IN BRIEF: HydrogenOne investee Elcogen undertakes green steel project
HydrogenOne Capital Growth PLC - fund investing in clean hydrogen companies - Notes portfolio company Elcogen AS has reported the launch of the Horizon Europe Syrius project. Elcogen is a Tallinn, Estonia-based solid oxide technology manufacturer. Says the project has been launched with Terni, Italy-based steel manufacturer and distributor, Acciai Speciali Terni Spa. The project seeks to decarbonise the steel production process through hydrogen production and circular energy use. It is backed by a EUR10 million grant from Horizon Europe, says HydrogenOne, and will integrate a 4 megawatt solid oxide electrolyser into an electric arc furnace plant. Says that Baker Hughes Co will lead the design and production of the multi-stack electrolyser, managing the installation and equipment testing. Adds that its investment in Elcogen represents 18% of its net asset value, or GBP21 million. Read More