REG - HydrogenOne Cap Gwth - Elcogen secures €5 mn investment from SmartCap

Hydrogenone Capital GrowthAnnouncement

17/01/2025 07:00

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RNS Number : 6825T  HydrogenOne Capital Growth PLC  17 January 2025

LEI: 213800PMTT98U879SF45

17 January 2025

HydrogenOne Capital Growth plc

('HydrogenOne' or the 'Company')

Elcogen secures €5 million investment from SmartCap to accelerate growth

 

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 plc ("Elcogen"), a leading European manufacturer
of solid oxide technology that enables the delivery of efficient, affordable
green hydrogen and emission-free electricity, has announced that it has
secured a €5 million investment from SmartCap, an Estonian state-owned
venture capital fund supporting Estonian 'greentech' companies.

 

This investment will contribute to Elcogen's growth trajectory and will be
instrumental in scaling its operations, production capacity and business
development. This investment reflects SmartCap's confidence in Elcogen's
strong growth potential and future prospects.

 

As at 30 September 2024, HydrogenOne's investment in Elcogen represented 18%
(£23 million) of the Company's NAV.

 

Dr JJ Traynor, from the Company's investment adviser, commented: "This marks
another milestone for one of our largest portfolio investments and a further
validation of Elcogen's strategy, enabling operations and production to scale
further."

 

Enn Õunpuu, CEO of Elcogen said: "We are delighted to welcome SmartCap as a
strategic investor. Elcogen is well-positioned to capitalize on the global
shift toward clean energy and hydrogen technology, supported by over 25 years
of expertise, proven solid oxide cell technology, a strategic presence in
rapidly emerging hydrogen markets, and the invaluable backing of our key
investors and partners. We look forward to working closely with SmartCap as we
build on our momentum."

 

Sille Pettai, CEO of SmartCap and Fund Manager of SmartCap Green Fund, funded
by the European Union's NextGenerationEU said: "Elcogen is the first scale-up
company in the SmartCap Green Fund portfolio, receiving capital that
complements the prior strategic investments from Baker Hughes and HD Hyundai
to further support the development and construction of Elcogen's new factory
in Tallinn. The new plant will significantly increase the manufacturing
capacity of solid oxide fuel cells and solid oxide electrolyser cells -
technologies we see as key drivers of the green transition in industrial
processes and enablers of energy security. The expansion reflects the growing
need for highly efficient hydrogen technologies, such as Elcogen's
technology."

 

- Ends -

 

Notes

 

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

 

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

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

 Dion Di Miceli                                 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.

 

Elcogen's technology is the result of local R&D in Estonia and Finland,
producing a fully domestic flexible solid oxide technology product that is now
being exported globally. To date, Elcogen's manufacturing facilities in
Estonia and Finland have served 160 customers in 30 countries.

 

About SmartCap:

SmartCap is Estonia's state-owned venture capital fund manager, dedicated to
fostering innovation and growth within the Estonian economy. Through strategic
investments, SmartCap supports ambitious companies across various sectors,
contributing to the development of innovative technology companies and a
robust venture capital market in Estonia.

 

 

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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