Baker Hughes supports European clean energy technology manufacturer

Elcogen, a European clean energy technology manufacturer, has recently secured over €140 million in funding for the development and scaling of its solid oxide technology. This was made possible through a strategic investment from U.S. energy technology company Baker Hughes, as well as equity investments from Hydrogen One Capital Growth, HD Hyundai, and Mirae, project grants from the European Commission totaling more than €24 million, and proposed debt of €15 million.

As a result of this investment, Baker Hughes has become a strategic shareholder in Elcogen and the two companies plan to collaborate on green hydrogen production solutions utilizing Elcogen’s solid oxide electrolyzer cell (SOEC) technology. The funds raised will be used to expand Elcogen’s manufacturing capacity as the company continues to construct its new factory facility in Tallinn, Estonia.

Elcogen’s CEO Enn Õunpuu expressed his excitement about the partnership with Baker Hughes saying that it demonstrates confidence in their technology. Chris Nash, Chairman of Elcogen also shared his thoughts stating that this is an important step for their company as they continue to support the energy transition and meet net-zero targets in heavy industries.

Alessandro Bresciani, Senior Vice President of Climate Technology Solutions at Baker Hughes emphasized the significance of this 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 Aiden Johnson

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