HydrogenOne Capital LLP

We are pleased to note a series of positive developments at Sunfire, HydrogenOne Capital Growth PLC’s largest portfolio holding (20.9% of NAV).   Sunfire recently secured a term loan of up to EUR 100 million provided by the European Investment Bank (EIB), propelling the development and industrialization of its innovative SOEC electrolyzers: https://lnkd.in/eGMzB9Pu   Sunfire’s founder and CEO, Nils Aldag, in addition to Christian von Olshausen, founder and CTO, were also awarded the Social Market Economy Prize. This was the 21st iteration of the award, which is aimed at individuals and institutions that have made outstanding contributions to the economic and social order: https://lnkd.in/e2VKgZbi   Finally, 20 electrolyzer manufacturers and suppliers, including Sunfire, have joined forces to support the development of a green hydrogen economy in Europe. Together, the manufacturers signed a letter to the President of the European Commission, Ursula Von der Leyen, with the clear appeal: restore fair competition and introduce “Made in Europe" standards for the industry: https://lnkd.in/edHntdFQ

HH2E and BORSIG GmbH Announce Partnership to Advance Green Hydrogen Production in Germany The two companies have agreed on a long-term partnership for the design and delivery of integrally geared turbo compressors and reciprocating compressors, critical equipment for establishing a green hydrogen production unit. The agreement commences with BORSIG designing and delivering two compressor units capable of handling a 200 MW electrolysis plant. The delivery of the machinery is scheduled for 2025. Both companies have also agreed to support each other in future projects. More information in one of the post’s comments

Our Managing Partner, Richard Hulf, at the launch of Extreme H “Pioneer 25”, the world’s first hydrogen motorsport race car powered by a 75kW (100hp) hydrogen fuel cell. The ground-breaking new hydrogen racing series demonstrates the viability and performance capabilities of hydrogen fuel cells, setting a new standard for eco-friendly motorsport.

We are pleased to note that Strohm, the world’s first and leading thermoplastic composite pipe (TCP) company, has successfully qualified its first product based on carbon fibre and advanced PVDF polymer. With the addition this new PVDF product, Strohm has now completed its materials portfolio for CCS, meaning it can call on the optimum material for each specific project. As a totally corrosion-free solution, with a 30-year design life and a proven smaller carbon footprint compared to steel, it is highly suitable for injecting CO2 offshore, both in depleted gas fields and aquifers. At 31 March 2024, HydrogenOne's investment in Strohm represented 12.4% of the Company's NAV. https://lnkd.in/gyktAzNA 

Our Managing Partner, Richard Hulf, at the launch of Extreme H “Pioneer 25”, the world’s first hydrogen motorsport race car powered by a 75kW (100hp) hydrogen fuel cell. The ground-breaking new hydrogen racing series demonstrates the viability and performance capabilities of hydrogen fuel cells, setting a new standard for eco-friendly motorsport.

We’re pleased to see that Elcogen’s new factory has now been laid in the Loovälja Industrial Park near Tallinn. The 14,000 square meter factor will increase the Company’s current production capacity of solid oxide cells and stacks, boosting the Company’s production capacity by 10 megawatts and helping meet the growing global demand for emission-free energy and green hydrogen-producing cells. The cornerstone for the building was Elcogen’s elcoStack, a fuel stack consisting of over a hundred fuel cells which produces either emission-free electricity or hydrogen through an electrochemical reaction. As at 31 March 2024, Elcogen represented 19.4% of the Company’s net asset value. https://lnkd.in/e2am6YdE

We are pleased to note that Richard Hulf and JJ Traynor, Managing Partners of HydrogenOne Capital Growth, have both featured as part of a press release issued today by The Association of Investment Companies (AIC) regarding the upcoming general election, the UK’s renewable energy transition, and the role that renewable infrastructure trusts can play: https://lnkd.in/da2YVN65

HydrogenOne Capital LLP is pleased to note that its portfolio company, Strohm Holding B.V. (‘Strohm’), has successfully completed a new €30 million (£25 million) capital raise. Strohm, the world's first and leading producer of Thermoplastic Composite Pipe (‘TCP’), will use this funding to continue scaling up and accelerating the expansion of its manufacturing operations, enhancing capacity to deliver its unique TCP solutions both to traditional offshore customers, and for energy transition applications in offshore hydrogen and carbon capture. At 31 March 2024, HydrogenOne’s investment in Strohm represented 12.4% of the Company’s NAV. https://lnkd.in/e_SSvJne

HydrogenOne Capital LLP is pleased to note that its portfolio company, Strohm Holding B.V. (‘Strohm’), has successfully completed a new €30 million (£25 million) capital raise. Strohm, the world's first and leading producer of Thermoplastic Composite Pipe (‘TCP’), will use this funding to continue scaling up and accelerating the expansion of its manufacturing operations, enhancing capacity to deliver its unique TCP solutions both to traditional offshore customers, and for energy transition applications in offshore hydrogen and carbon capture. At 31 March 2024, HydrogenOne’s investment in Strohm represented 12.4% of the Company’s NAV. https://lnkd.in/e_SSvJne

We look forward to attending Financial Times Hydrogen Summit and to the presentation of our portfolio company HH2E on their large-scale clean hydrogen development project in Germany