HydrogenOne Capital Growth PLC, a London-listed fund investing in clean hydrogen, released its half-year report for 2024. The report highlights the companys financial and operational performance, ESG initiatives, and key metrics. Heres a summary
Financial and Operational Highlights
NAV per share increased by 0.6% from December 2023 to June 2024, with a total NAV of £133.5 million.
Revenue growth from portfolio companies was positive, with a 44% increase in total revenue compared to the previous 12-month period.
Strategic investors backed HydrogenOne portfolio companies with EUR 670 million in investments, including Baker Hughes and GIC.
The company estimates the carrying value of its private portfolio is in line with comparable listed hydrogen companies.
Investment activity focused on follow-ons, with £2.6 million invested in five private hydrogen assets.
The portfolio weighted average discount rate improved from 14.2% to 13.3%, resulting in a NAV increase.
The company retained an uncommitted cash position of £1.6 million and £0.3 million in listed hydrogen companies.
The clean hydrogen sector continued to strengthen despite weak macroeconomic conditions, with a 50% increase in green hydrogen production and a 25% increase in sector investments.
ESG Highlights
HydrogenOne is an SFDR Article 9 impact fund, with investments aligned with the EU Taxonomy.
£116.3 million deployed in low-carbon growth since inception.
157,868 tCO2e of cumulative greenhouse gas emissions avoided since IPO.
62,282 MWh of potential lifetime clean energy from products installed in HY2024.
88.1% alignment with the EU Taxonomy for sustainable activities.
Produced the companys first standalone Sustainability Report, adopting international standards.
Reported to the Principles of Responsible Investment (PRI) and the Carbon Disclosure Project (CDP).
Continued stewardship activity to enhance ESG credentials and reporting.
Key Metrics
NAV per Ordinary Share: 103.60pa 0.6% increase.
NAV: £133.5 milliona 0.6% increase.
Ordinary share price: 53.50pa 7.8% increase.
Market capitalization: £68.9 milliona 7.7% increase.
Share price discount to NAV: 48.4%a decrease of 6.6%.
Ongoing charges: 2.41%a decrease from 2.56%.
Cumulative capital deployed in low-carbon growth: £116.3 million.
Cumulative GHG emissions avoided since IPO: 157,868 tCO2e.
The report also includes details on the companys investment objective, policy, and portfolio, along with financial statements and related-party transactions.