HydrogenOne (HGEN) has announced an update for Q4, with NAV increasing 1.6% over the 3 month period to December 31 2023. This marks a total NAV return of 5.8% for the year. The company highlighted the ongoing growth of its portfolio, which delivered an aggregate £7m over the 12 months to 31 December 2023, an increase of 125% compared to the 12 months to 31 December 2022. Other highlights for the quarter included: 

• €45m investment in Elcogen by HD Hyundai has been followed by preparations for the construction of a new solid oxide fuel cell plant in Estonia, with up to 360MW capacity. This underscores HydrogenOne’s valuation, and introduces a major industrial strategic investor;
• HiiROC’s patented Thermal Plasma Electrolysis (“TPE”) hydrogen production process was officially included within the scope of the UK Government’s Low Carbon Hydrogen Standard (LCHS), opening up the UK market for HiiROC. Cemex Ventures increased its stake in HiiROC, further expanding strategic co-operation, and underpinning the company’s valuation;

Commenting on the quarter, the manager noted: 

“The clean hydrogen sector continues to grow rapidly, despite headwinds from weak financial markets. We have tracked $17 billion of new investment into clean hydrogen in 2023, over 400% higher than in 2022. Some 1.2GW of green hydrogen production was on line globally at the end of 2023, a 50% increase year-on-year, and a further 35GW is in development, an increase of 20% from 2022, which could result in over 40 million tonnes per annum of avoided greenhouse gas emissions. Announcements at COP28, calling for the phase out of fossil fuels and trebling of renewables, all underpin the positive outlook for the clean hydrogen industry.”

HGEN : HydrogenOne provides market update