LEI: 213800PMTT98U879SF45
9 January
2025
HydrogenOne Capital Growth
plc
('HydrogenOne' or the 'Company')
Sunfire secures €200 million
in Guaranteed Financing
HydrogenOne Capital Growth plc, the
first London-listed fund investing in clean hydrogen for a positive
environmental impact, is pleased to note that its portfolio company
Sunfire GmbH ('Sunfire'), the German electrolysis pioneer, has
secured €200 million in guaranteed financing.
The financing is provided by a
consortium led by Commerzbank and other leading German and European
commercial banks. The consortium includes, in addition to
Commerzbank, Société Générale, BNP Paribas, LBBW and Ostsächsische
Sparkasse Dresden. The commitment represents a significant
milestone for both Sunfire as a company and the wider
electrolysis industry
The guaranteed financing has a term
of five years, with 80% of the loan amount secured by parallel
default guarantees from the German Federal Government and the Free
State of Saxony, and the remaining 20% provided by the banks
themselves. It will be used to secure customer advance payments
received for the production of electrolyzers more effectively and
eliminates the need for Sunfire to provide cash collateral. This
will also enable Sunfire to secure industrial projects and customer
orders more efficiently.
Dr
JJ Traynor, from the Company's investment adviser,
commented: "The guaranteed line
secured by Sunfire, our largest holding at 25% of our NAV,
represents another significant achievement for the portfolio. This
follows successful funding rounds in 2024, and further exemplifies
the pivotal role that Sunfire's leading electrolysis technology can
play in the energy transition."
Frank Posnanski, CFO of Sunfire, said:
"With the guarantee line, we can not only realise
existing projects, but also drive industrial scaling with our own
financial resources. The support demonstrates confidence in young
companies and future-oriented technologies. It is a signal that
Germany is determined to make its industry sustainable and fit for
the future."
- Ends -
Notes
For further information, please
visit www.hydrogenonecapitalgrowthplc.com
or contact:
|
HydrogenOne Capital LLP - Investment
Adviser
|
Tel: +44 (0) 20 3830 8231
|
|
JJ Traynor
Richard Hulf
|
|
|
Barclays Bank PLC - Corporate Broker
Dion Di Miceli
Stuart Muress
James Atkinson
|
Tel: +44 (0) 20 7623 2323
BarclaysInvestmentCompanies@barclays.com
|
|
Burson Buchanan - Financial PR
Henry Harrison-Topham
Henry Wilson
Samuel Adams
|
Tel: +44 (0) 20 7466 5000
Email: HGEN@buchanancomms.co.uk
|
About HydrogenOne
HydrogenOne is the first
London-listed hydrogen fund investing in clean hydrogen for a
positive environmental impact. The Company was launched in 2021
with an investment objective to deliver an attractive level of
capital growth by investing in a diversified portfolio of hydrogen
and complementary hydrogen focused assets. INEOS Energy is a
strategic investor in HydrogenOne. The Company is listed on the
London Stock Exchange's main market (ticker code: HGEN). The
Company is an Article 9 climate impact fund with an ESG policy
integrated in investment decisions and asset monitoring.
The Company's Investment
Adviser, HydrogenOne Capital LLP (FRN: 954060), is an appointed
representative of Thornbridge Investment Management LLP (FRN:
713859) which is authorised and regulated by the Financial Conduct
Authority.
About Sunfire
Sunfire is a global leader in the
production of industrial electrolysers based on pressurised
alkaline and solid oxide (SOEC) technologies. With its electrolysis
solutions, Sunfire is addressing a key challenge of today's energy
system: Providing renewable hydrogen and syngas as climate-neutral
substitutes for fossil energy. Sunfire's innovative and proven
electrolysis technology enables the transformation of
carbon-intensive industries that are currently dependent on
fossil-based oil, gas, or coal. The company employs more than 650
people located in Germany and Switzerland.
