11th Mar 2025 07:00
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.
Hydrogen One Investment Adviser John Traynor says: "Syrius marks an important development for Elcogen. In collaboration with strategic investor Baker Hughes, the company is set to roll out its innovative solid oxide technology into the green steel sector, which is a first for Elcogen, and this demonstrator opens an important market for the company."
Current stock price: 20.90 pence, closed down 5.0% on Monday in London
12-month change: down 57%
By Christopher Ward, Alliance News reporter
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