16th May 2022 14:45
(Alliance News) - HydrogenOne Capital Growth PLC on Monday said it will invest GBP5 million into Germany-based green hydrogen developer HH2E.
The London-based investment firm HydrogenOne said it is investing alongside private equity company Foresight Group LLP. This is as part of a funding round expecting to total at least GBP10 million.
Together, they have also signed a framework agreement giving them the right to co-invest in HH2E's projects directly.
The companies said that they will provide a "substantial" part of the development and construction capital of HH2E's five projects. These projects are expected to be in locations across Germany and will cost in excess of EUR500 million.
The purchase of a minority equity stake gives HydrogenOne and Foresight each the right to a board seat at HH2E.
HydrogenOne's Chair Simon Hogan said: "HH2E is HydrogenOne's second investment into a clean hydrogen developer company. HH2E are identifying substantial clean hydrogen projects in Germany, which offer the potential for significant investment there for our shareholders."
Last week HydrogenOne invested GBP20 million into Elcogen PLC, a fuel cell manufacturer.
HydrogenOne was trading 0.9% lower in London on Monday mid-afternoon at 94.85 pence.
By Sophie Rose; [email protected]
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