TIDMHGEN
RNS Number : 0112V
HydrogenOne Capital Growth PLC
05 August 2022
THIS ANNOUNCEMENT IS NOT AN OFFER FOR SALE OR SUBSCRIPTION OR
SOLICITATION TO PURCHASE SHARES IN ANY JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.
5 August 2022
Q2 2022 Factsheet and NAV update
HydrogenOne Capital Growth plc ("HydrogenOne" or the "Company"),
the first LSE-listed investment fund dedicated to clean hydrogen,
provides a quarterly update for the period ended 30 June 2022.
Key highlights
-- The fundamentals of the clean hydrogen sector continue to
strengthen, despite recent weak macro-economic conditions;
-- The NAV of the Company's private investments increased by 3%,
reflecting higher valuations in multiple positions;
-- NAV per share as at 3 August 2022 was 97.42 pence, an
increase of 2.2% as a result of the revised private valuations;
-- A GBP21.5m oversubscribed placing completed in April; and
-- GBP95m invested to date by HGEN in low-carbon growth,
including GBP26m invested during the quarter in two private equity
positions.
Chairman, Simon Hogan, commented:
"HydrogenOne has had another strong quarter, evidenced by the
growth in our private portfolio's NAV. As we continue to deploy our
funds, we are supported by wider macro trends driving the focus of
governments and the industry to grow renewable energy and clean
hydrogen. With the world facing rising fossil fuel prices, due to
supply disruptions caused by the Russian invasion of Ukraine,
combined with the imperatives of climate change mitigation and
improved air quality, the hydrogen sector is accelerating faster
than anticipated."
Financial summary
In its quarterly factsheet to 30 June 2022, published today, the
NAV of the Company's Private Hydrogen Assets has increased by 3% in
the quarter, reflecting higher valuations in multiple positions as
a result of strong progress across the private portfolio. This will
be reflected in the Company's daily NAV announcements going
forward.
The Company's daily unaudited NAV per ordinary share on 3 August
2022 was 95.29 pence when using the 31 March 2022 Private Hydrogen
Assets valuation. This increases to an unaudited NAV per ordinary
share of 97.42 pence when using the 30 June 2022 Private Hydrogen
Assets valuation, which represents an increase of 2.2%.
The NAV calculation above is based on the Company's issued
ordinary share capital as at 30 June 2022 of 128,819,999 ordinary
shares.
Cash reserves decreased by GBP3.5m to GBP29.9m from the previous
quarter, largely as a result of the deployment of GBP25.6m capital
in two new investments, partly offset by the GBP21.5m in gross
proceeds raised pursuant to the Company's oversubscribed placing
completed in April. Total net assets increased by 20% to GBP125m
from the previous quarter.
New investments in the quarter
During the quarter, the Company continued to deploy capital in
high quality private equity positions and has further developed its
>GBP500m pipeline of opportunities. Two new private investments
were added to the portfolio, bringing the number of private
portfolio positions to eight:
-- GBP20.5m investment completed in solid oxide fuel cell and electrolysis leader Elcogen;
-- GBP5.1m investment completed in Germany project developer HH2E; and
-- In total, an aggregate of GBP95m capital has been invested to date in low-carbon growth.
Key portfolio developments in the quarter
The Company's invested private businesses continued to make
strong progress in the quarter:
-- Sunfire GmbH received new investments in July from the Amazon
Climate Pledge Fund and the Important Projects of Common European
Interest ("IPCEI"), funding from the European Commission, for its
electrolyser developments;
-- HH2E AG announced a new 6,000 ton per year clean hydrogen
project in conjunction with MET Group in Lubmin, Germany;
-- Bramble Energy Limited was awarded UK Government funding for
its fuel cell technology developments;
-- Cranfield Aerospace Solutions Ltd announced a collaboration
and supply agreement for 10 hydrogen-fuelled planes with EVIA AERO
in Northern Europe;
-- Gen2 Energy AS continued to progress its plans for clean
hydrogen supply in Norway, with agreements reach in shipping and
logistics; and
-- NanoSUN Limited was awarded GBP450,000 by the UK Government
to further expand its hydrogen refuelling infrastructure, and
announced a collaboration agreement with Reynold Logistics for the
UK and Ireland.
Factsheet
The Company's quarterly factsheet to 30 June 2022 is now
available on the Company's website:
https://hydrogenonecapitalgrowthplc.com/investors/factsheets/ .
The Company's LEI is 213800PMTT98U879SF45.
For further information, please visit
www.hydrogenonecapitalgrowthplc.com or contact:
HydrogenOne Capital LLP - Investment
Adviser +44 20 3830 8231
Dr. JJ Traynor/Richard Hulf
Eva Bezruchko
Panmure Gordon - Corporate Broker
and Financial Adviser
Tom Scrivens
Alex Collins +44 20 7886 2500
FTI Consulting - Media Enquiries +44 20 3727 1725
Matthew O'Keeffe +44 78 1492 1439
Cally Billimore hygen@fticonsulting.com
About HydrogenOne
HydrogenOne 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
focussed assets. INEOS Energy is a strategic investor in
HydrogenOne. The Company is listed on the London Stock Exchange's
main market (ticker code: HGEN).
IMPORTANT NOTICE
This announcement does not constitute an offer to sell, or the
solicitation of an offer to acquire or subscribe for, shares in the
Company in any jurisdiction. The distribution of this announcement
outside the UK may be restricted by law. No action has been taken
by the Company that would permit possession of this announcement in
any jurisdiction outside the UK where action for that purpose is
required. Persons outside the UK who come into possession of this
announcement should inform themselves about the distribution of
this announcement in their particular jurisdiction.
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.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014, as it forms part of UK
domestic law ("MAR"). Upon publication of this announcement, the
inside information is now considered to be in the public domain for
the purposes of MAR. The person responsible for arranging the
release of this announcement on behalf of the Company is
HydrogenOne Capital LLP.
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END
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