When was Elcogen founded?

Elcogen was founded in 2001 and raised its 1st funding round 13 years after it was founded.

Where is Elcogen located?

Elcogen is headquartered in Tallinn, Estonia.

How many employees does Elcogen have?

As of Aug 31, 2026, the latest employee count at Elcogen is 91.

Is Elcogen a funded company?

Elcogen is a funded company, having raised a total of $103M across 14 funding rounds to date. The company's 1st funding round was a $***** Grant (prize money) round, raised on Mar 01, 2014.

When was the latest funding round of Elcogen?

Elcogen's latest funding was a $***** Series B round on Jan 16, 2025, with participation from 1 investor.

What is the annual revenue of Elcogen?

Annual revenue of Elcogen is between €1M and €10M as on Dec 31, 2024

Where does Elcogen rank among its competitors?

Elcogen ranks 4th amongst 102 active competitors, of which 24 are funded. It stands 4th in terms of total funding among its competitors. The most recent competitor to raise funding was Watt Fuel Cell, which secured an undisclosed amount in Jul, 2026.

Who are the top competitors of Elcogen?

Elcogen's top competitors include Bloom Energy, Amogy and FuelCell Energy. Among them, Watt Fuel Cell secured the most recent funding round in July, 2026.

Elcogen - 2026 Company Profile, Team, Funding, Competitors & Financials

Elcogen is a series B company based in Tallinn (Estonia), founded in 2001. It operates as a Manufacturer of solid oxide fuel cells and hydrogen production components. Elcogen has raised $103M in funding from Baker Hughes and SmartCap, with a current valuation of $*****. The company has 102 active competitors, including 24 funded and 10 that have exited. Its top competitors include companies like Bloom Energy, Amogy and FuelCell Energy.

Company Details

Manufacturer of solid oxide fuel cells and hydrogen production components. These products include cells, stacks, and modules designed for integration into systems that generate power or produce hydrogen. The technology utilizes electrochemical processes to convert fuel into electricity or facilitate electrolysis. These components support systems requiring high efficiency for energy conversion and gas processing applications.

Key Metrics

Founded Year

2001

Location

Tallinn, Estonia

Stage

Series B

Total Funding

$103M in 14 rounds

Latest Funding Round

Series B, Jan 16, 2025, $*****

Investors

Baker Hughes & 11 more

Ranked

4^th among 102 active competitors

Annual Revenue

€1M - €10M as on Dec 31, 2024

Employee Count

91 as on Aug 31, 2026

Similar Companies

Bloom Energy & 50 more

View Elcogen's full profile

Elcogen is associated with 2 legal entities given below:

Legal Entity Name	Date of Incorporation	Revenue	Latest Employee Count	Reports
JOINT STOCK COMPANY ELCOGEN CIN: 10727890 , Estonia, Active	Feb 12, 2001	€1M - €10M (As on Dec 31, 2024)	95 (As on Sep 30, 2024)
ELCOGEN GROUP PLC CIN: 13290541 , United Kingdom, Active	Mar 23, 2021	-	-

Elcogen has raised a total funding of $103M over 14 rounds. Its first funding round was on Mar 01, 2014. Its latest funding round was a Series B round on Jan 16, 2025 for $*****. 1 investor participated in its latest round. Elcogen has 12 institutional investors.

Here is the list of recent funding rounds of Elcogen:

Filter this list

Date of Funding	Funding Amount	Round Name	Post-Money Valuation	Revenue Multiple	Lead Investors	Other Investors
Jan 16, 2025	3570526	Series B	8311399	4013391	1714449	9382590
Nov 12, 2024	3768282	Grant (prize money)	1492968	3907986	9061765	Euinnovationfund
Apr 03, 2024	5092421	Conventional Debt	9987392	3308327	1325966	1951973

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Elcogen's employee count trend

Elcogen has 91 employees as of Aug 26. Here is Elcogen's employee count trend over the years:

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Top competitors of Elcogen include Bloom Energy, Amogy and FuelCell Energy. Here is the list of Top 10 competitors of Elcogen, ranked by Tracxn score:

Rank	Company Details	Short Description	Total Funding	Investors	Tracxn Score
1st	Bloom Energy 2001, San Jose (United States), Public	Provider of solid oxide fuel cell technology	$973M	Western Technology Investment, SeedFord Partners ... & 49 others	73/100
2nd	Amogy 2021, Brooklyn (United States), Series C	Developer of ammonia-to-power systems and ammonia cracking catalysts for decarbonization	$302M	SK Innovation, AP Ventures & 33 others	64/100
3rd	FuelCell Energy 1969, United States, Public	Manufacturer of fuel cell systems for power generation and emissions management	-	Hercules Capital, Air Quality Management District ... & 5 others	64/100
4th	Elcogen 2001, Tallinn (Estonia), Series B	Manufacturer of solid oxide fuel cells and hydrogen production components	$103M	European Investment Bank, SmartCap & 10 others	59/100
5th	Dynelectro 2018, Copenhagen (Denmark), Series A	Designer and manufacture Dynamic Electrolyser Units which produce green hydrogen for carbon-neutral eFuels	$16.7M	Danmarks Eksport og Investeringsfond, Yara Growth Ventures ... & 7 others	58/100
6th	Gencell 2011, Petah Tikva (Israel), Public	Fuel cell-based solutions provider	-	TDK Ventures, Migdal Group & 4 others	58/100
7th	Reverion 2022, Eresing (Germany), Series A	Developer of reversible fuel cell systems for biogas and hydrogen	$78.8M	Energy Impact Partners, Extantia & 11 others	57/100
8th	Watt Fuel Cell 2010, Pittsburgh (United States), Series C	Develops and manufactures solid oxide fuel cell systems	$174M	Generac Power Systems, EQT & 5 others	56/100
9th	Ceres 2001, Horsham (United Kingdom), Public	Developer of solid oxide fuel cell and hydrogen electrolyser technology	-	Innovate UK, IP Group & 7 others	49/100
10th	Siqens 2012, Munich (Germany), Seed	Methanol-based fuel cell systems for off-grid applications	-	EIC Fund, VNT Management & 4 others	46/100