Elcogen Secures €5 Million Investment from SmartCap to Accelerate Growth

Source: www.gulfoilandgas.com 1/16/2025, Location: Europe

Elcogen, a leading European manufacturer of technology that enables delivery of efficient, affordable green hydrogen and emission-free electricity, today announced that it has secured a €5 million investment from SmartCap, a venture capital fund supporting Estonian Greentech companies.

This strategic investment will fuel Elcogen’s growth trajectory, enabling the company to further expand operations, scale production capacity, and drive business development to better serve existing and new customers worldwide.

SmartCap operates a venture capital fund aimed specifically at empowering Estonian startups and Greentech companies with global ambitions. Conceived and developed in Estonia, Elcogen’s technology is the tangible result of local innovation, driven by homegrown Estonian-Finnish R&D, producing a fully domestic product that is now being exported globally. This partnership reflects SmartCap’s confidence in Elcogen’s strong growth potential and future prospects.

“Elcogen is the first scale-up company in the SmartCap Green Fund portfolio, receiving capital that complements the prior strategic investments from Baker Hughes and HD Hyundai to further support the development and construction of Elcogen’s new factory in Tallinn. The new plant will significantly increase the manufacturing capacity of solid oxide fuel cells and solid oxide electrolyser cells — technologies we see as key drivers of the green transition in industrial processes and enablers of energy security. The expansion reflects the growing need for highly efficient hydrogen technologies, such as Elcogen’s technology,” said Sille Pettai, CEO of SmartCap and Fund Manager of SmartCap Green Fund, funded by the European Union’s NextGenerationEU.

“We are delighted to welcome SmartCap as a strategic investor,” said Enn Õunpuu, CEO of Elcogen. “Elcogen is well-positioned to capitalize on the global shift toward clean energy and hydrogen technology, supported by over 25 years of expertise, proven solid oxide cell technology, a strategic presence in rapidly emerging hydrogen markets, and the invaluable backing of our key investors and partners. We look forward to working closely with SmartCap as we build on our momentum.”


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