COBALT advised the European Investment Bank on giving EUR 12 million quasi-equity loan to Estonian company Elcogen. Elcogen is the first company in the Baltic countries to get support under the InnovFin, an EU-finance for innovators programme. The financing falls under InnovFin’s Energy Demonstration Projects facility. In three years’ time, Elcogen hopes to grow to the world’s leading producer of fuel cells.
Elcogen, founded in 2001, is an Estonian manufacturer of the world’s most effective next-generation fuel cells. Fuel cells are a new generation of clean energy generation technology that makes it possible to generate electricity without the need for internal combustion.
InnovFin Energy Demonstration Projects provides loans, loan guarantees or equity-type financing typically between EUR 7.5 million and EUR 75 million to innovative demonstration projects in the fields of energy system transformation, including renewable energy technologies, smart energy systems, energy storage, carbon capture and storage/use, and hydrogen and fuel cells, helping them to bridge the gap from demonstration to commercialisation.
Our work comprised advising the client in local law aspects during the entire transaction. The client was advised by partners Kristel Raidla-Talur and Marina Kotkas and senior associates Greete-Kristiine Kuru and Karl Kull.
The press release can be found here.