Products

Industries

Sustainability

Burger menu Burger menu close
Back to main menu
Burger menu
  • About us
  • About Elcogen
  • The Team
  • Videos
  • Careers
  • Corporate values

Technology

Contact us

Search

Back
May 9, 2022

Elcogen receives €24 million investment from HydrogenOne

Tallinn, Estonia: Elcogen AS (“Elcogen” or “the Company), the European manufacturer of clean energy technology that delivers affordable green hydrogen and emission-free electricity, is pleased to announce completion of EUR 24m (£20m) investment from HydrogenOne Capital Growth plc (“HydrogenOne”) to help expand its capabilities in enabling the production of green hydrogen using its reversible solid oxide cell technology.

Enn Õunpuu with SOFC/SOEC single cell and stack

Elcogen supplies the core technology that sits at the heart of energy security and transition away from fossil fuels. This investment will allow for Elcogen to significantly drive forward its plans, strategy and vision to provide affordable green hydrogen for everyone and progress towards net zero. Specifically, the investment will:

  • Fund expansion of Elcogen’s facilities in Tallinn to create a new, automated production line for solid oxide fuel cells, initially scaled at 25MW/year, rising to 50MW/year (equivalent to 100MW- 200MW in electrolysis mode);
  • Enable the Company to further invest in research and development to continue progressing solid oxide technology and fuel cells;
  • Support a strategic recruitment drive and retain Elcogen’s diverse pool of talent;
  • Promote the Company effectively and fund marketing materials to enable Elcogen to further grow its customer base; and
  • Enable Elcogen to scale up its proposition and expand their number of customers.

Elcogen manufactures core components for solid oxide systems, cells and stacks, that enables our customers to produce green hydrogen. Solid oxide fuel cells and electrolysers run at high temperatures with an efficiency greater than 80%, setting them apart from alternative solutions. Elcogen’s core technology is further distinguished by its ability to operate at a lower temperature than its competitors, improving degradation and benefiting project economics. Solid oxide technology is also reversible, allowing for the production of emission-free electricity and green hydrogen in one integrated system.

HydrogenOne was launched in 2021 with an investment objective to deliver an attractive level of capital growth by investing in a diversified portfolio of hydrogen and complementary hydrogen focussed assets. HydrogenOne will gain a minority stake in Elcogen and have the right to a board seat which they are expected to take.

Enn Õunpuu, CEO of Elcogen, commented: “We believe the fuel of the future is green hydrogen and our technology is a key enabler in making this transition affordable for everyone. We develop and manufacture the world’s most efficient solid oxide technology, allowing our customers and partners to deliver emission-free electricity, green hydrogen and energy storage solutions. This investment from HydrogenOne will enable us to continue to develop our cutting-edge technology, grow our customer base and revenues, and scale production to drive net-zero ambitions forward.

Simon Hogan, Chairman of HydrogenOne, said: “There is substantial demand for fuel cells as the clean hydrogen sector continues to grow at rapid pace. We look forward to supporting the company on its growth journey as it expands its solid oxide capacity for customers. HydrogenOne continues to deploy our investors’ capital into distinctive and high potential hydrogen assets”

Arrowpoint Advisory (Rothschild & Co) are advising Elcogen on its fundraising.

 

For further information please visit https://elcogen.com/ or contact:

Elcogen AS
Marek Roostar
marek.roostar@elcogen.com,
+372 53 84 6006

 

Tavistock (Corporate and Financial PR)
Simon Hudson / Nick Elwes / Rebecca Hislaire elcogen@tavistock.co.uk
+44 (0)20 7920 3150

 

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.

About HydrogenOne
HydrogenOne was launched in 2021 with an investment objective to deliver an attractive level of capital growth by investing in a diversified portfolio of hydrogen and complementary hydrogen focussed assets. INEOS Energy is a strategic investor in HydrogenOne. The Company is listed on the London Stock Exchange’s main market (ticker code: HGEN).

Recent news

Management Team strengthened with three new members

Tallinn, Estonia: Elcogen (“Elcogen” or “the Company), the European manufacturer of clean energy technology that delivers affordable green hydrogen and emission-free electricity, is pleased to announce the appointment of three new members to the management team following the addition of Markus Holm as Chief Financial Officer at the end of 2022: • Stefano Piscitelli joins […]

Read more

MOU with Korea Shipbuilding and Offshore Engineering and Fraunhofer Institute for Ceramic Technologies and Systems

Tallinn, Estonia, January 9, 2023: Elcogen, the European manufacturer of clean energy technology that delivers affordable green hydrogen and emission-free electricity, is pleased to announce the signing of a Memorandum of Understanding (“the MOU”) with Korea Shipbuilding and Offshore Engineering (KSOE), a member of Hyundai Heavy Industries Group (“HHI Group”), and the Germany based Fraunhofer […]

Read more

Board Update

Tallinn, Estonia: Elcogen Group Plc, the European manufacturer of clean energy technology that delivers affordable green hydrogen and emission-free electricity, is pleased to announce the appointment of Markus Holm as CFO of Elcogen Group and an executive member of the Board of Directors. He is replacing Henri Kaar who has decided to step down from […]

Read more
All news

Contacts

HEAD OFFICE ESTONIA

Elcogen AS
Valukoja 23, 11415 Tallinn, Estonia

Reg. no.: 10727890
VAT no: EE100677168

(+372) 634 6750
welcome[at]elcogen.com

Single cell sales inquiries and purchase orders: elcocell[at]elcogen.com

FINLAND

Elcogen OY
Niittyvillankuja 4, Vantaa 01510, Finland

Reg. no.: 2289594-1
VAT no: FI22895941

(+358) 10 323 3060
welcome[at]elcogen.com

Stack sales inquiries and purchase orders: elcostack[at]elcogen.com

UNITED KINGDOM

Elcogen Group Plc
Highdown House, Yeoman Way, Worthing, West Sussex, United Kingdom, BN99 3HH

Company number 13290541

welcome[at]elcogen.com

Elcogen has received funding from the European Union’s Horizon 2020 research and innovation programme under grant agreement No 823620 and No 779577

Elocgen - partner Elocgen - partner Elocgen - partner Elocgen - partner

© Elcogen AS. All rights reserved.

Close modal

Menu

About us

  • About us
  • About Elcogen
  • The Team
  • Videos
  • Careers
  • Corporate values

Investors

  • Investors
  • Overview
  • Directors
  • Corporate Governance

News

  • News
  • News
  • Media contact
  • Elcogen photos

Products

Industries

Sustainability

Technology

About us

Investors

News

Contact us

Search

  • Terms & Conditions
  • Privacy Policy
  • QHES Policy
Close modal

PRODUCTS

Product image Product image
  • Solid oxide electrolysis cells
  • Solid oxide fuel cells
Product image Product image
  • Solid oxide stacks for electrolyser systems
  • Solid oxide stacks for fuel cell systems
Product image Product image
  • Solid oxide stack module
Close modal

Industries

Elcogen manufactures components for finished systems that can be applied to the following industries. Elcogen does not provide finished systems.

CLEAN POWER PRODUCTION

  • Clean power production
  • Commercial heat and power generation
  • Industrial heat and power generation
  • Residential heat and power generation

ELECTROLYSIS

  • Electrolysis
  • Energy storage
  • Green hydrogen production
  • Synthetic fuel production (co-electrolysis)

CASE STUDIES

  • Case studies
  • Case studies
Close modal

Sustainability

Elcogen is committed to adopt best practice, making a positive
contribution to the environment and the society in which we operate

  • Sustainability
  • Social
  • Gender Equality
  • Environment
  • Governance
  • QHES Policy
Close modal

Technology

Elcogen is a developer and manufacturer of Solid Oxide (SOC) technology –
an efficient solution to green hydrogen and emission-free power generation

SOLID OXIDE ELECTROLYSIS TECHNOLOGY

  • SOLID OXIDE ELECTROLYSIS TECHNOLOGY
  • Solid Oxide Electrolysis Technology
  • Co-Electrolysis Technology
  • Reversible Solid Oxide Technology

SOLID OXIDE FUEL CELL TECHNOLOGY

  • SOLID OXIDE FUEL TECHNOLOGY
  • Solid Oxide Fuel Technology
  • Solid Oxide Fuel Technology whitepaper

CASE STUDIES

  • Case studies
  • Case studies
Close modal

Contact us

Elcogen is a developer and manufacturer of Solid Oxide (SOC) technology –
an efficient solution to green hydrogen and emission-free power generation

HEAD OFFICE ESTONIA

Elcogen AS
Valukoja 23, 11415 Tallinn, Estonia

Reg. no.: 10727890
VAT no: EE100677168

(+372) 634 6750
welcome[at]elcogen.com

Single cell sales inquiries and purchase orders: elcocell[at]elcogen.com

FINLAND

Elcogen OY
Niittyvillankuja 4, Vantaa 01510, Finland

Reg. no.: 2289594-1
VAT no: FI22895941

(+358) 10 323 3060
welcome[at]elcogen.com

Stack sales inquiries and purchase orders: elcostack[at]elcogen.com

UNITED KINGDOM

Elcogen Group Plc
Highdown House, Yeoman Way, Worthing, West Sussex, United Kingdom, BN99 3HH

Company number 13290541

welcome[at]elcogen.com

About us

  • About us
  • About Elcogen
  • The Team
  • Videos
  • Careers
  • Corporate values
Close modal

News

  • News
  • News
  • Media contact
  • Elcogen photos
Close modal

Investors

  • Investors
  • Overview
  • Directors
  • Corporate Governance
Close modal

Search

This site uses cookies to analyse traffic, remember your preferences, and optimise your experience. Learn more.

Accept