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HydrogenOne Capital Growth provides Q3 update

HydrogenOne Capital Growth (HGEN) has provided an update for the third quarter. NAV growth was flat over the three months to September 30, however was up 5.1% over the same period last year, a solid return given broader macro economic headwinds. HGEN has also continued to deliver strong revenue growth with its underlying portfolio companies returning an aggregate £63 million in total revenue in the 12 months to September 2023, an increase of 174% compared to the 12 months to September 2022.

Other highlights included:

  • The recent €45m investment in Elcogen by HD Hyundai and €25 million “Important Projects of Common European Interest” (IPCEI) grant funding which underscores HydrogenOne’s valuation and introduces a major industrial strategic investor;
  • Sunfire being awarded an industry-leading 100MW electrolyser order, and €169 million IPCEI grant funding;
  • Cranfield Aerospace announcing a partnership with Dronamics, its second platform for hydrogen flight;
  • HH2E and Gen2 Energy progressing new hydrogen sales agreements in Germany;

Investments in the quarter totalled £1.6 million in two existing portfolio companies, while the company held cash and cash equivalents of £6.5 million, and £2.4 million of listed hydrogen companies at the end of the quarter.


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