HydrogenOne Capital Growth plc – Elcogen secures €25 million EU grant from EU Innovation Fund
HydrogenOne Capital Growth plc, the first London-listed fund investing in clean hydrogen for a positive environmental impact, is pleased to note that its portfolio company Elcogen AS (“Elcogen”) has announced that it has secured a €24.9 million (£20.6 million) grant from the EU Innovation Fund to advance green hydrogen production in Europe.
Elcogen will use the grant to support the next phase in further scaling its existing manufacturing capacity of proprietary solid oxide electrolysers, fuel cells and stacks. Founded in 2001, Elcogen is a leading European manufacturer of clean energy technology that delivers affordable green hydrogen and emission-free electricity. The company has a global customer network with manufacturing facilities in Estonia and Finland.
The EU Innovation Fund is one of the world’s largest programmes dedicated to supporting innovative low-carbon technologies and has selected 85 projects to award €4.8 billion in 2024. Through the development of clean technologies, together these projects aim to reduce greenhouse gas emissions by 476 million tonnes of CO2 over 10 years.
At 30 September 2024, HydrogenOne’s investment in Elcogen represented 18% of the Company’s NAV.
Dr JJ Traynor, Managing Partner of HydrogenOne Capital LLP, the Company’s investment adviser, commented:
This investment marks another important milestone for Elcogen, which is building a new 360MW solid oxide fuel cell factory in Estonia and follows the successful €140 million funding round completed earlier in 2024 in which Baker Hughes and Hyundai participated as strategic investors.
“It is also a further endorsement of the hydrogen sector where we are continuing to see regulatory and financial support. This underscores the positive outlook for the hydrogen sector and the high-quality hydrogen supply chain companies in our portfolio in Europe and the UK.”
Enn Õunpuu, CEO, Elcogen, said:
We are honoured to receive this recognition and support from the European Union.
“This grant is a testament to the EU’s commitment to fostering a competitive green hydrogen production value chain across Europe, highlighting the importance of scaling up in order to meet the energy transition demands we face.”
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HydrogenOne Capital Growth plc – Elcogen secures €25 million EU grant from EU Innovation Fund, source
