Solid oxide tech specialist Elcogen attracts Baker Hughes as backer

High-temperature steam electrolysis system developed by Elcogen within the C2Fuel project. Image source: C2Fuel.

Elcogen, an Estonian developer of solid oxide electrolyser cell (SOEC) technology for green hydrogen production, announced it has attracted a strategic investment from US energy technology firm Baker Hughes (NYSE:BKR) that will help it scale up production.

The fresh capital will be used to expand Elcogen's capacity as the company continues to build a new 360-MW factory in Tallinn, according to a press statement.

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The transaction with Baker Hughes, the specific terms of which were not revealed, closes Elcogen’s current funding round at over EUR 140 million (USD 150.4m).

The total capital raised since 2022 also includes investments from London-listed fund HydrogenOne Capital Growth plc, HD Hyundai Group and Mirae, as well as project grants from the European Commission (EC) and a proposed EUR-15-million debt issue.

Elcogen was established in 2001. The company has its registered office in the UK and manufacturing facilities in Estonia and Finland. It has served 160 customers in 30 countries.

(EUR 1 = USD 1.075)

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