European Tech Firm Receives Investment From Baker Hughes For Green Hydrogen Expansion


(MENAFN- Trend News Agency) BAKU, Azerbaijan, April 3. Baker Hughes hasinvested Elcogen, a European technology manufacturer, to bolsterthe company's presence in the green hydrogen production industry,Trend reports.

According to Elcogen, this investment, coupled with previousequity funding from Hydrogen One Capital Growth plc, HD Hyundai,Mirae, and project grants from the European Commission exceeding 24million euros, as well as a proposed debt of 15 million euros,brings Elcogen's total raised funds to over 140 million euros.

These funds will help Elcogen keep improving its solid oxidetechnology, which is crucial for making green hydrogen moreaffordable and speeding up the shift to cleaner energy.

Elcogen and Baker Hughes intend to work together on creatingsolutions for producing green hydrogen using Elcogen's solid oxideelectrolyser cell technology. Additionally, the funds will helpElcogen expand its manufacturing capacity. This includes building anew factory in Tallinn, Estonia, capable of producing up to 360 MW,to meet the increasing demand in the market and drive forward itsdevelopment efforts.

"This investment further demonstrates our commitment to supportthe energy transition and the development of the hydrogen economy,which we believe will be an essential part of the energy mix of thefuture. Today's announcement underscores our strategy incollaborating to build out solutions that can enable thedecarbonization of the energy ecosystem and marks anothersignificant milestone in our journey to continue to expand ourportfolio across the hydrogen value chain," said AlessandroBresciani, Senior Vice President Climate Technology Solutions atBaker Hughes.

MENAFN03042024000187011040ID1108053683


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.