Estonian energy scale-up Elcogen has received additional funding worth around €31m from the US energy company Baker Hughes. Taken together, Elcogen has now raised more than €140 million since 2022.
Baker Hughes, employing over 55,000 people globally, specializes in advanced technologies for the hydrogen sector, covering production, transportation, and utilization. Building on the investments, Elcogen has said HD Hyundai and Baker Hughes intend to collaborate on green hydrogen production solutions based on the firm’s solid oxide electrolyser cell (SOEC) technology.
The funds will be used to increase the company’s capacity by building a 360MW manufacturing facility in Tallinn, Estonia. Chris Nash, Chairman of Elcogen, said Baker Hughes’ backing was a “significant vote of confidence” in the company’s technology. Estonia, which was the first in the world to start a nationwide Hydrogen Valley, is now aiming to be a frontrunner in the new energy market.
SOEC is a high-temperature method that uses a solid ceramic electrolyte to split water for hydrogen production at temperatures up to 800°C. The elevated temperature reduces the electrical energy needed, making this process more efficient than low-temperature electrolysis.
In January 2024, Elcogen and Convion announced that their SOEC technology achieved over 85% efficiency, using 39kWh of electrical energy per kilogram of green hydrogen produced during a 2,000-hour test period.
“We are very pleased that Baker Hughes has invested in Elcogen recognising the role of our proprietary solid oxide technology has in supporting the energy transition,” said Enn Õunpuu, CEO of Elcogen.
Want to invest in Estonian CleanTech startups? Just use our 1:1 e-Consulting service and get started.
