Elcogen, a leading European manufacturer of technology that enables the efficient and affordable production of green hydrogen and electricity, has recently announced a strategic investment from Baker Hughes, marking a significant milestone in its mission to accelerate the global energy transition. This investment, coupled with contributions from Hydrogen One Capital Growth plc, HD Hyundai, Mirae, and substantial grants from the European Commission, including an IPCEI project, has propelled Elcogen’s total raised funds to more than €140 million. This financial injection will support the continuous development and scaling of Elcogen’s pioneering solid oxide technology.
Baker Hughes, an energy technology titan with over a century of innovation and a workforce of 55,000, is deepening its engagement in the energy transition. Committed to aiding the industry in achieving net-zero emissions, Baker Hughes offers advanced technologies and solutions that address the entire hydrogen value chain. This strategic investment signifies a vote of confidence in Elcogen’s technology and paves the way for future collaboration on green hydrogen production solutions leveraging Elcogen’s solid oxide electrolyser cell (SOEC) technology.
The funds will facilitate Elcogen’s expansion, specifically the construction of a new factory in Tallinn, Estonia. This facility, boasting a manufacturing capacity of up to 360MW, will meet the surging demand for Elcogen’s products and support its ongoing development program.
Chris Nash, Chairman of Elcogen, expressed enthusiasm about welcoming Baker Hughes as a strategic shareholder, viewing it as an affirmation of their technology’s value. Enn Õunpuu, CEO of Elcogen, highlighted the critical role of their Solid Oxide technology in meeting the decarbonization demands of heavy industries and achieving net-zero targets.
Alessandro Bresciani, Senior Vice President of Climate Technology Solutions at Baker Hughes, underscored the investment’s alignment with their commitment to supporting the hydrogen economy and the broader energy transition. This collaboration is anticipated to contribute significantly to the decarbonization of the energy ecosystem.
Founded in 2001, Elcogen is at the forefront of the clean energy sector, offering technologies that are vital for energy security and the transition away from fossil fuels. With facilities in Estonia and Finland, Elcogen serves a global customer network, driving net-zero ambitions with its reversible solid oxide technology. This technology not only generates emission-free energy but also converts it into green hydrogen, providing an efficient and cost-effective solution for green hydrogen production.
This partnership between Elcogen and Baker Hughes, along with the substantial financial backing, marks a pivotal step towards a sustainable energy future, reinforcing Elcogen’s position as a key player in the burgeoning green hydrogen market.
