Baker Hughes, an energy technology company, partners with Elcogen in investment deal

Energy technology firm Baker Hughes has made a strategic investment in Elcogen, a clean-energy technology company focused on solid oxide cell technology for green hydrogen production. This investment is part of a total of €140m in capital commitments received by Elcogen, with contributions from other key investors such as Mirae Asset Global Investments and HD Hyundai.

Elcogen, founded in 2001, is a European manufacturer known for delivering affordable green hydrogen and emission-free electricity. With the recent influx of funding, the company plans to expand its manufacturing capacity by building a new factory facility in Tallinn, Estonia, capable of producing up to 360MW.

The collaboration between Elcogen, Baker Hughes, and HD Hyundai aims to develop innovative green hydrogen solutions using Elcogen’s SOEC technology. This partnership is seen as a significant step towards supporting the energy transition and meeting net-zero targets in heavy industries.

JJ Traynor, managing partner of HydrogenOne Capital LLP, expressed excitement about the investment, highlighting Baker Hughes’ reputation as a leading energy technology company. Chris Nash, chairman of Elcogen, also emphasized the importance of Baker Hughes’ involvement as a strategic shareholder, recognizing the validation of Elcogen’s technology.

Enn Õunpuu, CEO of Elcogen, stressed the pressure for industries to decarbonize and achieve net-zero goals, emphasizing the role of Elcogen’s solid oxide technology in supporting the energy transition. Alessandro Bresciani, SVP of climate technology solutions at Baker Hughes, reiterated the company’s commitment to the energy transition and the development of the hydrogen economy.

Overall, the investment from Baker Hughes and other key players signifies a significant milestone in advancing green hydrogen technology and accelerating the shift towards a more sustainable energy ecosystem.