Elcogen - Debt funding from the European Investment Bank

Elcogen is one of the leading European developer and manufacturer of solid oxide fuel cell (SOFC/SOEC) technology. In 2019, the European Investment Bank granted Elcogen a €12M loan under its Energy Demo Programme. The project was the first in the Baltics to benefit from the EIB's Energy Demo Programme and EU InnovFin and Horizon 2020 funding.

With the funding, Elcogen will set up a demonstration plant to build fuel cell systems, invest in research and development of fuel cells, increase production volumes and start mass production. The funding enables the company to bring competitive fuel cell-based electricity and hydrogen solutions to the market and meet growing customer demand. Potential customers include leading industrial companies in Europe and Asia.

Grannenfelt Finance advised Elcogen throughout the process: “Grannenfelt Finance expertise was critical in conveying Elcogen’s needs and business opportunity to EIB, advancing the technical, commercial and risk due diligence, and in the debt and warrant term negotiations. Receiving the funding was a breakthrough commercial milestone for Elcogen as it is able to demonstrate and scale-up its production and thus gain traction with new customers.” says Enn Õunpuu, CEO of Elcogen AS.