HydrogenOne Capital Growth (HGEN) says that its portfolio company Elcogen AS, which it describes as 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. As at 31 December 2024, HydrogenOne’s investment in Elcogen represented 18% (£21m) of HGEN’s NAV.
Elcogen’s SYRIUS project will seek to decarbonise the steel production process through hydrogen production and circular energy use. The project is backed by a €10 million grant from Horizon Europe and will integrate a 4.2 MW Solid Oxide Electrolyster (SOEC) into an Electric Arc Furnace (EAF) plant to enable sustainable steel production.
HGEN says that the SOEC will be installed at Acciai Speciali Terni in Terni, Italy and the facility will have capacity of over 1,000 tonnes per annum of stainless and specialty steel produced. It adds that 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.
Comments from Dr JJ Traynor of HGEN’s investment adviser
“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.”
Comments from Martin Skov Skjøth-Rasmussen, CTO of Elcogen
“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.”
[QD comment MR: HGEN will be pleased to see this project move forward. Traditional steel production is very carbon intensive and is the sort of industrial application that hydrogen technology should be well-placed to decarbonise.]
