11th Oct 2023 12:29
HydrogenOne Capital Growth PLC - fund investing in clean hydrogen - Notes investee Elcogen received EUR45 million strategic investment from Korea Shipbuilding & Offshore Engineering Co, a member of HD Hyundai Group. HD Hyundai and Elcogen intend to strengthen their collaboration with a focus on marine propulsion systems and stationary power generation, based on Elcogen's proprietary solid oxide fuel cell and green hydrogen production on Elcogen's solid oxide electrolyser cell technology. "This investment will be used to expand Elcogen's manufacturing capacity as it continues to build the company's new factory facility in Tallinn, Estonia, with a manufacturing capacity of up to 360MW to meet increasing demand for its products," HydrogenOne says. Elcogen Chair Chris Nash says: "I believe this is a vote of confidence in our technology from a world leader in industrial innovation and shipbuilding. We look forward to building on this relationship as we continue working together."
Current stock price: 59.20 pence, up 4.2% on Wednesday
12-month change: down 30%
By Tom Budszus, Alliance News reporter
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