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Oslo-listed TECO 2030 files for bankruptcy amid financial troubles

Decision of the company’s board of directors was unanimous and was due to the fact that “there is no longer a realistic opportunity to raise sufficient capital to continue operations”.
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Oslo-listed TECO 2030 files for bankruptcy amid financial troubles

Norwegian hydrogen full cell developer TECO 2030 on Tuesday (10 December) has announced its decision to file for bankruptcy. 

In a stock exchange filing, the decision of the board of directors of the company was unanimous and was due to the fact that “there is no longer a realistic opportunity to raise sufficient capital to continue operations”.

“The bankruptcy petition will be filed this evening,” it said. 

The decision came following the bankruptcy filing of its wholly owned subsidiary, TECO 2030 Innovation Center AS, which was announced on 3 December. 

“The Company is currently evaluating the implications of this bankruptcy filing, particularly concerning its overall prospects and outlook in light of the ongoing bankruptcy petition against it. Notably, Innovation Center holds a net claim of approximately NOK 22 million against the Company,” the company explained in an earlier stock exchange filing.  

“Additionally, the Company has provided a guarantee of NOK 10 million to the former landlord of Innovation Center. As part of the bankruptcy proceedings, the Company will also write off the recorded equity of NOK 30,000 associated with (the) Innovation Center.”

In an open letter to Norway’s Ministry of Trade and Industry on 27 September, the company stated its desire is to establish mass production of hydrogen fuel cells in Norway, but due to unpredictable framework conditions from authorities and a lack of available capital, the company was forced to look abroad.

“Potential investors do not trust that the requirements for emission reductions will be met. For example, zero-emission requirements in the World Heritage fjords were postponed from 2026 to 2032, while biogas (not zero emissions) is being opened up, which in practice means that ships can sail with conventional LNG technology (no technology development),” it said in the letter, which was posted on its website. 

“The state has also long announced zero-emission requirements for ferries from 2023, but no regulations had been forthcoming.”

A day before that, TECO 2030 announced a strategic shift from manufacturing fuel cells in Norway at the time, to positioning itself as a global technology provider.

“This decision reflects TECO 2030’s commitment to growth in dynamic global markets, particularly in the face of regulatory delays in Norway,” it said. 

Despite efforts to secure risk financing in Norway, both from public and private sectors, the interest and capital support for clean-tech projects remain limited. 

“By shifting focus to licensing, TECO 2030 can leverage stronger demand in high-potential international markets, ensuring sustainable growth and reinforcing its leadership in hydrogen fuel cell innovation,” it added.

 

Photo credit: TECO 2030
Published: 12 December, 2024

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Biofuel

GREENMARINE and Vertoro to accelerate adoption of lignin-alcohol as marine fuel

Like fossil oil, liquid lignin can be used as a platform for fuel, chemical and material applications.
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3 days ago

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July 11, 2025

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Methanol marine fuels consultancy GREENMARINE and Vertoro, a Maersk-backed Dutch start-up focused on developing liquid lignin technology which can be used as a bunker fuel, has signed an agreement to jointly accelerate the market validation and commercial roll-out of lignin-alcohol as sustainable marine fuels.

“We at GREENMARINE Group are excited to join forces with Vertoro to bring their revolutionary lignin alcohol blend fuel to market,” said Fredrik Stubner, founder and CEO of GREENMARINE Group.

“This breakthrough technology redefines sustainable maritime fuels, delivering environmental benefits and cost efficiencies, paving the way for a greener, more competitive shipping industry.”

Dr. Michael Boot Boot, co-founder & co-CEO Vertoro, replied, “GREENMARINE Group has an excellent track record as a match maker for green fuel producers with engine manufacturers and shipping companies, opening many doors for us on both the fuel validation and offtake side.”

Vertoro, founded in 2017, produces liquid lignin exclusively from sustainably sourced forestry and agricultural residues by means of a patented thermochemical process. Like fossil oil, liquid lignin can be used as a platform for fuel, chemical and material applications.

Related: Maersk invests in Dutch start-up Vertoro to develop green lignin marine fuels

 

Photo credit: CHUTTERSNAP from Unsplash
Published: 11 July 2025

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Newbuilding

Singapore: Pinnacle Marine’s first B100 fuelled utility boat starts 1,000-hour research trial

Newbuilding operated by Prestige Ocean Pte Ltd will capture data on bunker fuel emissions, marine fuel behaviour, and performance.
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5 days ago

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July 9, 2025

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The 50th vessel constructed by local boat builder Pinnacle Marine (Singapore) Pte Ltd, namely President 100, is starting 1,000 hours of real-time research trials in collaboration with several parties from Wednesday (9 July) onwards, it says.

Powered by B100 biodiesel, the newbuilding operated by Prestige Ocean Pte Ltd will capture data on bunker fuel emissions, marine fuel behaviour, and performance.

It will be participating in trials with Maritime Energy & Sustainable Development Centre of Excellence (MESD), Weichai Singapore, China Classification Society, Pacific International Lines (PTE) Ltd, Abo Shoten, Ltd. / 株式会社安保商店 , Abo Singapore, Wilmar International, Gulf Marine, Amspec Testing & Services, and AYK Engineering and Consulting.

President MT 02

The President 100, Pinnacle Marine’s first full biodiesel utility boat, was launched on Tuesday in the presence of over 100 guests.

“Our latest vessel, President 100, merges legacy and future. Named after our first aluminium boat (“President”) and inspired by B100 biodiesel, it leads the charge for our next 50 vessels — many of which will embrace green technology,” stated Pinnacle Marine in a LinkedIn post.

“The launch was amazing, with strong turnout from across the maritime sector — authorities, shipowners, operators, agencies, chandlers, researchers, offshore engineers, and petrochemical suppliers.”

It added: “We’re excited to see how it paves the way for wider adoption of B100 biodiesel — a cleaner, sustainable path for Singapore’s harbour craft sector.”

 

Photo credit: Pinnacle Marine (Singapore) Pte Ltd
Published: 9 July 2025

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Newbuilding

BHP awards charter contracts for two ammonia dual-fuelled bulk carriers

BHP continues to work with the maritime industry to develop an ammonia bunkering plan for the two vessels when they are delivered from 2028.

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5 days ago

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July 9, 2025

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BHP ammonia DF charters

Global resources company BHP on Wednesday (2 July) signed contracts with COSCO Shipping Bulk Co., Ltd., a subsidiary of COSCO shipping Group (COSCO Shipping) for the charter of two ammonia dual-fuelled Newcastlemax bulk carriers.

The new vessels to be built under this arrangement will be two of only a handful of vessels in the world capable of using ammonia as a bunker fuel.

The two vessels, expected to be delivered from 2028, will primarily transport iron ore from Western Australia to Northeast Asia.

When run on lower or low to zero greenhouse gas (GHG) emissions ammonia, these vessels will be capable of reducing GHG emissions by at least 50% and up to 95% on a per voyage basis compared to a conventionally fuelled voyage.

The five-year time charter contracts are expected to contribute towards a reduction in the GHG emissions intensity of BHP chartered shipping.

BHP continues to work with the maritime industry to develop an ammonia bunkering plan – the process of fuelling ships with ammonia – for the two vessels when they are delivered from 2028.

Sourcing lower and low to zero GHG emissions ammonia is subject to an ongoing tender process.

 

Photo credit: BHP
Published: 9 July 2025

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