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        Elcogen, an Estonian developer of solid oxide fuel cells (SOFC), fuel-cell stacks, and electrolyzer cells (SOEC), has secured a strategic investment of approximately EUR 31 million (USD 33 million) co-led by Baker Hughes and Mirae. This brings the company's total equity raise to nearly EUR 140 million (USD 150.7 million).
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        The funds raised will be used to expand Elcogen's manufacturing capabilities. The company is currently focused on building a 360 MW manufacturing facility in Tallinn, Estonia.
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        In addition, Elcogen intends to collaborate with HD Hyundai and Baker Hughes on green hydrogen production solutions based on its SOEC technology.
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    <a href="https://www.h2-view.com/story/elcogen-hits-e140m-fundraise-with-e31m-from-baker-hughes-and-mirae/2108331.article/">
      Press release
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Hydrogen Economy

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 <p>Estonian company Elcogen, known for developing solid oxide fuel cells (SOFC), fuel-cell stacks, and electrolyzer cells (SOEC), has secured a strategic investment worth roughly EUR 31 million (USD 33 million). The investment was co-led by Baker Hughes and Mirae, raising the company's total equity to nearly EUR 140 million (USD 150.7 million).</p>
 <p>The raised funds will be utilized to bolster Elcogen's manufacturing abilities, with the current focus on constructing a 360 MW manufacturing facility in Tallinn, Estonia.</p>
 <p>Elcogen also plans to work with HD Hyundai and Baker Hughes to provide green hydrogen production solutions using its SOEC technology.</p>
 
</div>

Elcogen raises EUR 31 million in equity funding to expand manufacturing capabilities

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 <p>The startup Electric Hydrogen, whose focus is on creating cost-effective clean hydrogen, has received a significant financial boost in the form of a transferable tax credit valued at USD 18.3 million. The Department of Energy, along with the Department of Treasury and the Internal Revenue Service, have provided these funds under the Qualifying Advanced Energy Project 48C initiative, a program backed by the Inflation Reduction Act. This new influx of funding propels the company's total investments to an impressive USD 716 million.</p>

<p>The funding will be directed towards increasing production capacity at the startup's gigafactory, located in Devens, Massachusetts. The company is on track to ship its inaugural batch of 100 MW electrolyzer stacks from the facility to a project based in Southeast Texas later in the year.</p>

<p>Upon reaching full operational status, the company's gigafactory is projected to produce 1.2 GW annually. This level of production will significantly impact environmental sustainability efforts, as it could lead to a decrease in CO2 emissions by an estimated 2.4 million metric tons each year.</p>
  
</div>

Electric Hydrogen raises USD 18.3 million in tax credit funding

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 <p>Raven SR, a company that produces hydrogen-rich syngas, has acquired an investment of 15 million USD, spearheaded by Ascent Funds. Other investors such as Chevron New Energies, ITOCHU Corp, and Stellar J Corp also contributed to the fundraising, increasing the overall funding of the firm to 36.8 million USD.</p>
 <p>The raised capital will be utilized to fuel growth and instigate innovation in the company. It will also enable the commercialization of its Steam/CO2 Reforming technology, planned for the year 2024.&nbsp;</p>
 <p>Beyond the investment round, there have been changes in the company’s board of directors. Stuart McFarland, ex-CFO of Fannie Mae, has been appointed chairman while Mark Gordon, the CIO of Ascent Funds, will take up the position of vice chairman.</p>
 
</div>

Raven secures USD 15 million investment; strengthens leadership team

INCUMBENTS_PRESENT

PROMINENT_CATEGORY

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 <p>Ballard Power Systems, a leader in proton exchange membrane (PEM) fuel-cell technology, has been granted USD 54 million in tax credits from the US Internal Revenue Service through the Qualifying Advanced Energy Project Tax Credit initiative, part of the Inflation Reduction Act. The company will use these funds to support their upcoming fuel-cell gigafactory in Rockwall, Texas, aiming to begin production of next-gen fuel cells in late 2027.</p>
 
 <p>The USD 54 million award supplements the preceding grant of USD 40 million, raising Ballard Power System's total federal funding to USD 94 million. Furthermore, Ballard has entered into a long-term partnership with Solaris Bus &amp; Coach, a Polish bus and trolley production firm. This agreement involves supplying 1,000 hydrogen fuel-cell engines for the European bus market through 2027.</p>

</div>

Ballard Power Systems awarded USD 54 million in tax credits and signs supply agreement with Solaris

ANALYST_QUICK_TAKE

<div>
 <p>Verdagy, a company that produces innovative hydrogen electrolyzers, has been awarded a USD 39.6 million grant from the US Department of Energy (DOE).</p>
 <p>This funding will be used by the company to expand the manufacturing capabilities of their advanced alkaline water electrolysis (AWE) eDynamic electrolyzers in their Silicon Valley facility.</p>
 <p>The 10,000 sq ft factory of Verdagy will be the first in the US to produce advanced alkaline water electrolyzers. They have a plan in place to start deliveries from their Newark manufacturing facility by the year 2025.</p>
</div> <p><b>Analyst QuickTake</b> :<br>
 In <a href="https:<br>
//sp-edge.com/updates/20853"> August 2023 </a> , Verdagy raised USD 73 million in a Series B funding round led by Tamasek and Shell Ventures to manufacture its industry-sized electrolyzers.</p>

Verdagy awarded USD 39.6 million grant by US DOE to advance manufacturing

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 <p>Electric Hydrogen, a startup focused on providing affordable clean hydrogen, received a grant worth USD 46.3 million from the Department of Energy through the Clean Electrolysis Program under the Bipartisan Infrastructure Law. </p>
 <p>The funds will be utilized to hasten the advancement of its technology at its gigafactory situated in Devens, Massachusetts. The factory, once fully functional, will have an annual capacity of 1.2 GW, ranking it as one of the global leaders in terms of the scale of proton exchange membrane (PEM) electrolyzer production.</p>

</div> <p><b>Analyst QuickTake:<br>
</b> In <a href="https:<br>
//sp-edge.com/updates/27414"> March 2024 </a> , the company raised USD 50 million in funding from Trinity Capital to upscale the manufacturing capabilities of its gigafactory in Devans, Massachusetts.</p>

Electric Hydrogen awarded USD 46.3 million from UK Government to stimulate technology advancements

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 <p>The United States Department of Energy (DOE) announced they would grant $750 million in funding for 52 hydrogen industry projects across 24 states, under the 2021 Bipartisan Infrastructure Law. These projects aim to increase electrolyzer production, secure supply chains for these devices, and recycle essential materials like iridium used in hydrogen production.</p>
 <p>The projects hope to enhance U.S. electrolyzer manufacturing capacity from 1-2 GW p.a. up to 10 GW, which could lead to an additional production of 1.3 million tons of clean hydrogen every year.</p>
 
</div> <p><b>Analyst QuickTake:<br>
</b> This funding follows the US DOE's investment of USD 7 billion in <a href="https:<br>
//sp-edge.com/updates/23437"> October 2023 </a> to create seven Regional Clean Hydrogen Hubs (H2Hubs) nationwide, as part of President Joe Biden's Investing in America agenda. The seven H2Hubs will form a national clean hydrogen network, promoting production, storage, and delivery. These H2Hubs are expected to reduce annual emissions equivalent to those of 5.5 million gasoline-powered vehicles and to collectively produce 3 million metric tons of hydrogen annually.</p>

US DOE grants USD 750 million in funding for hydrogen projects across 24 states

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 <p>Hyzon Motors, an American company specializing in hydrogen fuel-cell electric vehicles, has introduced its single-stack 200 kW fuel-cell system and powertrain in a heavy-duty commercial truck in Melbourne, Australia.</p>
 
 <p>The fuel-cell system, manufactured at Hyzon’s plant in Bolingbrook, Illinois, USA, is poised to enter commercial production in the second half of 2024. Additionally, it will be operational in Australia and New Zealand.</p>

 <p>Capable of producing 200 kW of power output, this innovative system uses a single fuel-stack compared to the traditional two units typically required to generate this level of power. This design approach makes the system 30% lighter and smaller. In terms of cost, it is expected to be 25% cheaper than the combined cost of two 110 kW fuel-cell systems.</p>
 
</div> <p><b>Analyst QuickTake:<br>
 </b> Recently, in <a href="https:<br>
//sp-edge.com/updates/26468"> February 2024 </a> , Hyzon partnered with New Way Trucks to create a fuel-cell-powered refuse vehicle for the North American market. The two companies aim to combine Hyzon's advanced fuel-cell technology and New Way's refuse collection equipment to produce a zero-emission refuse truck.</p>

Hyzon launches 200 kW fuel-cell system in commercial truck

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 <p>UK-based Suiso, which is developing a hydrogen generator, has secured GBP 3 million (approximately USD 3.8 million) in a seed funding round. Investment was led by NPIF–Mercia Equity Finance and Mercia's EIS funds.</p>
 <p>Suiso plans to utilise the funding to produce generators which will power factories, hospitals and warehouses. Furthermore, their generators will provide fuel for hydrogen-powered vehicles.</p>
 <p>Suiso was established in 2021. They employ a unique microwave technology to extract hydrogen from natural gas or biogas. Meanwhile, the carbon is captured as carbon black, a byproduct which can be repurposed into manufacturing tyres, batteries, and inks.</p>
 
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Suiso raises GBP 3 million in funding to build hydrogen generators

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<p>Electric Hydrogen, a clean hydrogen production startup, has secured USD 50 million in equipment financing from Trinity Capital. The company plans to use these funds to expand the manufacturing capabilities of its gigafactory located in Devens, Massachusetts.</p>

</div> <p><b>Analyst QuickTake:<br>
</b> Electric Hydrogen’s giga-factory, which expects to start production in Q2 2024, is a 187,000 sq ft facility that will produce the company’s 100 MW green hydrogen electrolyzers and eventually have an annual production capacity of 1.2 GW. In <a href="https:<br>
//sp-edge.com/updates/25721"> October 2023 </a> , Electric Hydrogen also raised USD 380 million in a Series C funding round led by Fortescue, Fifth Wall, and Energy Impact Partners. The company intended to use the funding to expedite manufacturing and deployment to meet high customer demand.</p>

All Updates