Elcogen awarded funding to help EU develop affordable green hydrogen technology

Elcogen awarded funding to help EU develop affordable green hydrogen technology

We are delighted to announce that our client, Elcogen, has successfully applied for and received the IPCEI grant, with the assistance of HAAP Consulting.

See the full-length press release from Elcogen below.

We are pleased to announce we have received funding from IPCEI for a 25.4m EUR project to accelerate the deployment of Solid Oxide technology to enable affordable green hydrogen production in Europe. The grant funding has been awarded from the Hy2 Tech initiative, part of the Important Projects of Common European Interest (“IPCEI”), to accelerate the production of affordable green hydrogen.

IPCEI Hy2 Tech supports projects working to accelerate the transition towards the use of green hydrogen to meet zero targets in Europe. It includes companies from 15 EU Member States and contributes to a common objective by supporting a key strategic value chain for the future of Europe, as well as the objectives of the EU key policy initiatives such as the Green Deal, the EU Hydrogen Strategy and REPowerEU.

Elcogen’s role in IPCEI Hy2 Tech is to develop next generation clean energy technology that delivers affordable green hydrogen for European projects. The Company’s low-cost and innovative Solid Oxide Electrolysis (“SOE”) technology, produced with lower cost materials and sustainable components, enables the production of affordable green hydrogen. Elcogen will integrate the Company’s core technology into IPCEI partners’ system prototypes and design of advanced pilot lines to enable their industrialisation whilst reducing commercial costs and catalyse progress towards net-zero.

Demand for green hydrogen is forecast to rise significantly and the market opportunity for SOE technology is growing. Solid Oxide electrolysers have the highest conversion efficiency from power to hydrogen compared to other technologies, and importantly is reversible, meaning it can generate fuel from power as well as power from fuel in one integrated system. This sets SOE technology apart from competing electrolyser technologies, as its inherent reversibility provides economic benefits for customers as a result of increased plant utilisation; supplying electricity when grid prices are high and valuable green hydrogen when power is cheap.

Enn Õunpuu, CEO of Elcogen: “Elcogen is already commercialising one of the market’s best performing Solid Oxide technologies for green hydrogen production, and we are very pleased to receive the IPCEI funding which recognises our role in enabling affordable green hydrogen production. The funding will be used to further develop even better performing products and ultimately catalyse our customers’ transition away from fossil fuels.”

Tiit Riisalo, Estonian Minister of Economic Affairs and IT: “Elcogen is a world leader in manufacturing clean energy technology, and by supporting projects like this, we show what Estonia values in innovation and in which direction we are moving – developing green technologies, increasing competitiveness and knowledge intensity. Such investments create more smart and high-paying jobs and contribute to the overall transition to green energy.”

The project duration is from July 2023 to June 2027, and Elcogen will execute the project in cooperation with other direct and indirect partners of IPCEI Hy2 Tech. The funding will be administered by KredEx and Enterprise Estonia, and financed by the Estonian government.

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