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Elcogen
Energy · Tallinn, Estonia · Founded 2011
A manufacturer of efficient and high-performance fuel cells to help enable a clean energy future MoreLess
Elcogen is a leading manufacturer of advanced ceramic anode-supported solid oxide cells and stacks, which are crucial components in fuel cell systems. These systems convert fuel into electricity with high efficiency, making them a promising technology for various energy applications. Elcogen operates primarily in the European market and serves a diverse range of clients, including those in the renewable energy sector, marine applications, and commercial vehicle industries.
The company’s business model revolves around producing and selling its proprietary solid oxide cells and stacks. These products are designed to operate at lower temperatures, which reduces costs and extends their lifespan. By leveraging low-cost materials and efficient system designs, Elcogen can offer high-performance solutions at a competitive price. This makes their products attractive to manufacturers looking to commercialize fuel cell systems globally.
Elcogen generates revenue through the sale of its cells and stacks to manufacturers who integrate these components into their own fuel cell systems. The company also benefits from funding and grants, such as those from the European Horizon 2020 research and innovation program. This financial support helps Elcogen to continue innovating and scaling its production capabilities.
One of the standout features of Elcogen’s technology is its high energy conversion efficiency. The company has achieved a world record in primary energy conversion efficiency to electricity at 74%. This high efficiency, combined with the ability to use various fuels and the modularity of their systems, makes Elcogen’s products highly versatile and scalable.
In summary, Elcogen is at the forefront of solid oxide fuel cell technology, offering high-efficiency, cost-effective solutions for a variety of energy applications. Their innovative approach and strong market presence position them well for continued growth and success.
Keywords: Solid Oxide Cells, Fuel Cells, High Efficiency, Renewable Energy, Low Cost, Modular Systems, Energy Storage, Marine Applications, Commercial Vehicles, European Market.
Company overview
Elcogen company information
The essential company record, classifications and operating signals in one place.
- Status
- Operational
- Founded
- 2011
- Headquarters
- Tallinn, Estonia
- Employees
- 90
- Open positions
- 1
- Dealroom signal
- 75.0
Valuation & funding
Elcogen funding history
Company financing events and reported valuations.
| Deal type | Date | Amount | Valuation | Investors | Source |
|---|---|---|---|---|---|
| LATE VCOther financing | Jan 2025 | $5.5M | $248M | SmartCap | ↗ |
| GRANTOther financing | Nov 2024 | $0 | — | EU Innovation Fund | ↗ |
| LATE VCOther financing | Apr 2024 | $34M | $136M | Baker Hughes | ↗ |
| LATE VCOther financing | Oct 2023 | $50M | $198M | HD Korea Shipbuilding & Offshore | ↗ |
| GRANTOther financing | Sep 2023 | $0 | — | Undisclosed | ↗ |
| LATE VCOther financing | May 2022 | HydrogenOne Capital Growth | ↗ | ||
| GRANTOther financing | Sep 2018 | Undisclosed | — | ||
| GRANTOther financing | May 2018 | European Innovation Council | — | ||
| GRANTOther financing | Dec 2014 | European Innovation Council | — |
Financials
Revenue, earnings and profit over time
Reported history and available estimates. Estimated years are marked “E”; sparse fields are left blank rather than inferred.
| Year | Revenue | Growth | EBITDA | Margin |
|---|---|---|---|---|
| 2026 | $5.1M | 0% | −$572K | -11.2% |
| 2025 | $5.1M | 0% | −$572K | -11.2% |
| 2024 | $5.1M | 0% | −$572K | -11.2% |
| 2023 | $5.1M | +37.4% | −$572K | -11.2% |
| 2022 | $3.7M | -3981% | −$572K | -15.3% |
| 2021 | −$96K | -54.6% | −$572K | 594.9% |
| 2020 | −$212K | — | −$572K | 270.2% |
Growth signals
Elcogen website traffic
Latest recorded traffic for Elcogen is 7.8K monthly website visits, down 35% over the last three months. Elcogen's team declined 3.2% over the past year.
Hiring
Open positions at Elcogen
Current openings linked to this company in Dealroom.
Comparisons
Elcogen compared with similar companies
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Talent graph
Elcogen's talent
Source: Dealroom Talent Intelligence.
Investors
6 investors on Elcogen's cap table
Sourced from Dealroom's funding and investor records.






Global footprint
Where Elcogen has talent and traffic
team presence
In the news
Latest news about Elcogen
Recent press, funding announcements, and product moves mentioning Elcogen — open to read from the original sources.
Market sentiment
What the market is saying about Elcogen
An AI-synthesized read of the highest-engagement posts about Elcogen on X over the past 7 days. We rank by likes & retweets, ignore corporate channels, and surface the themes that broke out from real people.
Reading the room on X — pulling top posts and synthesizing themes…
Source: X recent search ranked by engagement (likes + retweets) · Synthesis by Claude · Cached for 1 hour
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