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.