BAKU, Azerbaijan, April 3. Baker Hughes has invested Elcogen, a European technology manufacturer, to bolster the company's presence in the green hydrogen production industry, Trend reports.
According to Elcogen, this investment, coupled with previous equity funding from Hydrogen One Capital Growth plc, HD Hyundai, Mirae, and project grants from the European Commission exceeding 24 million euros, as well as a proposed debt of 15 million euros, brings Elcogen's total raised funds to over 140 million euros.
These funds will help Elcogen keep improving its solid oxide technology, which is crucial for making green hydrogen more affordable and speeding up the shift to cleaner energy.
Elcogen and Baker Hughes intend to work together on creating solutions for producing green hydrogen using Elcogen's solid oxide electrolyser cell technology. Additionally, the funds will help Elcogen expand its manufacturing capacity. This includes building a new factory in Tallinn, Estonia, capable of producing up to 360 MW, to meet the increasing demand in the market and drive forward its development efforts.
"This investment further demonstrates our commitment to support the energy transition and the development of the hydrogen economy, which we believe will be an essential part of the energy mix of the future. Today’s announcement underscores our strategy in collaborating to build out solutions that can enable the decarbonization of the energy ecosystem and marks another significant milestone in our journey to continue to expand our portfolio across the hydrogen value chain," said Alessandro Bresciani, Senior Vice President Climate Technology Solutions at Baker Hughes.