European clean energy technology producer Elcogen has recently secured more than €140 million in funding to develop and scale its solid oxide electrolytic cell (SOEC) technology. This investment came from various sources, including equity investments from Hydrogen One Capital Growth, HD Hyundai and Mirae, grants from the European Commission totaling more than €24 million, and a proposed debt of €15 million.

With this funding, Elcogen plans to collaborate with American energy technology company Baker Hughes on green hydrogen production solutions using SOEC technology. Together, they aim to expand Elcogen’s production capacity as the company continues to build its new plant in Tallinn, Estonia, with a production capacity of up to 360 MW.

Chris Nash, president of Elcogen, expressed his excitement that Baker Hughes will become a strategic shareholder. He said it shows confidence in their technology and highlights the importance of cooperation in supporting the energy transition and meeting net-zero goals in heavy industry. Enn Ounpuu, CEO of Elcogen, emphasized the significance of SOEC technology in advancing sustainable solutions and decarbonizing the energy ecosystem.

Alessandro Bresciani, senior vice president of Climate Technology Solutions at Baker Hughes, sees this investment as a critical step in expanding their portfolio in the hydrogen value chain and advancing their strategy to develop sustainable solutions. He highlighted the importance of cooperation in enabling decarbonization and achieving net-zero emissions across all sectors of the energy ecosystem.

By Samantha Johnson

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