TIDMHGEN
RNS Number : 8554Y
HydrogenOne Capital Growth PLC
10 May 2023
HydrogenOne Capital Growth plc ("HydrogenOne" or the
"Company")
LEI: 213800PMTT98U879SF45
10th May 2023
Net Asset Value and portfolio update
HydrogenOne, 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 period ended
31 March 2023.
Key highlights for the quarter
-- Positive industry outlook underpinned by macro tailwinds in
the hydrogen sector and supportive regulatory regimes in the USA
and Europe. UK Government selection of 20 green hydrogen projects
as funding candidates announced in the quarter;
-- Net Asset Value ("NAV") per share of the Company 100.00
pence, an increase of 3.3% from 31 March 2022, and 2.8% from 31
December 2022;
-- Increased valuations in both private and listed hydrogen
assets compared to 31 December 2022; NAV includes 1.14p reduction
for accrual of carry;
-- Growth delivery from private portfolio companies, delivering
an aggregate GBP40m in total revenue in the 12 months to March
2023, an increase of 107% compared to the 12 months to March
2022;
-- First investment in a clean hydrogen production project in Germany; GBP2.5m commitment;
-- Investments in the quarter totalling GBP5.4m;
-- Cash and cash equivalents of GBP12.5m, and GBP3.8m of listed
hydrogen companies at the end of the quarter ;
-- The Company hosted a Capital Markets Day, which included
presentations from the management teams of each of the private
portfolio companies.
Net asset value
At 31 March 2023, the unaudited NAV per share of the Company was
100.00 pence, representing a quarterly increase of 2.8% from 31
December 2022, and an increase of 3.3% from 31 March 2022. The
Company had net assets of GBP128.8 million at that date.
The quarterly increase was driven primarily by valuation uplifts
to the Company's portfolio of private investments, positively
contributing 4.45 pence (4.6%) per share to the NAV movement.
NAV movements
Opening NAV per share at 31 Dec
2022 97.31p
Portfolio valuation uplifts including
FX impacts 4.53p
--------
Company expenses (0.70)p
--------
Accrual for Investment Adviser
carry (1.14)p
--------
Closing NAV per share at 31 March
2023 100.00p
--------
Financial summary
31 March 31 Dec Change 31 March Change
23 22 22
NAV GBP128.8m GBP125.3m 2.8% GBP104.0m 23.8%
---------- ---------- ------- ---------- -------
NAV per share 100.00p 97.31p 2.8% 96.83p 3.3%
---------- ---------- ------- ---------- -------
Portfolio valuation GBP117.4m GBP106.8m 10.0% GBP69.9m 68.0%
---------- ---------- ------- ---------- -------
Portfolio fair GBP11.0m GBP5.6m 95.2% GBP0.7m n/a
value gain /
(loss) on cost
---------- ---------- ------- ---------- -------
Other net assets
(incl cash) GBP11.4m GBP18.5m -38.6% GBP34.1m -66.6%
---------- ---------- ------- ---------- -------
Portfolio
-- At 31 March 2023 , the Company has invested in ten private
investments, in the UK and Europe, representing 96.7% of its
invested portfolio by value. Additional investment in strategic,
global hydrogen equities represented 3.3% of the invested
portfolio, in revenue generating businesses.
-- 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, representing
93% of its invested portfolio by value, are revenue-generating,
producing equipment and technology solutions for clean hydrogen
production. The unaudited aggregate revenue from these investments
was c. GBP40m in the 12-month period to 31 March 2023, an increase
of 107% compared to the 12 months to March 2022, on a pro-forma
basis
-- The portfolio weighted average discount rate at 31 March 2023
was 13.0% (31 December 2022 12.9%; 31 March 2022 12.5%).
Portfolio developments
-- Cranfield Aerospace Solutions Ltd, a UK hydrogen flight
innovator (6.8% of NAV). After the end of the quarter, Cranfield
announced a Heads of Terms with Britten-Norman, to merge and to
create the world's first fully integrated, zero-emissions aircraft,
for entry into service in 2026. The proposed combination would
accelerate and de-risk the commercialisation of Cranfield's
hydrogen flight technology.
-- Elcogen Plc, a solid oxide fuel cell and electrolyser
manufacturer in Estonia and Finland: (16.1% of NAV). Elcogen signed
a memorandum of understanding covering green hydrogen with Korea
Shipbuilding and Offshore Engineering, a member of Hyundai Heavy
Industries Group, one of the world's largest shipbuilders, and the
Germany based Fraunhofer Institute for Ceramic Technologies and
Systems.
-- HH2E is a green hydrogen project developer with a focus on
industrial customers in Germany: (3.7% of NAV). HH2E announced its
second major green hydrogen production project in Germany, a 100MW
facility at Thierbach. A final investment decision is expected in
the second half of 2023. HH2E agreed to purchase of 120MW of
alkaline electrolyzer equipment from NEL ASA. The total value of
the contract is approximately EUR 34 million, and the equipment
will be used in multiple HH2E green hydrogen projects in
Germany.
-- NanoSUN Limited, a UK-based developer of hydrogen
distribution and mobile refuelling equipment: (10.5% of NAV).
NanoSUN continued deliveries of new Pioneer Mobile Refuelling
Stations to customers, including two units to Octopus Hydrogen in
the UK and one unit to Westfalen in Germany. NanoSUN commenced
collaboration and contract manufacturing with TIS Manufacturing, in
Aberdeen, UK, for NanoSUN's Pioneer Hydrogen Refuelling
Stations.
-- Strohm Holding B.V., a Netherlands-based hydrogen pipeline
company: (12.0% of NAV). Strohm delivered a major milestone by
completing its plant expansion in the Netherlands. The new facility
can produce some 140km of thermocomposite plastic ("TCP") pipeline
per year, a three times increase on previous levels. Strohm was
awarded its second contract for TCP pipeline for deployment in
Guyana. This is the largest contract ever secured by Strohm.
-- Sunfire GmbH, the leading German industrial electrolyser
producer: (18.9% of NAV). Sunfire launched a new serial production
facility in Solingen, Germany with investment of E30m at the
facility. Further expansion is underway at Solingen, taking
Sunfire's total capacity to 500MW of alkaline electrolysis by the
end of 2023. Sunfire announced a strategic partnership with Vitesco
Technologies, who will combine Sunfire electrolysis cells into the
stacks, that form the main element of electrolyzers.
Investment activity
-- The Company invested in three portfolio companies, and a
green hydrogen project, at Thierbach in Germany (the "Thierbach
Project"), totalling GBP5.4m in the quarter.
-- The Company will invest GBP2.5 million (EUR 2.8 million) in
development activities at the Thierbach Project alongside other
institutional investors and HH2E, of which the Company invested
GBP0.8m in Q1 2023. Thierbach should reach Final Investment
Decision in the second half of 2023, subject to technical and
commercial studies, and funding. Should the Thierbach Project take
FID, and the Company elects to not participate, then its GBP2.5m
investment in the project will be returned with interest.
-- The Company has invested GBP1.5m in Cranfield Aerospace
Solutions Ltd in April 2023 , which could increase to up to GBP5m
in a potential GBP10m funding round from existing investors
alongside Safran Corporate Ventures and the Strategic Development
Fund , on the completion of the merger of Cranfield and
Britten-Norman.
-- The Company had cash and cash equivalents of GBP12.5m, and
GBP3.8m of listed hydrogen companies at the end of the quarter, and
remains well funded for its day-to-day activities.
Further details on the Company's private investments, including
the new investments referenced above, can be found on its website
at
https://hydrogenonecapitalgrowthplc.com/portfolio/private-investments
.
ESG
-- The Company is classified as an Article 9 Fund under the SFDR and EU Taxonomy Regulation.
-- The Company is a signatory of the United Nations-supported
Principles for Responsible Investment.
-- The first reporting in accordance with the SFDR Article 9 requirements and the International Sustainability Standards Board framework was published with the FY2022 Annual Report, released in April 2023.
Factsheet and investor webinar
The 31 March 2023 factsheet is now available on the Company's
website:
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 on Q1 2023 Factsheet and NAV update commencing at 9am GMT
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/
.
Notes
This announcement is not an offer for sale or subscription or
solicitation to purchase shares in any jurisdiction. This
announcement contains inside information.
For further information, please visit
www.hydrogenonecapitalgrowthplc.com or contact:
HydrogenOne Capital LLP - Investment
Adviser +44 20 3830 8231
Dr. JJ Traynor/Richard Hulf
Barclays Bank PLC - Corporate Broker +44 20 7623 2323
Dion Di Miceli BarclaysInvestmentCompanies@barclays.com
Stuart Muress
FTI Consulting - Media Enquiries
Matthew O'Keeffe +44 20 3727 1725
Cally Billimore hygen@fticonsulting.com
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 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). The Company is an Article 9 climate impact fund with an ESG
policy integrated in investment decisions and asset monitoring.
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 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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