Hydrogen tech developer Elcogen gets EUR-5m investment from SmartCap
Elcogen, a European developer of technologies for the production and use of green hydrogen, has received an investment of EUR 5 million (USD 5.1m) from venture capital fund SmartCap, it was announced today. The strategic investment is expected to support the firm to further expand its operations, scale production capacity, and drive business development, it said in a statement. Set up in 2001, Elcogen develops and manufactures both solid oxide fuel cells (SOFC) and solid oxide electrolyser cells (SOEC). The firm has an Estonian heritage, a registered office in the UK, and manufacturing facilities in Estonia and Finland. “Elcogen is the first scale-up company in the SmartCap Green Fund portfolio, receiving capital that complements the prior strategic investments from Baker Hughes and HD Hyundai to further support the development and construction of Elcogen’s new factory in Tallinn,” said Sille Pettai, CEO of SmartCap and Fund Manager of SmartCap Green Fund, which is financed by the European Union’s NextGenerationEU. In November, Elcogen was selected for a EUR-24.9-million EU grant. (EUR 1.0 = USD 1.030)
Elcogen, a European developer of technologies for the production and use of green hydrogen, has received an investment of EUR 5 million (USD 5.1m) from venture capital fund SmartCap, it was announced today.
The strategic investment is expected to support the firm to further expand its operations, scale production capacity, and drive business development, it said in a statement.
Set up in 2001, Elcogen develops and manufactures both solid oxide fuel cells (SOFC) and solid oxide electrolyser cells (SOEC). The firm has an Estonian heritage, a registered office in the UK, and manufacturing facilities in Estonia and Finland.
“Elcogen is the first scale-up company in the SmartCap Green Fund portfolio, receiving capital that complements the prior strategic investments from Baker Hughes and HD Hyundai to further support the development and construction of Elcogen’s new factory in Tallinn,” said Sille Pettai, CEO of SmartCap and Fund Manager of SmartCap Green Fund, which is financed by the European Union’s NextGenerationEU.
In November, Elcogen was selected for a EUR-24.9-million EU grant.
(EUR 1.0 = USD 1.030)
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