TECO 2030 and Pherousa Green Shipping sign supply agreement to realize ammonia powered zero-emission deep-sea shipping
14 September 2023 - 8:00AM
TECO 2030 and Pherousa Green Shipping sign supply agreement to
realize ammonia powered zero-emission deep-sea shipping
TECO 2030 (OSE: TECO, OTCQX: TECFF, ISIN: NO0010887516) and
Pherousa Green Shipping AS (PGS) sign green package supply
agreement for up to six modern, zero-emission Ultramax dry bulk
carriers of about 63.000 deadweight tons each. Each vessel will be
equipped with 12 megawatts (MW) of TECO 2030 fuel cells for main
propulsion onboard.
The TECO 2030 delivery scope is a green package
approx. worth EUR 23 million per vessel. The delivery for TECO 2030
includes a complete system of fuel cells installed on a skid
solution as well as power and automation equipment and is estimated
to start shipment to shipyard by early-2026, with delivery in
mid-2026. The fuel cell system will go into production at our
Innovation Center in Narvik, Norway at the end of 2024.
Pherousa Green Shipping 63.000 dwt Ultramax.
Design Deltamarin
A 12 MW fuel cell system will be utilized for
full propulsion onboard each of the six vessels, enabling 100%
emission-free operations. Each vessel will be about
63.000-deadweight tons and the first vessel is targeted for
delivery Q1 2027.
The TECO 2030 fuel cell system will be installed
in combination with a Pherousa Green Technologies AS’ (PGT) ammonia
to hydrogen cracker. Bunkering ammonia and cracking to hydrogen on
board the vessel will solve the present storage and infrastructure
challenges of hydrogen as a marine fuel and thus paving the way for
zero-emission deep-sea shipping.
Opting for hydrogen fuel cells in combination
with an ammonia cracker allows shipowners to commence with ammonia
and transition to hydrogen whenever desired, minimizing the
investment risks. This approach does not only position ammonia as a
viable hydrogen carrier but also enables its economic trade as a
preferred fuel in shipping and complementing its traditional role
in the chemical and fertilizer sector.
The total supply agreement is subject to
financing of PGS’ newbuild vessels and reaching a final contract of
supply, including closing price negotiations, according to industry
standards.
”We are excited to team up with TECO 2030 and
incorporate their Fuel Cell solution together with our own Cracking
technology, permitting the Pherousa newbuildings to be the first
ever fully electric deep-sea vessels on water,” said Hans Bredrup,
Chairman of the Pherousa group. He further commented: “The
technology combination between TECO 2030 and Pherousa doesn’t only
reduce the ammonia consumption versus the ammonia fueled Internal
Combustion Engines currently being developed, it also avoids
burning Ammonia together with Carbon based pilot fuels” and adds:
“Truly Zero-Emission by Choice.”
“We are proud to sign a firm supply agreement
for six vessels with Pherousa Green Shipping, they are a young
forward-thinking shipowner who wants to realize zero emissions
deep-sea shipping. Pherousa is an exciting company, with a clear
vision of proving that hydrogen and ammonia can be utilized to fuel
tomorrow’s deep-sea vessels,” said enthusiastically Tore
Enger, Group CEO, TECO 2030.
Contact TECO 2030:
Tore Enger, Group CEO, +47 92083800,
tore.enger@teco2030.no
About TECO 2030:
TECO 2030 is building up Europe's first Giga
production facility of hydrogen PEM fuel cell stacks and modules in
Narvik, Norway. The production capacity will be built up through
2023 and early 2024, targeting an output capacity of 400 MW of fuel
cells in 2025, increasing to 1.6 GW in 2030.
TECO 2030 is a Norwegian based clean tech
company developing zero-emission technology for the maritime and
heavy industry. We are developing PEM hydrogen fuel cell stacks and
PEM hydrogen fuel cell modules, that enable ships and other
heavy-duty applications to become emissions-free. The company is
listed on Euronext Growth on Oslo Stock Exchange under the ticker
TECO and in New York, OTCQX under the ticker TECFF. TECO2030 is a
spinoff from TECO Maritime Group, a group that has provided
technology and services to the global shipping industry since 1994.
For more information, please visit www.teco2030.no.
Contact Pherousa Green Shipping AS:
Hans Bredrup, Chairman, +47 90951129 /
+56998873036, hans@pherousa.no
About Pherousa Green Shipping AS:
Pherousa Green Shipping AS, headquartered in
Oslo and established in 2023, is in the process of initiating an
order for up to six modern, zero-emission Ultramax dry bulk
carriers. These vessels are designed by Deltamarin in Finland and
will be crewed and managed by OSM Thome Ship Management. The
initial ship design is derived from an existing Deltamarin Ultramax
model, but it has been modified to include the ammonia cracking
technology developed by Pherousa Green Technologies AS (PGT). This
technology employs ammonia as a hydrogen carrier, enabling true
zero-emission propulsion.
A photo accompanying this announcement is available
at: https://www.globenewswire.com/NewsRoom/AttachmentNg/c3117cb4-0aec-463a-9be4-a81ecae525d5
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