The funding round saw a €24m ($25.8m) investment by HydrogenOne Capital Growth in 2022, €45m ($48m) from HD Hyundai in 2023, while the new investment from Baker Hughes and Mirae brought the raise to around €100m ($107m) – a combined investment of approximately €31m ($33m).

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

In addition to the equity raises, Elcogen secured European Commission grants totalling over €24m, as well as a proposed €15m ($16m) debt issue – taking its total raise to over €140m since 2022.

The funds will be used to expand the company’s manufacturing capacity. It is currently building out a 360MW manufacturing facility in Tallinn, Estonia, to meet product demand.

Chris Nash, Chairman of Elcogen, said Baker Hughes’ backing was a “significant vote of confidence” in the company’s technology.

SOEC is a high-temperature electrolysis method for hydrogen production. Using a solid ceramic material as the electrolyte, electricity splits water under temperatures typically up to 800oC. The temperature can significantly reduce the electrical energy required, making the process more efficient than low-temperature electrolysis.

In January (2024), Elcogen and Convion said the firm’s SOEC technology was able to perform with efficiencies over 85% – using 39kWh of electrical energy per kilogramme of green hydrogen produced – in a test period of 2,000 hours.

Read more: Breakthrough achieved in solid oxide green hydrogen production by Elcogen and Convion

“We are very pleased that Baker Hughes has invested in Elcogen recognising the role of our proprietary solid oxide technology has in supporting the energy transition,” Enn Õunpuu, CEO of Elcogen, added.

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