TECO 2030 has announced that its board of directors unanimously approved filing for bankruptcy, citing an inability to secure sufficient capital to sustain operations. The disclosure was made in a stock exchange announcement on 10 December 2024.

The announcement follows the formal bankruptcy filing of its wholly-owned subsidiary, TECO 2030 Innovation Center, on 3 December 2024. It is said the bankruptcy filing for the subsidiary has now been executed.

At the time of the subsidiary’s filing, TECO 2030 stated that it was assessing the potential consequences, noting that the Innovation Center held a net claim of approximately NOK 22 million (around $1.9 million) against the parent company. Additionally, the company had provided a NOK 10 million (less than $1 million) guarantee to the subsidiary’s former landlord. TECO 2030 also confirmed it would write off recorded equity of NOK 30,000 (less than $3,000) associated with the Innovation Center