Hydrogen Capital Growth plc · FWB:65U
Hydrogen Capital Growth — HydrogenOne Capital Growth — Q2 2024 Earnings Presentation
21 slides from Hydrogen Capital Growth's earnings presentation, Jul 31, 2024
Slide 1: HydrogenOne Capital Growth plc Q2 2024 Investor Update
HydrogenOne Capital Growth plc Q2 2024 Investor Update Investing in clean hydrogen for a climate-positive impact LSE: HGEN 31 July 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 • Q2 2024 results • Portfolio update 3
Slide 4: Q2 2024 highlights
Q2 2024 highlights • Net Asset Value (“NAV”) per share of the Company of 103.60 pence; in line with 31 March 2024 (103.56 pence), and an increase of 2.9% since 30 June 2023. Private portfolio companies, delivering an aggregate £133m £76 million in total revenue in the 12 months to 30 June 2024, an i
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 Others Where we invest 1.7% Top 8 • Revenue-generating equipment businesses 98.3% • Hydrogen production projects 21.3% Top 5 77.4% • Co-inves
Slide 7: Q2 2024 financial highlights
Q2 2024 financial highlights 30 Jun 31 Mar % change 30 Jun % change 1,2 2,3 2024 2024 2023 • NAV per share 103.60p NAV per share 103.60p 103.56p - 100.70p 2.9% • +2.9% Q2 23 – Q2 24 NAV £133.5m £133.4m - £129.7m 2.9% • Broadly similar Q1 24 – Q2 24 Market Cap £68.9m £58.4m 18.0% £82.1m (16.0)% • £1.
Slide 8: Growing our NAV and NAV/share in Q2 2024
Growing our NAV and NAV/share in Q2 2024 NAV movements Q1 2024 – Q2 2024 (pence per share) NAV (£m) and NAV pence per share, 2021-24 110.00 106.00 150 105.00 1.12 (0.36) (0.72) 103.6p 103.6p 105.00 103.0p 104.00 101.4p 100.7p 100.0p 140 103.00 Listed -0.04p, £133.5m 100.00 Private +1.17p 96.9p 97.3p
Slide 9: NAV movements Q1 2024 - Q2 2024
NAV movements Q1 2024 - Q2 2024 Strategic investment + collaboration, and roll-forward of valuation Roll-forward of valuation Swap of project SPV rights and debt for HH2E equity + access to Lubmin project Revised project assumptions Revised business plan Near term revenue revisions, new investment a
Slide 10: Contents
Contents • Q2 2024 results • Portfolio update 10
Slide 11: Distinctive and unique hydrogen portfolio
Distinctive and unique hydrogen portfolio Fund holdings (as of 30 June 24) Portfolio segmentation Portfolio segmentation Private portfolio NAV £m NAV % by theme by geography Sunfire GmbH 28 21% Elcogen Plc 26 20% 11% 12% 10% HiiROC Ltd 23 17% Strohm Holding B.V. 13 10% 9% 31% 23% Bramble Energy Limi
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: £140m investment in portfolio companies completed in Q2
£140m investment in portfolio companies completed Q2 24 Apr 2024 May 2024 • Elcogen announces a strategic investment by Baker • HH2E completes its corporate consolidation by the exchange Hughes, part of an overall funding package totaling of interests in five SPVs including Thierbach, and interests
Slide 14: HiiROC: Strategic investment to accelerate US expansion
HiiROC: Strategic investment to accelerate US expansion (17.2% HGEN NAV) Thermal Plasma Electrolysis (TPE) production process HiiROC TPE pilot units at Centrica Brigg site, UK Recent developments 13% (£2.6m) increase in NAV 31 March - 30 ▪ Completed new strategic investment to accelerate June 2024 e
Slide 15: HH2E: new corporate structure and access to Lubmin project
HH2E: new corporate structure and access to Lubmin project (9.2% HGEN NAV) Lubmin development HH2E Germany; 4GW 2030E Completed its corporate consolidation by the • Agreed long-term partnership with BORSIG ZM exchange of interests in five SPVs including for compressor units capable of handling a 200
Slide 16: Elcogen: €140 million funding completed
Elcogen: €140 million funding completed (19.6% HGEN NAV) Development of a new 360 MW production facility. Tallinn Cornerstone: Elco-1 • Site works commenced on new production facility in Tallinn (‘Elco-1’) to expand manufacturing capacity to 360 MW Strategic investors HD Hyundai Group (2023) and Bak
Slide 17: Strohm: €30 million funding completed
Strohm: €30 million funding completed (9.9% HGEN NAV) Strohm’s new TCP product for CCS applications Strohm – funding round underpins growth • New thermoplastic composite pipe (“TCP”) product is based on carbon fibre and polyvinylidene fluoride to be used in CCS applications • Won third and largest T
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 +44% 80 Increase in revenues since investment (0x) 14 70 Revenue, £m 60 12 50 40 10 30 20 8 10 - 6 Q4 202
Slide 19: Summary
Summary Identifying the best investment opportunities Q2 2024 highlights Active Grow EBITDA Specialist team stewardship and exit Strong pipeline • Net Asset Value (“NAV”) per share of the Company 103.60 pence; in line with 31 March 2024, and up 2.9% since 30 June 2023 • Private portfolio companies d
Slide 20: 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 21: Fund holdings
Fund holdings As at 30 Jun 2024 As at 31 Mar 2024 Private portfolio NAV £m NAV % NAV £m NAV % Sunfire GmbH 28 21% 28 21% Elcogen Plc 26 20% 26 19% HiiROC Ltd 23 17% 20 15% Strohm Holding B.V. 13 10% 17 12% Bramble Energy Limited 13 9% 11 8% HH2E AG 12 9% 12 9% Cranfield Aerospace Solutions 12 9% 12
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