TECO 2030 Subsidiary Bankrupt
The illustration shows TECO 2030's innovation center in Narvik. Like the other subsidiaries of the TECO 2030 group based in Narvik, this company will not be directly impacted by the TECO 2030 AS bankruptcy. (Illustration: TECO 2030)
The bankruptcy of the TECO 2030 ASA subsidiary is not to impact the company's establishments in Narvik, Northern Norway. Measures are now taken to save the rest of the company, says CEO Tore Enger.
TECO 2030 AS is bankrupt with NOK 204 million in debt. That was reported by Finansavisen earlier this week.
The board submitted the bankruptcy petition on Tuesday, a few hours before the Ringerike, Asker, and Bærum district court was to hear a bankruptcy petition from the Norwegian Tax Agency due to outstanding taxes and duties.
TECO 2030 AS is a subsidiary of TECO 2030 ASA and is a pure management company based in Bærum, near Oslo. The bankruptcy impacts fourteen employees.
"The bankruptcy will, for all intents and purposes, not affect ASA at all. What is sad is that we are losing many talented employees," said TECO 2030 CEO Tore Enger to the newspaper.
Will not affect companies in Narvik directly
TECO 2030 ASA develops zero-emission technology for maritime and heavy industry.
Four of TECO 2030's companies have addresses in Narvik. These are TECO 2030 Future Funnel AS, TECO 2030 Carbon Capture AS, TECO 2030 Fuel Cell AS, and TECO 2030 Innovation Center AS.
According to the newspaper Fremover, the factory manager at the TECO 2030 Innovation Center says that all the employees in Narvik are employed by the Innovation Centre and that the bankruptcy will not affect them directly.
"We are doing everything we can and working 24/7 to save the rest. We are working on a plan, says CEO Enger in a recent interview with the newspaper.
Plans in Narvik may be put on hold
TECO 2030 was to produce hydrogen-based fuel cells in Narvik for maritime use, thereby positioning itself to become a leading supplier of zero-emission technology for ships – for the green transition in the maritime sector.
Shortly ago, however, the company announced that it considered it necessary to look for opportunities abroad, and refers specifically to unpredictable framework conditions in Norway and a lack of available capital.
In an interview with High North News in October, Enger said it is uncertain what will happen to production in Narvik, where the company is NOK 400 million away from starting full-scale production of hydrogen-based fuel cells.
Enger also called for more support from the government.
"In regard to the green shift that the world is to embark on now, the government must contribute in the starting phase. Private capital is also essential, but the government must also contribute in order for this to succeed," he said.
