Tax Relief

TECO 2030 reaches new milestone: Acquired as much as four million NOK in tax breaks for the event of CO2 seize

Support was provided through the Norwegian Research Council’s Skattefunn program, a tax deduction scheme to promote research and development (R&D) activities in Norwegian companies. It provides indirect support in the form of tax deductions on costs related to research and development activities carried out.

“We are currently in the process of developing technological solutions that will enable ships that run on fossil fuels to reduce their emissions and become more climate-friendly by capturing the CO2 that they would otherwise emit with their exhaust gases,” says Tore Enger, CEO from TECO 2030 ASA.

“We are very pleased and grateful for the support we have now received from the Norwegian Research Council for this purpose. The recognition of CO2 capture as an emission reduction technology for the maritime industry is a milestone in our efforts, ”says Enger.

The tax-exempt project includes the development and testing of solutions on board that can capture more than 90% of the CO2 from the ship’s exhaust gases. The tax breaks granted to TECO 2030 under the Skattefunn program will cover 19% of the costs incurred on this project, up to around 4 million NOK over the project period of two years 2021 and 2022.

Collaboration with Chart Industries

TECO 2030 is developing solutions for CO2 capture for ships together with the American technology company Chart Industries, Inc. The solutions will separate the CO2 from the ship’s exhaust gases and store it in liquid form until it can be unloaded in the port.

After discharging, the CO2 can then either be stored permanently in geological formations underground or used profitably in CO2-consuming industries such as agriculture, industry, energy or the food and beverage industry.

Carbon capture technology has the potential to reduce greenhouse gas emissions in the shipping industry by more than 30% by 2050, according to DNV’s Maritime Forecast to 2050 published last week.

TECO 2030 is currently in the process of splitting its Carbon Capture business into a separate unit, which is wholly owned by TECO 2030 ASA. The new company will be known as TECO 2030 Carbon Capture AS and will be based in Narvik, Northern Norway.

Green transition in the maritime industry

The International Maritime Organization (IMO) has set itself the goal of reducing CO2 intensity in international shipping by 40% by 2030 and the total annual greenhouse gas emissions of international shipping by at least 50% by 2050 compared to 2008.

Shipowners around the world must therefore do something to make their ships more climate friendly, and TECO 2030 will help them do this.

TECO 2030 provides a technology that helps ships to reduce their environmental and climate impact. In addition to carbon capture solutions for ships, the company develops exhaust gas cleaning systems and hydrogen fuel cells for the maritime industry.

Hydrogen fuel cells are the engines of tomorrow and convert hydrogen into electricity and only emit water vapor and warm air. With the TECO 2030 Marine Fuel Cell, ships can switch from fossil fuels to hydrogen and become emission-free.
Source: TECO2030

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