Corporate Energy team advises HydrogenOne on £20 million Elcogen investment

3 GERMAN minute read
11 Mai 2022

Our Corporate Energy team has advised clean hydrogen-dedicated investment fund HydrogenOne Capital Growth plc ("HydrogrenOne") on its EUR 24 million (over £20 million) investment in global solid oxide fuel cell and stack specialist Elcogen Group plc ("Elcogen").



Elcogen has developed a reversible ceramic technology that can convert hydrogen into emission-free electricity, or electricity into green hydrogen. This technology can be applied to a broad range of residential, industrial and commercial applications and is distinguished by its ability to operate at lower temperatures than competitors, resulting in superior economics and long-life facilities.

The group plans to expand its facilities in Tallinn to create a new, automated production line for solid oxide fuel cells and stacks, initially scaled at 25MW/year, rising to 50MW/year (equivalent to 100MW- 200MW in electrolysis mode).

Principal associate Siân Dewing led the Gowling WLG team to advise HydrogenOne on this latest investment, with support from principal associate Liz Emerson, associates Hannah Gough, Chris Kay and Helen Hibbert, trainee solicitor Zachary-Turner Davis and paralegal Peter Chicken (corporate), as well as associates Zoe Pearman (IP) and Corrine Hughes (employment).

This is the seventh investment that the team has supported HydrogenOne on in the past year, having also recently advised on its first ever private equity investment in Sunfire GmbH and investments in hydrogen companies HiiROC and NanoSUN, as well as Bramble Energy, Gen2 and Cranfield Aerospace Solutions.

Speaking about the deal, Siân Dewing said: "This latest deal demonstrates the significant growth and demand for the clean hydrogen sector and we're proud to have once again advised HydrogenOne as it continues to help drive the UK's net zero objectives through investments in innovative companies like Elcogen.

"HydrogenOne has an impressive investment strategy and we're looking forward to working with the team again on future projects."

Gowling WLG's multi-disciplinary Energy team has a market-leading reputation and operates seamlessly around the globe. The deal is another example of the team's position in the energy sector and follows a series of recent mandates, including advising Eelpower on its £100 million joint venture with NextEnergy Solar Power and Island Green Power and its founders on the sale of a 50% stake in the business to Macquarie Asset Management.


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