Elcogen
Elcogen develops solid oxide cells, stacks, and modules for fuel cell and electrolyser systems to enable zero-emission power generation and green hydrogen production.
Elcogen has raised €81M across 3 funding rounds from 3 investors, most recently a round in Jan 2025. Based in Tallinn, Estonia; active in Energy. Data as of 28 Oct 2026.
Tallinn, Estoniaelcogen.com ↗
Total raised
€81M
€81,000,000
Funding rounds
3
Investors
3
distinct backers
Active since
2023-10
latest 2025-01
Funding by year
EUR raised per yearElcogen — funding by year — interactive chart.
Data table
| Elcogen — funding by year | |
|---|---|
| 2023 | €45M |
| 2024 | €31M |
| 2025 | €5.0M |
Signals
High confidenceRaise-next likelihood31
base rate 30% for Other
- ▲ In typical raise window
- ▼ Down/flat last round
Exit likelihood11
base rate 11% (2+ rounds)
- ▲ €30M+ raised
- ▼ No recent equity round (debt-only or quiet)
Timing: in window vs cohort gap · momentum down. Funding-only estimates, not predictions and not investment advice — see signals.
Funding rounds
3 rounds| Date | Stage | Amount | Investors | |
|---|---|---|---|---|
| 2025-01-17 | Other | €5.0M | SmartCap | View deal → |
| 2024-04-04 | Other | €31M | Baker Hughes | View deal → |
| 2023-10-12 | Other | €45M | HD Hyundai Group | View deal → |
Investors
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Global coverage: FundingData