RCS - HydrogenOne Cap Gwth - Strohm contract award from TotalEnergies

Hydrogenone Capital GrowthAnnouncement

30/07/2024 07:15

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RNS Number : 2672Y  HydrogenOne Capital Growth PLC  30 July 2024

LEI: 213800PMTT98U879SF45

 

 

 

30 July 2024

HydrogenOne Capital Growth plc

('HydrogenOne' or the 'Company')

 

Strohm contract award from TotalEnergies

 

HydrogenOne Capital Growth plc, the first London-listed fund investing in
clean hydrogen for a positive environmental impact, reports a major contract
update from the Company's portfolio holding Strohm BV ("Strohm"), a low carbon
offshore pipeline manufacturer based in the Netherlands. Strohm, the world's
first and leading thermoplastic composite pipeline ("TCP") technology company,
has been awarded a contract by TotalEnergies. This is the largest commercial
award for pipe supply in Strohm's 16-year history, marking Strohm's entry into
the ultra-deepwater market, and qualification of a CO2 compatible TCP
solution. This contract award follows Strohm's successful EUR 30 million
fundraising announced on 19 June 2024 to scale-up manufacturing capabilities.

 

Strohm's pipelines have a 50% lower CO2 footprint than conventional pipelines
and are being used as part of the oil & gas sector's move to reduce the
greenhouse gas footprint of traditional operations. In addition, Strohm's
pipelines are being deployed for the transportation of CO2 and hydrogen in
offshore environments, as part of the energy transition away from fossil
fuels.

 

The pipeline provides a corrosion resistant solution for CO2, which can
otherwise cause stress corrosion cracking on alternative pipelines. This is an
industry first that establishes Strohm and its products as a market leader in
the CO2 transportation market, with a disruptive, long-term and low carbon
footprint solution.

 

The new pipelines are due for installation in 2026 at a water depth of 2,200
meters, in an offshore high CO2 field located in the Santos Basin in the
Brazilian pre-salt area.

 

At 31 March 2024, HydrogenOne's investment in Strohm represented 12.4% of the
Company's NAV.

 

Thomas Leize, Project Manager at TotalEnergies, commented: "It will be the
first project like this in the pre-salt and we have carefully selected this
innovative technology for replacing the flexible lines in operation with a
clear focus on design life, performance and carbon footprint. This technology
is important because it represents a solution to a long-lasting corrosion
problem, at a competitive cost, applicable for ultra deep water, in line with
our commitment of reducing emissions from our operations."

 

Martin van Onna, Strohm CEO, added: "As the pioneer of TCP technology, we have
experienced strong support from TotalEnergies since as early as 2009. Recently
TotalEnergies installed a TCP Jumper at the Egina field, and now we welcome
this TCP Flowline contract - the 'definitive solution' that the industry has
been seeking. As a global first, a first in Brazil, and a first for resolving
the CO2 corrosion issue, it is a breakthrough moment for the sector, one that
further evidences our pioneering spirit. I would like to sincerely thank
TotalEnergies for their trust in our technology, our company, and our team,
and I look forward to seeing these flowlines being installed."

 

- 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

 Burson Buchanan - 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 

Leading composite pipe technology company Strohm has the world's largest
track-record for Thermoplastic Composite Pipe (TCP) after being the first to
bring the technology to the conventional energy industry in 2007. TCP reduces
total installed and life cycle cost for subsea flowlines, jumpers and risers
and has proven to reduce the CO2 footprint of pipeline infrastructures by
more than 50%.  

The company is committed to driving sustainability with its range of TCP
solutions which enable clients towards their net-zero carbon emissions targets
and supports the renewables sector.   

TCP is a strong, non-corrosive, spoolable, lightweight technology which
is delivered in long lengths, resulting in a significant reduction
of transportation and installation costs. TCP is installed using small
vessels or subsea pallets, significantly reducing CO2 emissions. It is
also 100% recyclable.   

Strohm's shareholders include Senco Hydrogen Capital, Chevron Technology
Ventures, Evonik Venture Capital, Shell Ventures, HydrogenOne Capital Growth,
and ING Corporate Investments (a 100% subsidiary of ING Bank N.V.).

The firm's manufacturing facility is located at its headquarters in IJmuiden
in The Netherlands. Strohm also has offices in Houston (US) and Rio de Janeiro
(Brazil).

Visit the Strohm website here: https://strohm.eu/ (https://strohm.eu/)

 

About TotalEnergies in Brazil

TotalEnergies has been operating in Brazil for almost 50 years, through six
subsidiaries, and today employs more than 3,500 people in its business
segments, in Exploration & Production, gas, renewable electricity (solar
and wind), lubricants, chemicals and distribution.

TotalEnergies' Exploration & Production portfolio currently includes 11
licenses, of which 4 are operated. In 2023, the Company's average production
in the country was 135,000 barrels of oil equivalent per day.

TotalEnergies is investing in the growth of the renewable energy segment in
Brazil. In October 2022, the company entered into a partnership with Casa dos
Ventos, Brazil's leading renewable energy player, to jointly develop a 12 GW
renewable energy portfolio.

TotalEnergies is also active in the Brazilian fuel distribution market with a
network of about 240 filling stations as well as several storage facilities
for petroleum products and ethanol.

 

 

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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