Elcogen announced today (May 9) that it has received a €24m ($25.25m) investment to aid the expansion of its capabilities to produce green hydrogen, using its reversible solid oxide fuel cell (SOFC) technology, from HydrogenOne Capital Growth Plc (HydrogenOne).
The investment is set to allow Elcogen to drive forward its expansion of facilities in Tallinn, Estonia, to create an automated production line for SOFCs, initially scaled at 25MW per year.
It’s understood this would rise to 50MW per year, equivalent to 100MW – 200MW in electrolysis mode.
Elcogen has developed a reversible ceramic technology that can convert hydrogen into emission-free electricity, or electricity into green hydrogen, H2 View understands.
Simon Hogan, Chairman at HydrogenOne, said, “There is substantial demand for fuel cells as the clean hydrogen sector continues to grow at rapid pace. We look forward to supporting the company on its growth journey as it expands its solid oxide capacity for customers.”
Solid oxide fuel cells and electrolysers can run with efficiency greater than 80%. Elcogen claims its core technology is distinguished by its ‘ability to operate at lower temperatures than competitors, resulting in superior economics and long-life facilities.’
In addition to the production expansion, the funding will also be used to enable the company’s research and development, recruitment, marketing, and proposition scale-up.
This could significantly scale the capabilities of the company and optimise SOFC fuel cell technology.
Enn Õunpuu, CEO at Elcogen, commented, “We believe the fuel of the future is green hydrogen and our technology is a key enabler in making this transition affordable for everyone.
“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.
“This investment from HydrogenOne will enable us to continue to develop our cutting-edge technology, grow our customer base and revenues, and scale production to drive net-zero ambitions forward.”
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