REG - HydrogenOne Cap Gwth - Sunfire secures €200m in Guaranteed Financing

Hydrogenone Capital GrowthAnnouncement

09/01/2025 07:00

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RNS Number : 6579S  HydrogenOne Capital Growth PLC  09 January 2025

LEI: 213800PMTT98U879SF45

 

9 January 2025

HydrogenOne Capital Growth plc

('HydrogenOne' or the 'Company')

 

Sunfire secures €200 million in Guaranteed Financing

 

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'), the German electrolysis
pioneer, has secured €200 million in guaranteed financing.

 

The financing is provided by a consortium led by Commerzbank and other leading
German and European commercial banks. The consortium includes, in addition to
Commerzbank, Société Générale, BNP Paribas, LBBW and Ostsächsische
Sparkasse Dresden. The commitment represents a significant milestone for both
Sunfire as a company and the  wider electrolysis industry

 

The guaranteed financing has a term of five years, with 80% of the loan amount
secured by parallel default guarantees from the German Federal Government and
the Free State of Saxony, and the remaining 20% provided by the banks
themselves. It will be used to secure customer advance payments received for
the production of electrolyzers more effectively and eliminates the need for
Sunfire to provide cash collateral. This will also enable Sunfire to secure
industrial projects and customer orders more efficiently.

 

Dr JJ Traynor, from the Company's investment adviser, commented: "The
guaranteed line secured by Sunfire, our largest holding at 25% of our NAV,
represents another significant achievement for the portfolio. This follows
successful funding rounds in 2024, and further exemplifies the pivotal role
that Sunfire's leading electrolysis technology can play in the energy
transition."

 

Frank Posnanski, CFO of Sunfire, said: "With the guarantee line, we can not
only realise existing projects, but also drive industrial scaling with our own
financial resources. The support demonstrates confidence in young companies
and future-oriented technologies. It is a signal that Germany is determined to
make its industry sustainable and fit for the future."

 

 

- 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

 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.

 

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