Gen2 Energy Signs Term Sheet

HydrogenOne Capital Growth PLC

10 October 2023

 

LEI: 213800PMTT98U879SF45

10 October 2023

HydrogenOne Capital Growth plc 

('HydrogenOne' or the 'Company')

Gen2 Energy Signs Term Sheet for Green Hydrogen Delivery

HydrogenOne Capital Growth plc, the first London-listed fund investing in clean hydrogen for a positive environmental impact, is pleased to note that portfolio company Gen2 Energy ('Gen2') has signed a transaction term sheet with integrated midstream energy company SEFE Securing Energy for Europe GmbH ('SEFE') 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 for a Sales and Purchasing Agreement for Gen2 to export green hydrogen from their first planned production plant in Mosjøen, Norway to Germany.

Gen2 is a leading green hydrogen project developer with a pipeline of over 900MW. As referenced in the Company's recently published Half-yearly Report, Gen2's flagship project at Mosjøen is a planned 120MW compressed hydrogen facility targeting final investment decision in 2024 and production in 2026.

As at 30 June 2023, HydrogenOne's investment in Gen2 represented 3% of the Company's NAV.

Richard Hulf, Managing Partner of HydrogenOne Capital LLP, the Company's Investment Adviser, commented: "This is an important moment for Gen2, with this agreement providing real evidence of market interest and commitment in establishing a hydrogen supply chain which will support the final investment decision for the hydrogen plant anticipated in 2024."

Jonas Meyer, Chief Executive Officer of Gen2, commented: "We are excited about what we have achieved with SEFE since the MoU was signed some months ago. This term sheet not only reinforces our commitment to providing green hydrogen but also represents a key step towards securing the necessary investments to make our project a reality."

Notes

For further information, please visit www.hydrogenonecapitalgrowthplc.com or contact:

HydrogenOne Capital LLP - Investment Adviser	[phone]
JJ Traynor/Richard Hulf
Barclays Bank PLC - Corporate Broker Dion Di Miceli Stuart Muress	[phone] [e-mail]
Buchanan Communications - Financial PR Henry Harrison-Topham Henry Wilson George Beale	Tel: [phone]  Email: [e-mail]

About HydrogenOne:

HydrogenOne is the first London-listed hydrogen fund investing in clean hydrogen for a positive environmental impact. The Company was launched in 2021 with an investment objective to deliver an attractive level of capital growth by investing in a diversified portfolio of hydrogen and complementary hydrogen focused assets. INEOS Energy is a strategic investor in HydrogenOne. The Company is listed on the London Stock Exchange's main market (ticker code: HGEN). The Company is an Article 9 climate impact fund with an ESG policy integrated in investment decisions and asset monitoring.

The Company's Investment Adviser, HydrogenOne Capital LLP (FRN: 954060), is an appointed representative of Thornbridge Investment Management LLP (FRN: 713859) which is authorised and regulated by the Financial Conduct Authority.

IMPORTANT NOTICE

This announcement contains (or may contain) certain forward-looking statements with respect to certain of the Company's plans and/or the plans of one or more of its investee companies and their respective current goals and expectations relating to their respective future financial condition and performance and which involve a number of risks and uncertainties. The Company cautions readers that no forward- looking statement is a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking statements.

 

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