OSLO, NORWAY: TECO 2030 ASA, a Norwegian company that produces hydrogen fuel cells, has signed a strategic partnership and investment agreement with Yokogawa Electric Corporation, a Japanese company that specializes in measurement, control, and information technologies. 
Yokogawa Electric has acquired treasury shares of TECO 2030, and the two companies will work together to optimize hydrogen fuel cell technology and explore business opportunities for distributed power sources in the maritime transportation and other industrial sectors.

Hydrogen fuel cells are devices that convert hydrogen and oxygen into electricity and water, and can be used as zero-emission power sources in various applications. They are powered by green hydrogen or hydrogen derived from green ammonia, which are renewable energy carriers. The demand for hydrogen-powered marine vessels is increasing, and the cost of fuel cells is expected to decrease as the technology matures.

TECO 2030 has opened a gigafactory in Narvik, Norway, for the production of hydrogen proton exchange membrane (PEM) fuel cells and energy modules, which have industry-leading energy density and performance. The production capacity will reach 1.6 GW by 2030. Yokogawa Electric has decades of experience in developing technologies for the energy, chemical, and other process industries, and will apply this knowhow to optimize the operation of fuel cells. The two companies will also explore the use of fuel cells as distributed energy resources in industries that need to decarbonize.

Tore Enger, Group CEO of TECO 2030, said, "I am very excited to have Yokogawa on board as an investor and strategic partner for the ongoing development of TECO 2030's complete fuel cell system. I am looking forward to working together toward the common goal of a zero-emission future."

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