Sorainen has advised HydrogenOne Capital Growth on its EUR 24 million investment in Elcogen. Gowling WLG reportedly also advised HydrogenOne.
According to Sorainen, "as a result of the transaction, HydrogenOne will gain a minority stake in Elcogen and have the right to a board seat which they are expected to take."
"This investment will fund the expansion of Elcogen’s facilities in Tallinn to create a new, automated production line for solid oxide fuel cells, initially scaled at 25 megawatt/year, rising to 50 megawatt/year," Elcogen announced.
Elcogen is a European manufacturer of clean energy technology. The company manufactures core components for solid oxide systems, cells, and stacks, that enable customers to produce green hydrogen.
Launched in 2021, HydrogenOne is a London Stock Exchange-listed investment company, specializing in clean hydrogen and energy storage. The company’s investment objective is to invest in a diversified portfolio of hydrogen and complementary hydrogen focussed assets.
"There is substantial demand for fuel cells as the clean hydrogen sector continues to grow at a rapid pace," HydrogenOne Chairman Simon Hogan commented. "We look forward to supporting the company on its growth journey as it expands its solid oxide capacity for customers. HydrogenOne continues to deploy our investors’ capital into distinctive and high potential hydrogen assets."
The Sorainen team was led by Counsel Lauri Liivat and included Senior Associate Kirsi Johanna Koistinen and Senior Practice Group Coordinator Eva-Maria Kullamae.
