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Baker Hughes backs European excellent energy technology manufacturer

House Hydrogen Baker Hughes backs European excellent energy technology manufacturer

April 3, 2024,

Aida Čučuk

U.S. energy technology company Baker Hughes has made a strategic funding in European excellent energy technology manufacturer Elcogen.

Copyright Elcogen, Author Raigo Pajula

Mixed with an equity funding from Hydrogen One Capital Development, HD Hyundai and Mirae, as smartly as project grants from the European Commission, together with an IPCEI project, totalling more than €24 million, and a proposed debt of €15 million, Elcogen acknowledged it had raised more than €140 million for the enchancment and scaling of its stable oxide technology.

Following this funding, Elcogen and Baker Hughes intend to collaborate on green hydrogen production solutions in step with Elcogen’s stable oxide electrolyzer cell (SOEC) technology, Elcogen revealed, together with that the funds will be aged to develop Elcogen’s manufacturing ability as the corporate continues to mark its unique manufacturing unit facility in Tallinn, Estonia, with a manufacturing ability of up to 360 MW.

Chris Nash, Chairman of Elcogen, commented: “We’re gay to welcome Baker Hughes as a strategic shareholder. I bear in mind right here’s a important vote of self belief in our technology from a number one energy technology company. We live up for building on this relationship as we proceed working together.”

Enn Õunpuu, CEO of Elcogen, current: “There could be a enormous quantity of stress for heavy industries to decarbonise and meet earn-zero targets. We’re very pleased that Baker Hughes has invested in Elcogen, recognising the role our proprietary Tough Oxide technology has in supporting the energy transition.”

Alessandro Bresciani, Senior Vice President of Native weather Know-how Alternatives, Baker Hughes, acknowledged: “This day’s announcement underscores our approach in participating to mark out solutions that can enable the decarbonization of the energy ecosystem and marks one other important milestone in our tear to proceed to develop our portfolio one day of the hydrogen worth chain.”

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