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08 April 2024·2 min read

Joy Laoun

News Editor, Vestbee

Estonian climate tech Elcogen closes €140M round to scale its solid oxide technology for hydrogen

Tallinn-based energy company Elcogen has closed a funding round, raising overall €140 million for scaling its leading solid oxide technology for hydrogen. The investment came from Baker Hughes, Hydrogen One Capital Growth plc, HD Hyundai, Mirae, and included project grants from the European Commission. 

  • Elcogen was founded in 2001 by Enn Õunpuu. The startup produces a technology for energy security and the transition to cleaner fuels, that converts fuel sources into emission-free energy and converts emission-free energy into green hydrogen.  
  • Elcogen claims that its technology of solid oxide fuel cell (SOFC) and solid oxide electrolyzer cell (SOEC) offers an efficient and cost-effective solution for green hydrogen production, enabling customers to deliver affordable energy solutions to achieve net-zero targets. 

Details of the deal

  • Energy technology company Baker Hughes has led the funding round, making a strategic investment. It offers technologies and solutions for all stages of the hydrogen value chain, including production, transportation, and utilization.

“This investment further demonstrates our commitment to support the energy transition and the development of the hydrogen economy, which we believe will be an essential part of the energy mix of the future,” Senior Vice President Climate Technology Solutions of Baker Hughes, Alessandro Bresciani, stated.

  • The equity investment was made by London-based HydrogenOne Capital Growth plc, which invests in hydrogen and complementary hydrogen focused assets, Petroleum refining company HD Hyundai, and Mirae. Elcogen also received grants from the European Commission, totaling more than €24 million, and a proposed debt of €15 million.

This funding will support Elcogen in expanding its development capacity and build a new factory in Tallinn, Estonia that can produce up to 360MW to meet growing product demand and support ongoing development efforts. 

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