About Elcogen
Elcogen is a company based in Tallinn (Estonia) founded in 2001.. Elcogen has raised $103.25 million across 14 funding rounds from investors including Mirae Asset, Baker Hughes and European Investment Bank. Elcogen offers products and services including Solid Oxide Electrolysis Cells, Solid Oxide Fuel Cells, and Solid Oxide Stacks. Elcogen operates in a competitive market with competitors including Plug Power, FuelCell Energy, Bloom Energy, Intelligent Energy and Blue World Technologies, among others.
- Headquarter Tallinn, Estonia
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Sectors
Energy & Utilities
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Phone
*********
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Website
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Social
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- Legal Name Elcogen As
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Annual Revenue
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Net Profit
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EBITDA
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Total Equity Funding
$103.25 M (USD)
in 14 rounds
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Latest Funding Round
$5.15 M (USD), Series B
Jan 16, 2025
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Investors
Mirae Asset
& 8 more
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Employee Count
Employee Count
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Products & Services of Elcogen
Elcogen offers a comprehensive portfolio of products and services, including Solid Oxide Electrolysis Cells, Solid Oxide Fuel Cells, and Solid Oxide Stacks. The company's diverse product and service offerings are designed to meet the evolving needs of its customers, address market demands, and provide comprehensive solutions that drive value creation and customer satisfaction across various segments and use cases.
Components for efficient green hydrogen production via electrolysis
Cells for emission-free power generation from fuels
Stacks for fuel cell and electrolyser systems integration
Funding Insights of Elcogen
Elcogen has successfully raised a total of $103.25M across 14 strategic funding rounds. The most recent funding activity was a Series B round of $5.15 million completed in January 2025. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding Total Funding
- Total Rounds 14
- Last Round Series B — $5.2M
- First Round First Round
- Investors Count 9
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
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| Jan, 2025 | Amount | Series B - Elcogen | Valuation | SmartCap |
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| Nov, 2024 | Amount | Grant - Elcogen | Valuation |
investors |
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| Apr, 2024 | Amount | Series B - Elcogen | Valuation | Baker Hughes |
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in Elcogen
Elcogen has secured backing from 9 investors, including institutional and venture fund investors. Prominent investors backing the company include Mirae Asset, Baker Hughes and European Investment Bank. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
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Government agency and accelerator focusing on innovative startups and SMEs
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Founded Year | Domain | Location | |
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Finance and advisory services for infrastructure projects are provided.
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Founded Year | Domain | Location | |
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by Elcogen
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
Financial Statements - Elcogen
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
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| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Elcogen Comparisons
Competitors of Elcogen
Elcogen operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Plug Power, FuelCell Energy, Bloom Energy, Intelligent Energy and Blue World Technologies, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Hydrogen-based fuel cells are manufactured for power applications.
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| domain | founded_year | HQ Location |
Online platform offering fuel cell-based solutions
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| domain | founded_year | HQ Location |
Provider of solid oxide fuel cell technology
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| domain | founded_year | HQ Location |
PEM fuel cell and CHP power systems developer
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| domain | founded_year | HQ Location |
Methanol-based fuel cells are developed using high-temperature PEM technology.
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| domain | founded_year | HQ Location |
Low-temperature solid oxide fuel cells are produced for CHP systems.
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| Company Name | Domain | Founded year | HQ Location | Description |
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| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Latest news on Elcogen
Frequently Asked Questions about Elcogen
When was Elcogen founded?
Elcogen was founded in 2001 and raised its 1st funding round 13 years after it was founded.
Where is Elcogen located?
Elcogen is headquartered in Tallinn, Estonia.
Who is the current CEO of Elcogen?
Enn Õunpuu is the current CEO of Elcogen.
Is Elcogen a funded company?
Elcogen is a funded company, having raised a total of $103.25M across 14 funding rounds to date. The company's 1st funding round was a Series B of $25.8M, raised on Mar 01, 2014.
What does Elcogen do?
Elcogen was founded in 2001 and is based in Tallinn, Estonia. Solid oxide fuel cells are developed and produced by the company, with a focus on SOFC single cells and stacks for energy applications. Operations include the manufacture of components for fuel cell systems. Two product series, ASC-10B and ASC-10C, are provided to support various industrial uses in the clean energy sector.
Who are the top competitors of Elcogen?
Elcogen's top competitors include Bloom Energy, Plug Power and Intelligent Energy.
What products or services does Elcogen offer?
Elcogen offers Solid Oxide Electrolysis Cells, Solid Oxide Fuel Cells, and Solid Oxide Stacks.
Who are Elcogen's investors?
Elcogen has 9 investors. Key investors include Mirae Asset, Baker Hughes, European Investment Bank, European Union, and HydrogenOne Capital.