Hydrogen Capital Growth plc · FWB:65U
Hydrogen Capital Growth — HydrogenOne Capital Growth — Q3 2024 Earnings Presentation
21 slides from Hydrogen Capital Growth's earnings presentation, Nov 6, 2024
Slide 1: HydrogenOne Capital Growth plc Q3 2024 Investor Update
HydrogenOne Capital Growth plc Q3 2024 Investor Update Investing in clean hydrogen for a climate-positive impact LSE: HGEN 6 November 2024
Slide 2: Disclaimer
Disclaimer By attending the meeting where this presentation is made, or by reading this document, you agree to be bound by the limitations set out below. The information set out herein may be subject to updating, completion, revision and amendment and such information may change materially. Neither
Slide 3: Contents
Contents • Q3 2024 results • Portfolio update 3
Slide 4: Q3 2024 highlights
Q3 2024 highlights • NAV per share of 100.81 pence, in line with 30 September 2023 (101.42 pence); and 2.7% lower than 30 £130m June 2024 (103.60 pence) – negative exchange rate impacts, fund costs and valuation changes in portfolio NAV companies • Private portfolio companies delivering an aggregate
Slide 5: UK update / clean hydrogen development
UK update / clean hydrogen development Green hydrogen UK hydrogen sector is gathering pace • 10GW clean hydrogen 2030; >50% green. Blue hydrogen Target has been doubled since Russia invaded Ukraine Cromarty Hydrogen Project Scottish Power and Storega • £240m Net Zero Hydrogen Fund established. White
Slide 6: Unique and concentrated portfolio across the hydrogen value chain
HydrogenOne has a unique and concentrated portfolio, invested across the hydrogen value chain Access to a distinctive portfolio of private hydrogen businesses Others Where we invest 1.0% Top 7 • Revenue-generating equipment businesses 99.0% • Hydrogen production projects 24.9% Top 5 80.5% • Co-inves
Slide 7: Q3 2024 financial highlights
Q3 2024 financial highlights 30 Sep 30 Jun % change 30 Sep % change 1,2 2,3 2024 2024 2023 • NAV per share 100.8p NAV per share 100.81p 103.60p (2.7)% 101.42p (0.6)% ▪ -0.6% Q3 23 – Q3 24 NAV £129.9m £133.5m (2.7)% £103.6m (0.6)% ▪ -2.7% Q2 24 – Q3 24 Market Cap £47.8m £68.9m (30.7)% £71.2m (32.9)%
Slide 8: NAV and NAV/share in Q3 2024
NAV and NAV/share in Q3 2024 NAV movements Q2 2024 – Q3 2024 (pence per share) NAV (£m) and NAV pence per share, 2021-24 110.00 104.00 150 103.00 (1.00) 103.6p 103.6p 105.00 103.0p 101.4p Listed +0.03p, 100.7p 100.8p 102.00 100.0p Private -1.03p (1.05) 140 100.00 101.00 (0.74) 96.8p 96.9p 96.5p 97.3
Slide 9: NAV movements Q2 2024 – Q3 2024
NAV movements Q2 2024 – Q3 2024 Roll-forward of valuation, continued order book momentum Roll-forward of valuation Project timings Business plan revisions Revised assumptions for near term growth -5.0 0.0 5.0 Q2 24 – Q3 24 NAV movement £m 9
Slide 10: Contents
Contents • Q3 2024 results • Portfolio update 10
Slide 11: Distinctive and unique hydrogen portfolio
Distinctive and unique hydrogen portfolio Fund holdings (as of 30 September 24) Portfolio segmentation Portfolio segmentation Private portfolio NAV £m NAV % by theme by geography Sunfire GmbH 32 25% HiiROC Ltd 24 19% 10% 10% 10% Elcogen Plc 23 18% 10% Strohm Holding B.V. 13 10% 20% 33% Cranfield Aer
Slide 12: Investing alongside blue-chip industrials and funds
Investing alongside blue-chip industrials and funds HydrogenOne Co-Investors Amazon's Hydrogen Fuel Cell Vehicles (GenH2) • GenH2 trucks are as suitable for long-haul road transportation as conventional Mercedes-Benz Actros diesel trucks with a range of up to 1,000 kilometres • Being tested as part
Slide 13: Continued momentum from portfolio during Q3 2024
Continued momentum from portfolio during Q3 2024 Aug 2024 • Sunfire installs and commissions 10-MW pressurised alkaline Jul 2024 electrolyser at RWE’s hydrogen site in Lingen • Strohm wins a major contract with TotalEnergies, • HH2E signs a contract with Gebrüder Karstens marking an entry into the u
Slide 14: Gen2 Energy divestment £3m
Gen 2 Energy divestment £3m • Signed binding agreements to divest its entire holding in Gen2, an early-stage green hydrogen developer in Norway • The agreed consideration of c. £3m. Carrying value at 30 June 2024 c. £3m • The sale divests the Company from its smallest private investment and frees up
Slide 15: Sunfire: World-leading electrolyser manufacturer at industrial scale
Sunfire: World-leading electrolyser manufacturer at industrial scale (25% HGEN NAV) Sunfire electrolyser completes RWE’s 300-MW Plant ➢ 800 MW Order book Up to 650+ 14+ yrs 1 GW/a Dedicated employees Experience in H2 industry Production capacity in 2024 • Awarded major contract for a 100 MW electrol
Slide 16: HiiROC: Transformational technology for zero-emission Hydrogen
HiiROC: Transformational technology for zero-emission Hydrogen (19% HGEN NAV) Proprietary Thermal Plasma Electrolysis process HiiROC units at Centrica Brigg site, UK for affordable clean hydrogen World leading Clean Economical • HiiROC developing the first UK project with Centrica to inject New, pro
Slide 17: Strohm: Unlocks new ultra-deepwater and CCS market
Strohm: Unlocks new ultra-deepwater and CCS market (10% HGEN NAV) Strohm’s new TCP product for CCS applications Netherlands manufacturing base • Industry leaders in offshore hydrogen and CO2 pipelines – a robust, corrosion free and low-carbon solution for operators • Awarded the largest commercial a
Slide 18: The portfolio is revenue generating and has produced consistent growth
The portfolio is revenue generating and has produced consistent growth Growth in private portfolio revenues since investment Private portfolio revenue (100% basis), £m - Trailing 12 months 16 90 +19% 80 14 Increase in revenues since investment (0x) 70 Revenue, £m 12 60 50 10 40 30 8 20 10 6 - Q4 202
Slide 19: Summary
Summary Q3 2024 highlights Identifying the best investment opportunities • NAV per share of the Company 100.81 pence, in line with 30 September 2023 (101.42 pence); and 2.7% lower than 30 June 2024 (103.60 pence) Active Grow EBITDA Specialist team stewardship and exit Strong pipeline • Private portf
Slide 20: Fund holdings
Fund holdings As at 30 Sep 2024 As at 30 Jun 2024 Private portfolio NAV £m NAV % NAV £m NAV % Sunfire GmbH 32 25% 28 21% HiiROC Ltd 24 19% 23 17% Elcogen Plc 23 18% 26 20% Strohm Holding B.V. 13 10% 13 10% Cranfield Aerospace Solutions 12 9% 12 9% HH2E AG 11 8% 12 9% Bramble Energy Limited 10 8% 13
Slide 21: Contact us
Contact us HydrogenOne Capital LLP: Dr JJ Traynor, Managing Partner E: JJ.Traynor@hydrogenonecapital.com Richard Hulf, Managing Partner E: Richard.Hulf@hydrogenonecapital.com 4 Manchester Square London W1U 3PD www.hydrogenonecapitalgrowthplc.com/ Barclays Bank PLC: Dion Di Miceli E: BarclaysInvestme
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