Advait Infratech and TECO 2030 form joint venture to manufacture and sell hydrogen fuel cells in India and SAARC countries
In a move to accelerate the adoption of clean energy solutions in India, Norwegian clean-technology company TECO 2030 and Indian firm Advait Infratech Limited announced a strategic partnership today.
The collaboration, formalized through a Memorandum of Understanding (MOU), involves investment from Advait Infratech into TECO 2030 and the establishment of a joint venture (JV) focused on manufacturing and commercializing TECO’s PEM hydrogen fuel cell technology in India and SAARC countries.
PEM hydrogen fuel cells are a promising zero-emission technology with applications in the maritime and heavy industries. TECO 2030 specializes in developing efficient and reliable fuel cell stacks and modules. Advait Infratech, on the other hand, brings expertise in power infrastructure and the green energy market.
“Our partnership with TECO 2030 is a landmark alliance that will drive advancements in the renewable energy sector,” said Shalin Sheth, Managing Director and Founder of Advait Infratech. “This collaboration underscores our dedication to innovation and excellence, while also enhancing the Indo-Norway ties in renewable energy.”
Tore Enger, Group CEO of TECO 2030, echoed Sheth’s enthusiasm. “I am very excited to announce this strategic collaboration,” Enger said. “Advait represents a strong partner for us in India, especially with their expertise in the power infrastructure and green energy markets.”
The joint venture will be majority-owned by Advait Infratech and will be responsible for developing, manufacturing, and selling TECO’s fuel cell technology within India and the SAARC region. This agreement comes on the heels of several other developments for Advait Infratech in the clean energy space.
Earlier this year, the company secured a 100 MW electrolyser manufacturing capacity allocation under India’s Strategic Interventions for Green Hydrogen Transition (SIGHT) program. Advait Infratech has also partnered with GuoFu Hydrogen Energy Equipment Co., Ltd. of China and Carbon Technology Energy (CTE) of Germany on hydrogen-related projects.
The TECO 2030 partnership signifies a significant step forward for Advait Infratech’s clean energy ambitions. The joint venture is expected to create a strong local presence for fuel cell technology in India, contributing to the advancement of clean energy solutions in the region.