Green maritime development company TECO 2030 is set to push ahead with its contribution to the maritime energy transition after receiving NOK 4 million in tax relief as indirect government support.
The grant, which will cover 19% of the costs accrued in its innovate marine carbon capture project, was awarded through the Research Council of Norway’s Skattefunn scheme, which supports R&D in Norwegian companies.
TECO 2030 was recognised by the scheme for its development and testing of onboard carbon capture solutions for the shipping industry. Capable of capturing more than 90% of the CO2 emitted from ship exhausts, the solutions were developed in partnership with American technology company Chart Industries.
Following capture, the ship’s exhaust gases will then be separated and stored in liquid form before being offloaded at a port and either permanently stored underground or utilised in industry, such as the agricultural, energy, or food and beverage sectors.
With the company currently in the process of developing these technological solutions, Tore Enger, CEO, TECO 2030 ASA, said, “The recognition of carbon capture as an emissions reduction technology for the maritime industry represents a milestone in our efforts.”
According to a DNV report, carbon capture technology can reduce greenhouse gas emissions from the shipping industry by more than 30% by 2050, a significant amount during the global transition to net zero emissions.
To further the reduction of its carbon footprint, TECO 2030 is also developing hydrogen fuel cells for the marine industry.
The company is creating a new unit based around carbon capture which will be known as TECO 2030 Carbon Capture AS, based in Narvik, Northern Norway.