European company Elcogen secured a €25 million grant from the EU Innovation Fund, as announced by HydrogenOne Capital Growth plc.
Elcogen Secures €25 Million Grant from EU Innovation Fund
Elcogen AS, a leading European manufacturer of clean energy technology, has secured a significant €25 million grant from the EU Innovation Fund. This funding will support the development and scaling of green hydrogen production technologies in Europe, specifically solid oxide electrolysis cells (SOEC), which are key to producing green hydrogen efficiently and cost-effectively.
Enn Ounpuu, CEO of Elcogen AS, expressed gratitude for the recognition and support from the European Union. He emphasized that the grant underscores the importance of scaling up in order to meet the energy transition demands.
The EU Innovation Fund, one of the world's largest programs dedicated to supporting innovative low-carbon technologies, has awarded grants to 85 projects this year, totalling €4.8 billion. Elcogen's new funding is a testament to the EU's commitment to fostering a competitive green hydrogen production value chain across Europe.
Elcogen specializes in solid oxide fuel cells and electrolysis technology that operate at lower temperatures with high efficiency. This makes its solutions particularly suited for green hydrogen production and related applications such as ammonia production, fueling a transition from fossil fuels to renewable alternatives.
The grant will be used by Elcogen to further scale its existing manufacturing capacity of proprietary solid oxide electrolysers, fuel cells, and stacks. This will enable Elcogen to strengthen partnerships within the hydrogen ecosystem, integrating its technology into industrial processes, public transportation, and other sectors embracing hydrogen.
Through such initiatives, the EU Innovation Fund facilitates the commercialization of innovative clean energy technologies, helping Europe reduce greenhouse gas emissions and enhance energy security by decreasing reliance on fossil fuels and imported energy. The selected projects aim to reduce greenhouse gas emissions by 476 million tonnes of CO2 over 10 years.
The grant to Elcogen AS is a further endorsement of the hydrogen sector where regulatory and financial support is continuing. At 30 September 2024, HydrogenOne's investment in Elcogen represented 18% of the Company's Net Asset Value (NAV). HydrogenOne Capital Growth plc, a London-listed fund investing in clean hydrogen for a positive environmental impact, is a portfolio company of Elcogen.
Elcogen, with its global customer network and manufacturing facilities in Estonia and Finland, is well-positioned to contribute to the EU's broader goal of decarbonizing energy-intensive industries and increasing the use of renewable hydrogen. This funding underscores the positive outlook for the hydrogen sector and high-quality hydrogen supply chain companies.
- The grant secured by Elcogen AS from the EU Innovation Fund will be instrumental in advancing the energy transition by fostering the development of green hydrogen production technologies, specifically solid oxide electrolysis cells (SOEC), which is a significant step towards innovation in clean energy technology.
- Elcogen's innovation in solid oxide fuel cells and electrolysis technology, key to green hydrogen production, is evidence of the EU's commitment to cultivating a competitive green hydrogen production value chain, contributing to the reduction of greenhouse gas emissions and increasing energy security by promoting renewable alternatives to fossil fuels.
