Last checked at 15 Dec 2022 07:00
THIS ANNOUNCEMENT IS NOT AN OFFER FOR SALE OR SUBSCRIPTION OR SOLICITATION TO PURCHASE SHARES IN ANY JURISDICTION.
15 December 2022
HydrogenOne Capital Growth plc invests £1.1m in Strohm
alongside ING, concluding a total EUR 29m investment round
HydrogenOne Capital Growth plc ("HydrogenOne" or the "Company"), the first London-listed fund investing in clean hydrogen for a positive environmental impact, is pleased to announce that it has signed definitive agreements for a follow-on investment of EUR 1.25 million (£1.1 million) in Strohm Holding B.V. ("Strohm"), concluding a total EUR 29 million investment round.
HydrogenOne is investing in the EUR 15 million second tranche announced today including a EUR 10 million investment by ING Corporate Investments, a 100% subsidiary of ING Bank N.V., as well as Strohm's existing shareholders Shell Ventures, Chevron Technology Ventures and Evonik Venture Capital.
As announced on 12 August 2022, HydrogenOne invested EUR 10 million (£8.4 million) in the first tranche and had the option to invest up to a further EUR 2 million (£1.7 million) in the second funding tranche. Within the total EUR 29 million round, HydrogenOne has committed to invest a total of EUR 11.25 million (£9.5 million).
This funding round enabled Strohm, the world's first and leading producer of Thermoplastic Composite Pipe ("TCP"), to accelerate the expansion of its manufacturing operations enhancing capacity to deliver its unique TCP solutions to offshore green hydrogen and carbon capture and utilisation and storage markets. Meanwhile, Strohm has continued to support its current clients towards their net-zero goals. TCP is a flexible, corrosion-resistant pipe technology which does not fatigue or suffer from issues associated with using steel pipe for hydrogen, such as embrittlement.
Simon Hogan, Chairman of HydrogenOne, commented: "We are pleased to continue our support for Strohm, which is leading the way in superior offshore pipeline solutions. If Europe and the world are to reach global net zero targets, we must move forward at pace with decarbonising energy infrastructure. With this investment Strohm can continue to work with its clients and future partners in their paths towards a sustainable future and positively contribute to climate change mitigation through reduction of the carbon emission footprint of pipelines around the world."
Martin van Onna, CEO of Strohm, said: "This significant investment from ING Corporate Investments and our existing shareholders is a huge vote of confidence in what we have achieved to date and the wide acceptance of our ground-breaking TCP technology and its applications across multiple energy markets."
The Company's LEI is 213800PMTT98U879SF45.
For further information, please visit www.hydrogenonecapitalgrowthplc.com or contact:
HydrogenOne Capital LLP - Investment Adviser | +44 20 3830 8231 |
JJ Traynor/Richard Hulf Eva Bezruchko | |
Panmure Gordon - Corporate Broker and Financial Adviser | |
Tom Scrivens Alex Collins
| +44 20 7886 2500
|
FTI Consulting - Media Enquiries Matthew O'Keeffe Christopher Laing |
+44 20 3727 1725 +44 78 0923 4126 hygen@fticonsulting.com |
About HydrogenOne:
HydrogenOne is the first London-listed hydrogen fund investing in clean hydrogen for a positive environmental impact. The Company was launched in 2021 with an investment objective to deliver an attractive level of capital growth by investing in a diversified portfolio of hydrogen and complementary hydrogen focussed assets. INEOS Energy is a strategic investor in HydrogenOne. The Company is listed on the London Stock Exchange's main market (ticker code: HGEN). The Company is an Article 9 climate impact fund.
About Strohm:
Strohm has the world's largest track-record for TCP having brought the technology to market in 2007. The business is committed to driving sustainability with its range of composite subsea flowlines and jumpers which helps clients to reach their net-zero carbon emissions targets and supports the renewables sector.
TCP is a strong, non-corrosive, spoolable, lightweight solution which is delivered in long lengths, resulting in a significant reduction of transportation and installation costs. It has proven to reduce the CO2 footprint of pipeline infrastructures by more than 60%. It is also 100% recyclable.
Strohm is headquartered in IJmuiden in the Netherlands where its manufacturing plant is also located. It has additional offices in Houston (US), Rio de Janeiro (Brazil) and Kuala Lumpur (Malaysia). Its shareholders include Chevron Technology Ventures, Evonik Venture Capital, and Shell Ventures. Visit the Strohm website here: https://strohm.eu/.
IMPORTANT NOTICE
This announcement does not constitute an offer to sell, or the solicitation of an offer to acquire or subscribe for, shares in the Company in any jurisdiction. The distribution of this announcement outside the UK may be restricted by law. No action has been taken by the Company that would permit possession of this announcement in any jurisdiction outside the UK where action for that purpose is required. Persons outside the UK who come into possession of this announcement should inform themselves about the distribution of this announcement in their particular jurisdiction.
This announcement contains (or may contain) certain forward-looking statements with respect to certain of the Company's plans and/or the plans of one or more of its investee companies and their respective current goals and expectations relating to their respective future financial condition and performance and which involve a number of risks and uncertainties. The Company cautions readers that no forward- looking statement is a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking statements.