London-listed HydrogenOne injects £20m into fuel cell firm

Energy investment vehicle HydrogenOne has pumped £20m into a fuel cell firm today as it looks to spur the development of emission-free electricity.

Elcogen, which has developed technology that can convert hydrogen into emission-free electricity or electricity into green hydrogen, is now looking to bolster its production facilities in Tallinn after bagging the investment from London-listed EnergyOne. 

Bosses at EnergyOne said Elcogen was well placed to meet a boom in demand for fuel cells.

“There is substantial demand for fuel cells and electrolysers as the clean hydrogen sector continues to grow at rapid pace,” Simon Hogan, chairman of HydrogenOne.

“We look forward to supporting the company on its growth journey as it expands its solid oxide capacity for customers.” 

Elcogen, which has a presence in Estonia and Finland, will now create a new automated production line for solid oxide fuel cells and stacks at its factory in Tallinn to be scaled at 25MW/year.

HydrogenOne’s stake in the firm will also allow it to take a board seat as it expands.

Boss of Elcogen Enn Õunpuu said the investment would allow the firm to ramp up its growth plans.

“We believe the fuel of the future is green hydrogen and our technology is a key enabler in making this transition affordable for everyone,” he said.

“This investment from HydrogenOne will enable us to continue to develop our cutting-edge technology, grow our customer base and revenues, and scale production to drive net-zero ambitions forward.”