In QuotedData’s morning briefing 21 February 2025:
- HydrogenOne Capital Growth (HGEN) has announced the start of commercial operations at a new P2X Solutions green hydrogen plant in Finland, using portfolio company Sunfire AG electrolysers. The Sunfire electrolyser is Finland’s first industrial plant for the commercial production of green hydrogen. The Harjavalta plant’s production capacity is 20 MW. In addition to P2X Solutions, the Finnish project developer Ren-Gas has recently selected Sunfire’s technology for its 50 MW plant in Tampere. Finland is emerging as a leading location for the production of green hydrogen, aiming to produce at least 10% of the EU’s hydrogen in 2030, with €2.3bn of state support announced recently for renewables, decarbonisation of industry and equipment supply chains. As at 30 December 2024, HGEN’s investment in Sunfire represented 28% of the company’s NAV.
- VH Global Energy Infrastructure (ENRG) announced that its 10MW UK flexible power project with carbon capture and re-use (CCR) has reached a significant milestone, with the successful commissioning of its first stream of CO2. It expects that the integrated plant will be fully commissioned by the end of the March 2025. The flexible power plant helps to ensure the delivery of dependable power in the UK amidst increasing penetration of intermittent renewable energy. Furthermore, by incorporating carbon capture technology into the gas-fired power generation component, the project captures and purifies CO2 exhaust to a food-grade standard. This project therefore not only provides reliable, high-efficiency, net zero flexible power into the grid, but also addresses the critical structural shortage in the industrial gases market by enabling the commercial sale of purified CO2 for food and beverage applications. This combination is one of the first of its kind and paves the way for further low carbon flexible power generation assets to support the evolving UK electricity grid.
- City of London (CTY) posted a 2.8% NAV total return during the six months to 31 December 2024, exceeding the FTSE All-Share Index (1.9%), the AIC UK Equity Income sector average (2.7%) and the IA UK Equity Income OEIC sector average (1.4%). The share price total return for the period was 5.1%, which resulted in the company’s rating moving from a 1.0% discount to NAV to a 1.4% premium. Stock and sector selection contributed to relative outperformance against the index by 93 basis points. The largest sector contributor was tobacco, where corporate earnings and dividends were resilient. The largest stock contributor was its underweight position in AstraZeneca. The largest detracting sector was aerospace and defence. BAE Systems gave back some gains, having been a very strong performer over the previous three years.
- At the Home REIT (HOME) AGM held yesterday, shareholders came close to voting against adopting the end August 2023 accounts – the votes were 55.1% to 44.9% in favour. The board said it understands and shares shareholders’ frustrations regarding the delays experienced in publishing the company’s outstanding annual and interim accounts. In accordance with the AIC Corporate Governance Code, the company intends to consult further with relevant shareholders to understand the reasons behind the result. [QD comment – James Carthew: I’m one of these frustrated shareholders. It is ridiculous that we still cannot trade in the shares.]
We also have:
Did you see from yesterday:
Activist trust launches to tackle alternative sector discounts
BlackRock Throgmorton extends lead over benchmark in difficult year
Polar Capital Global Financials shareholders rewarded with best year ever
Herald reports decent returns in tumultuous year, your vote needed at the AGM
