INEOS Energy has agreed to purchase 25 million shares in the forthcoming IPO of HydrogenOne Capital Growth plc, representing 10% of the fund target of £250 million. HydrogenOne is London’s first listed fund dedicated to clean hydrogen.
Brian Gilvary executive chairman of INEOS Energy said, “[This investment] will help to accelerate and diversify INEOS’ existing clean hydrogen strategy. It marks the beginning of another substantial and long-term partnership.”
Clean hydrogen has enormous potential to reduce the greenhouse gas emissions from industrial gases, and to be used as a fuel in hard-to-decarbonise sectors in the energy system. The EU and national governments have clear targets towards the widespread utilisation of hydrogen across Europe by 2030.
HydrogenOne will provide access to clean hydrogen through investment in a diversified portfolio of hydrogen and complementary hydrogen focussed assets to deliver capital growth with a strong sustainability focus. It is expected to qualify for the London Stock Exchange's Green Economy Mark at admission, which recognises companies that derive 50% or more of their total annual revenues from products and services that contribute to the global green economy. HydrogenOne will predominantly invest in private hydrogen assets, and also include hydrogen-focused listed assets from global markets.
INEOS is currently Europe’s largest producer of hydrogen, making around 300 000 tonnes of hydrogen a year mainly as a co-product from its chemical manufacturing operations. It is also Europe’s largest existing operator of electrolysis, the critical technology to produce hydrogen for power generation, transportation, and industrial use.
INEOS is also involved in several projects to develop demand for hydrogen, replacing existing carbon-based sources of energy, feedstocks and fuel. It expects to develop further partnerships with leading organisations involved in the development of new applications. It is also working closely with European governments to ensure the necessary infrastructure is put in place to facilitate hydrogen’s major role in the new Green Economy.