A new €12million quasi-equity loan has been received by Elcogen to facilitate further research and development.  The funding comes via  European Commission’s InnovFin programme and represents the first time InnovFin support has been provided by the EIB to a company based in the Baltics.  The finding will mean that Elcogen can now hit the market with its efficient fuel cell technology.

Elcogen is based in Ülemiste city (Tallinn) and is the first Baltic recipient to receive support from the EIB  (European Investment Bank) under the EU finance for investors (InnoFin) programme.  The funds stems from the EU 2020 research and innovation fund, specifically under the EDP (Energy Demonstration Projects).

The aim of the funding is to help set up a plant for the manufacture of cells and stacks to be used in solid oxide fuel systems.  As part of the process this will create a number of high skill local jobs.  The company will be able to use the funding to invest in the development of fuel cells, conduct research, and increase the rate and volume of cell production.  As a result of the funding Elcogen now has the opportunity to go to market with competitive call-based electrical and hydrogen fuel solutions and to meet the expectations of its customers,  which now include some of the leading industrial companies based in both Europe and in Asia.