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Estonia’s Elcogen listed among the world’s best CleanTech companies

Estonian scale-up Elcogen, known for its advanced hydrogen technology, has been named among the top innovators in the 2024 Global Cleantech 100 report.

Estonian scale-up Elcogen, which enables affordable green hydrogen and emission-free electricity, has been named on Cleantech Group’s 2024 Global Cleantech 100.

Now in its 15th year, this list showcases the top companies leading the way in sustainable innovation. In total, over 28,000 admissions from 147 countries were reviewed this time. “The Global Cleantech 100 is a recognition of the market’s positive view on their progress to date and their potential impact in building a cleaner, decarbonised world,” said Richard Youngman, CEO of Cleantech Group.

Elcogen’s solid oxide fuel cell (SOFC) and solid oxide electrolyser cell (SOEC) technology offers an efficient solution to green hydrogen production, reducing commercial costs, so customers can deliver affordable energy solutions to meet net-zero targets. The company claims to manufacture the market’s most efficient solid oxide fuel cellsstacks and modules, enabling multiple industries to solve their net-zero ambitions.

“We are honoured to receive a TOP100 nomination by Global Cleantech. It is not only validating Elcogen’s commitment to innovation but also reinforces the importance of accelerating the transition away from fossil fuels”, said Christopher Nash, Chair at Elcogen group.

Founded in 2001, Elcogen has manufacturing facilities in Estonia and Finland that have served 160 customers in 30 countries. The company raised €45M in 2023, attracting a strategic interest from the South Korean HD Hyundai Group. The investment followed an extensive testing period, resulting in an R&D collaboration agreement.

Across the globe, governments are investing heavily in hydrogen for clean energy solutions. An estimated $240B of public and private investment is expected to be made in hydrogen technology until 2030, with a substantial focus on fuel cells, according to McKinsey & Company. Global Cleantech also highlights hydrogen as a major priority for the green efforts across the globe.

Hydrogen breakthroughs that are accelerated today will have a compounding effect with downstream innovation, reads the report. The potential is especially big in the transportation industry, where hydrogen could power heavy-duty, long-haul and regional fixed-route vehicles. Estonia, as the first country with a nationwide Hydrogen Valley, is well-positioned to capitalise on this growing trend.

Do you want to participate in a future $2.5 trillion hydrogen global market? Start in Estonia! Book a time via e-Consulting to speak to your personal investment advisor.

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