Elcogen, a European manufacturer pioneering efficient green hydrogen and electricity delivery technology, has announced a strategic investment from Baker Hughes, a global energy technology company. With backing from Baker Hughes, alongside investments from Hydrogen One Capital Growth plc, HD Hyundai, Mirae, and support from the European Commission, Elcogen has secured over €140m for the advancement of its solid oxide technology.
Baker Hughes, renowned for its diverse energy and industrial solutions, joins Elcogen’s mission to accelerate the energy transition towards net-zero emissions. The investment sets the stage for collaboration on green hydrogen production solutions based on Elcogen’s solid oxide electrolyser cell technology.
Funds from this investment will fuel Elcogen’s expansion, including the development of a new manufacturing facility in Tallinn, Estonia, capable of producing up to 360MW. Chris Nash, Elcogen’s chairman, expressed enthusiasm for the partnership, highlighting Baker Hughes’ confidence in their technology. Enn Õunpuu, CEO of Elcogen, emphasised the critical role their technology plays in heavy industries’ decarbonisation efforts.
Alessandro Bresciani, senior vice president of climate technology solutions at Baker Hughes, underscored their commitment to advancing the hydrogen economy. He sees the investment as a strategic move towards collaborative solutions that facilitate the decarbonisation of the energy sector, marking a significant milestone in their journey towards a sustainable energy ecosystem.
For more information visit www.elcogen.com
