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Hydrogen technology company Elcogen raised €31 million for scaling its leading solution

There is tremendous pressure for heavy industries to decarbonise and meet net-zero targets, said CEO of Elcogen Enn Õunpuu. Elcogen´s technology has a supporting role in the energy transition. Photo: Raigo Pajula / Elcogen

US Baker Hughes group is making a strategic investment in the Estonian hydrogen technology company Elcogen. The company has now raised more than €140m for continuously developing and scaling its market-leading solid oxide technology, enabling affordable green hydrogen and accelerating the energy transition. 

The funding round saw a €24m investment by HydrogenOne Capital Growth in 2022 and €45m from HD Hyundai in 2023, while the new investment from Baker Hughes and Mirae brought the raise to around €100m – a combined investment of approximately €31m. In addition to the equity raises, Elcogen secured European Commission grants totalling over €24m, as well as a proposed €15m debt issue – taking its total raise to over €140m since 2022.

Based on the investments, Elcogen said that HD Hyundai and Baker Hughes intend to collaborate on green hydrogen production solutions based on the firm’s solid oxide electrolyser cell (SOEC) technology.

“There is a huge amount of pressure for heavy industries to decarbonise and meet net-zero targets. We are very pleased that Baker Hughes has invested in Elcogen, recognising the role our proprietary solid oxide technology has in supporting the energy transition,” said Enn Õunpuu, CEO of Elcogen. “I believe this is a significant vote of confidence in our technology from a leading energy technology company,” added Chris Nash, Chairman of Elcogen.

The funds will be used to expand Elcogen’s manufacturing capacity as it continues to build the company’s new factory facility in Tallinn, Estonia, with a manufacturing capacity of up to 360MW to meet increasing demand for its products and its continuous development program.


  • Founded in 2001, Elcogen is a manufacturer of clean energy technology that delivers green hydrogen and emission-free electricity.
  • Elcogen has its registered office in the UK and manufacturing facilities in Estonia and Finland, which have served 160 customers in 30 countries.
  • Elcogen develops and supplies the technology that sits at the heart of energy security and transition away from fossil fuels. The company has focused on driving net-zero ambitions forward with a core, reversible technology that converts fuel sources into emission-free energy and emission-free energy into green hydrogen.
  • Elcogen´s solid oxide fuel cell (SOFC) and solid oxide electrolyser cell (SOEC) technology offers a solution to green hydrogen production, reducing commercial costs so customers can deliver affordable energy solutions to meet net-zero targets.

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