Hydrogen Capital Growth plc · FWB:65U
Hydrogen Capital Growth — HydrogenOne Capital Growth — Q1 2024 Earnings Presentation
22 slides from Hydrogen Capital Growth's earnings presentation, May 8, 2024
Slide 1: HydrogenOne Capital Growth plc Q1 2024 Investor Update
HydrogenOne Capital Growth plc Q1 2024 Investor Update Investing in clean hydrogen for a climate-positive impact 8 May 2024 LSE: HGEN
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 • Q1 2024 results • Portfolio update 3
Slide 4: Q1 2024 highlights
Q1 2024 highlights • Net Asset Value (“NAV”) per share of the Company 103.6 pence; increase of 0.6% from 31 December 2023, and up 3.6% since 31 March 2023 £133m • Growth delivery from private portfolio companies, delivering an aggregate £81m in total revenue in the 12 months to 31 March 2024, an inc
Slide 5: How our portfolio contributes to clean hydrogen
How our portfolio contributes to clean hydrogen Feedstock GAS Grid Blending Refining and chemicals clean-up Renewables Electrolysis Storage & distribution Transport ELECTRICITY Off grid HydrogenOne activities • Conversion of renewables to hydrogen Gaussin hydrogen truck • Multiple hydrogen applicati
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 Where we invest Others • Revenue-generating equipment businesses 3.4% Top 8 96.6% • Hydrogen production projects 20.9% • Co-investing with in
Slide 7: Q1 2024 financial highlights
Q1 2024 financial highlights 31 Mar 31 Dec % change 31 Mar % change 1,2 2,3 2024 2023 2023 • NAV per share 103.56p NAV per share 103.56p 102.99p 0.6% 100.00p 3.6% • +3.6% Q1 23 – Q1 24 NAV £133.4m £132.7m 0.6% £128.8m 3.6% • +0.6% Q4 23 – Q1 24 Market Cap £58.4m £64.0m (8.7)% £60.8m (3.9)% • £1.4m f
Slide 8: Growing our NAV and NAV/share in Q1 2024
Growing our NAV and NAV/share in Q1 2024 NAV movements Q4 2023 – Q1 2024 (pence per share) NAV (£m) and NAV pence per share, 2021-24 106.00 103.6p 105.00 145 103.0p 0.31 (0.77) 105.00 1.77 101.4p (0.74) 100.7p 100.0p 104.00 100.00 96.8p 96.9p 97.3p 135 96.5p £133.4m 103.00 94.9p £132.7m Listed -0.33
Slide 9: NAV movements Q4 2023 - Q1 2024
NAV movements Q4 2023 - Q1 2024 Strategic investment + collaboration Swap of SPVs and debt for equity + access to Lubmin project HD Hyundai and Baker Hughes investment + Elco-1 go ahead Revised electricity price assumptions Increased Netherlands corporation taxes and project phasing Swift Business r
Slide 10: Contents
Contents • Q1 2024 results • Portfolio update 10
Slide 11: Distinctive and unique hydrogen portfolio
Distinctive and unique hydrogen portfolio Fund holdings (as of 31 March 24) Portfolio segmentation Portfolio segmentation Private portfolio NAV £m NAV % by theme by geography Sunfire GmbH 28 21% Elcogen Plc 26 19% +1.1 13% 12% 13% +1.63Ltd HiiROC +1.1% 20 15% Strohm Holding B.V. 17 12% 9% 30% 23% *H
Slide 12: Investing alongside blue-chip industrials and funds
Investing alongside blue-chip industrials and funds Invested companies Co-investors Hydrogen production Storage & distribution Supply chain Hydrogen applications 12
Slide 13: Q1 2024 portfolio newsflow
Q1 2024 portfolio newsflow Jan 2024 Feb 2024 • Sunfire presents "HyDresden" initiative to the public • Sunfire installs Finland's first industrial-scale electrolysis plant • Cranfield signs MoU with Loganair to have the first operational hydrogen-electric Britten- • Cranfield selected for the Hydrog
Slide 14: HiiROC: Strategic investment to accelerate US expansion
HiiROC: Strategic investment to accelerate US expansion (15.3% HGEN NAV) Thermal Plasma Electrolysis (TPE) production process HiiROC TPE pilot units at Centrica Brigg site, UK Recent developments • Technology leader in patented TPE, which produces valuable, high-energy hydrogen and inert, solid carb
Slide 15: Sunfire: €0.5 billion investment secured
Sunfire: €0.5 billion investment secured (20.9% HGEN NAV) !"#$%&'()*+,*+%#')*#-)./+%-)/0%-')'+'12&/+34'&. 5'1'#2)-'6'+/78'#2. • Industry-leading electrolyser manufacturer based in • Launched new alkaline electrolysis plant in Solingen, Germany and Switzerland; 500+ staff 500MW capacity • Revenues fr
Slide 16: Elcogen: €140 million funding secured
Elcogen: €140 million funding secured (19.4% HGEN NAV) !/+%-)/0%-')1'++)*#-).2*1,)%##/6*2%/# !2&*2'9%1)%#6'.2/&)"#+/1,.)#':)9&/:2; Cell Stack Module Underlying electrochemical Manages the way the inputs, Module incorporates multiple technology which allows outputs, heat and pressure are stacks into
Slide 17: HH2E: new corporate structure and access to Lubmin project
HH2E: new corporate structure and access to Lubmin project (8.9% HGEN NAV) <<=>)?'&8*#3@)A?B)=CDC> E/&7/&*2')&'.2&"12"&%#9)'*&+3)=C=A • Simplified corporate structure to facilitate future funding rounds: • Previous HGEN interests in project SPVs including Thierbach swapped for HH2E ‘Topco’ • Lubmin
Slide 18: Cranfield Aerospace: hydrogen electric flight innovator
Cranfield Aerospace: hydrogen electric flight innovator (8.7% HGEN NAV) Cranfield Aerospace • Innovation milestone “Miracle of Packaging” • Stratus 9 to acquire 10 hydrogen conversion kits for B-N Islander ($20m) “Miracle of Packaging” • Joined Exeter and Kirkwall airports low • Hydrogen fuel cell s
Slide 19: Increase in revenues since investment
The portfolio is revenue generating and has produced consistent growth ?&/:2;)%#)7&%6*2')7/&2$/+%/)&'6'#"'.).%#1')%#6'.28'#2 F&%6*2')7/&2$/+%/)&'6'#"')GHCCI)J*.%.KL)M8)N)O&*%+%#9)H=)8/#2;. 16 90 80 14 +103% Increase in revenues since investment (0x) 70 60 Revenue, £m 12 50 40 10 30 20 8 10 - Q4 2020
Slide 20: Summary
Summary Q1 2024 highlights Identifying the best investment opportunities • Net Asset Value (“NAV”) per share of the Company 103.6 pence; increase of 0.6% from 31 December Active Grow EBITDA 2023, and up 3.6% since 31 March 2023 Specialist team >£500m pipeline stewardship and exit • Growth delivery f
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
Slide 22: Fund holdings
Fund holdings As at 31 Mar 2024 As at 31 Dec 2023 Private portfolio NAV £m NAV % NAV £m NAV % Sunfire GmbH 28 21% 27 20% Elcogen Plc 26 19% 24 18% HiiROC Ltd 20 15% 14 10% Strohm Holding B.V. 17 12% 20 15% *HH2E AG 12 9% 7 5% Cranfield Aerospace Solutions 12 9% 12 9% Bramble Energy Limited 11 8% 11
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