One of Europe’s more high-profile marine fuel cell developers has filed for bankruptcy. Norway’s TECO 2030 made the announcement last night, saying it was no longer possible to raise sufficient capital to continue operations at the five-year-old company.
Europe has found itself struggling this year to remain competitive when it comes to fuel cell technology and new forms of batteries for transport, hit hard by the immense production capacity coming out of China. Last month, Northvolt, a Swedish maker of battery cells for electric vehicles, also filed for bankruptcy protection.
Europe’s struggles to develop its own fuel cell supply chains led Oliver Zipse, the CEO of German automotive giant BMW, to call earlier this year for the European Union to ease its timeline for a ban on sales of new cars with petrol and diesel engines to reduce reliance on China’s battery supply chain.
In Europe, sales of new fossil-fuelled cars are due to be outlawed in 2035, while in the UK they – except some hybrids – will be banned five years earlier.
We give you energy news and help invest in energy projects too, click here to learn more