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Baker Hughes supports European clean energy technology manufacturer

Elcogen, a European clean energy technology manufacturer, has recently raised over €140 million in funding for the development and scaling of its solid oxide technology. The funds were raised through equity investments from Hydrogen One Capital Growth, HD Hyundai, and Mirae, as well as project grants from the European Commission totaling more than €24 million and proposed debt of €15 million.

Baker Hughes, a U.S. energy technology company, has made a strategic investment in Elcogen’s solid oxide electrolyzer cell (SOEC) technology. This investment includes equity investments from Hydrogen One Capital Growth, HD Hyundai, and Mirae. Elcogen has also received project grants from the European Commission totaling more than €24 million and proposed debt of €15 million.

The funds raised will be used to expand Elcogen’s manufacturing capacity as the company continues to construct its new factory facility in Tallinn, Estonia, with a manufacturing capacity of up to 360 MW. Baker Hughes and Elcogen plan to collaborate on green hydrogen production solutions utilizing Elcogen’s SOEC technology.

Chris Nash, Chairman of Elcogen expressed his excitement about Baker Hughes becoming a strategic shareholder stating that it demonstrates confidence in their technology. Enn Õunpuu, CEO of Elcogen highlighted the importance of their Solid Oxide technology in supporting the energy transition and meeting net-zero targets in heavy industries. Alessandro Bresciani

By Samantha Jones

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