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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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LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

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PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions. 

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post. 

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024. 

 

Photo credit: Pacific International Lines
Published: 21 July, 2026

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LNG Bunkering

CIMC SOE secures order for 12,000-cbm LNG bunkering vessel from Sinopec Clean Energy

Once operational, the vessel is expected to strengthen Sinopec’s domestic coastal LNG bunkering network and help address gaps in China’s alternative fuel bunkering infrastructure.

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CIMC SOE secures order for 12,000-cbm LNG bunkering vessel from Sinopec Clean Energy

China’s Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd. (CIMC SOE) recently signed a contract with Sinopec (Beijing) Clean Energy Co., Ltd. to build a 12,000-cubic metre (m3) LNG bunkering vessel, according to Chinese maritime media.

The vessel is scheduled for delivery in 2028 and will support Sinopec’s efforts to expand its presence in the marine clean energy sector.

Once operational, the vessel is expected to strengthen Sinopec’s domestic coastal LNG bunkering network and help address gaps in China’s LNG bunkering infrastructure.

With this signing , CIMC Pacific Offshore Engineering’s LNG bunkering vessel orderbook is further strengthened, maintaining its leading position in the global market for small and medium-sized LNG bunkering vessels.

The contract also marked another milestone for CIMC SOE, which has seen a sharp increase in orders and business performance this year amid a surge in domestic LNG vessel demand.

 

Photo credit: Nantong CIMC Sinopacific Offshore & Engineering
Published: 21 July, 2026

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Nuclear

ABS awards AiP to Korean institute for SMR-powered container ship concept design

KRISO says AiP recognises the technical feasibility and safety of its concept design, marking an important milestone toward the development of next-generation nuclear-powered commercial ships.

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ABS awards AiP to Korean institute for SMR-powered container ship concept design

Korea Research Institute of Ships & Ocean Engineering (KRISO) on Thursday (16 July) received Approval in Principle (AiP) from the American Bureau of Shipping (ABS) for its concept design of a 15,000 TEU Small Modular Reactor (SMR)-powered container ship utilising Molten Salt Reactor (MSR) technology.

KRISO said the AiP recognises the technical feasibility and safety of its concept design, marking an important milestone toward the development of next-generation nuclear-powered commercial ships.

“This achievement demonstrates international recognition of KRISO’s technological capabilities in the rapidly evolving field of nuclear-powered shipping, supporting the transition toward low-carbon maritime transport,” it said. 

Building on this milestone, KRISO will continue advancing basic and detailed ship design, paving the way for future demonstration and commercialisation of SMR-powered vessels. 

Through continued R&D and international collaboration, KRISO remains committed to strengthening next-generation maritime technologies and contributing to the safe deployment of nuclear propulsion in the maritime industry.

 

Photo credit: Korea Research Institute of Ships & Ocean Engineering
Published: 21 July, 2026

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