Elcogen receives €24 million investment from HydrogenOne

Tallinn, Estonia: Elcogen AS (“Elcogen” or “the Company), the European manufacturer of clean energy technology that delivers affordable green hydrogen and emission-free electricity, is pleased to announce completion of EUR 24m (£20m) investment from HydrogenOne Capital Growth plc (“HydrogenOne”) to help expand its capabilities in enabling the production of green hydrogen using its reversible solid oxide cell technology.

Elcogen supplies the core technology that sits at the heart of energy security and transition away from fossil fuels. This investment will allow for Elcogen to significantly drive forward its plans, strategy and vision to provide affordable green hydrogen for everyone and progress towards net zero. Specifically, the investment will:

  • Fund expansion of Elcogen’s facilities in Tallinn to create a new, automated production line for solid oxide fuel cells, initially scaled at 25MW/year, rising to 50MW/year (equivalent to 100MW- 200MW in electrolysis mode);
  • Enable the Company to further invest in research and development to continue progressing solid oxide technology and fuel cells;
  • Support a strategic recruitment drive and retain Elcogen’s diverse pool of talent;
  • Promote the Company effectively and fund marketing materials to enable Elcogen to further grow its customer base; and
  • Enable Elcogen to scale up its proposition and expand their number of customers.
Elcogen manufactures core components for solid oxide systems, cells and stacks, that enables our customers to produce green hydrogen. Solid oxide fuel cells and electrolysers run at high temperatures with an efficiency greater than 80%, setting them apart from alternative solutions. Elcogen’s core technology is further distinguished by its ability to operate at a lower temperature than its competitors, improving degradation and benefiting project economics. Solid oxide technology is also reversible, allowing for the production of emission-free electricity and green hydrogen in one integrated system.

HydrogenOne was launched in 2021 with an investment objective to deliver an attractive level of capital growth by investing in a diversified portfolio of hydrogen and complementary hydrogen focussed assets. HydrogenOne will gain a minority stake in Elcogen and have the right to a board seat which they are expected to take.

Enn Õunpuu, CEO of Elcogen, commented: “We believe the fuel of the future is green hydrogen and our technology is a key enabler in making this transition affordable for everyone. We develop and manufacture the world’s most efficient solid oxide technology, allowing our customers and partners to deliver emission-free electricity, green hydrogen and energy storage solutions. This investment from HydrogenOne will enable us to continue to develop our cutting-edge technology, grow our customer base and revenues, and scale production to drive net-zero ambitions forward.

Simon Hogan, Chairman of HydrogenOne, said: “There is substantial demand for fuel cells as the clean hydrogen sector continues to grow at rapid pace. We look forward to supporting the company on its growth journey as it expands its solid oxide capacity for customers. HydrogenOne continues to deploy our investors’ capital into distinctive and high potential hydrogen assets”

Arrowpoint Advisory (Rothschild & Co) are advising Elcogen on its fundraising.

For further information please visit https://elcogen.com/ or contact:

Elcogen AS
Marek Roostar

+372 53 84 6006

Tavistock (Corporate and Financial PR)
Simon Hudson / Nick Elwes / Rebecca Hislaire

+44 (0)20 7920 3150

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 that can be applied to a broad range of residential, industrial, and commercial applications. Our core, reversible solid oxide technology combats climate change by converting fuel sources into emission-free energy and emission-free energy into green hydrogen.
Elcogen supplies the core technology that sits at the heart of energy security and transition away from fossil fuels. We promise to deliver the world’s most efficient technology for the production and use of affordable green hydrogen. Our solid oxide fuel cell (SOFC) and solid oxide electrolyser cell (SOEC) technology offers an efficient solution to green hydrogen production, thereby reducing commercial costs so customers can deliver affordable energy solutions to meet net-zero targets.
Elcogen believes in a future fuelled by a hydrogen-economy for its commercial customers and partners. The company was named Innovator of the Year 2020 by the European Business Awards.

About HydrogenOne
HydrogenOne was launched in 2021 with an investment objective to deliver an attractive level of capital growth by investing in a diversified portfolio of hydrogen and complementary hydrogen focussed assets. INEOS Energy is a strategic investor in HydrogenOne. The Company is listed on the London Stock Exchange’s main market (ticker code: HGEN).


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