LONDON, UK: HydrogenOne Capital Growth plc (HGEN) announced its intention to launch an initial public offering (IPO) and to admit its shares to the premium segment of the Official List of the Financial Conduct Authority and to trading on London Stock Exchange plc’s Main Market.

HydrogenOne Capital Growth plc (HGEN) is targeting a raise of £250 million via a placing, an offer for subscription and an intermediaries offer of ordinary shares of 1 pence each in the capital of the Company at an issue price of 100 pence per Ordinary Share.

Highlights:

· First London-listed investment fund dedicated to clean hydrogen

· Clean hydrogen has a key role in decarbonisation for the energy transition, and improved air quality

· Specialist investment adviser with strong energy sector track record

· Targeting a diversified portfolio of hydrogen assets from an investible universe of c.US$90 billion, offering distinctive liquid access to private equity, difficult to access elsewhere

· Strongly-orientated to ESG mandates, avoiding GHG emissions in energy and exclusion of fossil fuels producers

· Distinctive opportunities in risk-diversified hydrogen and related businesses with target total return of 10-15% per annum1

· Strategic investment by INEOS Energy, committing to a minimum cornerstone investment of £25 million

HGEN intends to provide access to clean hydrogen through investment in a diversified portfolio of hydrogen and complementary hydrogen focussed assets in order to deliver capital growth with a strong ESG focus. The Company is expected to qualify for the London Stock Exchange’s Green Economy Mark at admission, which recognises companies that derive 50% or more of their total annual revenues from products and services that contribute to the global green economy. HGEN will predominantly invest in private hydrogen assets, and also include hydrogen focussed listed assets from global markets.

HGEN is targeting a Net Asset Value total return of 10-15 per cent. per annum over the medium to long-term with further upside potential..

The Investment Adviser, HydrogenOne Capital LLP (the “Investment Adviser” or “HOC”) is a specialist investor in the clean hydrogen sector, with a focus on unlocking profitable growth for investors within a strong ESG mandate. The Investment Adviser team are highly experienced with senior executive track records in Shell, BP, Exxon, Artemis Investment Management and Deutsche Bank.

Panmure Gordon (UK) Limited is acting as sponsor, financial adviser and joint bookrunner and Kepler Cheuvreux is acting as joint bookrunner in relation to the IPO.

The company expects to publish a prospectus in connection with the Issue shortly and to close the Issue by end July.

Simon Hogan, Chairman of HGEN, commented: HydrogenOne is the first of a kind. The offering here is for distinctive and specialist access to the growth potential in clean hydrogen energy, that is simply not available elsewhere. We welcome INEOS’ investment in the company and we are looking forward to expanding our collaboration.”

Dr JJ Traynor, Managing Partner of HydrogenOne Capital LLP commented: HydrogenOne is for energy investors who want to move beyond fossil fuels now, not later, and deploy substantial growth capital into the energy transition.

Richard Hulf, Managing Partner of HydrogenOne Capital LLP commented: Clean hydrogen is a fast-moving and complex sector, that commands a specialist approach with access to private equity, to unlock value for shareholders. We have established HydrogenOne to fill that gap.

Brian Gilvary, Executive Chairman of INEOS Energy commented: The INEOS investment in HydrogenOne will help to accelerate and diversify INEOS’ existing clean hydrogen strategy. It marks the beginning of another substantial and long-term partnership, opening new windows into the clean hydrogen world for INEOS.