TIDMHGEN
RNS Number : 2930T
HydrogenOne Capital Growth PLC
14 November 2023
LEI: 213800PMTT98U879SF45
14/11/2023
HydrogenOne Capital Growth plc
("HydrogenOne" or the "Company")
Q3 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
30 September 2023.
Key highlights for the quarter
-- Net Asset Value ("NAV") per share of the Company 101.4 pence;
broadly similar to 30 June 2023 (100.7 pence), and an increase of
5.1% since 30 September 2022. NAV includes 0.62 pence reduction for
accrual of carry;
-- Continued revenue growth delivery from private portfolio
companies, delivering an aggregate GBP63 million in total revenue
in the 12 months to September 2023, an increase of 174% compared to
the 12 months to September 2022;
-- The recent EUR45m investment in Elcogen by HD Hyundai and
EUR25 million "Important Projects of Common European Interest"
(IPCEI) grant funding underscores HydrogenOne's valuation and
introduces a major industrial strategic investor;
-- Sunfire awarded an industry-leading 100MW electrolyser order,
and EUR169 million IPCEI grant funding;
-- Cranfield Aerospace announces a partnership with Dronamics,
its second platform for hydrogen flight;
-- HH2E and Gen2 Energy progress new hydrogen sales agreements in Germany;
-- Investments in the quarter totalling GBP1.6 million in two
existing portfolio companies; cash and cash equivalents of GBP6.5
million, and GBP2.4 million of listed hydrogen companies at the end
of the quarter.
Net asset value
At 30 September 2023, the unaudited NAV per share of the Company
was 101.4 pence, representing an increase of 0.7% from 30 June
2023, and an increase of 5.1% from 30 September 2022. The Company
had net assets of GBP130.6 million as of 30 September 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, with
Strohm contributing the largest increase of 0.98 pence per share
(1.0%) compared to 30 June 2023.
NAV movements
Opening NAV per share at 30 June
2023 100.70p
Portfolio valuation uplifts 1.70p
--------
Accrual for Investment Adviser
carry (0.62)p
--------
FX gains/(losses) 0.65p
--------
Fund expenses (1.00)p
--------
Closing NAV per share at 30 September
2023 101.42p
--------
Financial summary
30 September 30 June Change 30 September Change
23 23 22
NAV GBP130.6m GBP129.7m 0.7% GBP124.3m 5.1%
------------- ---------- -------- ------------- --------
NAV per share 101.42p 100.70p 0.7% 96.49p 5.1%
------------- ---------- -------- ------------- --------
Portfolio valuation GBP125.2m GBP120.5m 3.9% GBP103.3m 21.2%
------------- ---------- -------- ------------- --------
Portfolio fair
value gain /
(loss) on cost GBP14.5m GBP11.6m 24.8% GBP3.1m 368%
------------- ---------- -------- ------------- --------
Cash and cash
equivalents GBP6.5m GBP8.9m (27.1)% GBP23.1m (71.9)%
------------- ---------- -------- ------------- --------
(630)
Other net assets GBP(1.1m) GBP0.2m % GBP(2.1m) (47.6)%
------------- ---------- -------- ------------- --------
Investment activity
-- The Company made GBP1.6 million of follow on investment in
two portfolio companies during the quarter: Cranfield Aerospace
Solutions Ltd and NanoSUN in the United Kingdom.
-- The Company had cash and cash equivalents of GBP6.5 million,
and GBP2.4 million of listed hydrogen companies at the end of the
quarter, and remains well funded for its day-to-day activities.
-- $7 billion US Department of Energy funding for seven clean
hydrogen hubs announced, combined with continued strong policies in
the EU again underlines the supportive regulatory regimes in many
regions for clean hydrogen.
Portfolio
-- At 30 September 2023, the Company has invested in ten private
investments, in the UK and Europe, representing 98.0% of its
invested portfolio by value. Additional investment in strategic,
global hydrogen equities represented 2.0% 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. GBP63 million in the 12-month period to 30
September 2023, an increase of 174% compared to the 12 months to
September 2022, on a pro-forma basis
-- The portfolio weighted average discount rate at 30 September
2023 was 13.5%, higher than 30 September 2022 (13.1%), reducing NAV
by 3.0 pence per share. The 30 June 2023 weighted average discount
rate was 13.7%, increasing 30 September 2023 NAV by 0.7 pence per
share compared to 30 June 2023.
Portfolio developments
Sunfire GmbH, a leading German industrial electrolyser producer:
(19.4% of NAV)
-- Sunfire has secured a contract to supply a 100 MW pressurized
alkaline electrolyser to a European refinery. The purchase order
includes ten modules of Sunfire's highly reliable pressurized
alkaline electrolysis technology, each with a capacity of 10 MW, as
well as the power supply units. Sunfire will be responsible for
supervising the subsequent installation and commissioning of the
system, which is due to commence operation in early 2026. This
marks Sunfire's entry into the large-scale electrolysis sector.
-- Sunfire received a EUR169 million grant from IPCEI to support
its growth plans. Sunfire is investing in total some around EUR400
million to establish industrial series production of its
technologies, and validating them in Saxony and North
Rhine-Westphalia, aiming for GW scale over time.
-- After the end of the quarter, the GET H2 TransHyDE joint
project, based in Lingen achieved first hydrogen production, on the
site of the RWE gas-fired power plant in Emsland (KEM) using a
high-temperature 250 KW solid oxide electrolyser (SOEC) from
Sunfire.
Elcogen, a leading innovator and supplier of solid oxide fuel
cell and electrolyser components: (17.1% of NAV)
-- Elcogen was awarded funding from IPCEI for a EUR25.4m project
to accelerate the deployment of its solid oxide technology, to
enable affordable green hydrogen production in Europe.
-- After the end of the quarter, Korea Shipbuilding &
Offshore Engineering, a member of HD Hyundai Group, invested EUR45m
in Elcogen. This investment will be used to expand Elcogen's
manufacturing capacity, with the company's new factory facility in
Tallinn, Estonia, due to begin construction shortly. This facility
should add manufacturing capacity of up to 360MW to meet increasing
demand for Elcogen's products, with 100MW capacity planned for
Phase 1. The investment by HD Hyundai underscores both the
Company's strategy of backing the leading innovators in the
hydrogen industry, and its valuation of Elcogen. Following this
investment, HD Hyundai and Elcogen intend to further strengthen
their collaboration with a focus on marine propulsion systems and
stationary power generation, based on Elcogen's proprietary solid
oxide fuel cell technology, with the intent to manufacture products
in South Korea.
Strohm Holding B.V., a Netherlands-based hydrogen pipeline
company: (15.1% of NAV)
-- Strohm successfully installed its first deep-water / high
pressure thermoplastic composite pipe (TCP) jumper in Guyana at
water depths of 1,700m. TCP offers significant greenhouse gas
emissions savings compared to traditional solutions, and has
significant growth prospects in transporting offshore hydrogen and
CO2.
Cranfield Aerospace Solutions Ltd ("CAeS"), a UK hydrogen flight
innovator: (9.1% of NAV)
-- CAeS unveiled its newly refurbished hangar and R&D
facility for the development of zero emissions aircraft. The
facility, leased by CAeS, has undergone major refurbishments as
part of Cranfield University's decarbonisation plan, with
significant investment into reducing the building's carbon
footprint.
-- CAeS announced a three-party agreement with MONTE Aircraft
Leasing (MONTE) and Australian air charter company Torres Strait
Air to convert up to ten Britten-Norman Islander aircraft to
hydrogen-electric power.
-- CAeS has adjusted its strategy, and intends to deploy its
innovative hydrogen flight technology across multiple platforms,
and at the same time to develop further IP in hydrogen powered
flight. The previously-announced plan to merge CAeS and
Britten-Norman has been replaced with the intent to further
strengthen the strategic co-operation between these two separate
parties.
-- After the end of the quarter, CAeS and Dronamics announced a
Memorandum of Understanding to further progress the application of
the CAeS's hydrogen-electric propulsion system to the Dronamics
Black Swan cargo drone aircraft. This agreement confirms the
position of CAeS as the preferred supplier of HFC propulsion
systems to Dronamics and includes a letter of intent for the supply
of a substantial number of propulsion systems from 2026. This opens
a new route to market for its hydrogen-electric propulsion system,
alongside existing arrangements with Britten-Norman.
Bramble Energy (6.5% of NAV) is a UK-based fuel cell and
portable power solutions company:
-- Bramble Energy announced the opening of its new
state-of-the-art headquarters in Crawley, West Sussex. The
expansive new facility, which includes a world-leading hydrogen
innovation and development hub, and builds on the company's strong
growth since launching in 2016.
HH2E is a green hydrogen project developer with a focus on
industrial customers in Germany: (3.4% of NAV). HH2E is the
operator of the Thierbach green hydrogen development project, in
which HGEN has a direct investment:(1.4% of NAV)
-- HH2E has placed an order with BASF Stationary Energy Storage
GmbH (BSES) for 93MWh of high-capacity Sodium Sulphur batteries
(NAS(R) Batteries). Additionally, HH2E has reserved production
capacity for a further 140 MWh of these batteries.
-- DHL Group, HH2E, and Sasol announced plans to collaborate to
"Propel Germany as a Leader in Decarbonized Aviation". The intent
is for the production of sustainable aviation fuels in Germany,
using HH2E-supplied green hydrogen, for an initial capacity of
200,000 tonnes per annum, with potential to scale up to 500,000
tonnes per annum.
-- After the end of the quarter, HH2E announced plans for a
supply agreement for green hydrogen with Germany hydrogen
refuelling leader H2 Mobility, aimed at the transport sector.
Gen2 Energy (3.0% of NAV) is a Norwegian green hydrogen project
developer
-- Gen2 Energy received a general building permit from Vefsn
municipality for its proposed hydrogen plant in Mosjøen, Norway and
for the associated administrative building. The Nesbruket-1 plant,
at this site, is targeting final investment decision in 2024 for a
120MW green hydrogen facility.
-- After the end of the quarter, Gen2 Energy and SEFE Securing
Energy for Europe (SEFE), via its subsidiary WINGAS GmbH, signed a
Transaction Term Sheet for the delivery of green hydrogen. This
defines the terms and conditions for a final Sales and Purchasing
Agreement and represents a major step to realize the import of
green hydrogen from Norway to Germany.
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
.
Factsheet and investor webinar
The 30 September 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 Q3 2023 Factsheet and NAV update commencing at 11.00
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 +44 20 7623 2323
Broker BarclaysInvestmentCompanies@barclays.com
Dion Di Miceli
Stuart Muress
Buchanan - Public Relations
Henry Harrison-Topham / Henry
Wilson / George Beale
+44 (0) 20 7466 5000
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 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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November 14, 2023 02:00 ET (07:00 GMT)
Hydrogenone Capital Growth (LSE:HGEN)
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過去 株価チャート
から 12 2023 まで 12 2024
