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Cobalt Advises EIB on EUR 12 Miillion Loan to Elcogen

Cobalt Advises EIB on EUR 12 Miillion Loan to Elcogen

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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.

Estonian Knowledge Partner

COBALT is closely integrated alliance of top-tier law offices in Estonia, Latvia, Lithuania and Belarus, making us one of the largest law firms in the Baltic market. 

COBALT is a trusted partner for daily matters and complex large-scale transactions and disputes. The firm’s broad spectrum of expertise and established position as the market leader give a comprehensive basis for providing advice on special areas of business law.

We advise top international and regional businesses, financial institutions, state and local governments, and the region’s most promising start-ups. We offer leading-edge solutions in key industry sectors: Consumer Products, Trade & Distribution, Real Estate & Construction, Pharmaceuticals & Healthcare, Energy & Utilities, Communications, Media & Technologies, Financial Services, Transport & Logistics.

COBALT has been named Baltic Law Firm of the Year 6 times. We were recognized as the Most Innovative Law Firm of the Year 2019 in the Baltics at the IFLR European Awards in London. COBALT also won CEE Legal Matters Deal of the Year Award for Estonia, Latvia, and Lithuania, as well as the overall Baltic Deal of the Year, at the 2019 CEE Legal Matters Awards. We have received multiple awards from the Chambers Europe, IFLR, The Lawyer and Mergermarket and we are regularly listed amongst the top performing M&A legal advisors in the Bloomberg, Thomson Reuters and Mergermarket deal tables

More information on Cobalt can be found at www.cobalt.legal

All News about Cobalt can be found here.


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