TECO 2030 (OTCQB:TECFF) ASA (OTCQB:TECFF) CEO Tore Enger tells Proactive the Lysaker, Norway-based developer of hydrogen fuel cells that enable ships to become emissions-free, has been granted up to NOK 4 million (around $461,000) in tax relief by the Norwegian government.
The International Maritime Organization (IMO) has put in place the goal of reducing carbon intensity in international shipping by 40% by 2030. Enger says TECO 2030 aims to help ships do this with its hydrogen fuel cells, which convert hydrogen into electricity while emitting water vapor and warm air.
The group will use the grant money for its development and testing of solutions that can capture more than 90% of the CO2 in a ship's exhaust.