Cobalt has advised the European Investment Bank on a EUR 12 million quasi-equity loan it provided to Estonian company Elcogen.
According to Cobalt, Elcogen is the first company in the Baltic countries to get support under the InnovFin, an EU-finance program for innovators. The financing falls under InnovFin’s Energy Demonstration Projects facility. With the support, Elcogen expects to grow into the world’s leading fuel cells producer in three years.
Elcogen, founded in 2001, is an Estonian manufacturer of the next-generation fuel cells – a new generation of clean energy generation technology that makes it possible to generate electricity without the need for internal combustion.
InnovFin Energy Demonstration Projects provides loans, loan guarantees, and equity-type financing typically between EUR 7.5 million and EUR 75 million to innovative demonstration projects in the fields of energy system transformation, including renewable energy technologies, smart energy systems, energy storage, carbon capture and storage/use, hydrogen and fuel cells, helping them to bridge the gap from demonstration to commercialization.
The Cobalt team consisted of Partners Kristel Raidla-Talur and Marina Kotkas and Senior Associates Greete-Kristiine Kuru and Karl Kull.
Cobalt did not reply to our inquires about the deal.