Baker Hughes backs green hydrogen tech manufacturer

Elcogen, a European manufacturer of technology that enables delivery of green hydrogen and electricity, announced that Baker Hughes has made a strategic investment in the company.

Elcogen has now raised more than €140 million ($152 million) to advance the development and scaling of its solid oxide technology. That amount includesh equity investment from Hydrogen One Capital Growth plc, HD Hyundai and Mirae, as well as project grants from the European Commission, including an IPCEI project, totalling more than €24 million ($26 million), and a proposed debt of €15 million ($16 million).

Following this investment and building on Elcogen’s existing strategic investment from and collaboration
with HD Hyundai, Baker Hughes and Elcogen intend to also collaborate on green hydrogen production
solutions based on Elcogen’s solid oxide electrolyser cell (SOEC) technology.

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These funds will be used to expand Elcogen’s manufacturing capacity as it continues to build the
company’s new factory facility in Tallinn, Estonia, with a manufacturing capacity of up to 360MW to
meet increasing demand for its products, as well as its continuous development programme.

Chris Nash, chairman of Elcogen, said, “We are delighted to welcome Baker Hughes as a strategic
shareholder. I believe this is a significant vote of confidence in our technology from a leading energy
technology company. We look forward to building on this relationship as we continue working together.”

Enn Õunpuu, CEO of Elcogen commented, “There is a huge amount of pressure for heavy industries to
decarbonise and meet net-zero targets. We are very pleased that Baker Hughes has invested in
Elcogen, recognising the role our proprietary Solid Oxide technology has in supporting the energy
transition.”

Alessandro Bresciani, senior vice president climate technology solutions at Baker Hughes added, “This
investment further demonstrates our commitment to support the energy transition and the development
of the hydrogen economy, which we believe will be an essential part of the energy mix of the future.

"Today’s announcement underscores our strategy in collaborating to build out solutions that can enable
the decarbonization of the energy ecosystem and marks another significant milestone in our journey to
continue to expand our portfolio across the hydrogen value chain.”