LEI: 213800PMTT98U879SF45

3 April 2024

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

HydrogenOne Capital Growth plc 

("HydrogenOne" or the "Company")

Strategic Investment in Elcogen by Baker Hughes

HydrogenOne Capital Growth plc, the first London-listed fund investing in clean hydrogen for a positive environmental impact, is pleased to note that portfolio company Elcogen AS ("Elcogen") has announced a strategic investment by Baker Hughes, part of an overall funding package totalling €140 million. This funding will be used to continue to scale up Elcogen's leading solid oxide cell technology ("SOEC") for green hydrogen.

The investment by Baker Hughes, which follows strategic investment by HD Hyundai in October 2023, underscores both the Company's strategy of backing the leading innovators in the hydrogen industry, and the valuation of its investment in Elcogen.

HydrogenOne anchored the equity round in 2022 with an investment of €24 million, followed by HD Hyundai's investment of €45 million in 2023, with the new investment announced today from Baker Hughes and Mirae bringing the total equity raised to c. €100 million. In addition, Elcogen has accessed  project grants from the European Commission, including an IPCEI grant totalling more than €24 million, and a proposed debt issue of €15 million. Taken together, Elcogen has now raised more than €140 million since 2022 for the continuous development and scaling of its market leading solid oxide technology, helping to enable affordable green hydrogen and accelerating the energy transition.

These funds will be used to expand Elcogen's manufacturing capacity as it continues to build a new factory facility in Tallinn, Estonia, with a manufacturing capacity of up to 360MW, to meet increasing demand for its products, as well as the needs of its continuous development program.

Following this investment, Elcogen intends to collaborate on green hydrogen production solutions based on its SOEC technology with both HD Hyundai and Baker Hughes.

As at 31 December 2023, HydrogenOne's investment in Elcogen represented 18.4% of the Company's NAV.

Dr JJ Traynor, Managing Partner of HydrogenOne Capital LLP, the Company's investment adviser, commented: "This investment marks another important milestone for HydrogenOne's second largest portfolio investment. Baker Hughes is a leading energy technology company, and is a further important strategic investor in Elcogen, alongside HD Hyundai. This is another powerful endorsement of Elcogen's technology and capabilities in solid oxide supply chains."

Chris Nash, Chairman of Elcogen, said: "We are delighted to welcome Baker Hughes as a strategic shareholder. I believe this is a significant vote of confidence in our technology from a leading energy technology company. We look forward to building on this relationship as we continue working together."

Enn Õunpuu, CEO of Elcogen: "There is a huge amount of pressure for heavy industries to decarbonise and meet net-zero targets  . We are very pleased that Baker Hughes has invested in Elcogen, recognising the role our proprietary Solid Oxide technology has in supporting the energy transition."

Alessandro Bresciani, Senior Vice President Climate Technology Solutions, Baker Hughes: "This investment further demonstrates our commitment to support the energy transition and the development of the hydrogen economy, which we believe will be an essential part of the energy mix of the future. Today's announcement underscores our strategy in collaborating to build out solutions that can enable the decarbonization of the energy ecosystem and marks another significant milestone in our journey to continue to expand our portfolio across the hydrogen value chain."

- Ends -

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014, as it forms part of UK domestic law ("MAR"). Upon publication of this announcement, the inside information is now considered to be in the public domain for the purposes of MAR. The person responsible for arranging the release of this announcement on behalf of the Company is HydrogenOne Capital LLP.

Notes

For further information, please visit www.hydrogenonecapitalgrowthplc.com or contact:

About HydrogenOne:

HydrogenOne is the first London-listed 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 focussed 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 Elcogen:

Founded in 2001, Elcogen is a manufacturer of clean energy technology that delivers affordable green hydrogen and emission-free electricity. We are a European business with a proud Estonian heritage and a global customer network delivering flexible core solid oxide technology. Elcogen has its registered office in the UK, and manufacturing facilities in Estonia and Finland that have served 160 customers in 30 countries.

Elcogen develops and supplies the technology that sits at the heart of energy security and transition away from fossil fuels. We are focused on driving net-zero ambitions forward with a core, reversible technology that converts fuel sources into emission-free energy and emission-free energy into green hydrogen. Our solid oxide fuel cell (SOFC) and solid oxide electrolyser cell (SOEC) technology offers an efficient solution to green hydrogen production, reducing commercial costs so customers can deliver affordable energy solutions to meet net-zero targets.

About Baker Hughes:

Baker Hughes is an energy technology company that has a diverse portfolio of equipment and service capabilities that span the energy and industrial value chain. Established over a century ago, it has over 55,000 employees. The company is increasingly involved in the energy transition and is committed to helping industry meet net-zero emissions targets. Baker Hughes' advanced technologies and solutions serve the entire hydrogen value chain, from production to transportation and utilisation. 

IMPORTANT NOTICE

This announcement contains (or may contain) certain forward-looking statements with respect to certain of the Company's plans and/or the plans of one or more of its investee companies and their respective current goals and expectations relating to their respective future financial condition and performance and which involve a number of risks and uncertainties. The Company cautions readers that no forward- looking statement is a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking statements.