With a strategic investment from Baker Hughes, Elcogen closes its current funding round, raising overall €140m for scaling of its leading solid oxide technology for hydrogen

Elcogen (“the Company”), a European manufacturer of technology that enables delivery of efficient, affordable green hydrogen and electricity, is pleased to announce that Baker Hughes has made a strategic investment in the Company.

Combined with equity investment from Hydrogen One Capital Growth plc, HD Hyundai and Mirae, as well as project grants from the European Commission, including an IPCEI project, totalling more than €24m, and a proposed debt of €15m, Elcogen has now raised more than €140m for the continuous development and scaling of its market leading solid oxide technology, enabling affordable green hydrogen and accelerating the energy transition.

Baker Hughes is an energy technology company that has a diverse portfolio of equipment and service capabilities that span the energy and industrial value chain. Established over a century ago, it has over 55,000 employees. The company is increasingly involved in the energy transition and is committed to helping industry meet net-zero emissions targets. Baker Hughes’ advanced technologies and solutions serve the entire hydrogen value chain, from production to transportation and utilisation.

Following this investment and building on Elcogen’s existing strategic investment from and collaboration with HD Hyundai, Baker Hughes and Elcogen intend to also collaborate on green hydrogen production solutions based on Elcogen’s solid oxide electrolyser cell (“SOEC”) technology.

These funds will be used to expand Elcogen’s manufacturing capacity as it continues to build the Company’s new factory facility in Tallinn, Estonia, with a manufacturing capacity of up to 360MW to meet increasing demand for its products, as well as its continuous development program.

Chris Nash, Chairman of Elcogen, said: “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.”

Enn Õunpuu, CEO of Elcogen: “There is a huge amount of pressure for heavy industries to decarbonise and meet net-zero targets. We are very pleased that Baker Hughes has invested in Elcogen, recognising the role our proprietary Solid Oxide technology has in supporting the energy transition.”

Alessandro Bresciani, Senior Vice President Climate Technology Solutions, Baker Hughes: “This investment further demonstrates our commitment to support the energy transition and the development of the hydrogen economy, which we believe will be an essential part of the energy mix of the future. Today’s announcement underscores our strategy in collaborating to build out solutions that can enable the decarbonization of the energy ecosystem and marks another significant milestone in our journey to continue to expand our portfolio across the hydrogen value chain.”

Elcogen was advised by Arrowpoint Advisory (part of Rothschild & Co).

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.