Elcogen Announces 2021 Full Year Results Year of Significant Progress

11 August, 2022

Tallinn, Estonia: Elcogen, the European manufacturer of clean energy technology that delivers affordable green hydrogen and emission-free electricity, is pleased to announce its results for the year ended 31 December 2021.

Strategic highlights

  • Restructuring completed and establishment of Elcogen Group Plc in the UK as the group holding company
  • Management team strengthened. New Chairman and Board members appointed:
    • Christopher Nash – Non-Executive Chairman
    • Jack Boyer – Senior Independent Non-executive Director and Chair of the Remuneration Committee
    • Carolyn Clarke – Independent Non-executive Director and Chair of the Audit, Risk and Sustainability Committee

Projects and Collaborations

  • Elcogen commenced collaboration in an e-fuel commercialisation project
  • Agreement with leading Estonian real estate developer Ülemiste City to develop 50MW solid oxide fuel cell and stack manufacturing facility with 100% of energy used in the facility to be renewable
  • Elcogen’s partner brought its C60 fuel cell system to market
  • Signing of an MOU to provide electrolysis technology for nuclear hydrogen production in Korea
  • Supply of technology for renewable energy based BEV Charging Station solution
  • Multi-year unit cells sales agreement with a large European clean hydrogen technology company
  • Signing of a LOI with a Japanese automotive supplier company to jointly work towards commercialisation of SOFC products for the mass market
  • Start of an EU-funded Project “SO-FREE” with a number project partners
  • Commencement of EU-funded Project “Best4Hy” with project partners to develop sustainable solutions for recycling of end-of-life hydrogen technologies

Financial progress

  • €10 million equity raised in addition to €3 million convertible loan, to fund growth
  • Sales revenue increased 160%
  • €6 million invested in tangible and intangible assets
  • Post year-end, €24 million equity investment from HydrogenOne Capital Growth LLP


  • Awarded Good Work Environment 2021 by Estonian Labour Inspectorate as well as “Best Success Story” at EU Hydrogen Week 2021 for participation in the EU funded Project BEST2Hy

Enn Õunpuu, CEO of Elcogen, commented: “2021 saw significant progress at Elcogen. Operationally, we have signed a number of important new partnerships which provide a solid platform from which we will continue to grow and deliver further collaborations in the future.

“From a financial perspective, growth continued with sales increasing 160%, while our balance sheet has been significantly strengthened through a number of raises and investments culminating in a €24 million investment in the Company by HydrogenOne Capital Growth post the year end. This puts Elcogen in an incredibly strong position to continue to deliver its strategy and grow the business.

“As energy (and food) security takes centre stage, we are proud to supply the core technology that sits at the heart of the transition away from fossil fuels. The dramatic scale and pace of change in the market means that our technology is now more important than ever to ensure a cleaner, safer future for everyone.”

For further information:

Elcogen AS
Marek Roostar
+372 53 84 6006

About Elcogen
Founded in 2001, Elcogen is a manufacturer of clean energy technology that delivers affordable green hydrogen and emission-free electricity. We are a European business with a proud Estonian heritage and a global customer network delivering flexible core solid oxide technology that can be applied to a broad range of residential, industrial, and commercial applications. Our core, reversible solid oxide technology combats climate change by converting fuel sources into emission-free energy and emission-free energy into green hydrogen.

Elcogen supplies the core technology that sits at the heart of energy security and transition away from fossil fuels. We promise to deliver the world’s most efficient technology for the production and use of affordable green hydrogen. Our solid oxide fuel cell (SOFC) and solid oxide electrolyser cell (SOEC) technology offers an efficient solution to green hydrogen production, thereby reducing commercial costs so customers can deliver affordable energy solutions to meet net-zero targets.

Elcogen believes in a future fuelled by a hydrogen-economy for its commercial customers and partners. The company was named Innovator of the Year 2020 by the European Business Awards.