SmartCap

Established in 2011, SmartCap is an Estonian venture capital firm that invests in early-stage venture capital funds. It manages EUR 40 million in assets, focusing on validating, accelerating, and financing innovative companies through partnerships with top VC fund managers.

Robert Martin

Investment Manager

Sille Pettai

Fund Manager

Past deals in Fuel Cell

Elcogen

Venture Round in 2025
Elcogen is a manufacturer and developer of high-performance anode-supported Intermediate Temperature Solid Oxide Fuel Cells (IT-SOFC) and SOFC stacks, established in 2001. The company specializes in proprietary materials and technological solutions that enhance the efficiency of solid oxide fuel cells, which are recognized as the most efficient method of energy conversion. Elcogen's technology significantly reduces emissions from natural gas systems, providing twice the power for the same amount of gas. Additionally, its fuel cells facilitate renewable energy generation by converting electricity into hydrogen for long-term storage. With a focus on efficiency, flexibility, and reducing commercial costs, Elcogen aims to support industries in the transition to green hydrogen production and contribute to a cleaner energy future.
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