HydrogenOne invests £20M in Elcogen
There is substantial demand for fuel cells, and electrolysers as the clean hydrogen sector continues to grow rapidly.
HydrogenOne Capital Growth has signed definitive agreements for an investment of £20 million in Elcogen Plc.
Elcogen’s shareholders include Biofuel OU, and VNTM Powerfund II, a technology fund focused on clean power. With this purchase of a minority equity stake, HydrogenOne has the right to a board seat at Elcogen.
Elcogen is a fuel cell and electrolyser company with distinctive solid oxide technologies and over 60 established industrial customers worldwide. Elcogen has developed a reversible ceramic technology that can convert hydrogen into emission-free electricity or electricity into green hydrogen.
Elcogen’s solid oxide fuel cell (SOFC) and solid oxide electrolyser cell (SOEC) technology can be applied to a broad range of residential, industrial and commercial applications. Solid oxide fuel cells and electrolysers can run with an efficiency greater than 80%. Elcogen’s core technology is distinguished by its ability to operate at lower temperatures than competitors, resulting in superior economics and long-life facilities.
Elcogen is planning an expansion of its facilities in Tallinn to create a new, automated production line for solid oxide fuel cells and stacks, initially scaled at 25MW/year, rising to 50MW/year (equivalent to 100MW- 200MW in electrolysis mode).
Simon Hogan, Chairman of HydrogenOne, said, “HydrogenOne continues to deploy our investors’ capital into distinctive and high potential hydrogen assets.”
Enn Õunpuu, CEO of Elcogen, commented, “We develop and manufacture the world’s most efficient solid oxide technology, allowing our customers and partners to deliver emission-free electricity, green hydrogen and energy storage solutions.”’