Baker Hughes supports European clean energy technology manufacturer

Elcogen, a European clean energy technology manufacturer, has recently secured over €140 million in funding for the development and scaling of its solid oxide technology. This investment comes from a variety of 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.

With this funding, Elcogen plans to expand its manufacturing capacity as it continues to construct its new factory facility in Tallinn, Estonia. The facility will have a manufacturing capacity of up to 360 MW.

Baker Hughes, a U.S. energy technology company, has recently made a strategic investment in Elcogen. Along with the equity investments from other companies and project grants from the European Commission, Baker Hughes has helped raise the funds needed for Elcogen’s expansion.

As a result of this investment, Baker Hughes and Elcogen plan 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 saying 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 this collaboration in enabling decarbonization of the energy ecosystem he sees this investment as critical step in expanding Baker Hughes’ portfolio across the hydrogen value chain and advancing their strategy for developing sustainable solutions.

By Riley Johnson

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