This strategic investment will fuel Elcogen’s growth trajectory, enabling the company to further expand operations, scale production capacity, and drive business development to better serve existing and new customers worldwide. Conceived and developed in Estonia, Elcogen’s technology is the tangible result of local innovation, driven by homegrown Estonian-Finnish R&D, producing a fully domestic product that is now being exported globally. This partnership reflects SmartCap’s confidence in Elcogen’s strong growth potential and future prospects.
“Elcogen is the first scale-up company in the SmartCap Green Fund portfolio, receiving capital that complements the prior strategic investments from Baker Hughes and HD Hyundai to further support the development and construction of Elcogen’s new factory in Tallinn. The new plant will significantly increase the manufacturing capacity of solid oxide fuel cells and solid oxide electrolyzer cells — technologies we see as key drivers of the green transition in industrial processes and enablers of energy security. The expansion reflects the growing need for highly efficient hydrogen technologies, such as Elcogen’s technology,” said Sille Pettai, CEO of SmartCap and Fund Manager of SmartCap Green Fund, funded by the European Union’s NextGenerationEU.
Founded in 2001, Elcogen is a manufacturer of clean energy technology that delivers affordable green hydrogen and emission-free electricity. We are a European business with a proud Estonian heritage and a global customer network delivering flexible core solid oxide technology. Elcogen has its registered office in the UK and manufacturing facilities in Estonia and Finland that have served 160 customers in 30 countries.
For more information, visit: https://elcogen.com/elcogen-secures-e5-million-investment-from-smartcap-to-accelerate-growth/