London-listed clean hydrogen fund HydrogenOne Capital Growth (HGEN) is maturing a private investment pipeline of more than £500mn ($685mn) and is considering options for raising further capital as the hydrogen sector continues to build strong momentum.

The fund has identified over 200 private hydrogen asset investment opportunities, compared with 120 in July last year when it became London’s first listed pure-play clean hydrogen fund via a £107mn IPO.

Its investment pipeline includes more than £200mn of near-term potential transactions under non-disclosure agreements. HGEN says there is a potential investible universe of over £17bn in private hydrogen assets.

“HGEN has completed a number of transactions, building on the strong momentum in the sector,” says chairman Simon Hogan.

“With deployment from our latest fundraise now well underway, and with a robust and exciting pipeline of potential deals, we are seeing HGEN’s growth potential. The business is considering options for raising further capital so we can continue to deploy substantial growth capital into energy transition and unlock value for shareholders in this sector.”

£17bn – Potential investible universe for private hydrogen assets

HGEN has deployed 46pc of the net proceeds it raised on its launch and expects to have invested all the capital by the second quarter. It has so far invested 9pc of the capital in 19 listed companies, with the rest in three private firms.

Investments span the full hydrogen value chain, including critical components for green and turquoise hydrogen supply, distribution and refuelling equipment, fuel cell innovators, systems integrators and developers. More than 90pc of the deployed capital is in the UK and the EU.

HGEN’s recent investments include £10mn in Hiiroc, a UK-based company developing turquoise clean hydrogen technology that converts biomethane, flare gas or natural gas into clean hydrogen and carbon black.

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Author: Stuart Penson