(Alliance News) - HydrogenOne Capital Growth PLC on Friday posted a rise in net asset value, but cash reserves fall.
The London-based investment firm said its net asset value per share as at August 3 was 97.42 pence, a 2.2% increase from June. HydrogenOne said that this is as a result of revised private valuations.
During the quarter to June 30, HydrogenOne said it has added two new private investments to its portfolio. It noted a GBP20.5 million investment in solid-oxide fuel cells manufacturer Elcogen PLC and a GBP5.1 million investment into Germany-based green hydrogen developer HH2E.
The company said these investments have reduced cash reserves to GBP29.9 million from GBP26.4 million in the previous quarter.
Chair Simon Hogan said: "As we continue to deploy our funds, we are supported by wider macro trends driving the focus of governments and the industry to grow renewable energy and clean hydrogen.
"With the world facing rising fossil fuel prices, due to supply disruptions caused by the Russian invasion of Ukraine, combined with the imperatives of climate change mitigation and improved air quality, the hydrogen sector is accelerating faster than anticipated," Hogan added.
Shares in HydrogenOne were up 2.0% to 91.90 pence each in London on Friday afternoon.
By Sophie Rose; sophierose@alliancenews.com
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HydrogenOne (HGEN)