Overview
Hydrogen Capital Growth (formerly HydrogenOne Capital Growth) aims to deliver an attractive level of capital growth by investing, directly or indirectly, in a diversified portfolio of hydrogen and complementary hydrogen focussed assets whilst integrating core ESG principles into its decision making and ownership process.
The company will seek to achieve its investment objective through investment in a diversified portfolio of hydrogen and complementary hydrogen focussed assets, with an expected focus in developed markets in Europe, North America, the GCC and Asia Pacific, comprising: (i) assets that supply clean hydrogen; (ii) large scale energy storage assets, (iii) carbon capture, use and storage assets; (iv) hydrogen distribution infrastructure assets; (v) assets involved in hydrogen supply chains, such as electrolysers and fuel cells; and (vi) businesses that utilise hydrogen applications such as transport, power generation, feedstock and heat
you can access the company’s website here
Fundamentals
Price
Research History
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11 Dec 2024 9 min read
HydrogenOne Capital Growth – Cordiant Capital to purchase investment adviser
Cordiant Capital to purchase investment adviser HydrogenOne Capital Growth (HGEN) announced that its investment adviser HydrogenOne Capital has entered into a conditional agreement to sell its business and assets to Cordiant Capital (Cordiant) the specialist global infrastructure and real assets manager. The transaction is expected to be completed in early 2025. Cordiant, a partner-owned and […]
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9 min read
HydrogenOne Capital Growth – Cordiant Capital to purchase investment adviser
Cordiant Capital to purchase investment adviser HydrogenOne Capital Growth (HGEN) announced that its investment adviser HydrogenOne Capital has entered into a conditional agreement to sell its business and assets to Cordiant Capital (Cordiant) the specialist global infrastructure and real assets manager. The transaction is expected to be completed in early 2025. Cordiant, a partner-owned and […]
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23 Apr 2024 10 min read
HydrogenOne Capital Growth – Momentum building despite discount
HydrogenOne Capital Growth Investment companies | Update | 23 April 2024 Momentum building despite discount The advisor notes that while shares of HydrogenOne Capital Growth (HGEN) have continued to fall, it believes that investors should be buoyed by the ongoing growth of the portfolio and the accelerating development of the green hydrogen sector. The advisor […]
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10 min read
HydrogenOne Capital Growth – Momentum building despite discount
HydrogenOne Capital Growth Investment Companies | Update | 23 April 2024 Momentum building despite discount While shares of HydrogenOne Capital Growth (HGEN) have continued to fall, investors should be buoyed by the ongoing growth of the portfolio and the accelerating development of the green hydrogen sector. Despite challenging macro-economic conditions, HGEN’s NAV grew 5.8% over […]
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10 min read
HydrogenOne Capital Growth – Momentum building despite discount
HydrogenOne Capital Growth Investment companies | Update | 23 April 2024 Momentum building despite discount While shares of HydrogenOne Capital Growth (HGEN) have continued to fall, investors should be buoyed by the ongoing growth of the portfolio and the accelerating development of the green hydrogen sector. Despite challenging macro-economic conditions (including stubborn inflation and still […]
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16 Feb 2024 1 min read
Interview with Richard Hulf from HydrogenOne Capital
In this week’s show, James Carthew spoke to Richard Hulf from HydrogenOne Capital. If you were looking for the first part of QuotedData’s show, focused on the roundup of the week’s news, click here. If there is a guest speaker you’d particularly like to hear from, please email us on [email protected]. Additionally, if you would prefer to […]
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17 Oct 2023 9 min read
HydrogenOne Capital Growth – Sky is the limit for HGEN
HydrogenOne Capital Growth Investment companies | Update | 17 October 2023 Sky is the limit for HGEN It appears that a disconnect has arisen between HydrogenOne Capital Growth (HGEN)’s NAV, current and (according to its managers) prospective track record, and its share price. The discount is now 44%, despite a flat NAV. The recent spike in […]
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10 min read
HydrogenOne Capital Growth – Sky is the limit for HGEN
HydrogenOne Capital Growth Investment companies | Update | 17 October 2023 Sky is the limit for HGEN The disconnect between HydrogenOne Capital Growth (HGEN)’s net asset value (NAV), current and prospective track record, and its share price is hard to rationalise. The recent bond market rout (yields have spiked higher, driving down bond valuations) has added […]
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9 min read
HydrogenOne Capital Growth – Sky is the limit for HGEN
HydrogenOne Capital Growth Investment companies | Update | 17 October 2023 Sky is the limit for HGEN The disconnect between HydrogenOne Capital Growth (HGEN)’s NAV, current and prospective track record and its share price is hard to rationalise. The recent bond rout has added insult to injury for renewable energy investors as higher rates have increased […]
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14 Sep 2023 9 min read
QuotedData’s Investment Companies Roundup – September 2023
September 2023 Monthly roundup | Investment companies Kindly sponsored by abrdn Winners and losers in August 2023 Share price total returns for investment companies were generally poor over August, with the best performing sector, Debt – Structured Finance, returning just 2.1%, with only a few sectors managing to eke out a positive total return. Funds […]
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03 May 2023 27 min read
HydrogenOne Capital Growth – Funding a green revolution
HydrogenOne Capital Growth Investment companies | Initiation | 3 May 2023 Funding a green revolution HydrogenOne Capital Growth (HGEN) is the only pure play green hydrogen fund available on the London listed market. It offers diverse exposure to nine exciting private hydrogen investments and a hydrogen production facility that is being developed in Germany. Spurred […]
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26 min read
HydrogenOne Capital Growth – Funding a green revolution
HydrogenOne Capital Growth Investment companies | Initiation | 3 May 2023 Funding a green revolution HydrogenOne Capital Growth (HGEN) is the only pure play green hydrogen fund available on the London listed market. It offers diverse exposure to nine private hydrogen investments and a hydrogen production facility that is being developed in Germany. Spurred on […]
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27 min read
HydrogenOne Capital Growth – Funding a green revolution
HydrogenOne Capital Growth Investment companies | Initiation | 3 May 2023 Funding a green revolution HydrogenOne Capital Growth (HGEN) is the only pure play green (renewables-powered, no carbon dioxide produced) hydrogen fund available on the London listed market. It offers diverse exposure to nine exciting private hydrogen investments and a hydrogen production facility that is […]
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06 Oct 2022 111 min read
QuotedData’s Economic and Political Monthly Roundup October 2022
Economic and Political Monthly Roundup Investment companies | Monthly | October 2022 A collation of recent insights on markets and economies taken from the comments made by chairs and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to […]
News
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18 Sep 2025 2 min read
Hydrogen Capital Growth shares suspended over “material uncertainty” to valuation
Shares in Hydrogen Capital Growth (HGEN) have been suspended while its new fund managers at RWC struggle to ascertain the valuation of its investments in clean energy. The company, whose market value had plunged to £33m in the bear market for renewables, said delays in the provision of information from its previous fund managers and […]
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01 Aug 2025 2 min read
Morning briefing: TRIG warns dividend cover “tight” and Third Point rebels gain 24% support
Also, Alliance Witan underperforms during a volatile first half, HydrogenOne Capital Growth changes name for its wind-down, Starwood European Real Estate Finance takes a second write-down on loans in Dublin and proxy vote adviser ISS backs Maven Renovar VCT in its fight with former fund manager. TRIG’s net asset value falls 4% Renewables Infrastructure Group […]
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30 Jul 2025 2 min read
HydrogenOne Capital Growth sacks managers and appoints Redwheel to wind down fund
Update: HydrogenOne Capital Growth (HGEN) is to wind down and return what is left of shareholders’ money in the green energy fund after four difficult years. The company, whose shares have lost three quarters of their value since 2021 and languish 70% below net asset value, has appointed Redwheel, the trading name of RWC Asset […]
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04 Jul 2025 7 min read
An update on our analysts’ top picks for 2025
At the beginning of this year, we once again challenged our analysts to come up with some ideas for investment companies that they liked, and thought could do well over the course of this year. Click here to read the original article which set out our analysts’ thinking and why they liked the stocks. We […]
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14 May 2025 3 min read
HydrogenOne first quarter NAV broadly stable, manager publishes new “Hydrogen Handbook”
HydrogenOne Capital Growth (HGEN) has published its first quarter 2025 NAV and portfolio update, while its manager has published its latest “Hydrogen Handbook” – its annual hydrogen sector review. In its quarterly update, HGEN has reported a net asset value per share of 89.28p as at 31 March 2025, broadly unchanged from 90.39p at the […]
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12 May 2025 1 min read
QuotedData’s morning briefing 12 May 2025 – AUGM, HGEN, LTI
In QuotedData’s morning briefing 12 May 2025: We also have: Stories you may have missed from Friday:
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09 May 2025 4 min read
Is now the time to go bargain hunting, and where might we look?
Global equity markets have been grappling with a wave of challenges in recent months, leaving investors navigating a landscape marked by uncertainty and contradiction. From the disruptive flare of Trump’s so-called “Liberation Day” tariffs – briefly lighting a match under global trade tensions before a swift retreat – to elevated concerns over inflation (will interest […]
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30 Apr 2025 2 min read
HydrogenOne reports portfolio revenue growth but NAV and share price retrench
HydrogenOne Capital Growth (HGEN) has published its annual results for the year ended 31 December 2024, reporting solid operational progress across its portfolio but a marked fall in NAV and a hefty drop in share price amid sector-specific and macroeconomic challenges. NAV fell by 12.2% over the year to £116.4m, or 90.39p per share, down […]
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2 min read
HydrogenOne Capital Growth publishes 2024 sustainability report
HydrogenOne Capital Growth (HGEN) has released its 2024 sustainability report, highlighting progress in greenhouse gas (GHG) emissions reduction and the fund’s ongoing focus on climate-aligned investing. The company, which is the first London-listed fund dedicated to clean hydrogen, continues to position itself as a key player in the energy transition. The report shows that during […]
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25 Apr 2025 2 min read
QuotedData’s morning briefing 25 April 2025 – FGEN, HGEN, PSH, VNH, UKW
In QuotedData’s morning briefing 25 April 2025: [QD comment MR: While the continuation vote passed comfortably, the 10.5% dissent shouldn’t be dismissed. It reflects a degree of shareholder frustration, likely linked to ongoing sector-wide issues such as rising interest rates, wide discounts to NAV, and reduced investor appetite for income-generative infrastructure funds. That said, UKW […]
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11 Apr 2025 4 min read
Renewables still powering ahead, but trust discounts suggest investors haven’t plugged in
In spite of the ‘drill baby drill’ ambitions of the new US administration, the rapid adoption of renewable energy sources continues. More than 40% of the world’s electricity was generated without burning fossil fuels in 2024, according to think tank Ember. Solar powered electricity has doubled in three years, with India and China setting the […]
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5 min read
QuotedData’s morning briefing 11 April 2025 – RIII, HGEN, LWDB, MTE, GCP, LTI, ALW, MINI, AGT, VNH, BBGI
In QuotedData’s morning briefing 11 April 2025: [QD comment MR: MTE has recently put in place a number of proposals designed to improve its attractiveness to shareholders and, while discounts have in many instances been widening across the investment companies space in recent months, MTE’s has been on a broad narrowing trend having moved down […]
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24 Mar 2025 2 min read
QuotedData’s morning briefing 24 March 2025 – NSI, HGEN, VEIL, EJFI
In QuotedData’s morning briefing 24 March 2025: New Star (NSI) has published its interim results for the six months to 31 December 2024, during which it generated a modest share price total return of 0.41%. NSI’s NAV per share fell slightly to 169.19p following dividends and a £17m capital return via a B share redemption […]
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10 Mar 2025 2 min read
HydrogenOne Capital Growth’s Elcogen announces SYRIUS Project in green steel
HydrogenOne Capital Growth (HGEN) says that its portfolio company Elcogen AS, which it describes as a leading European manufacturer of solid oxide technology, has announced the launch of the Horizon Europe SYRIUS project, with Acciai Speciali Terni Spa, a leader in Europe’s stainless-steel sector. As at 31 December 2024, HydrogenOne’s investment in Elcogen represented 18% […]
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21 Feb 2025 2 min read
QuotedData’s morning briefing 21 February 2025 – HGEN, ENRG, CTY, HOME
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 […]
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17 Jan 2025 1 min read
HydrogenOne’s Elcogen secures investment from SmartCap
HydrogenOne Capital Growth’s (HGEN’s) portfolio company, Elcogen Plc, a leading European manufacturer of solid oxide technology that enables the delivery of efficient, affordable green hydrogen and emission-free electricity, has announced that it has secured a €5m investment from SmartCap, an Estonian state-owned venture capital fund supporting Estonian ‘greentech’ companies. HGEN says that SmartCap’s investment will […]
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08 Jan 2025 1 min read
HydrogenOne’s Sunfire gets €200m of guaranteed funding
Sunfire, one of HydrogenOne’s largest investments, has secured €200m 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 guarantee line arranged by Commerzbank will be used […]
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03 Jan 2025 8 min read
QuotedData’s analysts’ picks for 2025
As we begin another year, here at QuotedData, we thought we’d have some fun and challenge our analysts, once again, to come up with some ideas for investment companies that they like and think could do well over the course of the coming year but first, we’re also going to take a look back and […]
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27 Dec 2024 5 min read
QuotedData’s review of the year 2024
This is the last of our weekly emails for 2024. We hope that you have been finding them useful. 2024 has been a year of setbacks and shrinkage for the UK investment companies industry, topped by the cynical and self-serving attack on seven trusts by US corporate raider Saba Capital (there will be much more […]
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20 Nov 2024 1 min read
HydrogenOne’s Sunfire investment gets new 50MW electrolyser contract
As at 30 September 2024, HydrogenOne Capital Growth’s largest investment was in Sunfire GmbH. The trust’s stake represented 25% of its NAV. Sunfire has just announced a new 50-megawatt (MW) electrolyser contract with Ren-Gas, Finland’s hydrogen project developer, at its plant in Tampere. Sunfire will deliver five 10-MW pressurised alkaline electrolysis modules (which HGEN’s manager […]
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14 Nov 2024 2 min read
HydrogenOne is not expecting any recovery from HH2E insolvency
HydrogenOne says the local court of Berlin-Charlottenburg has now approved the applications of HH2E and HH2E Werk Lubmin GmbH for self-administration proceedings. HH2E has also appointed restructuring experts to assist with the self-administration process and to seek a buyer for the business. No recovery of the company’s investment is anticipated through the insolvency process. HydrogenOne […]
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12 Nov 2024 1 min read
Funding boost green hydrogen investment for HGEN
HydrogenOne Capital Growth (HGEN) announced that portfolio company Elcogen has secured a €24.9m grant from the EU Innovation Fund to advance green hydrogen production in Europe. Elcogen will use the grant to support the next phase in further scaling its existing manufacturing capacity of proprietary solid oxide electrolysers, fuel cells and stacks. Founded in 2001, […]
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08 Nov 2024 1 min read
QuotedData’s weekly news show 8th November 2024
Thank you to everyone that listened in today on our YouTube channel. In this week’s show, Matthew Read covered the week’s top stories: JPMorgan Global Core Real Assets (01:57) Weiss Korea Opportunity (05:38) Atrato Onsite Energy (08:59) HH2E administration – HydrogenOne Capital Growth and Foresight Environmental Infrastructure (10:31) Supermarket Income REIT (12:25) This week’s interview was with […]
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1 min read
Lack of capital weighs on the development of HydrogenOne Capital Growth
HydrogenOne Capital Growth (HGEN) has provided an update on German green hydrogen project developer, HH2E. HH2E has been undertaking a fundraising exercise in order to go ahead with its first development project, at Lubmin. However, in the challenging current global funding environment, the process has not led to a financing partner being secured within the […]
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16 Sep 2024 3 min read
HydrogenOne Capital Growth continues to make progress
HydrogenOne Capital Growth (HGEN) has published its interim results for the six months ended 30 June 2024. During the period, NAV per share increased by 0.6% from 31 December 2023 to 30 June 2024 (102.99p to 103.60p), while total NAV grew by 0.6% from £132.7m to £133.5m and the share price increased by 7.8% over […]
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31 Jul 2024 3 min read
HydrogenOne continues to make solid progress despite discount
HydrogenOne Capital Growth (HGEN) has released a quarterly NAV and portfolio update. Key highlights for the quarter include: Q2 2024 Key Highlights Net Asset Value per share of the company increased by 2.9% since 30 June 2023; Private portfolio companies delivered an aggregate £76m in total revenue in the 12 months to 30 June 2024, […]
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30 Jul 2024 2 min read
HydrogenOne announces new TotalEnergies contract for portfolio company Strohm
HydrogenOne (HGEN) has announced that further to its June 19 capital raise (which you can read about here), portfolio company Strohm, the world’s first and leading thermoplastic composite pipeline technology company, has been awarded a contract by TotalEnergies. This is the largest commercial award for pipe supply in Strohm’s 16-year history, marking Strohm’s entry into […]
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19 Jun 2024 2 min read
HydrogenOne Capital Growth’s Strohm completes €30m capital raise
HydrogenOne Capital Growth (HGEN) has announced that its portfolio company, Strohm Holding B.V. (Strohm), has successfully completed a new €30m (£25m) capital raise. Strohm is the world’s first and leading producer of Thermoplastic Composite Pipe (TCP), which can be used across conventional energy, as well as renewable applications, greatly reducing the associated technology risk. Strohm […]
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08 May 2024 3 min read
HydrogenOne Capital Growth continues to see strong portfolio growth
HydrogenOne Capital Growth (HGEN) provided a Q1 2024 NAV and portfolio update. The company’s NAV per share grew 0.6% from 31 December 2023, and is up 3.6% since 31 March 2023. Notable developments for the quarter included: Continued revenue growth from private portfolio companies, delivering an aggregate £81 million in total revenue in the 12 […]
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18 Apr 2024 2 min read
Discount ignores good progress at HydrogenOne
HydrogenOne Capital Growth has published results for the year ended 31 December 2023. We’ll be publishing a note on these shortly, so here is a quick summary: The NAV increased by 5.8% from £125.4m at 31 December 2022 to £132.7m at 31 December 2023 due to valuation uplifts in multiple portfolio companies. The NAV per […]
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2 min read
HydrogenOne announces HH2E restructuring
HydrogenOne Capital Growth has announced a change to the corporate structure of its invetsment in HH2E (the German developer of hydrogen production plants). HH2E is backed by HydrogenOne and Foresight Group (including JLEN Environmental Assets). They have investments in HH2E itself, and separately into project-specific special purpose vehicles (SPVs) managed by HH2E. HydrogenOne has invested […]
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03 Apr 2024 2 min read
HydrogenOne announces strategic investment
HydrogenOne Capital Growth (HGEN) has announced a strategic investment by Baker Hughes in portfolio company Elcogen AS as part of an overall funding package totalling €140 million. This funding will be used to continue to scale up Elcogen’s leading solid oxide cell technology for green hydrogen. HGEN noted that the investment by Baker Hughes, which […]
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05 Mar 2024 2 min read
HydrogenOne’s Sunfire gets €0.5bn of new funding
HydrogenOne Capital Growth notes that its portfolio company Sunfire GmbH has announced a successful equity funding round, part of a wider funding package totalling more than €500m. The investment adviser believes this is a significant financial milestone for Sunfire, with €215m raised in a Series E equity financing round, further complemented by a term loan […]
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07 Feb 2024 1 min read
HydrogenOne provides market update
HydrogenOne (HGEN) has announced an update for Q4, with NAV increasing 1.6% over the 3 month period to December 31 2023. This marks a total NAV return of 5.8% for the year. The company highlighted the ongoing growth of its portfolio, which delivered an aggregate £74m over the 12 months to 31 December 2023, an […]
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22 Dec 2023 3 min read
QD – review of the year
This is the last of our weekly emails for 2023. We hope that you have been finding them useful. We will be publishing our annual roundup in January. Ahead of that however, I thought it might be worth pulling out a few of the year’s highs and lows. In January, China’s market shone as hopes […]
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14 Nov 2023 1 min read
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 […]
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12 Oct 2023 1 min read
HydrogenOne says Cranfield working on hydrogen-powered drones
HydrogenOne Capital Growth says that its portfolio company Cranfield Aerospace Solutions has announced a new route to market for its hydrogen fuel cell (HFC) propulsion system, with Dronamics, the world’s first cargo drone airline. Cranfield Aerospace and Dronamics have signed a Memorandum of Understanding to further progress the application of the Cranfield Aerospace’s HFC propulsion […]
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11 Oct 2023 2 min read
Strategic investment update for HydrogenOne
HydrogenOne Capital Growth (HGEN) portfolio company Elcogen has announced a strategic investment for €45 million by Korea Shipbuilding & Offshore Engineering which is a member of HD Hyundai Group. 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 […]
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10 Oct 2023 1 min read
QuotedData’s Investment Trust Forum 2023
Welcome to the videos from the Investment Trust Forum 2023. The conference was for investment analysts, research committees and portfolio managers from all the major asset management groups, banks, stockbrokers, wealth managers and IFA networks and offered presentations and panel discussions on a range of topics. We were pleased to have panel sponsorship from Witan […]
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1 min read
Progress update for HydrogenOne
HydrogenOne Capital Growth (HGEN) announced that portfolio company Gen2 Energy has signed a transaction term sheet with integrated midstream energy company SEFE Securing Energy for Europe GmbH for the delivery of green hydrogen to Germany in the event that Gen2’s planned production plant in Mosjøen proceeds. The transaction term sheet defines the terms and conditions […]
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22 Sep 2023 1 min read
QuotedData’s weekly news update 22nd September 2023
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, Matthew Read covered the week’s top stories: • HICL Infrastructure (0:25) • GCP Infrastructure/GCP Asset Backed Income (2:24) • HydrogenOne Capital Growth (7:46) • Nippon Active Value (12:00) • Pollen Street (13:22) […]
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20 Sep 2023 3 min read
HGEN sees progress despite share performance
HydrogenOne Capital Growth (HGEN) has announced its half yearly report for the period ended June 30 2023. NAV increased by 3.4% from £125.4 million at 31 December 2022 to £129.7 million at 30 June 2023. The share price has declined by 19.7% in the same period. The company’s current discount sits at 47%. Despite the […]
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29 Aug 2023 1 min read
QuotedData’s morning briefing 29 August 2023 – BOOK, HGEN, JADE, BYG
Literacy Capital (BOOK) is pleased to announce that it has sold an unspecified asset in full, generating a strong return for shareholders and a substantial amount of cash, which will ultimately fund future investments. The company highlighted that this was one of its largest assets, which was sold at a >50% premium to carrying value. […]
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11 Aug 2023 1 min read
QuotedData’s weekly news show 11th August 2023
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • GCP Infrastructure / GCP Asset Backed Income / RM Infrastructure (0:40) • Nippon Active Value / Atlantis Japan Growth (13:56) • HydrogenOne Capital Growth […]
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07 Aug 2023 2 min read
HydrogenOne reports over 100% growth in its underlying revenues
HydrogenOne Capital Growth (HGEN) has just completed its Q2 investors’ update, in advance of its forthcoming interim results. The general tone of the update is one of positivity, as HGEN’s holdings begin to deliver strong revenue growth as the trust starts to mature. HGEN generated a NAV growth of 4% year on year, and 0.4% […]
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04 Aug 2023 1 min read
The Bluffer’s Guide to Hydrogen
Do you know your blue hydrogen from your green hydrogen? Did you know that there are over 1,000 clean hydrogen projects on the drawing board today? Or that collectively 39 countries have allocated over $70bn of funding to hydrogen projects? Did you know that before we had access to natural gas, 20% of the gas […]
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28 Jul 2023 3 min read
QD view – The new reality for renewables
In light of our upcoming investment trust forum on the 5th of October, I thought I would take this opportunity to look at one of our panel discussion topics. As the title suggests, it focuses on what the future might look like for renewable energy investments. The bulk of the exposure to this theme is […]
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12 May 2023 1 min read
QuotedData’s weekly news show 12th May 2023
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, Matthew Reed and Richard Williams covered the week’s top stories: Update on Renewables Octopus Renewables Infrastructure (1:30) Bluefield Solar (6:13) NextEnergy Solar (7:18) HydrogenOne (9:36) US Solar no longer up for sale […]
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10 May 2023 1 min read
HydrogenOne portfolio continues to perform despite widening discount
HydrogenOne announced its quarterly net asset value and portfolio update for the period ended 31 March 2023. The company NAV grew 2.8% over the quarter and is up 3.3% year on year. Despite the positive NAV returns, shares were down more than 40%, although they are up 24% since the beginning of May. Some of […]
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21 Apr 2023 1 min read
QuotedData’s weekly news show 21st April 2023
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • HydrogenOne (1:04) • RTW Venture Fund (6:22) • Triple Point Social Housing REIT / Civitas Social Housing (8:01) This week’s interview was with Jean Roche […]
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2 min read
HydrogenOne Capital Growth’s Cranfield Aerospace Solutions to merge with Britten-Norman
HydrogenOne Capital Growth (HGEN) has announced that it and its co-investors have signed a Heads of Terms agreement, signaling their intention to merge Cranfield Aerospace Solutions Limited (CAeS) with Britten-Normen and to create the world’s first fully integrated, zero-emissions sub regional aircraft for entry into service in 2026. HGEN describes this as an industry first […]
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04 Apr 2023 2 min read
Plenty of upside for HydrogenOne
HydrogenOne (HGEN) announced results for the year ended December 31 2022. NAV growth was strong, up 21.9% year on year, however, this was offset by a 33.6% drop in the share price. While the underlying health of the company has remained solid, the discount has continued to widen, falling to around 50% at the last […]
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29 Mar 2023 1 min read
HydrogenOne Capital Growth provides portfolio update
The directors of HydrogenOne, the first London-listed fund investing in clean hydrogen for a positive environmental impact, continue to monitor wider market events including the current share price volatility in the market price of its shares. The board is not aware of company-specific factors that have led to the recent decline in the share price. […]
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24 Feb 2023 7 min read
QD view – In search of storage solutions
The need to decarbonise the global economy to address the myriad issues that are being created by climate change is now well understood. For this, a range of solutions is required but it is clear that for many economies, the UK included, renewables – primarily solar and wind but with smaller contributions from other technologies […]
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27 Jan 2023 1 min read
QuotedData’s weekly news show 27th January 2023
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • JLEN / HydrogenOne (0:42) • US Solar Fund (9:27) • Henderson Eurotrust (10:33) This week’s interview was with Eileen Fargis from Ecofin US Renewables […]
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26 Jan 2023 1 min read
JLEN and HydrogenOne investing in green hydrogen
JLEN Environmental Assets and HydrogenOne Capital Growth are making their first investments into the green hydrogen sector. JLEN is buying a 33% equity stake in Foresight Hydrogen Holdco GmbH. Foresight Hydrogen Holdco holds a 75% stake in HH2E Werk Thierbach GmbH, a Special Purpose Vehicle which owns the development rights to the Thierbach green hydrogen […]
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15 Dec 2022 1 min read
QuotedData’s morning briefing 15 December 2022
In QuotedData’s morning briefing 15 December 2022: HydrogenOne Capital Growth (HGEN) is making an investment of €1.25m in Strohm Holding B.V. This follows on from its 12 August 2022, €10m investment. This funding round enabled Strohm, the world’s first and leading producer of Thermoplastic Composite Pipe (TCP) to accelerate the expansion of its manufacturing operations. […]
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16 Nov 2022 1 min read
HydrogenOne is an Article 9 fund
HydrogenOne Capital Growth (HGEN) has announced that it is now classified as an Article 9 Fund under the EU Sustainable Finance Disclosure Regulation (SFDR) and EU Taxonomy Regulation (EU Taxonomy). The Article 9 classification means that HGEN has a sustainable investment objective and will be reporting greenhouse gas emissions and avoided greenhouse gas emissions on […]
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12 Aug 2022 1 min read
HydrogenOne backs Strohm pipeline business
HydrogenOne Capital Growth is making an investment of £8.4m (EUR 10m) in Strohm Holding B.V. HydrogenOne is investing alongside Strohm’s existing investors Shell Ventures, Chevron Technology Ventures and Evonik Venture Capital, in the first close of a funding round totalling £11.8m (EUR 14m). HydrogenOne may also invest up to a further £1.7m (EUR 2m) in […]
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20 May 2022 1 min read
QuotedData’s weekly news show 20th May 2022
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Scottish Mortgage • HydrogenOne This week’s interview was with James Thom of Aberdeen New Dawn – watch it again here.
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16 May 2022 1 min read
HydrogenOne Capital Growth buys second clean hydrogen developer business
HydrogenOne Capital Growth buys second clean hydrogen developer business – HydrogenOne Capital Growth (HGEN) has signed definitive agreements for an investment of £5m (EUR 6m) in HH2E AG, alongside funds managed by Foresight Group, as part of a funding round expected to total at least £10m (EUR 12m). HydrogenOne and Foresight have also signed a […]
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09 May 2022 2 min read
HydrogenOne Capital Growth buys minority stake in fuel cell and electrolyser Elcogen
HydrogenOne Capital Growth buys minority stake in fuel cell and electrolyser Elcogen – HydrogenOne Capital Growth (HGEN) has signed definitive agreements for an investment of £20m (EUR 24m) in Elcogen, whose shareholders include Biofuel OÜ, and VNTM Powerfund II, a technology fund focused on clean power. With this purchase of a minority equity stake, HGEN […]
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05 May 2022 1 min read
QuotedData’s morning briefing 5 May 2022
In QuotedData’s morning briefing 5 May 2022: HydrogenOne Capital Growth (HGEN) says that Roger Bell is stepping down with immediate effect from its board. He will not be seeking election at the company’s first AGM on 24 May 2022. Roger was the representative of INEOS UK E&P Holdings Limited (INEOS Energy) on the board. Changes […]
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08 Apr 2022 1 min read
QuotedData’s weekly news show 8th April 2022
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, Jayna Rana covered the week’s top stories: Fundraising HydrogenOne Capital Growth Supermarket Income REIT International Public Partnerships Portfolio updates Gresham House Energy Storage NextEnergy Solar Cordiant Global Agriculture Income This week’s interview […]
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2 min read
QuotedData’s morning briefing 8 April 2022
In QuotedData’s morning briefing 8 April 2022: HydrogenOne Capital Growth (HGEN) has announced that its placing, which was previously announced on 4 April 2022, has raised gross proceeds of £21.5 million via the issue of 21,469,999 New Ordinary Shares at a price of 100 pence per New Ordinary Share. The Placing was well supported by new […]
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04 Apr 2022 2 min read
HydrogenOne Capital Growth announces placing to fund immediate £45m pipeline
HydrogenOne Capital Growth announces placing to fund immediate £45m pipeline – HydrogenOne Capital Growth (HGEN) has announced a placing of new ordinary shares in the company at a price of 100 pence per share, representing an attractive discount to the prevailing share price and a premium to the latest NAV per share as at 31 […]
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24 Mar 2022 1 min read
HydrogenOne backs Cranfield Aerospace
HydrogenOne backs Cranfield Aerospace – HydrogenOne Capital Growth and Safran Corporate Ventures have signed definitive agreements for a common investment in Cranfield Aerospace Solutions as part of a more than £10m funding round. HydrogenOne is investing £7m in this funding round. With this purchase of a minority equity stake, each company has the right to a […]
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03 Mar 2022 1 min read
HydrogenOne buys Norwegian hydrogen supply project
HydrogenOne is investing £3.3m (NOK40m) in Gen2 Energy AS as part of a funding round expected to total at least NOK140m. With this purchase of a minority equity stake, HydrogenOne has the right to a board seat at Gen2, and the potential to co-invest in Gen2’s projects. Gen2 was established in 2019, with the ambition to […]
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14 Feb 2022 1 min read
HydrogenOne Capital Growth invests in Bramble Energy Limited
HydrogenOne Capital Growth invests in Bramble Energy Limited – HydrogenOne Capital Growth (HGEN) has signed definitive agreements for an investment of £10m in Bramble Energy Limited as part of their Series B funding round. With this purchase of a minority equity stake, HydrogenOne has the right to a board seat at Bramble. HydrogenOne’s investment in […]
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14 Jan 2022 1 min read
QuotedData’s weekly news show 14th January 2022
QuotedData’s weekly news show 14th January 2022 Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, Jayna Rana and Richard Williams covered the week’s top stories: • Electra Private Equity • JLEN Environmental Assets • HydrogenOne Capital Growth • abrdn European […]
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13 Jan 2022 1 min read
HydrogenOne looking for more money
HydrogenOne looking for more money – HydrogenOne Capital Growth launched in July 2021, raising £107m. It is excited about progress in the development of its sector. It highlights policies such as the phase out of diesel in UK heavy goods vehicles by 2035-40 as one of many similar policy shifts that further support the hydrogen […]
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07 Dec 2021 2 min read
QuotedData’s morning briefing 7 December 2021
In QuotedData’s morning briefing 7 December 2021: ICG-Longbow Senior Secured UK Property Debt (LBOW) plans to hand back 6.5p per share (£7.9m) to shareholders. The capital return will be effected via an issue of redeemable B shares (issued in proportion to an investor’s holding of ordinary shares and then bought back and cancelled). The capital […]
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29 Nov 2021 3 min read
QuotedData’s morning briefing 29 November 2021
In QuotedData’s morning briefing 29 November 2021: Chrysalis (CHRY) has agreed with its manager, Jupiter, to settle 54% of the performance fee which will be paid to Jupiter for the period to 30 September 2021 in ordinary shares, while the remaining 46% will be settled in cash. The issue price of the shares is expected […]
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18 Oct 2021 1 min read
HydrogenOne backs Sunfire
HydrogenOne backs Sunfire – HydrogenOne Capital Growth has committed to its first private equity investment of €24m (£20m) in Sunfire GmbH, a leading electrolyser producer, for a minority equity stake. HydrogenOne has the right to a board observer seat at Sunfire, and intends to collaborate with Sunfire on the roll-out of future hydrogen manufacturing projects. HydrogenOne’s […]
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03 Sep 2021 2 min read
QD view – Something in the water
This week saw two companies announce their intentions to float: Blackfinch Renewable European Income (BRET) with a fundraising target of £300m and Responsible Housing REIT which is looking to raise up to £250m. This follows eight other investment trusts across a broad range of sectors and mandates that have already launched this year, five of […]
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29 May 2025 2 min read
How to analyse investment trust discounts
James Crux, Shares Magazine, Thursday 29 May 2025: Discounts to the value of assets held, and more rarely premiums, are par for the course when it comes to investment trusts. These are best understood as the gap between the share price and the net asset value (NAV). For example, a trust with 100p of assets […]
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28 Oct 2024 1 min read
Investment trust insider on Montanaro European
Investment trust insider on Montanaro European – James Carthew: More to come as Montanaro leads the European rally The quality growth stocks in Montanaro European Smaller Companies are reaping the rewards of interest rate cuts and uncertainty over the eurozone economy. Looking at the European small-cap sector recently, I was pleased to see Montanaro European […]
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07 May 2024 1 min read
Investment trust insider on growth capital funds
Investment trust insider on growth capital funds – James Carthew: Growth capital funds like Chrysalis are bargains Last week, Federal Reserve chair Jerome Powell poured more cold water on the prospect of imminent interest rate cuts in the US but at least seemed to rule out new rate rises. Growth capital funds providing finance to […]
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18 Dec 2023 1 min read
Bagging a bargain: 13 investment trusts pros say offer great value
by Jennifer Hill from interactive investor, 18th December 2023: Investors looking to bag a bargain need look no further than the investment trust sector where risk-off sentiment has this year sent discounts to levels not seen since the financial crisis. At the end of 2021 – before the war in Ukraine fuelled energy and food […]
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03 May 2023 1 min read
Alternatives de-rating throws up opportunities
James Carthew for Investment Week, 3 May 2023: Over the past 12 months or so, the disconnect between the net asset values of a wide range of investment companies and their share prices has widened considerably. The problem seems particularly acute in the area of alternative assets, which includes private equity, property, infrastructure and renewable […]
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1 min read
Investment trust insider on Next Energy Solar
Investment trust insider on Next Energy Solar – James Carthew: NextEnergy’s recycling is a boost to renewables News from NextEnergy Solar (NESF) that the company plans to sell some of its assets and use the proceeds to reduce debt, fund its pipeline and pay for share buybacks could be a much-needed shot in the arm […]
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18 Apr 2023 1 min read
Investment trust insider on discounts
James Carthew: This selloff has gone too far Looking at my portfolio, the past few months have felt a bit frustrating. Investment companies that I am convinced are sound have been derated, sometimes aggressively. Investors seem irrational, perhaps even panicky. Fundamentals are being ignored and sentiment rules all. Fortunately, the bulk of my investments are […]
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27 Feb 2023 1 min read
Investment trust insider on Hydrogen – again!
Investment trust insider on Hydrogen – again! – James Carthew: The hydrogen bubble burst, but there is substance to this green power At risk of overkill, I’m having a second look in a month at HydrogenOne Capital Growth (HGEN) after the investment trust’s day with analysts and investors in the City last week. This saw […]
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01 Feb 2023 1 min read
Investment trust insider on green hydrogen
Investment trust insider on green hydrogen – James Carthew: Case for green hydrogen grows About 18 months ago, I wrote about the launch of HydrogenOne Capital Growth (HGEN), the sole fund in the AIC’s Renewable Energy Infrastructure sector focused predominantly on capital growth. Investors’ enthusiasm for the trust waned over the course of 2022, on […]
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12 Jul 2022 1 min read
The best renewable energy infrastructure trusts
By Cherry Reynard, Investors’ Chronicle, July 6, 2022: Amid febrile stock markets, renewable energy infrastructure trusts should be a rare sweet spot. They offer inflation protection at a time of double-digit price rises, high dividends when income is scarce and access to renewables as policymakers strive to decarbonise. They are also exposed to rising power […]
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15 Nov 2021 1 min read
Investment trust insider on US versus UK closed-end funds
Investment trust insider on US versus UK closed-end funds – James Carthew: Higher governance standards help UK beat US in closed-end funds The flood of fresh money streaming into the investment companies sector is incredible. I was chatting to investors, directors and journalists at an event to mark the third anniversary of AVI Japan Opportunities […]
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1 min read
Renewable trust NAV declines are unnerving some investors
QuotedData’s James Carthew looks at how declining forecasts of long-term power prices are impacting renewable investment trusts ESGClarity, 15 November 2021 / Opinion Following a successful £210m new issue from Harmony Energy Income, there are now 20 companies in the AIC’s renewable energy sector and at least two more – Atrato Onsite Energy and ThomasLloyd Energy […]
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2 min read
The alternative trusts allowing investors to capture new trends
Investment trusts enjoy record year for fundraising as they back a new wave of innovation November 11, 2021, Investors Chronicle, By Mary McDougall Investment trust fundraising amounted to £11.4bn in the first 10 months of the year, a record for the ancient fund structure which is now financing a new wave of innovation. Most striking is the […]
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20 Sep 2021 1 min read
Investment trust insider on HydrogenOne
Investment trust insider on HydrogenOne – James Carthew: HydrogenOne needs to get a move on Last week I looked at Blackfinch Renewable European Income (BRET) which is the latest fund aiming to enter the renewable energy sector. The last fund to launch in that area was HydrogenOne Capital Growth (HGEN), which raised just over £107m […]
