INEOS backs clean hydrogen fund


INEOS Energy has agreed to purchase 25mn shares in the forthcoming IPO of HydrogenOne Capital Growth, representing 10% of the target fund raise of £250mn.

On 5 July, INEOS made the announcement, as well as revealing that it will have the right to appoint a non-executive director to the board and have co-investment rights within projects identified by HydrogenOne. HydrogenOne was first established in 2020, followed by the launch of HydrogenOne Capital Growth in July, which is set to invest into global hydrogen projects and hydrogen companies that provide the equipment and components that will form part of the hydrogen value chain, including fuel cell and electrolyser manufacturers.

It is expected to qualify for the London Stock Exchange’s Green Economy Mark, which gives recognition to companies that derive at least half of their total annual revenues from products and services that contribute to the global green economy. Investment will mainly be in private hydrogen assets and also include hydrogen focused listed assets from global markets.