Baker Hughes invests $140 million in Elcogen’s solid oxide technology for green hydrogen production solutions

Baker Hughes Supports European Clean Energy Technology Manufacturer

In a major move, Baker Hughes, an American energy technology company, has made a strategic investment in Elcogen, a European clean energy technology manufacturer. This investment, combined with equity investments from Hydrogen One Capital Growth, HD Hyundai, and Mirae, as well as project grants from the European Commission totaling more than €24 million, and a proposed debt of €15 million, has helped Elcogen raise over €140 million for the development and scaling of its solid oxide technology.

Elcogen and Baker Hughes plan to collaborate on green hydrogen production solutions based on Elcogen’s solid oxide electrolyzer cell (SOEC) technology. The funds will be used to expand Elcogen’s manufacturing capacity as the company continues to build its new factory facility in Tallinn, Estonia, with a manufacturing capacity of up to 360 MW.

Chris Nash, Chairman of Elcogen, expressed his excitement about Baker Hughes becoming a strategic shareholder and sees it as a significant vote of confidence in their technology. Enn Õunpuu, CEO of Elcogen, highlighted the pressure for heavy industries to decarbonize and meet net-zero targets, noting the importance of Baker Hughes’ investment in recognizing the role of Elcogen’s proprietary Solid Oxide technology in supporting the energy transition.

Alessandro Bresciani, Senior Vice President of Climate Technology Solutions at Baker Hughes emphasized the company’s strategy to collaborate on solutions for decarbonizing the energy ecosystem. He sees the investment in Elcogen as a significant milestone in expanding their portfolio across the hydrogen value chain.

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