HydrogenOne Capital Growth PLC on Tuesday said that its portfolio company, Elcogen AS, has secured a €24.9 million grant from the EU Innovation Fund.
According to HydrogenOne, the grant is for advancing green hydrogen production in Europe. Elcogen will use the grant to support the next phase in further scaling its existing manufacturing capacity of proprietary solid oxide electrolysers, fuel cells and stacks.
At September 30, HydrogenOne’s investment in Elcogen represented 18% of the company’s net asset value.
‘We are honoured to receive this recognition and support from the European Union. This grant is a testament to the EU’s commitment to fostering a competitive green hydrogen production value chain across Europe, highlighting the importance of scaling up in order to meet the energy transition demands we face,’ said Chief Executive Officer Enn Ounpuu.
Shares in HydrogenOne Capital Growth closed 5.2% lower at 26.30 pence each in London on Tuesday.
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