Elcogen, a Tallinn-based clean energy technology company, recently raised over €140 million in funding. This includes more than €24 million in equity investments from Hydrogen One Capital Growth plc, HD Hyundai, and Mirae, as well as grants from the European Commission. Additionally, the company has secured a proposed debt of €15 million. Baker Hughes also participated as a strategic investor. Elcogen’s technology enables the production of green hydrogen and electricity efficiently and affordably, supporting the global shift towards cleaner energy sources. The funding will facilitate the expansion of Elcogen’s manufacturing capacity, including a new facility in Tallinn, Estonia, to meet the increasing demand for its products and support ongoing development efforts.
Elcogen is a European clean energy technology company founded in 2001, with a focus on delivering affordable green hydrogen and emission-free electricity. The company’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. Elcogen’s technology includes solid oxide fuel cell (SOFC) and solid oxide electrolyser cell (SOEC) technology, which play a crucial role in supporting industries’ efforts to decarbonize and achieve net-zero targets. With manufacturing facilities in Estonia and Finland, Elcogen has served 160 customers in 30 countries, showcasing its global reach and impact in driving forward the adoption of sustainable energy solutions.
Baker Hughes is an energy technology company that has a diverse portfolio of equipment and service capabilities that span the energy and industrial value chain. Established over a century ago, it has over 55,000 employees. The company is increasingly involved in the energy transition and is committed to helping industry meet net-zero emissions targets. Baker Hughes’ advanced technologies and solutions serve the entire hydrogen value chain, from production to transportation and utilisation.
Following this investment and building on Elcogen’s existing strategic investment from and collaboration with HD Hyundai, Baker Hughes and Elcogen intend to also collaborate on green hydrogen production solutions based on Elcogen’s solid oxide electrolyser cell (“SOEC”) technology.
These funds will be used to expand Elcogen’s manufacturing capacity as it continues to build the Company’s new factory facility in Tallinn, Estonia, with a manufacturing capacity of up to 360MW to meet increasing demand for its products, as well as its continuous development program.
Chris Nash, Chairman of Elcogen, said: “We are delighted to welcome Baker Hughes as a strategic shareholder. I believe this is a significant vote of confidence in our technology from a leading energy technology company. We look forward to building on this relationship as we continue working together.”
Enn Õunpuu, CEO of Elcogen: “There is a huge amount of pressure for heavy industries to decarbonise and meet net-zero targets. We are very pleased that Baker Hughes has invested in Elcogen, recognising the role our proprietary Solid Oxide technology has in supporting the energy transition.”
Alessandro Bresciani, Senior Vice President Climate Technology Solutions, Baker Hughes: “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. Today’s announcement underscores our strategy in collaborating to build out solutions that can enable the decarbonization of the energy ecosystem and marks another significant milestone in our journey to continue to expand our portfolio across the hydrogen value chain.”
Elcogen was advised by Arrowpoint Advisory (part of Rothschild & Co).
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