Baker Hughes supports European clean energy technology manufacturer

Elcogen Secures Over €140 Million for Solid Oxide Technology Development and Scaling as Baker Hughes Joins as Strategic Shareholder

Elcogen, a European clean energy technology manufacturer, has raised over €140 million 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.

With this investment, Elcogen has expanded its manufacturing capacity as it continues to construct its new factory facility in Tallinn, Estonia, with a manufacturing capacity of up to 360 MW. The company is now planning to collaborate with U.S. energy technology company Baker Hughes on green hydrogen production solutions utilizing Elcogen’s solid oxide electrolyzer cell (SOEC) technology.

Chris Nash, Chairman of Elcogen, expressed his excitement about Baker Hughes becoming a strategic shareholder. He stated that it demonstrates confidence in their technology and is a significant milestone for the company’s growth. Enn Õunpuu, CEO of Elcogen, highlighted the importance of Elcogen’s Solid Oxide technology in supporting the energy transition and meeting net-zero targets in heavy industries.

Alessandro Bresciani, Senior Vice President of Climate Technology Solutions at Baker Hughes, emphasized the significance of the collaboration in enabling the decarbonization of the energy ecosystem. He sees this investment as a critical step in expanding Baker Hughes’ portfolio across the hydrogen value chain and advancing their strategy for developing sustainable solutions.

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