Norwegian technology group Teco 2030 ASA has brought in a Wartsila executive to spearhead development of a hydrogen fuel cell for shipping.
The company, which debuts on Oslo's Merkur Market on Monday, said Stian Aakre will join as chief executive of main operating company Teco 2030 AS.
Aakre was previously general manager of business development at the Finnish marine services group's Marine Solutions division.
Tore Enger, CEO of parent Teco 2030 ASA, said: "I am extremely pleased that Stian Aakre will join the Teco 2030 team.
"Mr Aakre has the perfect background for this position, combining broad experience from an outstanding industrial group with deep knowledge of the marine industry and its environmental challenges."
Enger added that the company is now even better equipped to play its part in solving "one of the greatest environmental puzzles of our time, namely, how to drastically reduce emissions from an ever-increasing global shipping fleet."
Aakre has also worked for COWI, Hoegh Autoliners and Easynet.
He holds an MSc in physical chemistry from the Norwegian Institute of Technology.
Aakre will take on the role early next year.
He said: "I'm excited to be joining Teco 2030 to pursue what is definitely going to be tremendous growth opportunities in the years to come, as the marine industry fundamentally changes in order to adapt to a new technological, political and financial reality."
Cash in place
At the end of September, the Teco Group spin-off sold new stock at NOK 40 each in an IPO, corresponding to a pre-money equity value of NOK 400m ($43m), while banking proceeds of NOK 80m.
About 65% of the offering was allotted to investors in an institutional sale, with retail investors taking the rest.
Teco 2030 will have more than 450 new shareholders.
The company is working on a 100 MW fuel cell with Austrian power systems developer and tester AVL.
Teco 2030 believes 110,000 ships are suitable for retrofits, as well as 2,500 newbuildings per year.
The company also wants to develop its Future Funnel scrubber tower product and intensify research projects involving carbon capture.
In addition, debt worth NOK 12.8m will be repaid. Teco Group owns 52% of Teco 2030 currently.