Elcogen, a European manufacturer of technology that enables delivery of green hydrogen and electricity, has announced that Baker Hughes has made a strategic investment in the company.
Baker Hughes is an energy technology company that has a diverse portfolio of equipment and service capabilities that span the energy and industrial value chain.
Its advanced technologies and solutions serve the entire hydrogen value chain, from production to transportation and utilisation.
Elcogen has now raised more than €140m for the continuous development and scaling of its solid oxide technology, which it said enables affordable green hydrogen and accelerating the energy transition.
This is the result of combined equity investment from Hydrogen One Capital Growth plc, HD Hyundai and Mirae, as well as project grants from the European Commission - including an IPCEI project - totalling more than €24m, and a proposed debt of €15m.
Following this new investment, and building on Elcogen’s existing strategic investment from and collaboration with HD Hyundai, Baker Hughes and Elcogen intend to also collaborate on green hydrogen production solutions based on Elcogen’s solid oxide electrolyser cell (SOEC) technology.
These funds will be used to expand Elcogen’s manufacturing capacity as it continues to build the company’s new factory facility in Tallinn, Estonia, with a manufacturing capacity of up to 360MW to meet increasing demand for its products, as well as its continuous development programme.
Chris Nash, chairman of Elcogen, said: “We are delighted to welcome Baker Hughes as a strategic shareholder. I believe this is a significant vote of confidence in our technology from a leading energy technology company. We look forward to building on this relationship as we continue working together.”
Enn Õunpuu, CEO of Elcogen, added: “There is a huge amount of pressure for heavy industries to decarbonise and meet net-zero targets. We are very pleased that Baker Hughes has invested in Elcogen, recognising the role our proprietary Solid Oxide technology has in supporting the energy transition.”
Alessandro Bresciani, senior vice president climate technology solutions at Baker Hughes, stated: “This investment further demonstrates our commitment to support the energy transition and the development of the hydrogen economy, which we believe will be an essential part of the energy mix of the future.
"Today’s announcement underscores our strategy in collaborating to build out solutions that can enable the decarbonisation of the energy ecosystem and marks another significant milestone in our journey to continue to expand our portfolio across the hydrogen value chain.”
Baker Hughes invests in Elcogen’s green hydrogen technology
