Norway – A strategic cooperation and investment agreement have been struck between TECO 2030 and Yokogawa Electric concerning the advancement of technology for the use of hydrogen fuel cells in industrial applications.
In accordance with the terms of the agreement, Yokogawa Electric has acquired Treasury Shares in TECO 2030, and the two businesses will work together to optimize hydrogen fuel cell technology and investigate market prospects for distributed power sources in the maritime transportation and other industrial sectors.
TECO 2030 established a gigafactory in Narvik, Norway, to produce hydrogen fuel cells with proton exchange membranes (PEMs) and energy modules, which are made up of several cells and additional operating equipment. Hydrogen fuel cell production is now under way, and module production is scheduled to begin in the next months. With a goal of 400 MW in 2025 and 1.6 GW in 2030, the production capacity will be increased gradually.
In addition to investigating the potential applications of this expertise in the development of fuel cell optimization technologies, Yokogawa Electric and TECO 2030 plan to investigate fuel cell utilization as distributed energy resources in high-decarbonization businesses.
Hydrogen fuel cells are used as power sources in fuel cell vehicles (FCV) and stationary power supply devices. They work by combining hydrogen and oxygen through an electrochemical process to produce electrical energy and water. Ammonia and green hydrogen are seen as potential energy carriers for the transfer and storage of renewable energy generated from electricity. Green hydrogen, or hydrogen created via green ammonia-to-hydrogen cracking technology, powers fuel cells that can be utilized as zero-emission energy sources in a variety of applications since it is more energy-efficient than traditional combustion engines and doesn’t produce nitrogen oxide (NOx). Fuel cell adoption has been slow thus far, but it is expected that this will change as the market grows due to technological maturity and the sharp rise in demand for hydrogen-powered marine vessels. Lower manufacturing costs will also help fuel cell use in the automotive and industrial sectors.