Estonian startup Elcogen receives €45M strategic investment from HD Hyundai

Estonian green hydrogen startup Elcogen has received €45 million as part of the strategic investment carried out by South Korean HD Hyundai Group. The deal will further deepen the collaboration on emission-free power generation systems as well as green hydrogen production, Invest in Estonian informs.

  • Founded in 2001 by Enn Õunpuu, Elcogen is an Estonian manufacturer of clean energy technology. They deliver affordable green hydrogen and emission-free electricity. While officially headquartered in the UK, they have manufacturing facilities in Estonia and Finland. These facilities have served 160 customers in 30 countries.”
  • Elcogen’s mainline development is Solid Oxide (SOC) technology, an efficient solution to green hydrogen and emission-free power generation. Its product offering include elcoCell (SO electrolysis/fuel cell), ecloStack (SO stacks for electrolyzer/fuel cell systems), and elcoModule (SO stack modules).

“There is a huge amount of pressure for heavy industries to decarbonise and meet net zero targets, not least maritime transport. We are delighted that HD Hyundai has built upon our strategic partnership to invest directly into Elcogen, recognising the key role our proprietary Solid Oxide technology will have in leading the world to net zero, providing a clear and external validation of Elcogen,”

Enn Õunpuu, Elcogen founder, comments.
  • This is not the first major investment into the manufacturer. In May 2022, Elcogen raised €24M investment from HydrogenOne Capital, clean hydrogen-dedicated investment fund.
  • With the new deal, HD Hyundai and Elcogen are deepening their collaboration. HD Hyundai is currently taking major steps in achieving its “Ocean Transformation” vision of eco-friendly, next-gen digital ships.

Arrowpoint Advisory (part of Rothschild & Co) advised the deal. Shareholder approval is required before issuing new shares to Korean Shipbuilding and Offshore Engineering, a member of HD Hyundai Group.