Norwegian clean-tech company TECO 2030 and Indian firm Advait Infratech Limited have announced a partnership aimed at fuel cell technology expansion in India. TECO 2030 specializes in developing PEM hydrogen fuel cell stacks and modules for zero-emission solutions in maritime and heavy industries, while Advait Infratech Limited focuses on power infrastructure and green energy markets.
Formalized through a Memorandum of Understanding (MOU), the collaboration involves investment from Advait Infratech Limited into TECO 2030 and the establishment of a joint venture (JV) to manufacture and commercialize TECO 2030 Fuel Cell Technology in India and SAARC countries.
Under the agreement, Advait Infratech Limited will hold the majority shareholding in the joint venture, which will exclusively develop, manufacture, and market TECO 2030 Fuel Cell Technology in the designated regions.
Shalin Sheth, Managing Director and Founder of Advait Infratech, expressed the significance of the partnership in driving advancements in the renewable energy sector and strengthening Indo-Norway ties.
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Tore Enger, Group CEO of TECO 2030, highlighted the strategic collaboration’s potential to tap market opportunities in India and SAARC countries, leveraging Advait Infratech’s expertise in power infrastructure and green energy.
Earlier this year, Advait Infratech secured a significant share in India’s electrolyser manufacturing capacities under the Strategic Interventions for Green Hydrogen Transition (SIGHT) program. Additionally, the company signed a significant MoU with GuoFu Hydrogen Energy Equipment Co., Ltd. and Carbon Technology Energy (CTE) for fuel cell development.
The joint venture between Advait Infratech Limited and TECO 2030 aims to foster local development, production, and commercialization capabilities, contributing to the advancement of clean energy solutions in the Indian and SAARC markets.