 543230) partners up for fuel cell expansion in India. TECO 2030, a Norwegian-based Clean-tech Company developing zero-emission technology for the maritime and heavy industry specialisation in developing PEM hydrogen fuel cell stacks and PEM hydrogen fuel cell modules, and Advait Infratech Limited (AIL), which has been formalised through a Memorandum of Understanding (MOU). This Memorandum of Understanding (MoU) stands on the intent of investment from AIL into TECO 2030 as business opportunity and also partnering up for setting up manufacturing unit through JV for the expansion of fuel cell technology in India as well as in SAARC Countries market. 

Under this agreement, AIL and TECO 2030 intend to establish a joint venture in India, where AlL intends to hold the majority shareholding. The joint venture will be exclusively authorised to develop, manufacture, and commercialise TECO 2030 Fuel Cell Technology within the Indian as well as SAARC market. 

Mr. Shalin Sheth, Managing Director and Founder of Advait Infratech, commented on the significance of this collaboration, saying, “Our partnership with TECO 2030 is a landmark alliance that will drive advancements in the renewable energy sector. This collaboration underscores our dedication to innovation and excellence, while also enhancing the Indo-Norway ties in renewable energy. Leveraging TECO 2030’s innovation and technology  expertise, we are committed to delivering cutting-edge, reliable, and sustainable solutions to our customers.” 

On the same topic, Tore Enger, Group CEO, TECO 2030 said “I am very excited to announce this strategic collaboration by Advait, and announce our collaboration plans for the Indian as well as SAARC Countries market for tapping market opposrtunities for TECO 2030. Advait represents a strong partner for us in India, specially with their expertise in the power infrastructure and Green Energy and Technology Markets. I am confident that our plans will continues create shareholder value”.

Earlier this year, Solar Energy Corporation of India’s (SECI) announced winners to set up 1.5 GW of electrolyser manufacturing capacities across India under the Strategic Interventions for Green Hydrogen Transition (SIGHT) program. Advait Infratech won 100 MW with an incentive allocation of ₹1.48 billion (~$17.87 million). Additionally, Advait Infratech has also signed a significant MoU with GuoFu Hydrogen Energy Equipment Co., Ltd. (“GuoFu”), a distinguished Chinese manufacturer specialising in hydrogen energy equipment and related products. Carbon Technology Energy (CTE), a German company to create a prototype fuel cell, emphasising the optimization of carbon-based plate stack distribution.

This joint venture signifies a significant collaboration between AlL and TECO 2030 towards creating and maintaining local development, production, and commercialization capabilities with a strong presence in India. Through this venture, Advait aims to leverage their respective strengths to contribute to the advancement of clean energy solutions in the Indian as well as SAARC market.