Hydrogen Capital Growth (HGEN) Status Update summary

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.