Estonian-based Elcogen has secured fresh investment from Baker Hughes and Mirae to bring its equity raise to around €140m ($150.7m) as it looks to scale its solid oxide technology manufacturing.
The funding round saw a €24m ($25.8m) investment by HydrogenOne Capital Growth in 2022, €45m ($48m) from HD Hyundai in 2023, while the new investment from Baker Hughes and Mirae brought the raise to around €100m ($107m) – a combined investment of approximately €31m ($33m).
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.
... to continue reading you must be subscribed
