Elcogen

Estonia-based Elcogen is a developer of solid oxide fuel cells (SOFC), fuel cell stacks, and electrolyzer cells (SOEC). The company claims that its SOFC and SOEC can run at lower temperatures, making them durable and relatively inexpensive. The modular design of its fuel cell stacks enables multiple user applications for large power ranges (ranging from sub-kilowatt units to multi-megawatt (MW) systems).

The company is headquartered in Estonia with a registered office in the UK (as of October 2023), and manufacturing facilities in Estonia and Finland that have served 160 customers in 30 countries. In May 2024, Elcogen reported plans to develop a new factory at the Loovälja Industrial Park in Tallinn, Estonia that will expand the company’s manufacturing capacity of SOFC and SOEC cells from 10 MW to 360 MW.

Key customers and partnerships

In December 2022, Elcogen entered into a green hydrogen R&D collaboration with Korea Shipping and Offshore Engineering (KSOE).

in September 2023, Elcogen announced the delivery of its elcoStack technology to the EU-funded areNHa project, a project to develop the use of ammonia for safe energy storage and for fuel,. In October 2023, Elcogen and Bumhan Fuel Cell, a company specializing in hydrogen application technology, signed an MoU to collaborate on the commercialization of SOFC and SOEC technology. In November 2023, the company signed a supply and R&D collaboration agreement with Genvia, a French company developing high performance electrolyzer and fuel cell technologies, to reduce the cost of green hydrogen production by strengthening the European high-performance electrolyzer value chain. In January 2024, Elcogen announced the completion of a field test of an industrial-scale Solid Oxide electrolyzer system using Elcogen’s cell technology at Convion, a supplier of SOFC systems and solid oxide electrolyzers.

Funding and financials

In April 2024, Elcogen secured a strategic investment of ~EUR 31 million (USD 33 million) co-led by Baker Hughes and Mirae that will be used to expand Elcogen's manufacturing capabilities.

Prior to this, in October 2023, the company secured a EUR 45 million (~USD 48.4 million) investment from Korea Shipbuilding & Offshore Engineering (KSOE), a member of the HD Hyundai Group. The capital was to be used to expand Elcogen’s manufacturing capacity with a new 360 MW factory facility in Tallinn, Estonia. Prior to this, in September 2023, Elcogen received EUR 25.4 million (~USD 27 million) in funding under the Hy2 Tech program of the Important Projects of Common European Interest (IPCEI), a support network for European projects focused on green hydrogen. Through the Hy2 Tech project, Elcogen aimed to integrate its SOE technology into IPCEI partners’ system prototypes and pilot lines.

In May 2022, Elcogen secured a strategic investment of EUR 24 million (~USD 25.3 million) from HydrogenOne Capital Growth. The funds were utilised to scale up its production facilities in Tallinn, Estonia.

In May 2021, the company announced plans to go public on the London AIM Stock Exchange, valuing the company at around EUR 200 million (around USD 240 million). However, in June 2021, the company announced that it had postponed the IPO in light of market conditions and sector volatility, and was considering another round of private investment prior to an IPO.