REG - HydrogenOne Cap Gwth - Strategic Investment in Elcogen by HD Hyundai

Hydrogenone Capital GrowthAnnouncement

11/10/2023 07:45

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RNS Number : 7650P  HydrogenOne Capital Growth PLC  11 October 2023

LEI: 213800PMTT98U879SF45

11 October 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

HydrogenOne Capital Growth plc

('HydrogenOne' or the 'Company')

 

Strategic Investment in Elcogen by HD Hyundai

 

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 Elcogen has announced a strategic investment for €45
million by Korea Shipbuilding & Offshore Engineering Co., Ltd. ('KSOE') a
member of HD Hyundai Group ('HD Hyundai').

 

The investment by HD Hyundai underscores both the Company's strategy of
backing the leading innovators in the hydrogen industry, and its valuation of
Elcogen.

 

HD Hyundai's investment follows an extensive period of testing the full range
of technology available in the market, following which an R&D
collaboration agreement was signed with Elcogen in January 2023, which was
focused on further testing of Elcogen's technology and development of systems.

 

Following this investment, HD Hyundai and Elcogen intend to further strengthen
their collaboration with a focus on marine propulsion systems and stationary
power generation, based on Elcogen's proprietary solid oxide fuel cell
('SOFC') and green hydrogen production based on Elcogen's solid oxide
electrolyser cell ('SOEC') technology.  This investment will be used to
expand Elcogen's manufacturing capacity as it continues to build the company's
new factory facility in Tallinn, Estonia, with a manufacturing capacity of up
to 360MW to meet increasing demand for its products.

 

HD Hyundai stated that they have chosen Elcogen's SOFC and SOEC technology
because:

 

·    of its flexibility to produce electrical energy from a variety of
fuels such as hydrogen, natural gas, ammonia, methanol, and biofuel;

·    its suitability for ship engines and cogeneration, as it is highly
energy efficient, and can use waste heat generated from high-temperature
operation (600-1000 degrees centigrade); and

·    it is considered the most advanced among all fuel cells developed to
date.

 

As at 30 June 2023, HydrogenOne's investment in Elcogen represented 18% of the
Company's NAV.

 

Dr JJ Traynor, Managing Partner of HydrogenOne Capital LLP, the Company's
investment Adviser, commented: "This investment marks an important milestone
for one of HydrogenOne's largest portfolio investments. We are pleased that a
substantial industrial investor has joined us in supporting Elcogen, not only
providing additional growth capital, but also representing a new strategic
partner to collaborate with. HD Hyundai's investment is a springboard for new
growth at Elcogen."

 

 

Chris Nash, Chairman of Elcogen, said: "We are delighted to welcome HD Hyundai
as a close working partner and now as a shareholder.  I believe this is a
vote of confidence in our technology from a world leader in industrial
innovation and shipbuilding. We look forward to building on this relationship
as we continue working together."

 

- Ends -

 

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.

 

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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