HydrogenOne Capital Growth invets $24.7M in Elcogen

In the UK, HydrogenOne Capital Growth has signed definitive agreements for an investment of $24.7 million in Elcogen Plc.
Elcogen’s shareholders include Biofuel OÜ, and VNTM Powerfund II, a technology fund focused on clean power. With this purchase of a minority equity stake, HydrogenOne has the right to a board seat at Elcogen.
Elcogen is a fuel cell and electrolyzer company, with distinctive solid oxide technologies, and over 60 established industrial customers world-wide. Elcogen has developed a reversible ceramic technology that can convert hydrogen into emission-free electricity, or electricity into green hydrogen.
Elcogen’s solid oxide fuel cell (SOFC) and solid oxide electrolyzer cell (SOEC) technology can be applied to a broad range of residential, industrial and commercial applications. Solid oxide fuel cells and electrolyzers can run with efficiency greater than 80%. Elcogen’s core technology is distinguished by its ability to operate at lower temperatures than competitors, resulting in superior economics and long-life facilities.