Estonian cleantech Elcogen closes an over €140M investment round

Elcogen, a Tallinn-based clean energy technology company, has announced the closure of its €140 million investment round that will accelerate its expansion. The round includes more than €24 million in equity investments from Hydrogen One Capital Growth plc, HD Hyundai, and Mirae, as well as grants from the European Commission.

• Founded in 2001 by current CEO Enn Õunpuu, Elcogen is a manufacturer of clean energy technology that delivers a green hydrogen and emission-free electricity. Elcogen has its registered office in the UK and manufacturing facilities in Estonia and Finland that have served 160 customers in 30 countries.

• Elcogen’s solid oxide technology offers solutions for converting fuel sources into emission-free energy and green hydrogen. It also includes solid oxide fuel cell (SOFC) and solid oxide electrolyser cell (SOEC) technology.

• The fresh capital injection is a combination of the equity investment from UK’s Hydrogen One Capital Growth plc, HD Hyundai, and Mirae, as well as project grants from the European Commission, including an IPCEI project, totaling more than €24 million.
• In addition, the company has secured a proposed debt of €15 million. The US-based energy tech company that has 55,000 empoyees, Baker Hughes also participated in the round. Following this investment, Baker Hughes and Elcogen plans to collaborate on green hydrogen production solutions based on Elcogen’s solid oxide electrolyser cell (“SOEC”) technology.

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,

Chris Nash, Chairman of Elcogen, said.

The investment round will help the company with continuous development, enabling Elcogen to expand its manufacturing capacity as it continues to build its new factory facility in Tallinn, with a capacity of up to 360MW.