Elcogen has been awarded €24.9m ($26.5m) from the EU Innovation Fund to support its scale-up of solid oxide electrolyser cell (SOEC) and fuel cell (SOFC) cells and stacks.
The Estonian company was selected as part of the EU’s 2024 Innovation Fund grant – a programme that has selected 85 projects in 2024 to receive €4.8bn ($5.1bn).
“This grant is a testament to the EU’s commitment to fostering a competitive green hydrogen production value chain across Europe, highlighting the importance of scaling up in order to meet the energy transition demands we face,” explained Enn Õunpuu, Elcogen’s CEO.
The Innovation Fund has strategically selected projects designed to reduce greenhouse gas emissions by 476 million tonnes of carbon dioxide over 10 years.
H2 View understands that the projects were assessed across areas including CAPEX, scale and focus and included initiatives in cleantech manufacturing and projects focused on deep carbonisation.
Stefano Piscitelli, Chief Operating Officer of Elcogen, added, “The award underlines Elcogen’s key role as a provider of efficient, affordable green hydrogen and highlights the impact our state-of-the-art facility will have on Europe’s green energy transition.
“Our team has worked extensively to advance technologies that will drive sustainable energy solutions, and this grant supports us in our journey.”
Last April, Elcogen secured investment from Baker Hughes and Mirae to bring its equity raise to around €140m ($150.7m), to support solid oxide technology manufacturing plans.
Read more:Elcogen hits €140m fundraise with €31m from Baker Hughes and Mirae
The firm later revealed it would develop a new production facility in Tallinn, Estonia, to expand manufacturing capabilities.
The 14,000m2 plant, located in the Loovälja Industrial Park, is expected to boast a capacity of 10MW to 360MW and it will be operational by mid-2025.
Read more: Elcogen to mass produce solid oxide technology in Estonia
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