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Jim Ratcliffe gets behind the hydrogen energy rush
Chemicals giant Ineos invests in the £250m HydrogenOne Capital Growth fund that will be listed in London
By
Rachel Millard
5 July 2021 • 5:33pm
Sir Jim Ratcliffe's chemicals empire is getting behind the global hydrogen rush, investing £25m in a new fund that will join the main London stock market.
Ineos's energy division is buying 25m shares in HydrogenOne Capital Growth, amounting to 10pc of the £250m the fund is raising in an upcoming float.
It is a relatively small sum for Ineos which makes annual revenues of $61bn (£44bn), but reflects its growing ambitions in energy beyond its oil and gas business, as well as soaring interest in hydrogen as countries try to slash their carbon emissions.
Brian Gilvary, the former BP finance chief who now runs the Ineos energy division, said the investment was an important business opportunity.
"HydrogenOne has done a good screening of the projects out there and has a good handle on the policies in different jurisdictions," he said.
"It will be a very attractive investment for us and a platform to test and see how this market unfolds ... it means Ineos Energy is playing now in a broader spectrum in the energy transition."
The fund plans to invest in public and private hydrogen companies and projects as well as energy storage and carbon capture projects, focusing on developed markets such as Europe, the US, the Gulf and Asia.
https://www.telegraph.co.uk/business/2021/07/05/jim-ratcliffe-gets-behind-hydrogen-energy-rush/
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