Tallinn-based Elcogen, a manufacturer of green energy technology, announced on Wednesday that it has raised funding from Baker Hughes in a fresh funding round.
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.
Alessandro Bresciani, Senior Vice President Climate Technology Solutions, Baker Hughes says, “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.”
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.
Fund utilisation
The company will use the funds to expand its manufacturing capacity as it continues to build its new factory facility in Tallinn, Estonia, with a manufacturing capacity of up to 360MW to meet the increasing demand for its products, as well as its continuous development programme.
Chris Nash, Chairman of Elcogen, says, “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.”
Elcogen and Baker Hughes also plan to collaborate on green hydrogen production using Elcogen’s SOEC technology, following investment and strategic partnership from HD Hyundai and Baker Hughes.
Elcogen: Manufacturing clean energy technology
Founded in 2001, Elcogen is a manufacturer of clean energy technology that delivers affordable green hydrogen and emission-free electricity.
The company is focused on driving net-zero ambitions with a core, reversible technology that converts fuel sources into emission-free energy and emission-free energy into green hydrogen.
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.
The company has its registered office in the UK and manufacturing facilities in Estonia and Finland that have served 160 customers in 30 countries.
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.”
