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With a strategic investment from Baker Hughes, Elcogen closes its current funding round for scaling of its solid oxide technology for hydrogen

Elcogen, 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).