Elcogen, a distinguished clean energy technology company headquartered in Tallinn, has recently secured a funding of over €140 million. This momentous achievement comprises equity investments of more than €24 million from major players such as Hydrogen One Capital Growth plc, HD Hyundai, and Mirae, along with grants from the European Commission. Additionally, the company has obtained a proposed debt of €15 million, with the strategic participation of Baker Hughes. This substantial investment will facilitate the expansion of Elcogen’s manufacturing capacity and the establishment of a new facility in Tallinn, Estonia, in response to the increasing demand for their products.
Elcogen’s technology is specifically designed to produce green hydrogen and electricity in a cost-effective and efficient manner, aligning with the global shift towards cleaner energy sources. With a focus on delivering affordable green hydrogen and emission-free electricity, Elcogen’s proprietary solid oxide technology is at the forefront of the energy transition, offering efficient solutions for converting fuel sources into emission-free energy and green hydrogen.
The company’s solid oxide fuel cell (SOFC) and solid oxide electrolyser cell (SOEC) technology have played a crucial role in supporting industries’ efforts to decarbonize and achieve net-zero targets. Serving 160 customers in 30 countries, Elcogen has demonstrated its impactful global reach and its role in driving the adoption of sustainable energy solutions.
Baker Hughes, an established energy technology company with a legacy of over a century and a workforce of over 55,000 employees, is increasingly involved in the energy transition and dedicated to assisting industries in meeting net-zero emissions targets. Baker Hughes’ advanced technologies and solutions cover the entire hydrogen value chain, making them an ideal strategic investor for Elcogen.
The recent investment builds on Elcogen’s strategic partnership with HD Hyundai, as well as their plans to collaborate with Baker Hughes on green hydrogen production solutions based on Elcogen’s solid oxide electrolyser cell technology.
The substantial funds from this investment will be allocated towards expanding Elcogen’s manufacturing capacity through the construction of a new facility in Tallinn, Estonia, enhancing their ability to meet the growing demand for their products.
Chris Nash, Chairman of Elcogen, expressed his delight at welcoming Baker Hughes as a strategic shareholder and emphasized the importance of this partnership in advancing their technology. Enn Õunpuu, CEO of Elcogen, also acknowledged the pressure for heavy industries to decarbonise and meet net-zero targets, highlighting the role of Elcogen’s proprietary technology in supporting the energy transition.
Alessandro Bresciani, Senior Vice President of Climate Technology Solutions at Baker Hughes, reiterated the company’s commitment to supporting the energy transition and the development of the hydrogen economy. He also underscored the importance of collaboration in developing solutions that can enable the decarbonization of the energy ecosystem, marking another significant milestone in their journey to expand their portfolio across the hydrogen value chain.
Elcogen received advisory support from Arrowpoint Advisory, a division of Rothschild & Co, throughout this investment process.
This substantial investment represents a pivotal moment for Elcogen and underscores the growing momentum towards sustainable energy solutions on a global scale. With the support of key strategic investors, Elcogen is well-positioned to make a significant impact in the global shift towards cleaner energy sources.