Elcogen raises €31M
Estonian hydrogen technology developer Elcogen has raised €31M from the US energy company Baker Hughes and South Korean Mirae Asset Global Investments.
Founded in 2001 by Enn Õunpuu, Elcogen produces components called solid oxide electrolysis cells that can be used in third-party stacks and applied in heat and power generation, green hydrogen production, renewable energy storage, industrial process gas, and synthetic fuel and chemical production.
Elcogen has an office in the UK and manufacturing facilities in Estonia and Finland that have served 160 customers in 30 countries.
The company will use the investment to develop and scale its solid oxide technology. It also plans to build a new factory facility in Tallinn, Estonia, with a manufacturing capacity of up to 360MW.
In addition to the equity investment, Elcogen has secured more than €24M in grants from the European Commission, and also a proposed €15M debt issue.
After the deal, South Korean heavy industries company HD Hyundai and Baker Hughes will collaborate on green hydrogen production solutions based on Elcogen’s solid oxide electrolyzer cell (“SOEC”) technology.
