Share Name Share Symbol Market Type Share ISIN Share Description
Hydrogenone Capital Growth Plc LSE:HGEN London Ordinary Share GB00BL6K7L04 ORD GBP0.01
  Price Change % Change Share Price Shares Traded Last Trade
  -0.45 -0.47% 94.50 119,121 16:35:23
Bid Price Offer Price High Price Low Price Open Price
94.30 94.70 94.70 94.30 94.70
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Alternative Energy 122
Last Trade Time Trade Type Trade Size Trade Price Currency
16:23:13 O 2,000 94.504 GBX

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Hydrogenone Capital Growth Daily Update: Hydrogenone Capital Growth Plc is listed in the Alternative Energy sector of the London Stock Exchange with ticker HGEN. The last closing price for Hydrogenone Capital Growth was 94.95p.
Hydrogenone Capital Growth Plc has a 4 week average price of 93.40p and a 12 week average price of 91.50p.
The 1 year high share price is 127p while the 1 year low share price is currently 91.50p.
There are currently 128,819,999 shares in issue and the average daily traded volume is 177,034 shares. The market capitalisation of Hydrogenone Capital Growth Plc is £121,734,899.06.
terminator101: First time I've seen this excuse deployed to screw over existing investors for a placing. Must be struggling to get enough gullible mugs to take the placing. "This represents an attractive discount to the prevailing share price"
sd_anon: I'm entirely happy with the concept of a fundraise. It was odd that they only got £100m ish at ipo only for the share to then trade at a 20% premium (suggesting demand for the stock was indeed there). For a while I was kicking myself for only taking a small holding but glad now I should have the chance to top up without having to pay too big a premium to nav. Many opportunities for hgen to invest in and the valuations of listed hydrogen firms makes the opportunity to invest in non listed firms very attractive. I look forward to the first time one of hgens holdings ipo. Roll on the fundraise, I'm in.
sd_anon: The KIID, prospectus etc issued at IPO was very clear. Approx 10% (from memory) to be invested in listed hydrogen assets, the remainder in non listed. So I think at most we are now 30% invested, 20% (ish) in Sunfire and 10% in listed stocks. They were clear it would take about a year before all capital invested. Happily, listed hydrogen firms pulled back from all time highs at about the right time for HGEN to invest. Any changes to NAV to date is purely charges and movement in listed assets. From memory I think the non listed assets are to be revalued quarterly.
zeppo: JCB are developing their own Hydrogen engine but they will not take outside investment. I was hoping that HGEN could benefit from a stake in JCB.
tenapen: Hi steewatch, a pleasure to be on the same thread as you, again. I don't hold HGEN as i have been buying three related stocks for a few years now. Im very bullish over the medium / long term and will be keeping an eye here and use HGEN as a bell weather. Short term it will take time for the increase in orders to filter down to the bottom line. Best wishes.
ec2: It was a pretty poor take up considering that of the GBP107million committed, GBP25million would have come from INEOS making them a 23% shareholder in the trust. I like the investment theme, so will wait to see some assets in the portfolio and their performance, as well as look to see if the share price drifts lower before considering whether to invest.
eaaxs06: The offer was undersubscribed, only 107.35m applied for, when they were looking for 250m. It will be interesting to see how strongly Panmure Gordon support the share price when it opens on Friday. Good luck everyone, Sid.
loganair: Ultra nascent hydrogen: Though the technologies involved are proven, clean hydrogen is very much a nascent space. Hulf said globally barely a handful of projects globally are on-stream at the moment, but industry and governments are now rushing to build. According to a McKinsey report for the Hydrogen Council published earlier this month, 359 large-scale hydrogen projects across industrial, transport, infrastructure and other sectors have now been announced, with 131 coming just since February. For the portfolio, Hulf said they were in discussions over clusters of electrolyser projects around the ports in Rotterdam and Amsterdam, with end users of the hydrogen including cement and steel, as well as local bus companies. HGEN will take stakes in these projects at the construction stage, achieving attractive yields to support the trust’s 10-15% annual total return target. Hulf said the technical risks were very low’, while engineering consultants Arup are also on board as a technical adviser. The gap for the trust comes from being ‘one of the first movers in there from the financial sector’, given the incipient nature of the space and currently small ticket sizes, precluding many larger investors. ‘The biggest risk is not being able to get hold of the land to build the thing on, which is extremely low. And it’s getting the off-take agreement signed for the hydrogen,’ said Hulf. The manager has some renewable energy experience from his Artemis days, as well as investing in some hydrogen and private companies. He added that Traynor’s background working at Shell (RDSB) and then later on natural gas projects in North Africa at Sound Energy was another help, given the similarity in terms of project financing, structuring and off-take agreements with buyers of the hydrogen. While this recalls the structure of trusts in the renewable energy infrastructure sector, Hulf emphasised this is not an income fund and they plan to sell the assets once they have a track record of cash flows. Hulf expects the relationship with Ineos, struck via the managers’ traditional energy network, to help with access. The company controlled by billionaire Jim Ratcliffe has co-investment rights in HGEN projects, while the trust will also gain the option but not right to invest in Ineos ventures. Overall, Hulf said the response so far had been ‘very encouraging’ and expressed massive excitement for the future of the sector. ‘We’re starting from a very low starting point in terms of investment. So even if it does end up as being only 10% of the primary energy mix by 2050, there’s an awful long way to go to even get halfway there,’ he said. ‘And so that’s what this fund is trying to capture.’ The share issue, which closes on 27 July, is available on most UK investment platforms via an intermediaries offer. A prospectus is available on the company’s website. Panmure Gordon is acting as the sponsor, and the broker and Kepler Cheuvreux are acting as joint bookrunners for the IPO. On private assets, the annual management fee will be 1.5% – falling to 0.5% where projects are waiting for investment – while a 15% performance fee (a fifth paid in shares in the trust) will be levied on realised annualised returns above 8%. The separate fee structure on public holdings will be 1% up to £100m of assets and 0.8% thereafter.
zeppo: Ineos backs UK's first ‘clean hydrogen’ trust in £250m launch By Jeremy Gordon 05 Jul, 2021 12Comments HydrogenOne Capital Growth (HGEN) has already secured a cornerstone investment of at least £25m from Ineos, the world’s third-largest chemicals company, controlled by billionaire Jim Ratcliffe. The ‘first of a kind’ investment company, which is seeking to take advantage of burgeoning activity in the space during the energy transition, will be managed by sector specialist HydrogenOne Capital. In a document revealing its intention to float, HGEN said it would aim for a total return of 10-15% annually by investing in a mix of public companies and private businesses not quoted on any stock exchange. The lead managers of the portfolio will be John Joseph Traynor, who has held several senior banking and energy sector roles including executive vice-president at Shell (RDSB); and Richard Hulf, a fund manager with 30 years’ experience in the utilities and energy sectors. Targeting hydrogen and complementary hydrogen-focused assets, the managers said the fund would have an investible universe of around $90bn. They have identified 36 prospective investments, including a number where they have conducted detailed due diligence and made indicative non-binding offers. The managers said they saw the potential for ‘green’ and ‘blue’ hydrogen projects, or both those where hydrogen is generated by renewable energy sources, as well as ‘blue’ hydrogen produced using natural gas where the emissions are captured and stored. ‘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,’ said Hulf. Ineos Energy will make a strategic investment of at least £25m in the initial public offering (IPO) and has been granted the right to co-invest in any additional capacity in private projects identified by HGEN, as well as the right to appoint a non-executive director to its board. Brian Gilvary, Ineos Energy’s executive chairman, said the investment would ‘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,’ he said. According to HydrogenOne, there has been a sharp acceleration in clean hydrogen projects, with a 60% increase in announced production capacity in the period to 2030 over last 12 months. The HGEN launch follows the Liontrust’s decision to pull its plans for an investment trust focused on environmental, social and governance principles last week, after failing to hit the £100m minimum target. Closed-ended funds focused on alternatives and private assets have been much more successful in raising new cash, however. In the first half of 2021, trusts in the Renewable Energy Infrastructure sector – where HGEN may not sit, but has some natural affinity – raised
zeppo: Punted by Joanne Hart, Mail on Sunday 18th July 2021: 'Midas verdict: Clean hydrogen is one of the fastest-growing sectors within the green energy market and is expected to be worth at least £600billion by 2040. Traynor and Hulf are starting small but they hope to scale up rapidly, providing much needed capital to small and mid-sized businesses and delivering returns for investors too. The pair know what they are doing, they are well connected and each investing £100,000 of their own money in the flotation. An attractive long-term buy. To be traded on: Main market Contact: or 020 4513 9260 Ticker: HGEN ' 'High ambition: HydrogenOne Capital will invest in hydrogen to provide clean fuel for planes, ships and trains' I watched the recent HGEN webinar and will make applications for my family ISAs. HGEN invest in private companies as well as PLCs. They are already in AFC Energy and stated that they understand it can take time to conclude deals and that they understand that. (that was not particularly in relation to AFC. ITM was mentioned.
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