Norwegian-based marine fuel cell developer, TECO 2030 has filed for bankruptcy.
The five-year old company said that it was no longer possible to raise sufficient capital to continue operations.
Being high cost countries, Europe has struggled this year to remain competitive in the fuel cell technology development sector, due to huge production capacity now emerging from China at much cheaper price levels.
Last month, Northvolt, a Swedish manufacturer of battery cells for electric vehicles, also filed for bankruptcy protection.
TECO 2030 operated out of a large facility in Narvik, Norway, which it opened in 2021.
