• Mon. Apr 15th, 2024

Baker Hughes Joins Forces with Elcogen for Green Hydrogen Production: Investment in Solid Oxide Technology to Drive Decarbonization Efforts in Heavy Industries

BySamantha Jones

Apr 3, 2024
Baker Hughes supports European clean energy technology manufacturer

European clean energy technology manufacturer Elcogen has recently secured more than €140 million in funding for the development and scaling of its solid oxide technology. The funds were raised through equity investments from Hydrogen One Capital Growth, HD Hyundai, and Mirae, as well as project grants from the European Commission totaling more than €24 million and proposed debt of €15 million.

The investment has attracted the attention of U.S. energy technology company Baker Hughes, which has become a strategic shareholder in Elcogen. Chris Nash, Chairman of Elcogen, expressed his excitement about Baker Hughes’ involvement, stating that it demonstrates confidence in their technology. Enn Õunpuu, CEO of Elcogen, highlighted the importance of Elcogen’s Solid Oxide technology in supporting the energy transition and meeting net-zero targets in heavy industries.

As part of the collaboration between Elcogen and Baker Hughes, they plan to work together on green hydrogen production solutions utilizing Elcogen’s solid oxide electrolyzer cell (SOEC) technology. This investment will enable Baker Hughes to expand its portfolio across the hydrogen value chain and advance its strategy for developing sustainable solutions. Alessandro Bresciani, Senior Vice President of Climate Technology Solutions at Baker Hughes, emphasized the significance of the collaboration in enabling the decarbonization of the energy ecosystem.

By Samantha Jones

As a content writer at newsnnk.com, I weave words into captivating stories that inform and engage our readers. With a passion for storytelling and an eye for detail, I strive to deliver high-quality and engaging content that resonates with our audience. From breaking news to thought-provoking features, I am dedicated to providing informative and compelling articles that keep our readers informed and entertained. Join me on this journey as we explore the world through the power of words.

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