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 Mar 31, 2026, the latest employee count at Elcogen is 89.

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 €7.22M as on Dec 31, 2024.

Where does Elcogen rank among its competitors?

Elcogen ranks 4th amongst 92 active competitors, of which 19 are funded. It stands 4th in terms of total funding among its competitors. The most recent competitor to raise funding was Amogy, which secured $15M in Nov, 2025.

Who are the top competitors of Elcogen?

Elcogen's top competitors include Bloom Energy, Amogy and FuelCell Energy. Among them, Amogy secured the most recent funding round in November, 2025.

Elcogen - 2026 Company Profile, Team, Funding & Competitors

Company Details

Manufacturer of solid oxide cells and stacks for fuel cells. These products are for integration into third-party applications. The company offers products for emission-free power and hydrogen production. Its technology can be used on gas, biofuels, and carbon-free energy. The company serves system integrators of power generation units.

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 & 10 more

Ranked

4^th among 92 active competitors

Annual Revenue

€7.22M as on Dec 31, 2024

Employee Count

89 as on Mar 31, 2026

Similar Companies

Bloom Energy & 44 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	Documents
JOINT STOCK COMPANY ELCOGEN CIN: 10727890 , Estonia, Active	Feb 12, 2001	$7.82M (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 11 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	7694111	Series B	5521696	6646604	7159462	6090462
Nov 12, 2024	9461351	Grant (prize money)	4515793	6385023	7323468	Euinnovationfund
Apr 03, 2024	8833211	Conventional Debt	5791409	2517503	5878486	5299584

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View details of Elcogen's funding rounds and investors

Elcogen's employee count trend

Elcogen has 89 employees as of Mar 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	TriplePoint Capital, SeedFord Partners & 48 others	71/100
2nd	Amogy 2021, Brooklyn (United States), Series C	Developer of ammonia-to-power systems and ammonia cracking catalysts for decarbonization	$302M	Aramco Ventures, AP Ventures & 33 others	64/100
3rd	FuelCell Energy 1969, United States, Public	Manufacturer of fuel cell systems for power generation and emissions management	-	Fifth Third Bancorp, Air Quality Management District ... & 5 others	60/100
4th	Elcogen 2001, Tallinn (Estonia), Series B	Manufacturer of solid oxide cells and stacks for fuel cells	$103M	Mirae Asset, European Investment Bank & 9 others	59/100
5th	Watt Fuel Cell 2010, Pittsburgh (United States), Series C	Develops and manufactures solid oxide fuel cell systems	$174M	Generac Power Systems, EQT & 4 others	58/100
6th	Gencell 2011, Petah Tikva (Israel), Public	Fuel cell-based solutions provider	-	TDK Ventures, Harel 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	54/100
8th	AFC Energy 2006, Cranleigh (United Kingdom), Public	Developer of ammonia cracker technology and hydrogen-to-power generation solutions	-	Lanstead, Herald Investment Management & 5 others	53/100
9th	SolydEra 2006, Mezzolombardo (Italy), Series B	Provider of fuel cell technology solutions	$47M	OSTI, Europa	51/100
10th	Nexceris 1994, Lewis Center (United States), Funding Raised	Developer of fuel cell components	-	National Science Foundation, OSTI	49/100