Hydrogen Capital Growth plc is an investment trust that is domiciled in the United Kingdom whose ordinary shares are listed on the London Stock Exchange (LSE:HGEN).
Overview
Hydrogen Capital Growth plc’s investment objective is to deliver an attractive level of capital growth by investing, directly or indirectly, in a diversified portfolio of hydrogen and complementary hydrogen focused assets whilst contributing to climate change mitigation by integrating core ESG principles into its decision making and ownership process.
Please note the Company announced on July 30 2025 a proposed change of investment policy to that of a managed realisation strategy which is subject to regulatory and shareholder approvals.
Company update and appointment of Redwheel (30 July 2025)
On 30 July, 2025 the Board of Directors announced the appointment of Redwheel as Investment Adviser to assist the Company with a managed realisation of the Company’s remaining investments.
Name Change (31 July 2025)
The Company announced that with effect from 30 July 2025, the Company has changed its name to Hydrogen Capital Growth plc
For news relating to Hydrogen Capital Growth plc you can visit: HYDROGENONE CAPITAL GROWTH PLC HGEN Analysis – Stock | London Stock Exchange
Key Statistics (as at 31st March 2025 unaudited)
Net asset value (NAV)
£115.0m
NAV per share
89.28p
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 and Presentations
Annual and Interim Reports
Regulatory News
July 2025- Company Update and Appointment of Redwheel
June 2025 – Holdings in Company
June 2025 – Posting of Circular and Notice of Annual General Meeting
May 2025- Q1 2025 Net Asset Value and Portfolio Update
May 2025 – Notice of Quarterly NAV, Portfolio Update and Investor Presentation
April 2025 – Investment Adviser Update
April 2025 – Annual Results Correction
April 2025 – Notice of Annual Results
April 2025 – Publication of 2024 Sustainability Report
April 2025 – Notice of Webcast
March 2025 – Elcogen announces SYRIUS Project in green steel
February 2025 – Notice of Quarterly NAV, Portfolio Update and Investor Presentation
February 2025 – Quoted Data’s Weekly News Show
February 2025 – Finnish Green Hydrogen Plant becomes operational
January 2025 – Elcogen secures EUR25 million grant
January 2025 – Sunfire secures 200 million in guaranteed financing
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
Private investments as at 31 March 2025
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:
6th Floor
125 London Wall
London
EC2Y 5AS
