Elcogen secures €5 million investment from SmartCap to accelerate growth

Elcogen (“the Company”), a leading European manufacturer of technology that enables delivery of efficient, affordable green hydrogen and emission-free electricity, today announced that it has secured a €5 million investment from SmartCap, a venture capital fund supporting Estonian Greentech companies.

This strategic investment will fuel Elcogen’s growth trajectory, enabling the company to further expand operations, scale production capacity, and drive business development to better serve existing and new customers worldwide.

SmartCap operates a venture capital fund aimed specifically at empowering Estonian startups and Greentech companies with global ambitions. Conceived and developed in Estonia, Elcogen’s technology is the tangible result of local innovation, driven by homegrown Estonian-Finnish R&D, producing a fully domestic product that is now being exported globally. This partnership reflects SmartCap’s confidence in Elcogen’s strong growth potential and future prospects.

“Elcogen is the first scale-up company in the SmartCap Green Fund portfolio, receiving capital that complements the prior strategic investments from Baker Hughes and HD Hyundai to further support the development and construction of Elcogen’s new factory in Tallinn. The new plant will significantly increase the manufacturing capacity of solid oxide fuel cells and solid oxide electrolyser cells — technologies we see as key drivers of the green transition in industrial processes and enablers of energy security. The expansion reflects the growing need for highly efficient hydrogen technologies, such as Elcogen’s technology,” said Sille Pettai, CEO of SmartCap and Fund Manager of SmartCap Green Fund, funded by the European Union’s NextGenerationEU.

“We are delighted to welcome SmartCap as a strategic investor,” said Enn Õunpuu, CEO of Elcogen. “Elcogen is well-positioned to capitalize on the global shift toward clean energy and hydrogen technology, supported by over 25 years of expertise, proven solid oxide cell technology, a strategic presence in rapidly emerging hydrogen markets, and the invaluable backing of our key investors and partners. We look forward to working closely with SmartCap as we build on our momentum.”

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. Elcogen has its registered office in the UK, and manufacturing facilities in Estonia and Finland that have served 160 customers in 30 countries.

Elcogen develops and supplies the technology that sits at the heart of energy security and transition away from fossil fuels. We are focused on driving net-zero ambitions forward with a core, reversible technology that converts fuel sources into emission-free energy and emission-free energy into green hydrogen. Our solid oxide fuel cell (SOFC) and solid oxide electrolyser cell (SOEC) technology offers an efficient solution to green hydrogen production, reducing commercial costs so customers can deliver affordable energy solutions to meet net-zero targets.

About SmartCap

SmartCap is Estonia’s state-owned venture capital fund manager, dedicated to fostering innovation and growth within the Estonian economy. Through strategic investments, SmartCap supports ambitious companies across various sectors, contributing to the development of innovative technology companies and a robust venture capital market in Estonia.

The SmartCap Green Fund initiative aims to propel sustainable innovation by investing in Estonian green technology companies with high growth potential. Operating both as a fund-of-funds and through direct investments, the SmartCap Green Fund focuses on sectors including energy, agriculture, food, transport, logistics, materials, chemicals, and the environment. Its primary objective is to enhance access to equity funding for Estonian greentech companies, aligning with Estonia’s long-term strategic goals and supporting environmental objectives.