RCS - HydrogenOne Cap Gwth - Portfolio Company Update

Hydrogenone Capital GrowthAnnouncement

12/10/2023 07:00

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RNS Number : 8454P  HydrogenOne Capital Growth PLC  12 October 2023

LEI: 213800PMTT98U879SF45

12 October 2023

 

HydrogenOne Capital Growth plc

('HydrogenOne' or the 'Company')

 

Portfolio Company Update

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 Cranfield Aerospace Solutions Limited ('CAeS'), a UK based
aviation pioneer, has announced a new route to market for its hydrogen fuel
cell ('HFC') propulsion system, with Dronamics, the world's first cargo drone
airline.

CAeS and Dronamics have signed a Memorandum of Understanding to further
progress the application of the CAeS' HFC 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.

The two companies have been working together since November 2022 on a joint
feasibility study for the application of CAeS' HFC technology into Dronamics'
flagship Black Swan cargo drone aircraft, which is capable of carrying 350kg
of freight for up to 2,500km.  These studies have concluded that the CAeS HFC
system is well suited to meet the required payload, cargo volume and range for
the Black Swan aircraft.

The addition of Dronamics as a HFC platform, alongside the on-going programme
to convert the 9-seat Britten-Norman Islander aircraft to HFC propulsion,
validates the Company's strategy of backing the leading innovators in hydrogen
technologies.

As at 30 June 2023, HydrogenOne's investment in CAeS represented 8% of the
Company's NAV.

Dr JJ Traynor, Managing Partner of HydrogenOne Capital LLP, the Company's
Investment Adviser, commented: "Today's new agreement with Dronamics
underlines the substantial potential to deploy Cranfield's technologies across
the aviation sector, to decarbonise flight."

Paul Hutton, Chief Executive Officer of CAeS, said: "The selection as
preferred supplier of hydrogen fuel-cell powerplants for the Dronamics Black
Swan fleet is testament to the exceptional technology that our team has
developed and also to our aircraft integration design capabilities. We have
now demonstrated that we can adapt and integrate our modular hydrogen
propulsion technology into different platforms, opening up much wider market
opportunities to exploit further the CAeS gaseous HFC aircraft propulsion
systems from 2026."

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

 Barclays Bank PLC - Corporate Broker          Tel: +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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