LONDON, UK: HydrogenOne Capital Growth plc has signed definitive agreements for an investment of £20m (EUR 24m) in Elcogen Plc.
Elcogen’s shareholders include Biofuel OÜ, and VNTM Powerfund II, a technology fund focused on clean power. With this purchase of a minority equity stake, HydrogenOne has the right to a board seat at Elcogen.
Elcogen is a fuel cell and electrolyser company, with distinctive solid oxide technologies, and over 60 established industrial customers world-wide. Elcogen has developed a reversible ceramic technology that can convert hydrogen into emission-free electricity, or electricity into green hydrogen.
Elcogen’s solid oxide fuel cell (SOFC) and solid oxide electrolyser cell (SOEC) technology can be applied to a broad range of residential, industrial and commercial applications. Solid oxide fuel cells and electrolysers can run with efficiency greater than 80%. Elcogen’s core technology is distinguished by it’s ability to operate at lower temperatures than competitors, resulting in superior economics and long-life facilities.
Elcogen is planning an expansion of its facilities in Tallinn to create a new, automated production line for solid oxide fuel cells and stacks, initially scaled at 25MW/year, rising to 50MW/year (equivalent to 100MW- 200MW in electrolysis mode).
Simon Hogan, Chairman of HydrogenOne said “There is substantial demand for fuel cells and electrolysers as the clean hydrogen sector continues to grow at rapid pace. We look forward to supporting the company on its growth journey as it expands its solid oxide capacity for customers. HydrogenOne continues to deploy our investors’ capital into distinctive and high potential hydrogen assets.”
Enn Õunpuu, CEO of Elcogen, commented “We believe the fuel of the future is green hydrogen and our technology is a key enabler in making this transition affordable for everyone. We develop and manufacture the world’s most efficient solid oxide technology, allowing our customers and partners to deliver emission-free electricity, green hydrogen and energy storage solutions. This investment from HydrogenOne will enable us to continue to develop our cutting-edge technology, grow our customer base and revenues, and scale production to drive net-zero ambitions forward.”