We advised HydrogenOne on its EUR 24 million investment in Elcogen, the European manufacturer of clean energy technology.

The fuel of the future

Elcogen supplies the core technology that sits at the heart of energy security and transition away from fossil fuels. This investment will allow Elcogen to significantly drive forward its plans, strategy, and vision to provide affordable green hydrogen for everyone and progress towards net zero.

Enn Õunpuu, CEO of Elcogen, commented: “We believe the fuel of the future is green hydrogen and our technology is a key enabler in making this transition affordable for everyone. We develop and manufacture the world’s most efficient solid oxide technology, allowing our customers and partners to deliver emission-free electricity, green hydrogen, and energy storage solutions.’’

Diversified portfolio

HydrogenOne was launched in 2021 with an investment objective to deliver an attractive level of capital growth by investing in a diversified portfolio of hydrogen and complementary hydrogen focussed assets.

As a result of the transaction, HydrogenOne will gain a minority stake in Elcogen and have the right to a board seat which they are expected to take.

Our services and client team

Acting as local counsel in Estonia alongside international law firm Gowling WLG, we conducted limited legal due diligence for the Estonian entity of Elcogen.

Our client team was led by counsel Lauri Liivat, supported by senior associate Kirsi Johanna Koistinen and senior practice group coordinator Eva-Maria Kullamäe.

More information – Elcogen.