RCS - HydrogenOne Cap Gwth - Gen2 Energy Signs Term Sheet

Hydrogenone Capital GrowthAnnouncement

10/10/2023 07:00

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RNS Number : 4779P  HydrogenOne Capital Growth PLC  10 October 2023

LEI: 213800PMTT98U879SF45

10 October 2023

 

HydrogenOne Capital Growth plc

('HydrogenOne' or the 'Company')

 

Gen2 Energy Signs Term Sheet for Green Hydrogen Delivery

 

HydrogenOne Capital Growth plc, the first London-listed fund investing in
clean hydrogen for a positive environmental impact, is pleased to note that
portfolio company Gen2 Energy ('Gen2') has signed a transaction term sheet
with integrated midstream energy company SEFE Securing Energy for Europe GmbH
('SEFE') for the delivery of green hydrogen to Germany in the event that
Gen2's planned production plant in Mosjøen proceeds.

 

The transaction term sheet defines the terms and conditions for a Sales and
Purchasing Agreement for Gen2 to export green hydrogen from their first
planned production plant in Mosjøen, Norway to Germany.

 

Gen2 is a leading green hydrogen project developer with a pipeline of over
900MW. As referenced in the Company's recently published Half-yearly Report,
Gen2's flagship project at Mosjøen is a planned 120MW compressed hydrogen
facility targeting final investment decision in 2024 and production in 2026.

 

As at 30 June 2023, HydrogenOne's investment in Gen2 represented 3% of the
Company's NAV.

 

Richard Hulf, Managing Partner of HydrogenOne Capital LLP, the Company's
Investment Adviser, commented: "This is an important moment for Gen2, with
this agreement providing real evidence of market interest and commitment in
establishing a hydrogen supply chain which will support the final investment
decision for the hydrogen plant anticipated in 2024."

 

Jonas Meyer, Chief Executive Officer of Gen2, commented: "We are excited about
what we have achieved with SEFE since the MoU was signed some months ago. This
term sheet not only reinforces our commitment to providing green hydrogen but
also represents a key step towards securing the necessary investments to make
our project a reality."

 

Notes

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

 

 HydrogenOne Capital LLP - Investment Adviser  +44 (0) 20 3830 8231
 JJ Traynor/Richard Hulf

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

 Dion Di Miceli                                BarclaysInvestmentCompanies@barclays.com

                                             (mailto:BarclaysInvestmentCompanies@barclays.com)
 Stuart Muress

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

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

 Henry Wilson

 George Beale

 

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.

 

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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