RCS - HydrogenOne Cap Gwth - Elcogen secures €25 million grant

Hydrogenone Capital GrowthAnnouncement

12/11/2024 07:00

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RNS Number : 7893L  HydrogenOne Capital Growth PLC  12 November 2024

LEI: 213800PMTT98U879SF45

 

 

12 November 2024

HydrogenOne Capital Growth plc

('HydrogenOne' or the 'Company')

 

Elcogen secures €25 million EU grant from EU Innovation Fund

 

HydrogenOne Capital Growth plc, the first London-listed fund investing in
clean hydrogen for a positive environmental impact, is pleased to note that
its portfolio company Elcogen AS ("Elcogen") has announced that it has secured
a €24.9 million (£20.6 million) grant from the EU Innovation Fund to
advance green hydrogen production in Europe.

 

Elcogen will use the grant to support the next phase in further scaling its
existing manufacturing capacity of proprietary solid oxide electrolysers, fuel
cells and stacks. Founded in 2001, Elcogen is a leading European manufacturer
of clean energy technology that delivers affordable green hydrogen and
emission-free electricity. The company has a global customer network with
manufacturing facilities in Estonia and Finland.

The EU Innovation Fund is one of the world's largest programmes dedicated to
supporting innovative low-carbon technologies and has selected 85 projects to
award €4.8 billion in 2024. Through the development of clean technologies,
together these projects aim to reduce greenhouse gas emissions by 476 million
tonnes of CO2 over 10 years.

At 30 September 2024, HydrogenOne's investment in Elcogen represented 18% of
the Company's NAV.

Dr JJ Traynor, Managing Partner of HydrogenOne Capital LLP, the Company's
investment adviser, commented:

"This investment marks another important milestone for Elcogen, which is
building a new 360MW solid oxide fuel cell factory in Estonia and follows the
successful €140 million funding round completed earlier in 2024 in which
Baker Hughes and Hyundai participated as strategic investors. It is also a
further endorsement of the hydrogen sector where we are continuing to see
regulatory and financial support. This underscores the positive outlook for
the hydrogen sector and the high-quality hydrogen supply chain companies in
our portfolio in Europe and the UK."

Enn Õunpuu, CEO, Elcogen, said:

"We are honoured to receive this recognition and support from the European
Union. This grant is a testament to the EU's commitment to fostering a
competitive green hydrogen production value chain across Europe, highlighting
the importance of scaling up in order to meet the energy transition demands we
face."

- Ends -

 

Notes

For further information, please visit www.hydrogenonecapitalgrowthplc.com
(http://www.hydrogenonecapitalgrowthplc.com) or contact:

 

 HydrogenOne Capital LLP - Investment Adviser   Tel: +44 (0) 20 3830 8231
 JJ Traynor

 Richard Hulf

 Eva Roberts

 Barclays Bank PLC - Corporate Broker           Tel: +44 (0) 20 7623 2323

 Dion Di Miceli                                 BarclaysInvestmentCompanies@barclays.com

                                              (mailto:BarclaysInvestmentCompanies@barclays.com)
 Stuart Muress

 James Atkinson

 Burson Buchanan - Financial PR                  Tel: +44 (0) 20 7466 5000

 Henry Harrison-Topham                           Email: HGEN@buchanancomms.co.uk (mailto:HGEN@buchanancomms.co.uk)

 Henry Wilson

 Samuel Adams

 

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.

 

The Company's Investment Adviser, HydrogenOne Capital LLP (FRN: 954060), is an
appointed representative of Thornbridge Investment Management LLP (FRN:
713859) which is authorised and regulated by the Financial Conduct Authority.

 

About Elcogen

 

Founded in 2001, Elcogen is a manufacturer of clean energy technology that
delivers affordable green hydrogen and emission-free electricity. We are a
European business with a proud Estonian heritage and a global customer network
delivering flexible core solid oxide technology. Elcogen has its registered
office in the UK, and manufacturing facilities in Estonia and Finland that
have served 160 customers in 30 countries.

Elcogen develops and supplies the technology that sits at the heart of energy
security and transition away from fossil fuels. We are focused on driving
net-zero ambitions forward with a core, reversible technology that converts
fuel sources into emission-free energy and emission-free energy into green
hydrogen. Our solid oxide fuel cell (SOFC) and solid oxide electrolyser cell
(SOEC) technology offers an efficient solution to green hydrogen production,
reducing commercial costs so customers can deliver affordable energy solutions
to meet net-zero targets.

 

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 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.

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