LEI: 213800PMTT98U879SF45

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

8 November 2024

HydrogenOne Capital Growth plc

("HydrogenOne" or the "Company")

Portfolio Update - HH2E

HydrogenOne, the first London-listed fund investing in clean hydrogen for a positive environmental impact, updates on HH2E AG ("HH2E"), a German green hydrogen project developer.

HH2E has been undertaking a fundraising exercise in order to go ahead with its first development project, at Lubmin. However, in the challenging current global funding environment, the process has not led to a financing partner being secured within the required timeframe and at the required scale, and there is now material uncertainty over whether adequate funding will be achieved. The Company now expects these developments to result in HH2E entering administration.

HH2E's administration process will focus on an outcome in the interests of all creditors. HydrogenOne is a creditor and has provided c. £1 million shareholder loans to HH2E. Under German insolvency law, shareholder loans are subordinated to other creditors.

The outcome of the administration process is not yet known, but the Company will update the market further at the appropriate time.

At 30 September 2024, the Company's unaudited NAV for HH2E was £11 million representing 8% of the Company's NAV.

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Notes

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

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 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.

IMPORTANT NOTICE

This announcement does not constitute an offer to sell, or the solicitation of an offer to acquire or subscribe for, shares in the Company in any jurisdiction. The distribution of this announcement outside the UK may be restricted by law. No action has been taken by the Company that would permit possession of this announcement in any jurisdiction outside the UK where action for that purpose is required. Persons outside the UK who come into possession of this announcement should inform themselves about the distribution of this announcement in their particular jurisdiction.

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 or projects 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.

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. 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.