HydrogenOne Capital Growth Q2 2024 Update: Positive Signs for Clean Hydrogen Investment
Key Ideas
- Net Asset Value per share increased by 2.9% since June 2023, with private portfolio companies showing a 44% increase in total revenue.
- Significant investments were made in key companies like Elcogen and Strohm, indicating confidence in clean hydrogen technologies.
- The company's growth strategy within the clean hydrogen sector was underscored by attracting over £140m of fresh capital in the quarter.
- Despite minor decreases in some valuations, multiple private holdings saw uplifts, contributing positively to the NAV and overall performance.
HydrogenOne Capital Growth (HGEN) provided an update on its Q2 2024 performance, revealing positive growth indicators. The Net Asset Value per share of the company rose by 2.9% since June 2023, driven by private portfolio companies that delivered an aggregate £76m in total revenue, a 44% increase from the previous year. The quarter saw substantial investments in companies like Elcogen and Strohm, with Baker Hughes injecting €140m into Elcogen for a new solid oxide plant in Estonia. Additionally, HiiROC received investments for US expansion, and HH2E added a new green hydrogen project in Germany. Despite minor valuation decreases in some holdings, uplifts in companies like HiiROC and HH2E contributed positively to the NAV. The quarter also witnessed a corporate consolidation by HH2E and increased investments in clean hydrogen technologies. The investment advisor highlighted the company's strong performance, with continued focus on private investments over listed holdings.