HydrogenOne invests GBP 20m in solid oxide fuel cell firm Elcogen

London-listed fund HydrogenOne Capital Growth plc (LON:HGEN) on Monday said it has agreed to invest GBP 20 million (USD 24.8m/EUR 23.5m) in Elcogen Plc, a provider of solid oxide fuel cells and stacks with activities in Estonia and Finland.

HydrogenOne, which was launched last year, is acquiring a minority stake in Elcogen and will get the right to a board seat.

Elcogen has developed a reversible solid oxide technology that converts hydrogen into emission-free electricity or electricity into hydrogen. Its solid oxide fuel cell (SOFC) and solid oxide electrolyser cell (SOEC) technology can be used for various residential, industrial and commercial applications, HydrogenOne explained.

The investment will support Elcogen’s plans to expand its facilities in Tallinn to establish a new production line for solid oxide fuel cells and stacks of 25 MW a year initially, rising to 50 MW a year, which is equivalent to 100 MW - 200 MW in electrolysis mode.

"This investment from HydrogenOne will enable us to continue to develop our cutting-edge technology, grow our customer base and revenues, and scale production to drive net-zero ambitions forward,'' said Elcogen chief executive Enn Ounpuu.

(GBP 1 = USD 1.239/EUR 1.173)

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