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HGEN Hydrogenone Capital Growth Plc

0.00 (0.00%)
14 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Hydrogenone Capital Growth Plc HGEN London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.00 0.00% 54.80 08:00:11
Open Price Low Price High Price Close Price Previous Close
54.80 54.80
more quote information »
Industry Sector

Hydrogenone Capital Growth HGEN Dividends History

No dividends issued between 16 Jun 2014 and 16 Jun 2024

Top Dividend Posts

Top Posts
Posted at 09/5/2024 20:32 by pj84
Skinny posted the link below on the ITM thread but very relevant to HGEN as well
Posted at 09/5/2024 13:09 by pj84
Brucie5 there is also a third layer of potential discount as the current NAVs don't take account of the hoped for exit premiums the management believe will start to prove the model of the fund.

Nice to have a double figure percentage profit for the first time since buying into HGEN
Posted at 27/3/2024 20:12 by 31337 c0d3r
Quite a strong rise today:
HGEN up 7.87%

For comparison:
FTSE 100 up 0.01%
FTSE 250 up 0.17%
Posted at 24/3/2024 07:46 by spectoacc
AJ Bell emailed me over the weekend saying HGEN had failed the Fair Value Assessment, and that I ought to think about selling my holdings.

Which is amusing on several levels, the most obvious being that I don't actually hold currently.

Anyone else get the same email?
Posted at 22/3/2024 22:41 by pj84
Either the information being given out by the company is wrong/misleading or at a discount of now more than 58% this is an absolute bargain.

Sunfire is Hydrogenone's largest holding at 20% and is in the top 20 of Global electrolyser manufacturers

And recently they announced that Sunfire had agreed a successful fundraise

In their latest interview on 16 Feb Richard Hulf advised they expected 2 exits of portfolio investments within the next 6 months (listen from 18.48 to 20 minutes).

This is a very quiet thread and I may have missed something but even at this price I feel comfortable holding and am very tempted to top up.
Posted at 08/2/2024 19:43 by pj84
Follow up article in today's Citywire after yesterday's update.

"HydrogenOne: Now is the time for us to deliver as industrial buyers gather
Burgeoning industrial interest in hydrogen energy should provide profitable exits for HydrogenOne Capital Growth this year and help narrow the shares’ 50% discount.

Jamie Colvin

Industrial investors are pumping capital into burgeoning hydrogen projects that could deliver much-needed opportunities this year for HydrogenOne Capital Growth (HGEN) to exit some of its investments at a profit.

Speaking to Citywire off the back of fourth-quarter results, which showed that net asset value (NAV) increased 1.6% to 101.42p as of the end of December, portfolio managers Richard Hulf and JJ Traynor were bullish about the direction the sector was moving in, noting that everything ‘is on track’, even though the shares have plunged to a 50% discount to NAV in the growth selloff.

Investment growth saw the NAV gain 5.8% last year, driven by revenues of £74m across the private portfolio, a 125% increase on the previous year, reflecting the build-out of capacity to meet demand for hydrogen supply chain equipment.

The company said new investment into clean hydrogen totalled $17bn (£13.5bn) in 2023, more than 400% higher than in 2022, with 1.2 gigawatts of green hydrogen production online globally at the end of the year, a 50% increase.

The pair pointed to developments within the £68m Europe-focused portfolio of private companies that reflected increased industrial interest in the sector.

Portfolio holding Elcogen, a manufacturer of fuel cells that makes up 18.4% of assets, attracted €45m (£38m) of investment from HD Hyundai Group member Korea Shipbuilding & Offshore Engineering, funding the construction of a new factory in Estonia to scale up production. The fuel cells will largely be used in shipping.

HiiROC, a UK company that splits methane into carbon and hydrogen, saw venture capital group Cemex increase their investment over the quarter, while former British Gas parent Centrica has continued its trial period. The trial saw the first use of hydrogen in a gas-fired power plant connected to the national grid in the UK.

‘Watch the way industry moves in on hydrogen and starts to scale up,’ said Hulf ‘It’s always been the story. The fund’s focus is how green hydrogen makes its way into the industrial complex, not retail, and we’re on track.’

Richard Hulf and JJ Traynor - HydrogenOne
‘We’re moving into the exits window to prove our NAV,’ the pair said. ‘There’s lots of industrial interest – headlines tend to reflect financial markets, but this is very much an industrial story and industrial investors don’t shout these things from the rooftops.’

The managers were not discouraged by the UK’s government delaying the phasing out of combustion engines from 2030 to 2035, which has reduced the pace of deployment of clean hydrogen in the UK into transport, noting that it continues to support the development of clean hydrogen supply.

In light of this and weak financial markets, HGEN took control of UK hydrogen refuelling provider NanoSun earlier this year and plans to slim down the workforce and rebuild the Lancaster-based business around a lease model rather than sales.

The renamed Swift Hydrogen will be fit for the German market, where it sees good demand, the pair said, adding that they could share more accounting details at the end of the current quarter.

While more than half the holdings are in the UK, the fund is focused on Europe, particularly Germany, the Netherlands and Scandinavia, and the managers plan to expand into the US over the course of the year as they receive more cash from realisations.

Investments in the quarter totalled £1m in two existing portfolio companies, Dutch supply company Strohm and Norwegian green hydrogen project developer Gen2 Energy.

Cash and cash equivalents were £4.7m, with additionally £2.3m of listed hydrogen companies at the end of the quarter, giving a runway of two years, said Traynor.

The shares slipped from 50p to 49.2p yesterday after the update but are up 1.6% to 50.8p this morning. They have halved since their launch near the top of the market in July 2021, but have gained 10% in the past three months as investors were cheered by the prospect of cuts in interest rates this year.

The managers said the recent rally showed that investors were looking at beaten-up growth stocks for a potential recovery. That made it critical they made some exits at a premium this year to prove the model works. ‘Now’s the time to start delivering and we plan to do that this year,’ Hulf said."
Posted at 17/1/2024 11:58 by brucie5
Yes, looking interesting from a chart pov; not supported by any dividend, but 42% discount to NAV. Portfolio approach to the hydrogen story obviously mitigates risk. I don't currently hold.
Posted at 14/11/2023 12:35 by adobbing
Also listened and noted that major investors in the companies they have invested in, have invested and are still investing at higher prices than HGEN.
Posted at 20/9/2023 17:29 by pj84

"HydrogenOne: ‘We’re now in exits territory’

The managers of the heavily derated trust are excited about larger investors moving into the hydrogen sector as positive portfolio news fails to narrow the entrenched 45% discount.


The managers of HydrogenOne Capital Growth (HGEN) are hopeful they will exit several holdings in the upcoming year, which will rerate the shares that languish at a 45% discount to the June net asset value (NAV).

JJ Traynor and Richard Hulf told Citywire they had completed the investment phase, having invested £111m across hydrogen production, supply chain and storage technologies since launching the fund in July 2021, including £8m over the period, and were now moving into the harvesting phase.

They pointed to strengthening fundamentals in the clean hydrogen sector, with £13bn invested in green hydrogen specifically year to date, a 380% increase on 2022, through company flotations.

Consolidation is therefore likely to be next meaning Hulf and Traynor have begun the process of appointing investment banking advisers to several private companies in the portfolio in preparation for any potential bids.

‘The news flow over next year will be about exits, offtake agreements being signed on projects, keys being turned, hydrogen starting to flow and much bigger investors coming into the market and joining them,’ said Hulf (pictured below left with Traynor). ‘That’s what you’ll see – a slight change in complexion for the fund.’

Richard Hulf and JJ Traynor - HydrogenOne
Positive portfolio news has failed to budge the shares in the longer term, with the current 54p share price well below the 2021 launch price.

Interim results, which showed NAV increased 3.5% to £130m over the six months to the end of June despite increased discount rates of 13.7%, only drove the shares up 2.5%.

The portfolio, of which 91% are private companies, delivered £52m in total revenue over the 12 months to the end of June, a 170% year-on-year increase, while the valuation of the private portfolio is at least 30% lower than comparable listed companies.

The trust’s investments span the UK, Netherlands, Germany and Scandinavia, with several quoted companies listed in the US, Canada, France and South Korea.

The pair have not deployed all of the £126m raised at the trust’s launch, retaining an uncommitted cash position of £9m, which they intend to use for further follow-on investments, rather than share buybacks.

‘We have the facility, but it’s not on the table today,’ Traynor said. ‘We’ve been good at deploying into successful businesses and can’t see that buybacks are a good use of capital.’

The trust’s largest position is leading German industrial electrolyser producer Sunfire, which makes up 20% of assets following HGEN £1.8m follow-on investment over the period.

In August, the company received a purchase order for a 100-megawatt pressurized alkaline electrolyser in a supply agreement with a leading European refinery, which marked a key milestone.

Sunfire also received €169m in funding under the EU’s important projects of common European interest (IPCEI) scheme to establish the first industrial series production of its solid oxide and pressurised alkaline electrolysis technologies."

Just listened to today's investor meet presentation which I would strongly recommend not just for this trust but also some well informed commentary for any investors in the hydrogen sector.

Has reaffirmed my belief in how undervalued Hydrogenone is at the moment.
Posted at 07/8/2023 18:28 by pj84
Hoping to catch up with today's investormeet presentation later but just quickly read the following update

HydrogenOne jumps 12% after second-quarter uplift to valuations

HydrogenOne Capital Growth narrows its wide discount after eking out a small rise in NAV as gains in its unquoted portfolio offset the impact of rising interest rates.


Shares in HydrogenOne Capital Growth (HGEN) jumped 12% to 55p today as the investment trust continued this year’s volatile run after impressing sceptical investors with a small second-quarter rise in net asset value (NAV) accompanied by a surge in revenues from its 10 loss-making companies.

Speaking to shareholders, co-manager Richard Hulf said there was a complete disconnect between the NAV, which rose 0.7% to 100.7p in the three months to 30 June, and the shares, which closed at a yawning 51% discount on Friday, which is among the widest valuation gaps in the renewable infrastructure sector.

Launched two years ago, HydrogenOne shares peaked at 120p in November 2021 before more than halving to their current level as investors questioned the valuation of its unquoted assets as inflation and interest rates rose rapidly.

Nevertheless, the latest update showed good valuation uplifts to its private equity positions in green hydrogen companies in the UK and Europe, even though an increase in its discount valuation rate from 12.8% to 13.7% weighed on the NAV and offset most of the gains.

Total revenues of £52m over 12 months marked a 170% increase year on year leaving the closed-end fund with cash of £8.9m and £3m in listed hydrogen companies that could be sold if necessary after making £2.6m of follow-on investments in Cranfield Aerospace Solutions and Thierbach (a development project for the construction of an industrial scale green hydrogen producer in Germany).

Despite earlier reassurances to investors that there was nothing amiss with the portfolio, HGEN shares have tumbled 38% this year. Hulf blamed macroeconomics for depressing sentiment rather than trust-specific news.

‘Company revenues are growing, businesses are doing well, new projects are starting up and governments are increasingly putting money in,’ said Hulf (pictured below left, with co-manager JJ Traynor). ‘Hydrogen has had many false starts, but is now going ahead. We’ll show that through the interim results next month.’

Richard Hulf and JJ Traynor - HydrogenOne
He implied that the trust conservatively values its assets, with last month’s flotation of the green hydrogen firm Thyssenkrupp Nucera, which has been valued at €3bn, having a direct read across with HGEN’s largest holding, Sunfire, a leading German industrial electrolyser producer in which the fund has 20% invested.

In terms of the trust’s pipeline, Hulf said they were looking into US green hydrogen projects that benefited from the Inflation Reduction Act. However, investments there would have to wait until the trust regained a premium over NAV in order to raise more capital through a share issue.

Hulf emphasised that as a growth fund, they did not have the cash available to buy back stock, but would ‘think about it’ with the proceeds of any exits. He added that that could be as soon as next year when some of their investments would meet the minimum threshold of two times return on invested capital.

Liberum analyst Joe Pepper said valuing private market hydrogen companies was difficult given the nascent, loss-making nature of the portfolio, but continued to view the share price as overly discounting the challenges. He added that HGEN’s share price was highly volatile and underperforming listed hydrogen peers in the US.

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