Hydrogen Capital Growth Ltd. is a private limited company, which, prior to delisting on 30 April 2026, was listed on the London Stock Exchange, and whose ordinary shares were traded as an investment trust domiciled in the United Kingdom as (LSE:HGEN)

Trust Overview

Please note Hydrogen Capital Growth Ltd announced on July 30 2025 a proposed change of investment policy to that of a managed realisation strategy. Subsequently, following a shareholder vote to approve the delisting, the Company’s Ordinary Shares were cancelled from trading on the Main Market on 30 April 2026 and the Company was re-registered as a private limited company. Further details can be found in the Circular. New Articles adopted can be found here. Shareholders who own private shares and wish to trade can do so via a Matched Bargain Facility.

HGEN Delisting Circular

2025 Annual Report and Accounts

Q2 update

Matched Bargain Facility

A platform that connects buyers and sellers of unlisted securities, providing liquidity and trading opportunities for shareholders.

To access the news archive prior to Hydrogen Capital Growth Ltd’s delisting, please visit: HYDROGENONE CAPITAL GROWTH PLC HGEN Analysis – Stock | London Stock Exchange

Key Statistics (as at 30 June 2026)

Net asset value (NAV)

£ 0 m

NAV per share

0 p

Literature Archive

Please note the name of the Trust changed and a new investment adviser was appointed on 30 July 2025.
Historic documents relating to the Trust will include reference to the previous investment adviser and the Trust’s previous branding.

Factsheets, Presentations and Updates

2026

2025

2024

2023

2022

2021

Regulatory News

2026

2025

2024

Annual and Interim Reports

2025

2024

2023

2022

2021

For further RNS news relating to Hydrogen Capital Growth plc you can visit: HYDROGENONE CAPITAL GROWTH PLC HGEN Analysis – Stock | London Stock Exchange

Sustainability

HGEN is an SFDR Article 9 impact fund with a sustainable investment objective aligned with the climate change mitigation goal of the EU Taxonomy.

EU Sustainable Finance Disclosure Regulation (“SFDR”) and EU Taxonomy Regulation (“EU Taxonomy”)
As part of the requirements the Company has published the following disclosures which outline how the Company aligns with the regulation and Article 9 classification:

Portfolio

All portfolio information is as at 31 March 2025.

Portfolio segmentation by geography

Portfolio segmentation by theme

Portfolio segmentation by asset class

All Investments

Company Name	Company Description	Amount invested	Date Invested	% of NAV (as at 31.03.25)	Portfolio Theme
Sunfire GmbH	German industrial electrolyser producer of pressure alkaline (AEL) and solid oxide electrolyser	£20m	October 2021	28%	Supply chain
HiiROC Limited	UK-based thermal plasma electrolysis developer with world-leading (IP-protected) technology for low-cost, zero-emission hydrogen also enabling flare/waste gas mitigation and CO2 capture using biomethane	£10m	November 2021	19%	Supply Chain
Elcogen AS	Solid oxide fuel cell and electrolyser manufacturer with presence in Estonia and Finland	£20m	May 2022	17%	Supply Chain
Cranfield Aerospace Solutions Ltd	UK-based passenger flight innovator, powering turboprop flight with hydrogen	£12m	March 2022	13%	Hydrogen Applicators
Strohm Holding B.V.	Netherlands-based hydrogen pipeline company	£11.6m	August 2022 December 2022	12%	Storage and Distribution
Bramble Energy Limited	UK-based fuel cell and portable power solutions company	£10m	February 2022	9%	Supply Chain
Swift Hydrogen	Developer of low-cost mobile hydrogen refuelling equipment for a zero-emission transportation sector	£9.05m	December 2021	<1%	Storage and Distribution

The charts and above show the fund portfolio at 31 March 2025. Private Hydrogen Assets are valued in accordance with the valuation methodology at each period end. The Portfolio themes presented are for illustrative purposes only and should not be relied upon

Directors

Simon Hogan

(Chairman)

Simon brings significant capital markets, legal and management experience to the Board.

Former Managing Director of Morgan Stanley and COO across Commodities, Fixed income and Equity divisions. Multiple board positions and member of the FCA Practitioners committee.

Abigail Rotheroe

Abigail has over twenty years of investment experience most recently as Investment Director at Snowball Impact Management, a sustainable and impact focussed asset manager.

Abigail was a Director of Threadneedle Investment, following positions at HSBC Asset Management and Schroders and has experience of institutional and retail investment.

Ms Rotheroe is a non-executive director of Baillie Gifford Shin Nippon plc, Templeton Emerging Markets Investment Trust plc and Greencoat UK Wind plc.
 Abigail also brings knowledge of fund governance, manager selection and impact measurement.

Afkenel Schipstra

Afkenel is Chair of the Audit & Risk Committee and the Valuation Committee. Afkenel is Director, Hydrogen at Copenhagen Infrastructure Partners MT, a project development company which is wholly owned by Copenhagen Infrastructure Partners.

She was project director for Uniper H2Maasvlakte 500 Mwe and ENGIE HyNetherlands 100-1850 Mwe green hydrogen projects.

Afkenel was previously SVP of Hydrogen Business Development for the Netherlands at ENGIE, and held senior positions at Gasunie, Shell and NAM.

She has delivered hydrogen, heating and oil & gas projects in the Netherlands and world-wide.

Erik Magnesen

Erik is the CFO of INEOS Energy Europe

He has over twenty years of experience ranging from audit and advisory business, to various senior finance positions in the oil service industry. The last 10 yrs he has been CFO within the upstream oil and gas industry

Erik has a finance degree from the Norwegian school of economics.

Advisers

Apex Listed Companies Services (UK) Limited
Registered Office:
140 Aldersgate Street
London
EC1A 4HY

Alternative Investment Fund Manager (AIFM)

Global Fund Management Services Limited
Les Echelons Court
Les Echelons,
St Peter Port
Guernsey
GY1 1 AR

Broker

Shore Capital
57 St James’s St, London SW1A 1LD

Investment Manager

RWC Asset Management LLP (Redwheel)
Verde, 10 Bressenden Place, London SW1E 5DH
[email protected]

Custodian

The Northern Trust Company
50 Bank Street
Canary Wharf
London
E14 5NT

Legal Adviser

Gowling WLG (UK) LLP
4 More London Riverside
London
SE1 2AU

Registered Auditor

KPMG Channel Islands Limited
Glategny Court
Glategny Esplanade
Guernsey
GY1 1WR

Registrar

Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol
BS13 8AE

Financial PR Adviser

Burson Buchanan
107 Cheapside
London
EC2V 6DN
[email protected]

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Notice regarding access to the Secured Portal

The information and materials contained in the Secured Portal section of this website (the “Website Materials“) are exclusively intended for persons who are, or are authorised representatives of, members of Hydrogen Capital Growth Ltd (“HGEN” or the “Company“) whose names are on the Company’s register of members (“Authorised Users“). Any person accessing the Website Materials should ensure they are authorised to do so. By accessing the Secured Portal at any time you represent, warrant and undertake that you are an Authorised User and that you shall, at all times, abide by the terms and conditions of the Company’s website and this notice including the foregoing. In all other cases, including if you are in any doubt as to whether you are an Authorised User, please refrain from accessing the Secured Portal. The Company may change the terms and conditions of its website and of this notice at any time.

If you are no longer a direct member of the Company, or you are no longer an authorised representative of a direct member of the Company, you shall no longer be an Authorised User and accordingly shall not be permitted to access the Secured Portal, notwithstanding that you may still have a valid login.

The Website Materials are being provided on a confidential basis and may not be copied, distributed, published, reproduced, disclosed or otherwise made available, directly or indirectly, in whole or in part, to any other person, for any purposes whatsoever, and in particular may not be distributed to the public generally. Any such reproduction is strictly prohibited. By accessing the Secured Portal you agree that the Website Materials may: (a) constitute proprietary and confidential information that the Company derives economic value from not being generally known; and (b) that any violation of the terms of this notice may cause substantial and irreparable competitive harm to the Company. By accessing the Secured Portal you represent, warrant and undertake that: (i) you shall treat and safeguard as strictly private and confidential all Website Materials in your possession and take all reasonable steps to preserve such confidentiality on the terms of this notice; (ii) that you shall not use any Website Materials in any manner detrimental to the Company; and (iii) that upon request by the Company at any time, you shall return or destroy (as required by the Company) all Website Materials that you may have retained access to.

The Website Materials are for information purposes only and do not constitute or form a part of any offer or invitation to sell or issue, or the solicitation of any offer to purchase or subscribe for, any securities. The Website Materials are general in nature and do not in any way constitute investment, tax, legal, regulatory or other advice. No representation or warranty, express or implied, is or will be made by the Company, its advisers or any other person as to the accuracy, completeness or fairness of the information or opinions contained in Website Materials. Without prejudice to the foregoing, neither the Company nor its advisers nor any of their representatives accept any liability whatsoever for any loss howsoever arising, directly or indirectly, from the use of Website Materials or otherwise arising in connection therewith.

Frequently Asked Questions (FAQ)

Hydrogen Capital Growth Ltd (“HGEN”) announced on July 30 2025 a proposed change of investment policy to that of a managed realisation strategy. Subsequently, following a shareholder vote to approve the delisting, the Company’s Ordinary Shares were cancelled from trading on the Main Market on 30 April 2026 and the Company has been re-registered as a private limited company.

The below outlines some frequently asked questions and should be read in conjunction with the related documentation available.

The below outlines some frequently asked questions and should be read in conjunction with the related documentation available in full on the Company’s website.

The best way to stay informed is via the Company’s website: https://www.redwheel.com/hydrogen-capital-growth/. Regular quarterly updates are provided to shareholders [in the Latest News section]. As and when there is meaningful news flow regarding the managed realisation it will also be available on the website.

Redwheel acts as Investment Advisor to HGEN and the Company’s website is hosted within Redwheel’s infrastructure.

Useful additional sources of information:

The delisting circular: Circular.
New Articles adopted can be found here.
Shareholders who wish to trade shares can do so via a Matched Bargain Facility which has been put in place with JP Jenkins: https://jpjenkins.com. This platform connects buyers and sellers of unlisted securities.
Quarterly updates from the Investment Team are uploaded on the main page. (E.g. Q1 update can be found here; this link will be replaced with the subsequent period)
To access the news archive prior to Hydrogen Capital Growth Ltd.’s delisting, please refer to the ‘Regulatory News’ section of the ‘Latest News and Literature Archive’ tab on the website.

Each quarter the Redwheel Investment Team provides a Company update on the main page (the latest available is therefore available at Hydrogen Capital Growth – Hydrogen Capital Growth); and any other ad hoc updates alongside the quarterly’s will be available in the ‘latest news’ section of the website).

The quarterly updates will cover latest changes to the portfolio, corporate events, proceeds recovered as part of realisation and any other material updates for the attention of shareholders.

The Circular describes a mechanism called B Share Scheme (pg. 8-9), which was put in place (upon Shareholders’ approval) to provide the Company with a mechanism to return cash to Shareholders at such time or times as the Board may, at its absolute discretion, determine. As sale proceeds are realised, the Board will determine when distributions to shareholders can be made, via this mechanism.

The quantum and timing of the return of capital is at the discretion of the Board and will remain dependent on the realisation of the Company’s investments, its liabilities, general working capital requirements and the amount and nature (from a tax perspective) of its distributable reserves from time-to-time.

Under the terms of the circular approved by shareholders, the Company moved to a semi-annual valuation cycle (30^th June and 31^st December). The first valuation point after delisting was 30^th June 2026; NAV updates are published with c. two months’ delay to allow for governance and the oversight process by the Board. The previous published NAV remains applicable until such time as the next NAV is published.

Shareholders who wish to trade shares can do so via a Matched Bargain Facility which has been put in place with JP Jenkins: https://jpjenkins.com. This platform connects buyers and sellers of unlisted securities.

There has been no transfer of shares to JP Jenkins. JPJ offer a matched bargain platform which permits trading in unlisted securities, performing a role similar to the LSE for listed positions.

Dealing in the Company’s shares can still be carried out via the JP Jenkins Matched Bargain Facility, which is described in the Circular. The link can also be found on the Company’s homepage: Hydrogen Capital Growth – Hydrogen Capital Growth. You can find the list of brokers on the JP Jenkins website, please see below link. https://jpjenkins.com/brokers/

You will need to liaise directly with your broker or platform provider, who should be able to advise on what trading they can facilitate. If your current broker/platform is not signed up to JP Jenkins, they can of course sign-up. Alternatively, your broker should be able to facilitate the transfer of your holding to another broker/platform that is.

The last public NAV per share as at 31^st December was 30.54p.

Under the terms of the Circular approved by shareholders, HGEN moved to a semi-annual valuation cycle. The first valuation point after delisting was 30^th June 2026, and every six months thereafter.

The Circular provides information on the treatment of delisted shares by HMRC (pg.8), and should you have any further questions, please refer you to your professional independent tax adviser directly, as personal tax circumstances will vary.