E.ON investing in fuel cell pioneer Elcore

07.03.17

E.ON investing in fuel cell pioneer Elcore

E.ON is increasingly relying on highly innovative, clean and economical technologies to supply homes with heat. As the company announced today, E.ON is investing in Elcore GmbH, a pioneer in fuel cell technology, based in Munich. Elcore produces energy-efficient heating systems for single-family homes and duplexes. The heart of the system is an internal developed fuel cell heating technology that generates heat and power simultaneously.

This investment will also draw on a new distribution partnership. Going forward, Elcore customers will be able to obtain CO2-neutral bio natural gas from E.ON through specially tailored contracts while also covering their remaining power needs with E.ON green electricity.

Fuel cell heating systems from Elcore have been installed nationwide in both new and existing buildings for more than two years and their use in hundreds of homes has shown the technology to be both fully developed and economically viable. Thanks to CO2-neutral bio natural gas, the Elcore fuel cell heating system produces not only current as cleanly as a solar system can, it also generates heat. In doing so, the small system achieves an overall efficiency roughly twice that of a large modern power station lacking waste heat recovery. This high level of efficiency, along with the use of CO2-neutral bio natural gas, makes the investment advantageous for both owners as well as for the environment.

"The fuel cell is the most efficient technology for use in generating heat and power when upgrading heating systems. It’s another way that we are encouraging a sea change in energy. It means we can now offer customers a way to generate their own electricity without the need to rely on the sun to produce it. It's how we at Elcore are underscoring our effort to make the energy world of tomorrow clean, efficient and cutting-edge," says Philipp Ulbrich, who oversees innovation scouting and investments in startups at E.ON.

Manfred Stefener, CEO and founder of Elcore, adds: "The technological edge and experience that Elcore provides make our company the perfect partner for E.ON to work with in shaping the future of heating technology. Working in collaboration with E.ON as a strategic investor, with its profound understanding of the energy market and its unique grid system, we are expecting to see important new ideas that will result in the steady advancement of our innovative, medium-sized company."

About Elcore

Elcore GmbH is an independent technology company with headquarters in Munich. Elcore develops and produces products and solutions that supply highly efficient heat and power to buildings. The centerpiece of its line of products are its co-generation units with advanced fuel cell technology that are used in new heating systems, in replacing old heating systems and for upgrading existing heating systems in single-family homes and duplexes (nano-CHP). Elcore has exceptional in-house development and manufacturing capacities and produces all the major components of its fuel cell CHP itself. http://www.elcore.com

This press release may contain forward-looking statements based on current assumptions and forecasts made by E.ON Group management and other information currently available to E.ON. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. E.ON SE does not intend, and does not assume any liability whatsoever, to update these forward-looking statements or to conform them to future events or developments.