HydrogenOne Capital Growth, a London-listed clean hydrogen investment company, has revealed that its portfolio company, Elcogen, has secured a strategic investment of 45 million euros ($47.7 million) from Korea Shipbuilding & Offshore Engineering, a subsidiary of HD Hyundai.
The investment will be used by Elcogen to enhance its manufacturing capacity as it continues the construction of its new factory in Tallinn, Estonia.
With this investment, HD Hyundai and Elcogen plan to strengthen their collaboration, focusing on marine propulsion systems and stationary power generation. The partnership will revolve around Elcogen’s exclusive solid oxide fuel cell and green hydrogen production, which is based on the company’s solid oxide electrolyzer cell technology.
“We are thrilled to welcome HD Hyundai as both a close working partner and now as a shareholder. This investment signifies a significant vote of confidence in our technology from a global leader in industrial innovation and shipbuilding. We are excited to further develop our relationship with HD Hyundai,” stated Chris Nash, Chairman of Elcogen.
At 0834 GMT, shares rose by 3.9% to 59 pence.