TECO 2030, European Marine Fuel Cell Developer, Files for Bankruptcy

One of Europe’s more high-profile marine fuel cell developers, TECO 2030 from Norway, announced last night that it has filed for bankruptcy. The company, with a five-year history, cited the inability to raise sufficient capital to sustain its operations.

Europe has faced challenges this year in staying competitive in fuel cell technology and emerging battery technologies for transportation. The region has been impacted by the significant production capacity coming from China. Notably, last month, Northvolt, a Swedish producer of battery cells for electric vehicles, also sought bankruptcy protection.

The struggles in Europe to establish robust fuel cell supply chains prompted Oliver Zipse, CEO of German automotive giant BMW, to urge the European Union to consider easing the timeline for banning sales of new cars with traditional petrol and diesel engines. This move aims to reduce reliance on China’s dominant battery supply chain.

Currently, in Europe, the ban on sales of new fossil-fuelled cars is set for 2035, while the UK plans to implement it five years earlier, except for some hybrid vehicles.