HD Hyundai invests in Estonian solid oxide fuel cell firm Elcogen

HydrogenOne Capital Growth plc (LON:HGEN) said on Wednesday that one of its portfolio investments, Estonian company Elcogen, has attracted a EUR-45-million (USD 47.6m) strategic investment from Korea Shipbuilding and Offshore Engineering Co Ltd (KSOE), part of HD Hyundai Group.

After the investment, HD Hyundai and Elcogen plan to enhance their partnership, leveraging Elcogen's solid oxide fuel cell (SOFC) and green hydrogen production based on Elcogen's solid oxide electrolyser cell (SOEC) technology, with a focus on marine propulsion systems and stationary power generation.

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According to the London-listed fund’s announcement, the investment will allow Elcogen to expand its manufacturing capacity as it continues to build its new factory in Tallinn with a capacity of up to 360 MW.

HD Hyundai selected Elcogen's technology because of its flexibility to produce electricity from various fuels such as hydrogen, natural gas, ammonia, methanol and biofuel, as well as its suitability for ship engines and cogeneration, the statement further says.

“We are pleased that a substantial industrial investor has joined us in supporting Elcogen, not only providing additional growth capital, but also representing a new strategic partner to collaborate with,” said JJ Traynor, managing partner of HydrogenOne Capital LLP.

(EUR 1 = USD 1.058)