Monday 17 May 2021 7:05 am

Estonian fuel cell developer gears up for £200m AIM listing

Estonian fuel cell developer Elcogen is preparing to list on London’s AIM market, in a move that could see it valued at as much as £200m.

The Tallinn-based business wants to raise funds to increase its manufacturing capacity with a new factory in Estonia, in order to take advantage of the boom in interest in lower carbon energy, the Telegraph first reported.

Elcogen makes solid oxide fuel cells, which produce power without combustion for markets including power generators, as well as solid oxide electrolysis cells that produce hydrogen.

Its cells run at lower temperatures, making them cheaper and longer lasting.

Chairman Chris Nash told the Telegraph: “Fuel cells are going to be everywhere in our future energy system. Investing in Elcogen now is a bit like investing in Intel 50 years ago, or Arm Holdings 20 years ago. They will be ubiquitous in the energy system. 

“Aim is familiar with early stage markets, it is deep and liquid, it embraces technology and also the green, sustainable technologies that need funding.”