April 20, 2024 5:13 am
Baker Hughes supports European clean energy technology manufacturer

Estonian clean energy technology manufacturer Elcogen has recently raised over €140 million in funding for the development and scaling of its solid oxide technology. The investment came from various sources, including equity investments from Hydrogen One Capital Growth, HD Hyundai, and Mirae, project grants from the European Commission totaling more than €24 million, and proposed debt of €15 million.

Following this investment, Elcogen and US energy technology company Baker Hughes have announced a strategic partnership to collaborate 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, stating that it demonstrates confidence in their technology.

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.

Elcogen plans to use the funds raised to expand its manufacturing capacity as it continues to construct its new factory facility in Tallinn, Estonia with a manufacturing capacity of up to 360 MW.

Leave a Reply