EU Grant Boosts Elcogen's Green Hydrogen Production in Europe
Key Ideas
- Elcogen secured a €24.9m grant from the EU Innovation Fund to scale up its manufacturing capacity of solid oxide electrolysers and fuel cells for green hydrogen production.
- The investment signifies the EU's dedication to supporting low-carbon technologies, aiming to significantly reduce CO2 emissions over the next decade.
- HydrogenOne Capital Growth's significant investment in Elcogen reflects a positive outlook for the hydrogen sector, with growing regulatory and financial support.
- Elcogen's CEO expressed gratitude for the EU's support, emphasizing the importance of scaling up to meet the demands of the energy transition towards green hydrogen.
HydrogenOne Capital Growth's portfolio company, Elcogen, has secured a substantial €24.9m grant from the EU Innovation Fund to advance green hydrogen production in Europe. Elcogen plans to utilize this funding to enhance its manufacturing capacity of solid oxide electrolysers, fuel cells, and stacks, aiming to deliver affordable green hydrogen and emission-free electricity. As a leading European clean energy technology manufacturer, Elcogen boasts a global customer network and operates manufacturing facilities in Estonia and Finland. The EU Innovation Fund, renowned for supporting low-carbon technologies, has selected 85 projects to receive €4.8bn in 2024, collectively targeting a significant reduction in greenhouse gas emissions. Notably, HydrogenOne's substantial investment in Elcogen underlines a positive sentiment towards the hydrogen sector, reflecting increasing regulatory and financial backing. Elcogen's CEO expressed gratitude for the EU's backing, emphasizing the necessity of scaling up to meet the energy transition requirements towards green hydrogen, highlighting the importance of a competitive green hydrogen production value chain in Europe.