• Sun. Apr 21st, 2024

Baker Hughes Invests in Elcogen to Boost Clean Energy Technology and Drive Sustainable Development

BySamantha Nguyen

Apr 3, 2024
Baker Hughes supports European clean energy technology manufacturer

In a major move to advance the development of clean energy technology, U.S. energy technology company Baker Hughes has recently invested in European solid oxide electrolyzer cell (SOEC) manufacturer Elcogen. Along with equity investments from Hydrogen One Capital Growth, HD Hyundai, and Mirae, as well as project grants from the European Commission totaling more than €24 million and proposed debt of €15 million, Elcogen has raised over €140 million for the expansion of its manufacturing capacity and scaling of its SOEC technology.

With Baker Hughes now a strategic shareholder, Elcogen is poised to collaborate on green hydrogen production solutions using the company’s SOEC technology. The funds raised will be used to expand Elcogen’s manufacturing capacity as the company continues to construct its new factory facility in Tallinn, Estonia, with a manufacturing capacity of up to 360 MW.

Chris Nash, Chairman of Elcogen, expressed his excitement about Baker Hughes joining forces with his company, stating that it demonstrates confidence in their technology. Enn Õunpuu, CEO of Elcogen, highlighted the importance of their Solid Oxide technology in supporting the energy transition and meeting net-zero targets in heavy industries.

Alessandro Bresciani, Senior Vice President of Climate Technology Solutions at Baker Hughes emphasized the significance of this collaboration in enabling the decarbonization of the energy ecosystem. He sees this investment as a critical step in expanding Baker Hughes’ portfolio across the hydrogen value chain and advancing their strategy for developing sustainable solutions.

Elcogen’s SOEC technology has already shown promising results in several projects around Europe and beyond, including a partnership with Uniper to develop a green hydrogen plant in Germany that will produce up to 30 MW of power.

The collaboration between Baker Hughes and Elcogen is expected to bring together two industry leaders with complementary strengths and expertise in clean energy technologies. Together they aim to accelerate innovation and drive growth in this rapidly growing sector.

“We are thrilled about this opportunity to work alongside such an esteemed partner like Baker Hughes,” said Enn Õunpuu CEO of Elcogen. “Together we can make a real difference in reducing carbon emissions and driving sustainable development.”

By Samantha Nguyen

As a content writer at newsqwe.com, I am passionate about crafting engaging and informative articles that captivate our audience. With a background in journalism and a keen eye for detail, I strive to deliver content that is not only well-researched but also adds value to our readers' lives. From breaking news stories to in-depth features, I take pride in my ability to tell compelling stories that resonate with our diverse audience. When I'm not typing away at my keyboard, you can find me exploring new cafes, practicing yoga, or getting lost in a good book. I am thrilled to be a part of the newsqwe.com team and look forward to sharing my love for writing with all of our readers.

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