Tue, 04 Oct 2022

The Market for HyTruck Concept

ACCESSWIRE
09 Aug 2022, 00:49 GMT+10

LYSAKER, NORWAY / ACCESSWIRE / August 8, 2022 / TECO 2030 (OSE:TECO), (OTCQX:TECFF) elaborates on the HyTruck concept and market size, there are currently roughly 6.2 million trucks in circulation throughout the European Union, each with an average lifetime of 13 years. The HyTruck fuel cell system can easily be retrofitted to existing trucks, and enable zero emission hydrogen operations.

TECO 2030 ASA, Monday, August 8, 2022, Press release picture

The future of heavy-duty land freight depends on zero emission hydrogen fuel cells for meeting emission target

In 2021, 96.5% of all new trucks sold were powered by diesel and 0.1% by petrol. Only 3.4% were powered by alternative energy sources. According to the European Commission lorries, buses and coaches are responsible for about a quarter of CO2 emissions from road transport in the EU, and accounts for 6% of all EU emissions. Despite some improvements in fuel consumption efficiency in recent years, these emissions are still rising, mainly due to increasing freight volumes.

The first-ever EU-wide CO2 emission standards for heavy-duty vehicles, adopted in 2019, set targets for reducing the average emissions from new lorries for 2025 and 2030. The targets represent a 15% emission reduction by 2025 and a 30% emission reduction by 2030.

The HyTruck fuel cell system developed by AVL in combination with heavy duty fuel cell stacks delivered by TECO2030, is the perfect combination for companies trying to actively reach the emission targets set forth by the European Commision.

Hydrogen in combination with fuel cells are the future of zero emission engines and fuel. TECO2030 is developing the world-leading heavy-duty fuel cell application in cooperation with AVL. The fuel cells will be produced at TECO2030 Innovation Center in Narvik, Norway with an annual production capacity of 400MW in 2025 and 1.6GW in 2030.

Why are trucks so important to European trade?

  • Road freight transport is the backbone of trade and commerce on the European continent.
  • Trucks carry 73.1% of all freight transported over land in the European Union.
  • Trucks function as part of a logistics chain whose components also include inland waterways, shipping, air and rail transport.
  • The other transport modes also depend on trucks to transfer freight to and from depots, rail terminals, airfields, and ports.
  • Not only do trucks remain the most flexible, responsive, and economic mode of transport for the vast majority of goods and freight, they are also essential to the functioning of the larger, integrated European logistics and transport system.
  • Most of our daily necessities, such as fresh food from the supermarket or corner shop, electronics and appliances, clothing, and so on, depend on trucks at some point in the distribution chain.
  • Many essential public services are delivered by trucks, such as garbage collection, fire and construction services.

Sources for the statements:

https://www.acea.auto/fact/trucks-what-they-are-and-why-they-are-so-important/
https://ec.europa.eu/clima/eu-action/transport-emissions/road-transport-reducing-co2-emissions-vehicles/reducing-co2-emissions-heavy-duty-vehicles_en

Contact:

Tore Enger, Group CEO, TECO 2030:
+47 920 83 800
tore.enger@teco2030.no

About TECO 2030:

TECO 2030 accelerates the green transition in the heavy-duty application industry by delivering technology that helps reduce their environmental and climate impacts. TECO 2030 is developing hydrogen fuel cells that enable ships and other heavy- duty application become emissions-free. TECO2030 has its roots in the TECO Maritime Group, a group in supplying products along with repair and maintenance services to the international maritime industry since 1994.

TECO 2030 is also developing other solutions that can help the maritime industry to reduce its emissions, such as exhaust gas cleaning and carbon capture systems for ships, to provide clients with a full portfolio of onboard decarbonization technologies. TECO 2030 has a zero-emission vision and trusts its industry experience as a key to achieving a successful transition to a sustainable future for the heavy-duty application industry. For more information, please visit www.teco2030.no.

SOURCE: TECO 2030 ASA



View source version on accesswire.com:
https://www.accesswire.com/711208/The-Market-for-HyTruck-Concept

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