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Hydrogen Capital Growth (HGEN) investor relations material
Hydrogen Capital Growth Status Update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Status Update summary14 May, 2025
Financial Performance and Net Asset Value
NAV per share was 89.28p at 31 March 2025, nearly unchanged from 90.39p at 31 December 2024, and down 13.8% year-on-year, with total NAV at £115.0m and cash of £2.3m at quarter end.
Portfolio companies generated £92m in revenue over the last 12 months, a 21% increase year-on-year, driven by supply chain demand.
Share price traded at a 74.9% discount to NAV.
Key NAV movements included portfolio revaluation (-1.25p), FX gains (+0.61p), and fund expenses (-0.47p).
Portfolio weighted average discount rate decreased to 12.5% from 14.3% a year earlier.
Portfolio Developments and Highlights
Sunfire secured €200m in guaranteed financing and delivered a 10MW electrolyser in Spain.
Elcogen received a €5m investment, a €10m grant, and won the 2024 European Enabling Technology Leadership Award.
Strohm won a major contract with Saudi Aramco, launched a new pipe design tool, and signed an MoU for fluid and gas transport systems.
Cranfield Aerospace advanced hydrogen-electric engine development and expanded its simulator business.
HiiROC continued industrial testing of its thermal plasma electrolysis technology in the UK.
Portfolio Composition and Technology
Portfolio is focused on private hydrogen businesses across the value chain, with top holdings in Sunfire (28%), HiiROC (19%), Elcogen (17%), Cranfield Aerospace (13%), Strohm (12%), and Bramble Energy (9%).
Technology advancements include fuel cells, electrolysis, clean flight systems, and advanced pipeline solutions.
Portfolio companies are geographically diversified across Germany, Scandinavia, UK, and the Netherlands.
Portfolio companies raised about £500m in equity, debt, and grants in 2024, with further fundraising in 2025.
Portfolio is fully invested in private UK and European hydrogen companies.
What drove the 21% revenue increase?
Assess the impact of Sunfire's financing.
What options are being considered to boost value?
Detail plans to address share price NAV discount
How will cash constraints affect portfolio funding?
What is the expected impact of EU Red Three policy?
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Next Hydrogen Capital Growth earnings date
H1 202531 Dec, 2025
Next Hydrogen Capital Growth earnings date
H1 202531 Dec, 2025
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Frequently asked questions
HydrogenOne Capital Growth plc is a UK-based investment company focused on the hydrogen sector. It invests in clean hydrogen production, supply chain infrastructure, and related technologies to support the transition to low-carbon energy systems. The company provides growth capital to private and listed companies involved in hydrogen solutions, aiming to generate long-term returns alongside environmental impact. The company is headquartered in London, United Kingdom, and its shares are listed on the LSE.
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