Hydrogen Capital Growth plc · FWB:65U
Hydrogen Capital Growth — HydrogenOne Capital Growth — FY2024 Earnings Presentation
30 slides from Hydrogen Capital Growth's earnings presentation, Apr 30, 2025
Slide 1: FY24 Annual Results presentation
HydrogenOne Capital Growth plc FY24 Annual Results presentation Investing in clean hydrogen for a climate-positive impact LSE: HGEN 30th April 2025
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 • Full year results for the year ending 31st December 2024 • Portfolio update and outlook • Appendix: Invested companies update 3
Slide 4: 2024 highlights and outlook
2024 highlights and outlook • NAV decreased by 12% from £132.7 million at 31 December 2023 to £116.4 million £116m 90p at 31 December 2024. NAV per share decreased to 90.39p at 31 December 2024; NAV NAV per share • NAV per share reduced by 12.6p, including the write-down of HH2E and Thierbach SPV (6
Slide 5: Key hydrogen macro trends - 2024
Key hydrogen macro trends - 2024 $100 billion £9 billion 0.2mtpa policy support announced 2024 clean hydrogen 2024 green hydrogen world-wide investment (+60%) production (+25%) 2.8 mtpa €1.2 billion USA green hydrogen post-FID EU Hydrogen Bank Auction Energy transition policies 15x increase in suppl
Slide 6: 2024 financial highlights
2024 financial highlights • NAV decreased by 12% from £132.7 million at 31 Dec 31 Dec 2024 2023 % change 1,2 31 December 2023 to £116.4 million at 31 December 2024; NAV per share 90.39p 102.99p (12.2)% • NAV reduced by 12.6p, including the write- down of HH2E, exchange rate impacts, fund NAV £116.4m
Slide 7: NAV and NAV/share in 2024
NAV and NAV/share in 2024 NAV movements 2023-24 (pence per share) NAV (£m) and NAV pence per share, 2021-24 120.00 104.00 150 102.00 103 .0p 103 .6p 103 .6p 94.9p 100 .0p 100 .7p 101 .4p 100 .8p 100.00 96.8p 96.9p 96.5p 97.3p 100.00 90.4p 98.00 140 £13 2.7 m £13 3.5 m (7.15) £12 9.7 m 96.00 £12 5.4
Slide 8: Portfolio valuation changes 2023-24
£27.1m £5.3m £32.3m £13.7m £10.2m £23.9m £5.4m (£5.4m) £0.0m £10.6m £-0.7m £9.9m £4.4m (£1.6m) Divested £2.8m Portfolio valuation changes 2023-24 £11.9m £0.5m £12.4m £24.4m £-3.4m £21.0m £7.0m £-7.0m £0.0m £19.7m (£5.8m) £13.9m £2.3m Listed (£2.5m) (Divested) (£0.2m) £0.4m Net current assets £116.4m
Slide 9: Top and bottom NAV performers 2023-2024
Top 3 and bottom 3 NAV performers 2023-2024 External investment and DCF roll-forward External investment, business growth, DCF roll-forward Business development Company restructuring to wholly-owned Re-phasing of order book and external investment Write-down following termination of major shareholde
Slide 10: HGEN valuation methodology
HGEN valuation methodology Valuations using IPEV guidelines Consistent approach to valuation • Valuations updated for the entire private portfolio on a quarterly basis, reviewed and approved by the AIFM and Board. HGEN’s valuation is audited annually by KPMG Discounted Cash Flow • The private portfo
Slide 11: ESG principles 2024 impact
Our alignment ESG principles 2024 impact Effective Boards £116 million 93% 132,839 tCO2e 274,534 tCO2e 537,193 MWh Our impact deployed in low-carbon EU taxonomy-aligned emissions avoided emissions avoided potential clean growth portfolio in 2024. Carbon neutral since IPO energy capacity in 2024 Scre
Slide 12: Contents
Contents • Full year results for the year ending 31st December 2024 • Portfolio update and outlook • Appendix: Invested companies update 12
Slide 13: Technology development in multiple portfolio companies
Technology development in multiple portfolio companies Bramble: fuel cells HiiROC: plasma electrolysis Cranfield Aerospace: clean flight HiiROC’s pilot units installed at Centrica’s Brigg site Bramble Energy PCBFC Liquid Cooled Stack Technology NAV £10m / 9% NAV £24m / 21% NAV £12m / 11% Sunfire: el
Slide 14: Unique and focused portfolio, invested across the hydrogen value chain
Unique and focused portfolio, invested across the hydrogen value chain Access to a distinctive portfolio of private Geography Theme hydrogen businesses Others 2.6% 12% 28% 28% 19% 28% 11% Top 5 88.9% 19% NAV 12% £116.4m 21% 51% 18% 41% Germany UK Green hydrogen Clean transport Scandinavia Netherland
Slide 15: Investing alongside broad register of blue-chip industrials and funds
Investing alongside broad register of blue-chip industrials and funds 15
Slide 16: Progressing green hydrogen orders and supply chains
Progressing green hydrogen orders and supply chains Sunfire: alkaline and solid oxide Elcogen: fuel cell + electrolysis Strohm: pipeline innovator electrolyzers Strohm’s Thermoplastic Composite Pipes (TCP) Sunfire’s electrolyzer at Ren-Gas’s facility in Tampere, Finland Elcogen’s cornerstone for 140
Slide 17: Progressing green hydrogen orders and supply chains
Progressing green hydrogen orders and supply chains Bramble: fuel cells HiiROC: plasma electrolysis Cranfield Aerospace: hydrogen flight HiiROC’s pilot units installed at Centrica’s Brigg site Bramble Energy PCBFC Liquid Cooled Stack Technology • Launched PCBFC Gen. 2, a fuel cell • Completed new st
Slide 18: The Company's approach to valuation remains consistent
The Company’s approach to valuation remains consistent while the market has seen a strong rise and correction HydrogenOne NAV/share vs listed hydrogen shares (SOLGHYD) Portfolio companies’ performance vs listed hydrogen shares (SOLGHYD) 140 4.00 120 3.50 3.00 100 2.50 Index 80 2.00 1.50 60 1.00 40 0
Slide 19: Portfolio is revenue generating with consistent growth
The portfolio is revenue generating and has produced consistent growth, which attracts new investment >£500m investment in portfolio companies 2024 Portfolio revenues +11% 2024 100 £85m / +11% £77m / +134% 80 £187m Sunfire: £165m Revenue, £m Elcogen: £21m 60 CAeS: £1m £227m Sunfire: £178m Elcogen: £
Slide 20: Summary
Summary Identifying the best investment opportunities 2024 highlights Active Grow EBITDA Maintain • NAV decreased by 12% from £132.7 million at 31 December Specialist team stewardship and exit pipeline 2023 to £116.4 million at 31 December 2024. NAV per share decreased to 90.39p at 31 December 2024;
Slide 21: Contents
Contents • Full year results for the year ending 31st December 2024 • Portfolio update and outlook • Appendix: Invested companies update 21
Slide 22: Fund holdings
Fund holdings As at 31 Dec 2024 As at 31 Dec 2023 Private portfolio NAV £m NAV % NAV £m NAV % Sunfire GmbH 32 28% 27 20% HiiROC Ltd 24 21% 14 10% Elcogen Plc 21 18% 24 18% Strohm Holding B.V. 14 12% 20 15% Cranfield Aerospace Solutions 12 11% 12 9% Bramble Energy Limited 10 9% 11 8% HH2E AG - - 7 5%
Slide 23: ESG KPIs and delivery in 2024
ESG KPIs and delivery in 2024 E S G Capital invested in low-carbon growth: Jobs supported: Positive and proactive engagement with private ✓ £116.4 m since IPO to 31 Dec 2024 ✓ Over 1,330 full-time staff employed by private portfolio to deliver effective Boards: portfolio ✓ 100% representation on Boa
Slide 24: Sunfire GmbH investment
Sunfire GmbH investment (Supply chain) Description Growth in revenues since investment German industrial electrolyser producer of pressure 18 alkaline (AEL) and solid oxide electrolysers (SOEC) 16 Increase in revenues since investment (0x) www.sunfire.de 14 Investment size / date / • £20m / Oct 21 &
Slide 25: 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 in Estonia and Finland 18 www.elcogen.com 16 Increase in revenues since investment (0x) Investment size / date / 14 • £20m / May 22 / 18
Slide 26: HiiROC Limited investment
HiiROC Limited investment (Storage & Distribution) Company description UK-based thermal plasma electrolysis developer, with Growth in revenues since investment world-leading (IP-protected) technology for low-cost, zero-emission hydrogen, also enabling flare/waste gas 18 mitigation and CO2 capture us
Slide 27: Strohm Holding B.V. investment
Strohm Holding B.V. investment (Storage & Distribution) Company description Growth in revenues since investment Netherlands-based hydrogen pipeline company 18 16 Increase in revenues since investment (0x) www.strohm.eu 14 Investment size / date / • £10m / Aug 22 & Dec 22 & Nov 23 / 12% of NAV % of N
Slide 28: Cranfield Aerospace Solutions Ltd
Cranfield Aerospace Solutions Ltd Company description Growth in revenues since investment UK-based passenger flight innovator, powering turboprop 18 flight with hydrogen 16 Increase in revenues since investment (0x) www.cranfieldaerospace.com 14 Investment size / date / • £9m / Mar 22 & Apr 23 & Sep
Slide 29: Bramble Energy Limited
Bramble Energy Limited Company description Growth in revenues since investment UK-based fuel cell and portable power solutions company 18 16 Increase in revenues since investment (0x) www.brambleenergy.com 14 Investment size / date / • £10m / Feb 22 / 9% of NAV % of NAV 12 Co-investors • IP Group, B
Slide 30: Contact us
Contact us HydrogenOne Capital LLP: Dr JJ Traynor, Managing Partner E: [email protected] Richard Hulf, Managing Partner E: [email protected] 4 Manchester Square London W1U 3PD www.hydrogenonecapitalgrowthplc.com/ Barclays Bank PLC: Dion Di Miceli E: BarclaysInvestme
HydrogenOne Capital Growth — FY2024 Earnings Presentation on 6ix