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RNS Number : 9505S HydrogenOne Capital Growth PLC 19 June 2024
LEI: 213800PMTT98U879SF45
19 June 2024
HydrogenOne Capital Growth plc
('HydrogenOne' or the 'Company')
Strohm completes new €30 million capital raise
HydrogenOne Capital Growth plc, the first London-listed fund investing in
clean hydrogen for a positive environmental impact, 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.
The round was led by a €20 million investment by SENCO Hydrogen Capital
('SENCO'), as well as further new investors and support from existing
shareholders, including €1.2 million from HydrogenOne. SENCO is a private
equity firm specialising in investments in the hydrogen and
energy-in-transition sectors, and their investment further underscores the
Company's conviction in Strohm's potential in the energy transition.
At 31 March 2024, HydrogenOne's investment in Strohm represented 12.4% of the
Company's NAV.
Dr JJ Traynor, Managing Partner of HydrogenOne Capital LLP, the Company's
investment adviser, commented: "Strohm is a pioneer in the development of TCP,
and this newly secured investment will further enable Strohm's management team
to continue to scale up its manufacturing operations. Strohm's technology
addresses the significant need to reduce CO(2) emissions in the pipeline
infrastructure sector."
Bernhard Mohr, Chairman of the Supervisory Board of Strohm and Managing
Director of EVONIK Venture Capital, added: "With the value-adding and
outstanding expertise of the SENCO team in the field of energy transformation
investments, we are strengthening Strohm's position as an innovator and
pioneer in the development of TCP. We look forward to working with SENCO as a
shareholder in Strohm to develop innovative solutions to shape a sustainable
future and address the challenge of our time."
- Ends -
Notes
For further information, please visit www.hydrogenonecapitalgrowthplc.com
(http://www.hydrogenonecapitalgrowthplc.com) or contact:
HydrogenOne Capital LLP - Investment Adviser Tel: +44 (0) 20 3830 8231
JJ Traynor / Richard Hulf / Eva Bezruchko
Barclays Bank PLC - Corporate Broker Tel: +44 (0) 20 7623 2323
Dion Di Miceli BarclaysInvestmentCompanies@barclays.com
(mailto:BarclaysInvestmentCompanies@barclays.com)
Stuart Muress
James Atkinson
Buchanan Communications - Financial PR Tel: +44 (0) 20 7466 5000
Henry Harrison-Topham Email: HGEN@buchanancomms.co.uk (mailto:HGEN@buchanancomms.co.uk)
Henry Wilson
George Beale
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.
About Strohm
Strohm has the world's largest track-record for Thermoplastic Composite Pipes
('TCP') having brought the technology to market in 2007. The business is
committed to driving sustainability with its range of composite subsea
flowlines and jumpers which helps cli-ents to reach their net-zero carbon
emissions targets and supports the renewables sector. Compared to conventional
steel pipelines, TCP have improved corrosion resistance, lower transportation
and installation costs and a comparatively lower carbon footprint. The TCPs
pipelines are currently manufactured in three material variants to cover as
many application areas as possible for energy companies. It has proven to
reduce the CO(2) footprint of pipeline infrastructures by more than 60%. It is
also 100% recyclable. Strohm is headquartered in IJmuiden in the Netherlands
where its manufacturing plant is also located. It has additional offices in
Houston, TX (USA) and Rio de Janeiro (Brazil). Visit the Strohm website here:
www.strohm.eu
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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