What Elcogen does

Elcogen is an Estonian clean-energy technology manufacturer founded in 2001 that develops and produces proprietary solid oxide fuel cell (SOFC) and solid oxide electrolyser (SOEC) components for integration into third-party energy systems. The company operates from a 14,000 m² headquarters and manufacturing facility (ELCO I) in Tallinn, Estonia, with an R&D centre of excellence in Vantaa, Finland, and a registered office in Worthing, United Kingdom. Its three-tier product architecture comprises elcoCell® (individual cells in multiple shapes and sizes), elcoStack® (100+ cell stacks, including the E3000 G2 generation launched May 2026), and elcoModule® (multi-stack modules scaling to MW class). The underlying technology uses ceramic anode-supported low-temperature solid oxide cells operating at 600–750°C, with no rare or precious metals (no iridium or platinum), achieving up to 75% electrical efficiency in fuel cell mode and 33 kWh/kg hydrogen production in electrolysis mode. The platform supports reversible SOFC/SOEC operation for power-to-gas, gas-to-power, and energy storage applications, with documented field validation of 85% electrical efficiency in a 2,000-hour test with Convion.

Elcogen operates primarily as a B2B component supplier, generating revenue through hardware sales of cells, stacks, and modules to system integrators and OEM manufacturers (160 customers across 30 countries), complemented by engineering and technical services from design through commissioning, and increasingly by technology and manufacturing blueprint licensing that targets ~14-month partner production readiness. The company does not publicly disclose pricing, with contract-based custom pricing tied to volume, application, and customer relationship. Strategic commercial anchors include Baker Hughes (green hydrogen SOEC co-development and SYRIUS project lead), HD Hyundai/Korea Shipbuilding & Offshore Engineering (€45m maritime partnership), Casale SA (green ammonia and Power-to-X), Convion (SOEC field validation), WattAnyWhere (ethanol-to-electricity generators), and Genvia (SOEC commercialisation). End-use segments served include heavy industry (steel, chemicals, refining), maritime and shipping, data centres and digital infrastructure, utilities and grid operators, and APAC industrial energy markets.

The company has raised over €140 million across equity rounds from Baker Hughes, HydrogenOne Capital Growth, HD Hyundai, Mirae, and SmartCap, supplemented by major EU grants including €24.9 million from the EU Innovation Fund (November 2024) and €25.4 million from the IPCEI Hy2 Tech initiative (2023). The September 2025 opening of ELCO I scaled manufacturing capacity from 10 MW to 360 MW with approximately €50 million invested, with explicit plans for multi-gigawatt scale. Governance remains founder-led, with Enn Õunpuu as CEO since founding and Jan Gustav Grolig appointed CTO in August 2025. The company is currently expanding into India and Southeast Asia through dedicated BD leadership and regional partnerships while continuing to broaden its consortium activity across Horizon Europe, IPCEI, and bilateral industrial partnerships.

Name

Elcogen

Legal name

Elcogen AS

Website

https://elcogen.com

Company type

Private

Founded year

2001

Operating status

Operating

Headcount range

101–250 employees

Short description

Elcogen is an Estonian manufacturer of solid oxide fuel cell and electrolyser components (elcoCell, elcoStack, elcoModule) sold to system integrators and OEMs across 30 countries for green hydrogen production, zero-emission power, and Power-to-X applications in industrial, maritime, and data centre markets.

Ownership category

akta.pro rank

Product category

Solid Oxide Fuel Cell & Electrolyser Components

NAICS

Electrical Equipment Manufacturing (3353), Motor and Generator Manufacturing (335312)

SIC

Electrical Industrial Apparatus (3620), Motors & Generators (3621), Electronic & Other Electrical Equipment (No Computer Equip) (3600)

akta.pro primary industry

Fuel Cell Distributed Generation (Hydrogen/Natural Gas SOFC/PEM) (EUACALAK)

akta.pro secondary industries

Microgrid + Storage EPC & Systems Integration (EUAEAEAD), Hybrid Renewable + Storage Plant Integration (Solar+Storage, Wind+Storage) (EUAEAEAE)

Keywords

• Solid oxide fuel cells
• Green hydrogen electrolysers
• Ceramic fuel cell components
• Reversible solid oxide systems
• MW-class electrolysis modules

Headquarters

HQ city

Tallinn

HQ country

Estonia

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Supply Chain, Personnel, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Component Sales (Cells, Stacks, Modules): Elcogen develops and supplies solid oxide fuel cell and electrolysis components (cells, stacks, modules) that are integrated into third-party systems. Revenue is generated through the sale of these physical components to system integrators and OEM partners globally. The company serves a growing global customer base with components used across diverse applications.
2. Technology Licensing: Elcogen plans to license both its proprietary technology and manufacturing blueprints to trusted partners internationally, ensuring consistent IP control while enabling local manufacturing. Targets production readiness within approximately 14 months for licensed partners. Particularly attractive for markets focused on domestic production and resilient supply chains.
3. Engineering and Technical Services: Elcogen offers comprehensive engineering and technical services to support technology integration, including design and engineering support at system integration level, from early-stage design and modelling through to commissioning, performance optimisation, and long-term operational support.
4. EU and Public Grant Funding: Elcogen receives significant grant funding from European Union programs including the EU Innovation Fund (€24.9 million), IPCEI Hy2 Tech initiative, and Horizon Europe projects, supporting R&D, manufacturing scale-up, and demonstration projects.

Go-to-market motion4 records

Distribution channels4 records

Marketing channels7 records

Core offering

Elcogen develops and manufactures proprietary solid oxide fuel cell (SOFC) and solid oxide electrolyser (SOEC) components — elcoCell®, elcoStack®, and elcoModule® — that are integrated by third-party OEMs and system integrators into systems for zero-emission electricity generation, green hydrogen production, and Power-to-X applications. The technology platform is reversible, enabling operation in both fuel cell (up to 75% electrical efficiency) and electrolyser (33 kWh/kg H2) modes using ceramic anode-supported cells without precious metals.

Product overview

Elcogen offers a three-tier product architecture of solid oxide components for fuel cell (SOFC) and electrolyser (SOEC) systems. The portfolio consists of elcoCell® (individual cells in various shapes and sizes), elcoStack® (100+ cell stacks, including the E3000 G2 platform), and elcoModule® (multi-stack modules scaling to MW class). These components are integrated into third-party systems for applications including distributed energy, off-grid power, industrial backup, green hydrogen production, and Power-to-X solutions.

Differentiator

Problem solved

Functional benefit

Brands

• elcoCell®: Solid oxide fuel cells in different shapes and sizes — core component for SOFC systems.
• elcoStack®
• elcoModule®
• ELCO I

Products and services

• elcoCell® Solid oxide fuel cells available in different shapes and sizes — the fundamental unit-level components that generate electricity through electrochemical conversion (SOFC mode) or produce hydrogen through electrolysis (SOEC mode). Supplied to system integrators and OEMs building clean energy systems.
• elcoStack® (including E3000 G2 platform) Stacks that combine the power of 100+ solid oxide fuel cells. The elcoStack platform includes the new E3000 G2 generation with improved performance, durability, and lower cost per kW, designed for scalable mass manufacturing. Operating temperature 600–750°C.
• elcoModule® Modules incorporating multiple stacks scaling to MW class systems. These multi-stack modules enable industrial-scale power generation and hydrogen production for system integrators and OEMs.

Quantifiable outcome

• Up to 75% electrical efficiency in fuel cell mode, up to 90% total system efficiency with heat recovery
• +6 more outcomes

Named customers8 records

Segments6 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature8 records

Partnerships

14 partnerships are on record, tiered strategic, core and minor.

• Bonicorn Co., Ltd. and Eltronic PtXstrategicStrategic or Co-development Partner · 23 March 2026Elcogen is collaborating with Thai clean energy technology company Bonicorn and Danish specialist Eltronic PtX (integrated process systems for power-to-x) to deploy high-efficiency SOFC technology for clean energy and hydrogen solutions in Thailand. Bonicorn serves as strategic local partner bridging global innovation with Southeast Asian market opportunities. The collaboration was officially introduced during a signing ceremony in Bangkok on March 23rd, 2026.
• JNK India LimitedstrategicImplementation/ SI/ Consulting Partner · 17 February 2026Elcogen signed an MoU with JNK India Limited, an engineering and construction specialist, to explore collaborations using solid oxide technology in industrial energy projects that recover and utilise waste heat. The agreement targets hard-to-abate applications including green ammonia, e-fuels, and Power-to-X schemes. Both companies view the partnership as Elcogen's entry point into India's clean-energy market. The MoU was signed during India Energy Week 2026 in Goa.
• Casale SAstrategicStrategic or Co-development Partner · 7 May 2025Elcogen entered into a non-exclusive MoU with Casale, a global provider of technologies and integrated engineering solutions for ammonia and base chemicals production. The collaboration enables integration of Elcogen's solid oxide electrolysis stack and stack module technology into Casale's plants for green ammonia and Power-to-X projects globally. Casale brings over 100 years of experience and a comprehensive range of engineering and construction capabilities.
• SYRIUS Project Consortium (Horizon Europe)coreStrategic or Co-development Partner · 6 March 2025Elcogen leads the SYRIUS Horizon Europe project (€10 million grant) alongside Baker Hughes, Politecnico di Milano, Tenova, and others. The project demonstrates the world's largest 4.2 MWel SOEC integrated into a real Electric Arc Furnace steel plant in Terni, Italy, producing 100 kg/h of green hydrogen for steel reheating. Expected to cut 5,600 tonnes CO₂ per year.
• AVLminorStrategic or Co-development Partner · 18 July 2024Elcogen partnered with AVL to develop cutting-edge megawatt scale solid oxide electrolyser stack modules, advancing large-scale hydrogen production technology.
• Enefit Green (Iru Power Plant)minorOthers · 11 April 2024Elcogen and Enefit Green signed a 10-year electricity direct sales agreement, under which a direct power connection line (10 MVA capacity) will be constructed between the Iru Waste-to-Energy power plant and Elcogen's manufacturing facility. The connection provides reliable, cost-effective electricity supply for Elcogen's production operations.
• Maru Ehitus ASminorOthers · 1 January 2024Maru Ehitus AS served as construction partner for Elcogen's new 14,000 m² manufacturing facility in Loovälja Industrial Park, Tallinn. The €50 million facility was delivered on time and on budget, featuring complex process requirements, high automation levels, and sustainability measures including process heat reuse.
• WattAnyWhereminorChannel Partner/ Reseller/ Distributor · 6 November 2023Elcogen supplies mass-produced SOFC stacks to WattAnyWhere for their ethanol-to-electricity generator that replaces diesel in off-grid EV charging stations, supermarkets, and industrial sites. WattAnyWhere develops a patented Power-On-Demand generator using Elcogen's SOFC technology, achieving 60% electrical efficiency with renewable ethanol fuel.
• GenviaminorChannel Partner/ Reseller/ Distributor · 6 November 2023Elcogen signed a contract with French clean hydrogen technology venture Genvia, following two years of successful cooperation and strengthening further collaboration in solid oxide electrolyser commercialisation and goals under the Import programme.
• Bumhan Fuel Cell Co.minorStrategic or Co-development Partner · 19 October 2023Elcogen announced an MoU with Bumhan Fuel Cell Co. to cooperate towards the commercialisation of solid oxide fuel cells (SOFC) and solid oxide electrolyser cells (SOEC) technology to catalyse the global transition to clean energy.
• IPCEI Hy2 Tech ConsortiumcoreStrategic or Co-development Partner · 25 September 2023Elcogen received €25.4 million funding from the IPCEI Hy2 Tech initiative (Important Projects of Common European Interest) to develop next-generation clean energy technology for affordable green hydrogen production. The project runs from July 2023 to June 2027 in cooperation with other IPCEI partners. Funding administered by KredEx and Enterprise Estonia.
• ARENHA Project Consortium (EU funded)minorStrategic or Co-development Partner · 14 September 2023Elcogen delivered its elcoStack technology to the EU-funded ARENHA project (Advanced Materials and Reactors for Energy Storage Through Ammonia, grant agreement No 862482). The project develops green ammonia as a dispatchable energy storage form and carbon-free synthetic fuel, integrating Elcogen's solid oxide stack technology for efficient green hydrogen production as part of the ammonia synthesis process.
• ConvionminorStrategic or Co-development Partner · 1 June 2023Elcogen and Convion successfully concluded a 2,000-hour field test of the first-of-a-kind Convion Solid Oxide electrolyser equipped with Elcogen's cell technology, validating superb performance and good operability. System achieved electrical efficiency over 85% (39 kWh/kg hydrogen). The electrolyser delivered green hydrogen for a synthetic fuel demonstrator producing renewable diesel.
• BalticSeaH2 ConsortiumminorStrategic or Co-development Partner · 1 January 2023Elcogen is a member of the BalticSeaH2 initiative, a cross-border hydrogen valley project spanning nine countries (Finland, Estonia, Latvia, Lithuania, Poland, Germany, Denmark, Norway, Sweden) with 40 partners. The project aims to produce up to 100,000 tonnes of hydrogen annually by 2028, attracting over €4 billion in investments. Elcogen supplies high-efficiency electrolysis stacks and demonstrates a large-scale reversible solid oxide (rSOC) system with partner Convion.

Scale indicators12 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Solid Power: Italian-German solid oxide fuel cell and electrolyser stack manufacturer with a multi-MW pilot line. Competes directly with Elcogen in the European SOFC/SOEC stack market and is also pursuing reversible (rSOC) operation and licensing models.
• Convion: Finnish SOFC/SOEC system integrator that has validated Elcogen's cell technology through 2,000-hour field tests. Acts as both a customer (using Elcogen cells in Convion stacks) and a competitive system-level player in distributed power-to-X applications.
• Ceres Power Holdings: UK-based developer of solid oxide fuel cell (SOFC) technology using a steel-supported cell architecture. Like Elcogen, Ceres licenses its SteelCell technology to OEMs and system integrators for distributed power and electrolysis applications, making it the closest pure-play SOFC peer in Europe.
• Sunfire: German SOEC electrolyser specialist focused on high-temperature electrolysis for green hydrogen and Power-to-X. Direct competitor in SOEC technology, particularly for industrial-scale hydrogen production applications such as steel and chemicals.
• Hexis AG: Swiss-German developer of SOFC systems (Galileo platform) for residential and small-commercial combined heat and power. Competes in the solid oxide fuel cell space with a system-level focus, overlapping with Elcogen's OEM-supplied stationary applications.

Regional players

• Bumhan Fuel Cell: South Korean solid oxide fuel cell developer with an MoU with Elcogen and HD Hyundai's maritime programme. Competes in the Asian SOFC market, particularly Korea and Japan, with overlapping fuel cell and electrolyser applications.

Broad incumbents

• Nel ASA: Norwegian incumbent in alkaline and PEM electrolysers for green hydrogen production. While using a different electrolyser technology, Nel is Elcogen's primary competing technology class for green hydrogen customers, particularly in industrial and mobility applications.
• Bloom Energy: US-listed incumbent in stationary SOFC systems for data centres, retail, and industrial power. While it sells complete systems rather than components like Elcogen, it directly competes in the high-efficiency distributed generation space Elcogen's OEM customers target.
• Topsoe: Danish technology company developing solid oxide electrolyser (SOEC) technology for green hydrogen at industrial scale. Competes with Elcogen in the SOEC stack and module market, with strong backing from industrial customers in refining and ammonia.

Emerging players

• Genvia: French clean hydrogen technology venture developing high-temperature electrolyser technology, with strategic backing from Schlumberger and Vinci. Direct emerging competitor in the European SOEC market, with whom Elcogen has a historical supply relationship.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@elcogen
• LinkedInlinkedin.com/company/elcogen
• Xx.com/Elcogen_EU

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds9 records

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Elcogen