Ineos Energy will invest £ 25 million in the forthcoming IPO of HydrogenOne Capital Growth plc, which accounts for 10% of the target fundraise of £250 million.
The investment will also allow Ineos the right to appoint a non-executive director to the Board and will also have co-investment rights in projects identified by HydrogenOne.
HydrogenOne will be the first London listed fund dedicated to clean hydrogen for the energy transition towards net-zero carbon emissions by 2050. It will provide access to clean hydrogen through investment in a diversified portfolio of hydrogen and mainly private hydrogen-focused assets. It is likely to qualify for the London Stock Exchange’s Green Economy Mark at admission, which recognises companies whose 50% of business revenues linked to the global green economy.
Ineos is one of Europe’s largest hydrogen producers and produces about 300,000 tonnes/year of hydrogen, mainly as a co-product from its chemical manufacturing operations. It has experience in electrolysis technology and involved in clean hydrogen projects, expediting the decarbonisation of energy.
Brian Gilvary, Executive Chairman of Ineos Energy, said, “It marks the beginning of another substantial and long-term partnership, opening new windows into the clean hydrogen world for Ineos.”
Simon Hogan, Chairman of HydrogenOne, said, “HydrogenOne is the first of a kind. We welcome INEOS’ investment in the company and we are looking forward to expanding our collaboration.”