TECO 2030 (TECFF) Stock Rose 27%. How Did That Happen?

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Last session, TECO 2030 ASA (OTCQB:TECFF) closed at $0.818 with a gain of 27.20%, bringing its market capitalization to $101.43M. TECFF stock traded 39.39K shares recently, compared to its average daily volume of 13.97K shares. Furthermore, the shares have been trading at a flat price of $0.818. TECFF has 124M shares outstanding, compared to 55.37M float. TECFF stock rose after signing a supply frame agreement.

With whom has TECFF signed an agreement?

As a development and engineering company for the maritime industry, TECO 2030 ASA and its subsidiaries are active worldwide. TECO Marine Fuel Cell is an emission-free propulsion system that uses hydrogen as fuel; TECO Future Funnel which avoids dry dock; and TECO Ballast Water Treatment System, which prevents invasive species and helps prevent health issues. In 2019, TECFF was founded with its headquarters in Lysaker, Norway.

TECO 2030, a Norwegian cleantech company, has signed a supply framework agreement with Chemgas Shipping BV of the Netherlands. The contract may result in TECO 2030 supplying fuel cell modules with a combined capacity of up to 200 megawatts.

  • Chemgas Shipping is planning to deploy the modules on its new hydrogen-powered tugboats and transport barges that will operate on the Danube, Europe’s second-longest river and the longest river in the European Union.
  • These boats will be able to sail emissions-free thanks to the fuel cells.
  • Up to 120 transport barges and between 40 and 60 tugboats will be equipped with fuel cell modules from TECFF during Chemgas Shipping’s expansion plan.
  • Each ship’s specific number and cost of fuel cells will be outlined in purchase orders that will be signed for each in the coming years.
  • In collaboration with TECFF, Chemgas Shipping has been able to progress from a letter of intent to a supply frame agreement for this ambitious and important project.
  • This agreement could have a large economic impact on TECFF and generate revenues as high as 150 million Euros over the next three to eight years.
  • The letter of intent between TECFF and Chemgas Shipping for the delivery of fuel cells was signed in September 2020.
  • Both fuel cells will be installed on the barges that will be used to transport green hydrogen from Romania to Austria and Germany, as well as on the tugboats that will pull these barges along the Danube.

What is the anticipated delivery date for TECFF’s supply?

TECO 2030 (TECFF) marine fuel cells are a suitable solution for navigation on inland waters. Chemgas is used for situations where heavy batteries are not practical due to low water. Fuel cell deliveries are scheduled to begin in spring 2023, and this will be a pilot program. Over the next few years, deliveries will continue, with most taking place after 2025.

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