TECO2030 signs strategic cooperation agreement with Al Misehal Group in the Kingdom of Saudi Arabia (KSA), according to the company's release. The strategic cooperation agreement aims to result in a Joint Venture between the parties with the purpose of conducting business which will reduce environmental impact in the KSA.
TECO2030 is a leader in the field of marine and heavy-duty fuel cell applications and will bring all technical know-how and expertise to the joint venture as a part of the agreement. This agreement secures further off-take from the production at the Innovation Center in Narvik and will lead to an increase for Norwegian export.
Together the parties will establish a joint venture for operations in the KSA. The fuel cell stacks will be produced at TECO2030 Innovation Center in Narvik and later fuel cell modules with power output capacity of 400 kW will be manufactured at a desired location in the KSA. Further a full sales and marketing department will be established to conduct business within the region.
The cooperation is built to contribute towards the KSA’s “Vision 2030” with an ultimate goal of achieving net zero by 2060. The TECO2030 and Al-Misehal cooperation aims to be a leading supplier of zero emission hydrogen-based fuel cells in the region, with an intended goal of converting various power sources towards zero emissions. The vision is built around three themes: a vibrant society, a thriving economy, and an ambitious nation. This strategic cooperation will be a rewarding partnership in terms of knowledge sharing, economic growth, and innovative thinking for achieving the ultimate goals of the net zero vision.
The parties believe that green hydrogen will play a key role in reaching the United Nation’s Sustainable Development Goals. In that sense, KSA is a pioneer within innovation and new-thinking and is a leading country in regard to innovative value-creation.