RCS - HydrogenOne Cap Gwth - Sunfire awarded a new 50 MW electrolyser contract

Hydrogenone Capital GrowthAnnouncement

20/11/2024 07:00

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RNS Number : 8747M  HydrogenOne Capital Growth PLC  20 November 2024

LEI: 213800PMTT98U879SF45

 

 

20 November 2024

HydrogenOne Capital Growth plc

('HydrogenOne' or the 'Company')

 

Sunfire awarded a new 50 MW electrolyser contract

 

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 Sunfire GmbH ("Sunfire") has announced a new 50-megawatt
(MW) electrolyser contract with Ren-Gas, Finland's hydrogen project developer,
at their plant in Tampere.

 

The equipment delivery will consist of five 10-MW pressurised alkaline
electrolysis modules, representing a leading technology in the hydrogen
industry. Sunfire will be responsible for the design, production, testing,
delivery, supervision of installation and commissioning, and performance
testing of the equipment. This comprehensive scope ensures that the project
benefits from Sunfire's cutting-edge technology and expertise at every stage,
from initial design to final performance validation.

 

The Tampere project is expected to produce synthetic e-methane and green
hydrogen to be used in the heavy road transportation sector and Finnish
district heating. The project is currently in feasibility phase, having
received an environmental permit.

 

As at 30 September 2024, HydrogenOne's investment in Sunfire represented 25%
of the Company's NAV.

Dr JJ Traynor, Managing Partner of HydrogenOne Capital LLP, the Company's
investment adviser, commented: "This marks another major achievement for
Sunfire, HGEN's largest holding, with contracts announced year-to-date
totalling over 200 MW. This follows Sunfire's successful funding round, which
totalled more than EUR 500 million over the last 12 months. Once the Tampere
project reaches a Final Investment Decision, Sunfire's world-leading advanced
pressurised alkaline electrolyser technology is expected to play a pivotal
role in converting renewable electricity into green hydrogen as part of the
e-methane production, underscoring the key role of electrolysis in the energy
transition."

Nils Aldag, Sunfire CEO, stated: "We're proud to provide our pressurized
alkaline electrolyser technology for Ren-Gas's Tampere e-methane plant. Our
advanced solution is designed to deliver efficient and reliable hydrogen
production at scale, ensuring that Ren-Gas meets its ambitious sustainability
targets. This partnership marks a significant step forward in establishing
Europe's leadership role in the green hydrogen sector."

Saara Kujala, Ren-Gas CEO, added: "Following a thorough analysis and selection
process, we are pleased to announce the selection of Sunfire as our
electrolysis equipment supplier for our Tampere project. Throughout the
selection process, we closely collaborated with Sunfire, whose capabilities
and commitment to green hydrogen production are exceptional. Our cooperation
serves as a tangible example of European hydrogen industry collaboration,
demonstrating our shared interest in advancing the European hydrogen sector."

- 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 Sunfire

 

Sunfire is a global leader in the production of industrial electrolysers based
on pressurised alkaline and solid oxide (SOEC) technologies. With its
electrolysis solutions, Sunfire is addressing a key challenge of today's
energy system: Providing renewable hydrogen and syngas as climate-neutral
substitutes for fossil energy. Sunfire's innovative and proven electrolysis
technology enables the transformation of carbon-intensive industries that are
currently dependent on fossil-based oil, gas, or coal. The company employs
more than 650 people located in Germany and Switzerland.

 

 

 

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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