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Estonian green hydrogen tech firm raises €140 million in capital

By District Energy posted 04-08-2024 14:23


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Estonian hydrogen tech company Elcogen has raised a total of €140 million in its latest funding round.

Green hydrogen production in particular is a burgeoning area.

American company Baker Hughes has joined Elcogen as a strategic investor, with the aim of continuing the development and scaling of solid oxide technology.

Elcogen’s solid oxide technology-based factory will be built close to the Iru power station, in Loovälja, near Maardu, while its output is expected to meet the needs of the South Korean, Japanese, Chinese, and also European markets starting around a year from now.

Kaarel Kuusk, Eesti Energia’s partner relations manager, said: “One possibility we are currently developing is to build a combined heat and power plant in Ida-Viru County which could use hydrogen for electricity production alongside natural gas and biomethane. /…/ The earliest the power plant could start operating is in 2028.”

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