Baker Hughes supports European clean energy technology manufacturer

In recent news, European clean energy technology manufacturer Elcogen has secured over €140 million in funding for the development and scaling of its solid oxide technology. The funds were raised through a combination of equity investments from Hydrogen One Capital Growth, HD Hyundai, and Mirae, as well as project grants from the European Commission totaling more than €24 million and proposed debt of €15 million.

With this investment, Elcogen plans to collaborate with U.S. energy technology company Baker Hughes on green hydrogen production solutions utilizing Elcogen’s solid oxide electrolyzer cell (SOEC) technology. The funds will be used to expand Elcogen’s manufacturing capacity as the company continues to construct its new factory facility in Tallinn, Estonia, with a manufacturing capacity of up to 360 MW.

Elcogen Chairman Chris Nash expressed his excitement about Baker Hughes becoming a strategic shareholder, stating 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 the collaboration in enabling the decarbonization of the energy ecosystem. He sees this investment as a critical step in expanding Baker Hughes’ portfolio across the hydrogen value chain and advancing their strategy for developing sustainable solutions.

By Samantha Johnson

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