NORWEGIAN hydrogen fuel cell maker Teco 2030 has filed for bankruptcy in Norway amid low demand and lack of government help.

In a stock exchange filing, the company said there was “no longer a realistic opportunity to raise sufficient capital to continue operations”.

In November, Teco 2030 had warned that Norway’s tax authority had filed a bankruptcy petition against its subsidiary, Teco 2030 Innovation Centre, which was building a fuel cell factory in Narvik.

The subsidiary appeared to have fallen behind on rent for the property. It had a NOK10m ($900,000) parent company guarantee from Teco 2030, which threatened to sink the parent company.

In November, Teco 2030 blamed its woes on Norway’s unpredictable green policies. It said relaxing zero-emissions commitments in the transport industry made it impossible for green start-ups to raise private capital.

The bankruptcy caps a bleak year for hydrogen projects worldwide, with most failing to secure offtake deals for their future product.

Yesterday, Lloyd’s List reported that the US is expected to cement its lead in producing blue hydrogen, using gas with carbon capture, owing to tax incentives under the Inflation Reduction Act.

But energy consultancy Wood Mackenzie predicted the market for costlier green hydrogen, made with renewable electricity, would “shrink quite dramatically” with President Trump expected to roll back green policies.