Baker Hughes backs Tallinn-based Elcogen to scale its leading solid oxide technology for hydrogen
Summary
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.” Along with equity investments from Hydrogen One Capital Growth plc, HD Hyundai, and Mirae, as well as project grants from the European Commission, including an IPCEI project, amounting to over €24M, and a proposed debt of €15M, Elcogen has raised more than €140M overall. Founded in 2001, Elcogen is a manufacturer of clean energy technology that delivers affordable green hydrogen and emission-free electricity. Elcogen’s solid oxide fuel cell (SOFC) and solid oxide electrolyser cell (SOEC) technology offers an efficient solution to green hydrogen production, reducing commercial costs so customers can deliver affordable energy solutions to meet net-zero targets. Enn Õunpuu, CEO of Elcogen says, “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.”
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