REG - HydrogenOne Cap Gwth - Portfolio Update - HH2E

Hydrogenone Capital GrowthAnnouncement

08/11/2024 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241108:nRSH4422La&default-theme=true

RNS Number : 4422L  HydrogenOne Capital Growth PLC  08 November 2024

LEI: 213800PMTT98U879SF45

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

8 November 2024

 

HydrogenOne Capital Growth plc

("HydrogenOne" or the "Company")

 

Portfolio Update - HH2E

 

HydrogenOne, the first London-listed fund investing in clean hydrogen for a
positive environmental impact, updates on HH2E AG ("HH2E"), a German green
hydrogen project developer.

 

HH2E has been undertaking a fundraising exercise in order to go ahead with its
first development project, at Lubmin. However, in the challenging current
global funding environment, the process has not led to a financing partner
being secured within the required timeframe and at the required scale, and
there is now material uncertainty over whether adequate funding will be
achieved. The Company now expects these developments to result in HH2E
entering administration.

 

HH2E's administration process will focus on an outcome in the interests of all
creditors. HydrogenOne is a creditor and has provided c. £1 million
shareholder loans to HH2E. Under German insolvency law, shareholder loans are
subordinated to other creditors.

 

The outcome of the administration process is not yet known, but the Company
will update the market further at the appropriate time.

 

At 30 September 2024, the Company's unaudited NAV for HH2E was £11 million
representing 8% of the Company's NAV.

 

- Ends -

 

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
 Dr. JJ Traynor

 Richard Hulf

 Eva Bezruchko

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

 Dion Di Miceli                                BarclaysInvestmentCompanies@barclays.com

 Stuart Muress

 James Atkinson

 Burson Buchanan - Public Relations            +44 (0) 20 7466 5000

 Henry Harrison-Topham                         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
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 with an ESG policy
integrated in investment decisions and asset monitoring.

 

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 or projects 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.

This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014, as it forms part of UK domestic law ("MAR"). Upon
publication of this announcement, the inside information is now considered to
be in the public domain for the purposes of MAR. The person responsible for
arranging the release of this announcement on behalf of the Company is
HydrogenOne Capital LLP. 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.

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  PFUFSUEFWELSEFF