TIDMHGEN
RNS Number : 4190I
HydrogenOne Capital Growth PLC
07 August 2023
7 August 2023
HydrogenOne Capital Growth plc
('HydrogenOne' or the 'Company')
Quarterly Portfolio Update
Year on Year Revenue Growth of 170% from Portfolio Companies
HydrogenOne (LON: HGEN), the first London-listed fund investing
in clean hydrogen for a positive environmental impact, today
announces its quarterly net asset value and portfolio update for
the three months ended 30 June 2023 ('Q2-2023' or the
'quarter').
Q2-2023 Key Highlights
-- Net Asset Value ('NAV') per share of the Company 100.70
pence; an increase of 0.7%. since 31 March 2023 and a 4.0% increase
year on year from 30 June 2022
-- Positive progress on revenue growth from portfolio companies,
delivering an aggregate GBP52.0 million in total revenue in the 12
month period to 30 June 2023, an increase of 170% compared to the
12 month period to 30 June 2022
-- Increased valuations in private assets more than offsetting
declines from higher discount rates and in listed hydrogen
assets
-- Follow-on investments of GBP2.6 million in the quarter to
Thierbach and Cranfield Aerospace Solutions
-- Cash and cash equivalents of GBP8.9 million, and GBP3.0
million of listed hydrogen companies at the end of the quarter
-- The Company has seen some GBP8 billion of industry investment
in green hydrogen year-to-date, underscoring the positive industry
outlook and supportive regulatory regimes for clean hydrogen
Net Asset Value
At 30 June 2023, the unaudited NAV per share of the Company was
100.70 pence, representing a quarterly increase of 0.7% from 31
March 2023, and an increase of 4.0% from 30 June 2022. The Company
had net assets of GBP129.7 million at 30 June 2023.
The quarterly increase was driven primarily by valuation uplifts
to the Company's portfolio of private investments, positively
contributing 2.24 pence (2.2%) per share to the NAV movement
compared to 31 March 2023, and 8.27 pence (8.5%) per share to the
NAV movement compared to 30 June 2022.
The portfolio weighted average discount rate at 30 June 2023 was
13.7% (30 June 2022: 12.4%; 31 March 2023: 12.8%), resulting in a
7.21 pence per share reduction in NAV between 31 March 2023 and 30
June 2023.
NAV Movements
Opening NAV per share at 31 March
2023 100.00p
Portfolio valuation uplifts 1.72p
--------
Accrual for Investment Adviser carry 1.05p
--------
FX impacts (1.40)p
--------
Company expenses (0.67)p
--------
Closing NAV per share at 30 June
2023 100.70p
--------
Financial Summary
30 June 31 March Change 30 June Change
23 23 22
NAV GBP129.7m GBP128.8m +0.7% GBP124.8m +3.9%
---------- ---------- ------- ---------- --------
NAV per share 100.70p 100.00p +0.7% 96.83p +4.0%
---------- ---------- ------- ---------- --------
Portfolio valuation GBP120.5m GBP117.4m +2.6% GBP95.9m +25.7%
---------- ---------- ------- ---------- --------
Portfolio fair
value gain on cost GBP11.6m GBP11.0m +5.5% GBP2.5m +364.0%
---------- ---------- ------- ---------- --------
Other net assets
(incl cash) GBP9.2m GBP11.4m -19.3% GBP28.9m -68.2%
---------- ---------- ------- ---------- --------
Investment Activity
-- The Company made GBP2.6 million of follow-on investment in
two portfolio companies during the quarter
o The Company will invest GBP2.5 million (EUR2.8 million) in
development activities at the Thierbach Project alongside other
institutional investors and HH2E, of which the Company invested
GBP0.8 million in Q1-2023, and a further GBP1.1 million in Q2-2023.
Thierbach should reach Final Investment Decision ('FID') in
H2-2023, subject to technical and commercial studies, and funding.
Should the Thierbach Project take FID, and the Company elects to
not participate, then its GBP2.5 million investment in the project
will be returned by HH2E.
o The Company invested GBP1.5 million in Cranfield Aerospace
Solutions Ltd in Q2-2023, alongside Safran Corporate Ventures and
the Strategic Development Fund
-- After the end of the quarter, the Company invested a further
GBP0.96 million in UK hydrogen transport company NanoSUN to further
improve its growth capacity, alongside Westfalen Group and NanoSUN
management in a GBP1.5 million funding round
-- The Company had cash and cash equivalents of GBP8.9 million,
and GBP3.0 million of listed hydrogen companies at the end of the
quarter, and remains well funded for its day-to-day activities.
Portfolio Summary
-- At 30 June 2023 , the Company is invested in ten private
investments, in the UK and Europe, representing 97.0% of its
invested portfolio by value. Additional investment in strategic,
global hydrogen listed equities in revenue generating businesses
comprised 3.0% of the invested portfolio
-- The portfolio continues to perform in line with the
expectations of the Investment Adviser, HydrogenOne Capital LLP
-- Eight of the Company's ten private investments are
revenue-generating, producing equipment and technology solutions
for clean hydrogen production. The unaudited aggregate revenue from
these investments was c. GBP52.0 million in the 12-month period to
30 June 2023, an increase of 170% compared to the 12 months to 30
June 2022, on a pro-forma basis.
Portfolio Company Updates
Sunfire GmbH, the leading German industrial electrolyser
producer: (20% of NAV)
-- The Bad Lauchstädt Energy Park, a consortium of Terrawatt,
Uniper, VNG Gasspeicher, ONTRAS, DBI and VNG, in Central Germany,
took Final Investment Decision on a 30MW green hydrogen facility
with associated salt cavern storage. The EUR210 million project
will use Sunfire electrolysers, and should replace grey hydrogen in
the Leuna refinery and supply transport customers, commencing in
2025
-- Sunfire has successfully installed a 2.6MW solid oxide
electrolyser, the world's largest, at the Neste MultiPLHY hydrogen
project, in Rotterdam. The electrolyser will be integrated into
Neste's refinery and will become part of the on-site production of
renewable products. Once operational, the electrolyser will produce
more than 60kg of green hydrogen per hour.
Strohm Holding B.V., a Netherlands-based hydrogen pipeline
company: (15% of NAV)
-- Strohm was selected as partner for the Hydrogen Offshore
Production for Europe ('HOPE') project. HOPE is an important
milestone in the industry trend to produce green hydrogen in the
offshore. The project is planned to be 10MW (4 tonnes of hydrogen
per day), installed off the port of Ostend, in Belgium. The project
has been selected by the European Clean Hydrogen Partnership, under
which it has been awarded a EUR20.0 million grant. HOPE is being
coordinated by Lhyfe, and implemented by eight European partners:
Alfa Laval, Plug Netherland, Strohm, EDP NEW, ERM, CEA,
POM-West-Vlaanderen and DWR eco
-- Strohm, alongside BW Offshore, Switch2, MARIN and TU Delft,
have received a EUR3.0 million grant from the Dutch government for
project OFFSET, an industrial scale floating green hydrogen and
ammonia project, based on the proven concept of a floating
production and offloading vessel (FPSO). The objective of the
OFFSET project will be to demonstrate a decrease in the cost of
green fuel production and thereby increase its accessibility
-- Strohm was awarded a contract by PRIO (formerly known as
PetroRio) to provide its composite pipe solutions to support
operations at its Frade field, in Brazil.
NanoSUN Limited, a UK-based developer of hydrogen distribution
and mobile refuelling equipment: (10% of NAV)
-- NanoSUN appointed Dr. Graham Cooley, who was previously the
CEO of ITM Power Ltd, as Chairman of the Board. Dr. Meike
Schaeffler, from NanoSUN investor Westfalen, was appointed as a
Board Member. Neil Tierney, who is the founder of ONZO, a home
energy management company that was later acquired by SSE and GEO,
and who has had senior roles at UBCO and PURE Electric, focusing on
lightweight electric vehicles, was appointed as CEO
-- Westfalen and NanoSUN have deployed a Pioneer Hydrogen
Refuelling Station in German city Brühl, in the Cologne area, to
fuel 6 new Solaris Hydrogen City Buses. The filling station was
developed in cooperation between Westfalen Group and NanoSUN. The
system will avoid emissions of 393 tons of CO2 and 0.55 tons of NOx
per year. Filling a fuel cell bus with the Pioneer system less than
20 minutes
-- NanoSUN continued collaboration and contract manufacturing
with TIS Manufacturing, in Aberdeen, UK, for NanoSUN's Pioneer
Hydrogen Refuelling Stations.
Cranfield Aerospace Solutions Ltd ('CAeS'), a UK hydrogen flight
innovator: (8% of NAV)
-- CAeS announced a Heads of Terms with Britten-Norman,
manufacturers of the Islander aircraft, to merge and to create the
world's first fully integrated, zero-emissions aircraft, for entry
into service in 2026. The proposed combination is subject to due
diligence by the Company
-- CAeS welcomed Evolito, a ground-breaking UK technology
innovator onboard as the motor and inverter supplier for its
hydrogen-powered aircraft demonstrator
-- CAeS celebrated 75 years of continuous Design Approvals,
which have enabled the company to deliver world-leading complex
modifications and underpin its future as a global leader in the
development of zero-emissions aircraft.
Bramble Energy, a UK-based fuel cell and portable power
solutions company: (7% of NAV)
-- Bramble Energy has secured GBP12.0 million UK Government
funding to provide fuel cell technology to hydrogen buses. Bramble
Energy's innovative, low-cost printed circuit board fuel cell
('PCBFC') technology will power an all-new hydrogen double-decker
bus, which will be developed in conjunction with Equipmake,
Aeristech and the University of Bath.
Gen2 Energy, a Norwegian green hydrogen project developer: (3%
of NAV)
-- Gen2 Energy received zoning plan approval for a large-scale,
100MW green hydrogen facility in Mosjøen, Norway
-- Gen2 Energy AS and Provaris Energy Ltd signed a collaboration
agreement, to study producing and supplying compressed green
hydrogen from the Gen2 Energy hydrogen project in Åfjord, Norway,
to European ports, using Provaris' marine storage and shipping
solutions. Provaris has developed a portfolio of hydrogen shipping
and storage solutions, including two sizes of GH2 Carriers (H2Neo
26,000 m3 and H2Max 120,000 m3) and a floating storage (H2Leo),
with a design capacity range of 300 - 600 tonnes hydrogen. The
H2Neo, which is intended to be utilised in the Åfjord project, was
granted Design Approval based on an extensive FEED package in
December 2022, with final construction approval targeted for early
2024.
Further details on the Company's private investments can be
found on its website at
https://hydrogenonecapitalgrowthplc.com/portfolio/private-investments
.
Factsheet and investor webinar
The 30 June 2023 factsheet is now available for viewing on the
Company's website at:
https://hydrogenonecapitalgrowthplc.com/investors/factsheets/ .
The Company's Investment Adviser, HydrogenOne Capital LLP, will
be hosting a 30-minute live webinar presentation for investors and
analysts to discuss its Q2 2023 Portfolio Update commencing at 9am
(BST) today. In order to register for the webinar, please follow
the link:
https://www.investormeetcompany.com/hydrogenone-capital-growth-plc/register-investor
.
The presentation will also be available on the Company's website
at:
https://hydrogenonecapitalgrowthplc.com/investors/documents-and-publications/
.
This announcement is not an offer for sale or subscription or
solicitation to purchase shares in any jurisdiction. This
announcement contains inside information.
- Ends -
For further information:
HydrogenOne Capital LLP (Company Investment Tel: +44 (0) 20 3830
Adviser) 8231
Dr. JJ Traynor / Richard Hulf www.hydrogenonecapital.com
Barclays Bank PLC (Company Broker) Tel: +44 (0) 20 7623 2323
Dion Di Miceli / Stuart Muress BarclaysInvestmentCompanies@barclays.com
Media enquiries: Tel: +44 (0) 20 7466
Buchanan (PR Adviser) 5000
Henry Harrison-Topham / Henry Wilson www.buchanancomms.co.uk
/ George Beale HGEN@buchanancomms.co.uk
About HydrogenOne:
HydrogenOne is the first London-listed hydrogen fund investing
in clean hydrogen for a positive environmental impact. The Company
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 focused assets.
INEOS Energy is a strategic investor in HydrogenOne. The Company is
listed on the London Stock Exchange's main market (ticker code:
HGEN). The Company is an Article 9 climate impact fund with an ESG
policy integrated in investment decisions and asset monitoring.
LEI: 213800PMTT98U879SF45
For further information, please visit
www.hydrogenonecapitalgrowthplc.com
IMPORTANT NOTICE
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 or
projects 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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Hydrogenone Capital Growth (LSE:HGEN)
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