12 Mar 2021

TECO 2030 to Set up Giga Factory for Production of Hydrogen Fuel Cells in Narvik, Norway

12 Mar 2021  by   

TECO 2030 ASA plans to establish Norway’s first large-scale production of hydrogen-based fuel cells in Narvik in Northern Norway. 

Through the initiative in Narvik, the company contributes to the Norwegian government’s ambition that Norway should build a complete value chain for the utilization of hydrogen as an energy carrier.

TECO 2030 ASA considered a number of different potential locations for the giga factory and had initially planned to build the factory in Eastern Norway. However, Narvik turned out to be the best option, and the factory will be established in a facility that previously was home to a plant operated by solar company REC.

The plan calls for a gradual increase of the plant’s capacity. Work on the site is planned to start in 2021, and the first production is expected next year. Total investments of up to NOK 1 billion (US$116 million) are expected over a ten-year period.

During this period, up to 500 jobs may be created in Narvik within development, pilot production and full-scale industrial production. TECO 2030 ASA expects to have 100 employees at the factory by the end of 2025. The development of the technology is done in collaboration with the Austrian technology company AVL, which will also contribute to the planning and construction of the proposed facility.

TECO 2030 ASA is evaluating various financing alternatives for the new giga factory. The company is in talks with the Norwegian public environmental body ENOVA and other institutions to evaluate the financing options.

The former REC building previously belonged to state-owned SIVA - The Industrial Development Corporation of Norway but was recently purchased by the real estate company Kubera AS, which will rent it out to TECO 2030 ASA on a long-term lease agreement with purchase option.

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