Hydrogen Capital Growth plc · FWB:65U
Hydrogen Capital Growth — HydrogenOne Capital Growth — Q3 2023 Earnings Presentation
28 slides from Hydrogen Capital Growth's earnings presentation, Nov 14, 2023
Slide 1: HydrogenOne Capital Growth plc Q3 2023 Investor Update
HydrogenOne Capital Growth plc Q3 2023 Investor Update Investing in clean hydrogen for a climate-positive impact LSE: HGEN 14 November 2023
Slide 2: Disclaimer
Disclaimer This document is issued by HydrogenOne Capital Growth plc (the "Company" or "HydrogenOne") 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 recipien
Slide 3: Q3 2023 highlights
Q3 2023 highlights • Net Asset Value (“NAV”) per share of the Company 101.4 pence; broadly similar to 30 June 2023, and up 5.1% since 30 September 2022. NAV per share includes 0.62 pence reduction for accrual of carry; • Growth delivery from private portfolio companies, delivering an aggregate £63m
Slide 4: 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 5: 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 Thierbach Others • Revenue-generating equipment businesses Top 10 6.0% 94.0% • Hydrogen production projects 19.4% • Co-invest
Slide 6: 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 6
Slide 7: Hydrogen update: US and Germany supportive policy development
Hydrogen update: US and Germany supportive policy development US Government funding a ‘hub’ strategy Germany: hydrogen ‘core’ network • RED III and mandates underpin demand • H2 pipeline network to convert 6,000km existing pipelines and 1,800km new build • 2030: 3mtpa market • Seven ‘hydrogen hubs’
Slide 8: Q3 2023 financial highlights
Q3 2023 financial highlights 30 Sep 30 Jun % 30 Sep % change change 2023 2023 1,2 2022 2,3 NAV per share 101.42p 100.70p 0.7% 96.49p 5.1% NAV £130.6m £129.7m 0.7% £124.3m 5.1% • NAV per share 101.42p Market Cap £71.2m £82.1m (13.2)% £111.4m (36.1)% • +5.1% Q3 22 – Q3 23 Share price premium / (discou
Slide 9: Growing our NAV and NAV/share in Q3 2023
Growing our NAV and NAV/share in Q3 2023 NAV movements Q2 2023 – Q3 2023 (pence per share) NAV (£m) and NAV pence per share, 2021-23 103.00 145 105.00 1.70 0.65 102.50 101.4p 100.7p 100.0p 100.00 102.00 96.8p 96.9p 97.3p 135 96.5p 94.9p £130.6m (0.62) £129.7m 95.00 101.50 £128.8m (1.00) £124.8m £125
Slide 10: Distinctive and unique hydrogen portfolio
Distinctive and unique hydrogen portfolio Portfolio segmentation Portfolio segmentation Fund holdings (as of 30 Sep 23) by theme by geography Private portfolio NAV £m NAV % Sunfire GmbH 25 19% 8% Elcogen Plc +1.1 22 17% 4% 16% +1.63 +1.1% 9% 25% Strohm Holding B.V. 20 15% 28% 1% NanoSUN Limited 14 1
Slide 11: 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 70 Increase in revenues since investment (0x) 14 60 +174% 50 12 40 Revenue, £m 10 30 20 8 10 - 6 Q4 2020 Q1
Slide 12: HD Hyundai strategic investment in Elcogen
HD Hyundai strategic investment in Elcogen (17% HGEN NAV) Solid oxide cell and stack innovation Strategic investor unlocks new growth New build plant, Tallinn. Phase 1: 100MW SOEC. Up to 360MW potential at this site Cell Stack Module Underlying electrochemical technology which allows Manages the way
Slide 13: Sunfire: 100MW electrolyser order and IPCEI funding
Sunfire: 100MW electrolyser order and IPCEI funding (19% HGEN NAV) Recent developments GET H2 TransHyDE joint project Ten modules with 10 MW capacity 2,000 kg/h green hydrogen • New purchase order for a 100 MW pressurized alkaline electrolyser, with a leading European refinery. Marks a key milestone
Slide 14: Cranfield Aerospace: hydrogen powered flight with Dronamics partnership
Cranfield Aerospace: multiple routes to market for hydrogen powered flight with Dronamics partnership (9% HGEN NAV) Dronamics • World's first cargo drone airline, with a license to Cranfield Aerospace operate in Europe • Partnership agreements with DHL & Hellmann • Technology leader in delivering hy
Slide 15: Momentum in Norway and Germany hydrogen offtake
Momentum in Norway and Germany hydrogen offtake (combined 8% of HGEN NAV) Gen2 Energy progressing first hydrogen HH2E advancing multiple hydrogen projects project at Mosjøen in Germany Nesbruket 1 Nesbruket 1 • 15,000 tonnes/year • Compressed hydrogen • Target FID 2024 BASF battery, which will be us
Slide 16: Summary
Summary Q3 2023 highlights Identifying the best investment opportunities • Net Asset Value (“NAV”) per share of the Company 101.4 pence; broadly similar to 30 June 2023, and up 5.1% since Active Grow EBITDA Specialist team stewardship and exit >£500m pipeline 30 September 2022. • Growth delivery fro
Slide 17: Appendix: Invested companies summary
• Appendix: Invested companies summary 17
Slide 18: Fund holdings
Fund holdings As at 30 Sep 2023 As at 30 Jun 2023 Private portfolio NAV £m NAV % NAV £m NAV % Sunfire GmbH 25 19% 26 20% Elcogen Plc 22 17% 21 17% Strohm Holding B.V. 20 15% 18 14% NanoSUN Limited 14 11% 13 10% Cranfield Aerospace Solutions 12 9% 10 8% HiiROC Ltd 11 8% 10 8% Bramble Energy Limited 8
Slide 19: Sunfire GmbH investment
Sunfire GmbH investment (Supply chain) Description Growth in revenues since investment German industrial electrolyser producer, of pressure 16 alkaline (AEL) and solid oxide electrolysers (SOEC) 14 Increase in revenues since investment (0x) www.sunfire.de 12 Investment size / date / • £22m / Oct 21
Slide 20: Elcogen Plc investment
Plc Elcogen Plc investment (Supply chain) Company description Growth in revenues since investment Solid oxide fuel cell and electrolyser manufacturer with presence 16 in Estonia and Finland 14 Increase in revenues since investment (0x) www.elcogen.com Investment size / date / 12 • £20m / May 22 / 17
Slide 21: Strohm Holding B.V. investment
Strohm Holding B.V. investment (Storage & Distribution) Company description Growth in revenues since investment 16 Netherlands-based hydrogen pipeline company 14 Increase in revenues since investment (0x) www.strohm.eu 12 Investment size / date / • £10m / Aug 22 & Dec 22 / 15% of NAV % of NAV 10 • S
Slide 22: NanoSUN Limited
NanoSUN Limited Company description Growth in revenues since investment UK-based developer of hydrogen distribution and mobile 16 refueling equipment 14 Increase in revenues since investment (0x) www.nanosun.co.uk Investment size / date / 12 • £11m / Dec 21 & Feb 23 & Jul 23 / 11% of NAV % of NAV Co
Slide 23: HiiROC Limited investment
HiiROC Limited investment (Storage & Distribution) Company description Growth in revenues since investment UK-based thermal plasma electrolysis developer, with 16 world-leading (IP-protected) technology for low-cost, zero-emission hydrogen, also enabling flare/waste gas 14 Increase in revenues since
Slide 24: Cranfield Aerospace Solutions Ltd
Cranfield Aerospace Solutions Ltd Company description Growth in revenues since investment 16 UK-based passenger flight innovator, powering turboprop flight with hydrogen 14 Increase in revenues since investment (0x) www.cranfieldaerospace.com 12 Investment size / date / • £9m / Mar 22 & Apr 23 & Sep
Slide 25: Bramble Energy Limited
Bramble Energy Limited Company description Growth in revenues since investment UK-based fuel cell and portable power solutions company 16 14 Increase in revenues since investment (0x) www.brambleenergy.com 12 Investment size / date / • £10m / Feb 22 / 6% of NAV % of NAV 10 Co-investors • IP Group, B
Slide 26: HH2E & Thierbach investments
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 27: Gen2 Energy
Gen2 Energy Company description Norwegian green hydrogen project developer www.gen2energy.com Oslo Investment size / date / • £3m / Mar 22 / 3% of NAV Holandsvika % of NAV • 500MW – est. 2027 Co-investors • HyCap, Vitol, Hoegh LNG, Knutsen Group • Electrolysis with shipping transport HGEN investment
Slide 28: 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
HydrogenOne Capital Growth — Q3 2023 Earnings Presentation on 6ix