Redwheel Next Generation Power Infrastructure Fund - Institutional Class · NASDAQ:ECOIX
Redwheel Next Generation Power Infrastructure Fund - Institutional Class — HydrogenOne Capital Growth — Q1 2023 Earnings Presentation
17 slides from Redwheel Next Generation Power Infrastructure Fund - Institutional Class's earnings presentation, May 10, 2023
Slide 1: HydrogenOne Capital Growth plc Q1 2023 Investor Update
HydrogenOne Capital Growth plc Q1 2023 Investor Update Investing in clean hydrogen for a climate-positive impact LSE: HGEN 10th May 2023
Slide 2: Disclaimer
Disclaimer This document is issued by HydrogenOne Capital Growth plc (the "Company") for the confidential use of only those persons to whom it is distributed and is not to be reproduced, distributed or used for any other purpose. By accepting delivery of this document, each recipient agrees to treat
Slide 3: Fund overview
Fund overview Investing in clean hydrogen for a climate-positive impact; SFDR Article 9 fund Clean hydrogen is a >US$2tn global opportunity £129m accessing private opportunities • Replace polluting ‘grey’ hydrogen feedstock in chemicals, fertilizer NAV world-wide and refining • Replace polluting fos
Slide 4: Strong macro tailwinds underpin hydrogen investment case
Strong macro tailwinds underpin hydrogen investment case Structural drivers of the hydrogen economy… …step change in policies Hydrogen Energy policies in 39 countries Transition for Net Zero $8bn >300GW ‘hydrogen hubs’ + REPowerEU 2030 material hydrogen tax hydrogen target credit in Inflation increa
Slide 5: Update: UK green hydrogen development
Update: UK green hydrogen development Gordonbush Hydrogen Project (GBH2) SSE Renewables UK hydrogen sector is gathering pace Cromarty Hydrogen Project Pale Blue Dot Energy • 10GW clean hydrogen 2030; >50% green. Commercial Scale Demonstrator EMR Dolphyn Target has been doubled since Russia invaded U
Slide 6: Q1 2023 financial highlights
Q1 2023 financial highlights 31 March 31 Dec % change 31 March % change Q1 2023 financial highlights 1,2 2.3 2023 2022 2022 NAV per share 100.00p 97.31p 2.8% 96.8p 3.3% • NAV per share 100.00p, +3.3% Q1 22 - Q1 23 and NAV £128.8m £125.3m 2.8% £104.0m 23.8% +2.8% Q4 22 - Q1 23 Market Cap £72.7m £102.
Slide 7: Growing our NAV and NAV/share in Q1 2023
Growing our NAV and NAV/share in Q1 2023 NAV movements Q4 2022 - Q1 2023 (pence per share) NAV (£m) and NAV pence per share, 2021-23 103.00 4.81 (1.14) 145 105.00 102.00 100.0p (0.28) 94.9p 100.00 101.00 (0.70) 96.8p 96.9p 97.3p 135 96.5p 100.00 95.00 £128.8m £124.8m £125.4m 99.00 £124.3m 125 90.00
Slide 8: Share price development and valuation
Share price development and valuation HydrogenOne NAV/share vs listed hydrogen shares (SOLGHYD) Cumulative performance (%) 130 3 months 9 months 12 months Since Jul 120 ‘21 IPO 110 100 HGEN NAV 2.8% 3.3% 3.3% 2.0% 90 growth 80 HGEN share -28.9% -39.5% -48.2% -43.6% 70 price 60 50 SOLGHYD NAVPS 40 Ju
Slide 9: Distinctive and unique hydrogen portfolio
Distinctive and unique hydrogen portfolio Portfolio segmentation Portfolio segmentation Fund holdings (as of 31 March 23) by theme by geography Private portfolio NAV £m NAV % Sunfire GmbH 24 19% 8% 5% +1.1 13% Elcogen +1.63Plc 21 16% +1.1% 26% 8% 1% 26% Strohm Holding B.V. 15 12% NanoSUN Limited 14
Slide 10: 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 45 40 Increase in revenues since investment (0x) 14 35 30 Revenue, £m 12 25 10 20 15 8 10 5 6 - Q4 2020 Q1 2
Slide 11: Sunfire GmbH investment (Supply chain)
Sunfire GmbH investment (Supply chain) Description Growth in revenues since investment 16 German industrial electrolyser producer, of pressure alkaline (AEL) and solid oxide electrolysers (SOEC) Increase in revenues since investment (0x) 14 www.sunfire.de 12 Investment size / date / • £22m / Oct 21
Slide 12: HH2E & Thierbach investments (Hydrogen Production)
HH2E & Thierbach investments (Hydrogen Production) Description German green hydrogen project developer with a focus on industrial customers. Operator of the Thierbach green hydrogen development Thierbach project, in which HGEN has a direct investment. www.hh2e.de Berlin Investment size / date / • HH
Slide 13: Strohm Holding B.V. investment (Storage & Distribution)
Strohm Holding B.V. investment (Storage & Distribution) Company description Growth in revenues since investment 16 Netherlands-based hydrogen pipeline company Increase in revenues since investment (0x) 14 www.strohm.eu 12 Investment size / date / • £10m / Aug 22 & Dec 22 / 12% of NAV 10 % of NAV Co-
Slide 14: Merger of Cranfield Aerospace and Britten-Norman
Merger of Cranfield Aerospace and Britten-Norman • Merger to create the world’s first fully integrated, zero-emissions aircraft, for entry into service in 2026 • Accelerates and de-risks the commercialisation of Cranfield’s hydrogen flight technology Cranfield Aerospace • TAM £1.4bn 2030 • Technolog
Slide 15: Summary
Summary Identifying the best investment opportunities Strong management Revenue-generating Distinctive project Avoided GHG 10-15% target teams equipment suppliers developers potential return incl. exits1 Specialist team Active stewardship Grow EBITDA and exit >£500m pipeline Clear strategy to grow N
Slide 16: Fund holdings
Fund holdings As at 31 March 2023 As at 31 Dec 2022 Private portfolio NAV £m NAV % NAV £m NAV % Sunfire GmbH 24 19% 22 17% Elcogen Plc 21 16% 20 16% Strohm Holding B.V. 15 12% 12 9% NanoSUN Limited 14 10% 11 9% HiiROC Ltd 13 10% 13 10% Cranfield Aerospace Solutions 9 7% 8 5% Bramble Energy Limited 8
Slide 17: 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 5 Margaret St London W1W 8RY www.hydrogenonecapitalgrowthplc.com/ Barclays Bank PLC: Dion Di Miceli E: BarclaysInvestmentComp
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