Elcogen announced that Korea Shipbuilding & Offshore Engineering Co., Ltd., a member of HD Hyundai Group has signed a strategic investment in Elcogen of €45m with closing subject to, amongst other things, Elcogen obtaining the approval of its shareholders to the issue of the new shares to KSOE.
Following this investment, HD Hyundai and Elcogen intend to further strengthen their collaboration with a focus on marine propulsion systems and stationary power generation based on Elcogen’s proprietary solid oxide fuel cell and green hydrogen production. This investment will be used to expand Elcogen’s manufacturing capacity as it continues to build the company’s new factory facility in Tallinn, Estonia, with a manufacturing capacity of up to 360MW.
Photo of Elcogen: Mr Kisun Chung, CEO of HD Hyundai and Mr Enn Õunpuu, CEO of Elcogen
Describe more in press release https://is.gd/fToMNZ
