17th Jan 2025 11:20
(Alliance News) - HydrogenOne Capital Growth PLC on Friday said SmartCap AS has invested GBP5 million in its subsidiary Elcogen PLC.
The London-based investor has a stable of renewable energy companies firms, with Elcogen representing 18% of HydrogenOne's net asset value at September 30. This equates to about GBP23 million.
Elcogen is a Tallinn, Estonia-based maker of technology used to generate hydrogen and clean electricity. SmartCap is an Estonian state-owned venture capital firm, funded by the European Union, which focuses on green technology.
"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," said Elcogen's Chief Executive Officer Enn Ounpuu.
"Elcogen is the first scale-up company in the SmartCap Green Fund portfolio," said SmartCap Chief Executive Sille Pettai.
"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," Pettai added.
HydrogenOne shares were down 0.5% at 25.47 pence each on Friday morning in London.
By Holly Munks, Alliance News reporter
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