REG - HydrogenOne Cap Gwth - £1.1m investment in Strohm Holding B.V.

Hydrogenone Capital GrowthAnnouncement

15/12/2022 07:00

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RNS Number : 7585J  HydrogenOne Capital Growth PLC  15 December 2022

THIS ANNOUNCEMENT IS NOT AN OFFER FOR SALE OR SUBSCRIPTION OR SOLICITATION TO
PURCHASE SHARES IN ANY JURISDICTION.

15 December 2022

HydrogenOne Capital Growth plc invests £1.1m in Strohm

alongside ING, concluding a total EUR 29m investment round

 

HydrogenOne Capital Growth plc ("HydrogenOne" or the "Company"), the first
London-listed fund investing in clean hydrogen for a positive environmental
impact, is pleased to announce that it has signed definitive agreements for a
follow-on investment of EUR 1.25 million (£1.1 million) in Strohm Holding
B.V. ("Strohm"), concluding a total EUR 29 million investment round.

 

HydrogenOne is investing in the EUR 15 million second tranche announced today
including a EUR 10 million investment by ING Corporate Investments, a 100%
subsidiary of ING Bank N.V., as well as Strohm's existing shareholders Shell
Ventures, Chevron Technology Ventures and Evonik Venture Capital.

 

As announced on 12 August 2022, HydrogenOne invested EUR 10 million (£8.4
million) in the first tranche and had the option to invest up to a further EUR
2 million (£1.7 million) in the second funding tranche. Within the total EUR
29 million round, HydrogenOne has committed to invest a total of EUR 11.25
million (£9.5 million).

 

This funding round enabled Strohm, the world's first and leading producer of
Thermoplastic Composite Pipe ("TCP"), to accelerate the expansion of its
manufacturing operations enhancing capacity to deliver its unique TCP
solutions to offshore green hydrogen and carbon capture and utilisation and
storage markets. Meanwhile, Strohm has continued to support its current
clients towards their net-zero goals. TCP is a flexible, corrosion-resistant
pipe technology which does not fatigue or suffer from issues associated with
using steel pipe for hydrogen, such as embrittlement.

Simon Hogan, Chairman of HydrogenOne, commented: "We are pleased to continue
our support for Strohm, which is leading the way in superior offshore pipeline
solutions. If Europe and the world are to reach global net zero targets, we
must move forward at pace with decarbonising energy infrastructure. With this
investment Strohm can continue to work with its clients and future partners in
their paths towards a sustainable future and positively contribute to climate
change mitigation through reduction of the carbon emission footprint of
pipelines around the world."

Martin van Onna, CEO of Strohm, said: "This significant investment from ING
Corporate Investments and our existing shareholders is a huge vote of
confidence in what we have achieved to date and the wide acceptance of our
ground-breaking TCP technology and its applications across multiple energy
markets."

The Company's LEI is 213800PMTT98U879SF45.

 

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

 

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

 Eva Bezruchko

 Panmure Gordon - Corporate Broker and Financial Adviser
 Tom Scrivens                                              +44 20 7886 2500

 Alex Collins

 FTI Consulting - Media Enquiries

 Matthew O'Keeffe                                          +44 20 3727 1725

 Christopher Laing                                         +44 78 0923 4126

                                                           hygen@fticonsulting.com

 

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.

 

About Strohm:

Strohm has the world's largest track-record for TCP having brought the
technology to market in 2007. The business is committed to driving
sustainability with its range of composite subsea flowlines and jumpers which
helps clients to reach their net-zero carbon emissions targets and supports
the renewables sector.

TCP is a strong, non-corrosive, spoolable, lightweight solution which is
delivered in long lengths, resulting in a significant reduction of
transportation and installation costs. It has proven to reduce the CO(2)
footprint of pipeline infrastructures by more than 60%. It is also 100%
recyclable.

Strohm is headquartered in IJmuiden in the Netherlands where its manufacturing
plant is also located. It has additional offices in Houston (US), Rio de
Janeiro (Brazil) and Kuala Lumpur (Malaysia). Its shareholders include Chevron
Technology Ventures, Evonik Venture Capital, and Shell Ventures. Visit the
Strohm website here: https://strohm.eu/ (https://strohm.eu/) .

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 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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