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.
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.”
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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.