RCS - HydrogenOne Cap Gwth - Elcogen announces SYRIUS Project in green steel

Hydrogenone Capital GrowthAnnouncement

10/03/2025 07:15

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RNS Number : 8967Z  HydrogenOne Capital Growth PLC  10 March 2025

LEI: 213800PMTT98U879SF45

10 March 2025

HydrogenOne Capital Growth plc

('HydrogenOne' or the 'Company')

Elcogen

Elcogen announces SYRIUS Project in green steel

 

HydrogenOne Capital Growth plc, the first London-listed fund investing in
clean hydrogen for a positive environmental impact, reports that portfolio
company Elcogen AS ("Elcogen"), a leading European manufacturer of solid oxide
technology, has announced the launch of the Horizon Europe SYRIUS project,
with Acciai Speciali Terni Spa, a leader in Europe's stainless-steel sector.

 

The SYRIUS project will seek to decarbonise the steel production process
through hydrogen production and circular energy use. The SYRIUS project, which
is backed by a €10 million grant from Horizon Europe, will integrate a 4.2
MW Solid Oxide Electrolyster (SOEC) into an Electric Arc Furnace (EAF) plant,
which will enable sustainable steel production.

 

The SOEC will be installed at Acciai Speciali Terni in Terni, Italy. The
facility will have capacity of over 1,000 tonnes per annum of stainless and
specialty steel produced.  Elcogen's leading expertise in solid oxide cell
and electrolysis technologies will provide stacks designed for large-scale
production on a specialised platform. Baker Hughes, which is a strategic
investor in Elcogen, will lead the design and production of the multi-stack
electrolyser, managing the installation and testing of the equipment.

 

As at 31 December 2024, HydrogenOne's investment in Elcogen represented 18%
(£21 million) of the Company's NAV.

 

Dr JJ Traynor, from the Company's investment adviser, commented: "SYRIUS marks
an important development for Elcogen. In collaboration with strategic investor
Baker Hughes, the company is set to roll out its innovative solid oxide
technology into the green steel sector, which is a first for Elcogen, and this
demonstrator opens an important market for the company."

 

Martin Skov Skjøth-Rasmussen, CTO of Elcogen said: "This is the largest SOEC
project in Europe, backed by a formidable consortium of experts. By
demonstrating the SYRIUS concept in a working steel plant, we are not only
advancing industrial adoption but also providing a tangible, scalable solution
that will unlock new market opportunities. We're talking about decarbonizing
one of the most challenging sectors and endeavouring to make it commercially
viable to do so. The potential impact of this initiative is truly exciting,
and we're very proud to be a part of it."

 

 

- Ends -

 

Notes

 

For further information, please visit www.hydrogenonecapitalgrowthplc.com
(http://www.hydrogenonecapitalgrowthplc.com) or contact:

 

 HydrogenOne Capital LLP - Investment Adviser   Tel:+44 20 3830 8231
 JJ Traynor / Richard Hulf

 Barclays Bank PLC - Corporate Broker           Tel: +44 20 7623 2323

 Dion Di Miceli                                 BarclaysInvestmentCompanies@barclays.com

 Stuart Muress

 James Atkinson

 Burson Buchanan - Financial PR                  Tel: +44 (0) 20 7466 5000

 Henry Harrison-Topham                           Email: HGEN@buchanancomms.co.uk (mailto:HGEN@buchanancomms.co.uk)

 Henry Wilson

 Samuel Adams

 

About HydrogenOne:

 

HydrogenOne is the first London-listed hydrogen fund investing in clean
hydrogen for a positive environmental impact. The Company was launched in 2021
with an investment objective to deliver an attractive level of capital growth
by investing in a diversified portfolio of hydrogen and complementary hydrogen
focused assets. INEOS Energy is a strategic investor in HydrogenOne. The
Company is listed on the London Stock Exchange's main market (ticker code:
HGEN). The Company is an Article 9 climate impact fund with an ESG policy
integrated in investment decisions and asset monitoring.

 

The Company's Investment Adviser, HydrogenOne Capital LLP (FRN: 954060), is an
appointed representative of Thornbridge Investment Management LLP (FRN:
713859) which is authorised and regulated by the Financial Conduct Authority.

 

About Elcogen:

 

Founded in 2001, Elcogen is a manufacturer of clean energy technology that
delivers affordable green hydrogen and emission-free electricity. Elcogen has
its registered office in the UK, and manufacturing facilities in Estonia and
Finland that have served 160 customers in 30 countries.

 

Elcogen is focused on driving net-zero ambitions forward with a core,
reversible technology that converts fuel sources into emission-free energy and
emission-free energy into green hydrogen. Elcogen's solid oxide fuel cell
(SOFC) and solid oxide electrolyser cell (SOEC) technology offers an efficient
solution to green hydrogen production, reducing commercial costs so customers
can deliver affordable energy solutions to meet net-zero targets.

 

 

IMPORTANT NOTICE

 

This announcement contains (or may contain) certain forward-looking statements
with respect to certain of the Company's plans and/or the plans of one or more
of its investee companies and their respective current goals and expectations
relating to their respective future financial condition and performance and
which involve a number of risks and uncertainties. The Company cautions
readers that no forward- looking statement is a guarantee of future
performance and that actual results could differ materially from those
contained in the forward-looking statements.

 

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