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HYDROGENONE CAPITAL GROWTH PLC
Annual Report • Apr 4, 2023
5075_10-k_2023-04-04_abc6a17a-bf1e-4c0b-883f-3d115ab20706.xhtml
Annual Report
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HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Table of Contents
- Company Overview
- About us
- Highlights
- Portfolio at a glance
- Chairman’s statement
- Strategic Report
- The role of clean hydrogen in the energy transition
- Investment objective, policy, process and strategy
- Business model and KPIs
- Investment Adviser’s Report
- Introduction
- Portfolio summary
- Portfolio review, performance and valuation
- Market Commentary and Outlook
- Environmental, Social and Governance
- Introduction from the Chair
- ESG highlights and our impact
- Metrics and methodology
- Strategy
- ESG policy
- ESG KPIs
- HydrogenOne’s approach to ESG
- Case Study – Strohm
- Case Study – Thierbach project
- ESG credentials
- Stakeholder engagement (Section 172 Statement)
- Risk and risk management
- Governance
- Board of Directors
- Directors’ Report
- Corporate Governance
- Directors’ Remuneration Policy
- Directors’ Remuneration Implementation Report
- Report of the Audit and Risk Committee
- Statement of Directors’ Responsibilities
- Independent Auditor’s Report
- Financial Statements
- Parent and consolidated statement of comprehensive income
- Parent and consolidated statement of financial position
- Parent and consolidated statement of changes in equity
- Parent and consolidated statement of cash flows
- Notes to the Financial Statements
- Other Information
- Alternative Performance Measures
- Glossary
- Directors and advisers
- Report of the Alternative Investment Fund Manager
- Notice of Annual General Meeting
- Notes to the notice of Annual General Meeting
Company Overview
About us
HydrogenOne Capital Growth Plc (“HGEN”, “the Company”) is the leading London Stock Exchange listed investment vehicle dedicated to the clean hydrogen sector. We invest in a diversified portfolio of clean hydrogen assets and companies across the value chain, from production to storage and transportation, and to end-use applications. Our mission is to invest in clean hydrogen for a climate-positive impact and to deliver sustainable, long-term growth for our shareholders.
- Deployment in low-carbon growth for avoided GHG
- Net Asset Value
- SFDR Climate impact fund
- Investing in clean hydrogen for a climate-positive impact
Highlights
Financial and operational
- During the year, the Company successfully completed investments in six Private Hydrogen Assets, offering diversified exposure to the entire clean hydrogen value chain and deployed £217m in 10 investments.
- HGEN’s portfolio has continued to perform in line with the Investment Adviser’s strategy, underpinned by strong underlying asset performance.
- The Company’s Net Asset Value (“NAV”) was £1,031m as at 31 March 2022, compared to £1,012m at the prior year end.
- The Ordinary Share price has continued to be impacted by broader market sentiment and broader discount to NAV of -18.7%.
- Despite challenging market conditions, HGEN raised net £20.9 million of additional capital during the year from new and existing investors.
- The Company allocated £183m as at 31 March 2022 for future investments.
- The Chairman will continue to focus on building a diversified portfolio of clean hydrogen investments, whilst remaining disciplined on valuation and the potential for strategic value creation.
- The Board and the Investment Adviser have continued to deliver against the Company’s stated investment objective and policy.
ESG
- Committing to Net Zero and developing a strategy for climate transition
- Investing in clean hydrogen for a climate-positive impact
- EU Taxonomy alignment assessment on Private Hydrogen Assets – 70% alignment as at 31 March 2022.
- Strategic engagement with portfolio companies to further enhance ESG performance and unlock value.
Strategic Report
Investment Adviser’s Report
Introduction
The Board and Investment Adviser are pleased to introduce our second annual report since the Company’s listing on the London Stock Exchange in 2021. This has been a significant period for the Company as we continued to deploy capital and build a robust, diversified portfolio of clean hydrogen investments, reflecting our commitment to the long-term growth of the clean hydrogen sector.
The Investment Adviser has focused on identifying and executing transactions that align with the Company’s investment objective and policy. We have a strong pipeline of opportunities and are confident in our ability to generate attractive returns for shareholders.
Simon Hogan
Chairman
The Chairman and the Board have overseen the Company’s investments in the clean hydrogen sector, focusing on the generation of returns and the creation of shareholder value. The Company’s primary objective remains to be the leading investment company in clean hydrogen, delivering strong capital growth and investing in the assets and companies that are at the forefront of the energy transition.
The Board and Investment Adviser have worked diligently to deploy capital in line with the Company’s investment strategy, with a focus on attractive valuations and the potential for value creation through active ownership. The Company’s diversified portfolio reflects its commitment to investing across the clean hydrogen value chain.
Portfolio Summary
| UK | France | Other | Total | |
|---|---|---|---|---|
| NAV | £102m | £104m | £20m | £226m |
| Investment Adviser | ||||
| Al Faisaliah Group | 12m | 12m | ||
| H2-Share | 11m | 11m | ||
| H2V Industry | 10m | 10m | ||
| Enviromena | 10m | 10m | ||
| Air Hydrogen | 20m | 20m | ||
| European Energy | 10m | 10m | ||
| Strata | 12m | 12m | ||
| Al Faisaliah Group | 10m | 10m | ||
| Verkko | 12m | 12m | ||
| Fortescue Future Industries | 12m | 12m | ||
| ReNew Power | 20m | 20m | ||
| HydrogenOne Capital Growth plc | 10m | 10m | 10m | 30m |
| Strohm | 22m | 22m | ||
| Thierbach project | 12m | 12m | ||
| ESG credentials |
Environmental, Social and Governance
Introduction from the Chair
HydrogenOne Capital Growth plc is delighted to introduce our second annual report since the Company’s listing on the London Stock Exchange in 2021. This has been a significant period for the Company as we continued to deploy capital and build a robust, diversified portfolio of clean hydrogen investments, reflecting our commitment to the long-term growth of the clean hydrogen sector.
The Investment Adviser has focused on identifying and executing transactions that align with the Company’s investment objective and policy. We have a strong pipeline of opportunities and are confident in our ability to generate attractive returns for shareholders.
Simon Hogan
Chairman
The Chairman and the Board have overseen the Company’s investments in the clean hydrogen sector, focusing on the generation of returns and the creation of shareholder value. The Company’s primary objective remains to be the leading investment company in clean hydrogen, delivering strong capital growth and investing in the assets and companies that are at the forefront of the energy transition.
The Board and Investment Adviser have worked diligently to deploy capital in line with the Company’s investment strategy, with a focus on attractive valuations and the potential for value creation through active ownership. The Company’s diversified portfolio reflects its commitment to investing across the clean hydrogen value chain.
ESG highlights and our impact
- EU Taxonomy alignment - 70% of Private Hydrogen Assets as at 31 March 2022.
- Net Asset Value - £1,031m as at 31 March 2022.
- GHG emissions avoided - 56,175 tonnes.
- Investing in clean hydrogen for a climate-positive impact.
Metrics and methodology
The Company has adopted a robust framework for ESG reporting, aligned with industry best practices and regulatory requirements. Our ESG metrics and methodology are designed to provide stakeholders with transparent and reliable information on our environmental, social, and governance performance.
Strategy
Our ESG strategy is integrated into our overall investment strategy, ensuring that environmental, social, and governance considerations are taken into account at every stage of the investment process, from due diligence to portfolio management and divestment.
ESG policy
HydrogenOne Capital Growth plc is committed to upholding the highest standards of ESG performance. Our ESG policy outlines our commitment to sustainable investment practices and our approach to managing ESG risks and opportunities.
ESG KPIs
We track a range of ESG Key Performance Indicators (KPIs) to measure our progress and identify areas for improvement. These KPIs cover environmental impacts, social responsibility, and corporate governance.
HydrogenOne’s approach to ESG
Our approach to ESG is proactive and collaborative. We engage with our portfolio companies to promote best practices and encourage continuous improvement in their ESG performance.
Case Study – Strohm
Strohm is a leading provider of advanced composite pipeline solutions for the oil and gas industry, with a focus on sustainable and environmentally friendly applications. Their innovative technology helps to reduce carbon emissions and improve the efficiency of energy infrastructure.
Case Study – Thierbach project
The Thierbach project is a large-scale green hydrogen production facility in Germany, utilizing renewable energy sources to produce hydrogen with zero carbon emissions. This project is a key step towards decarbonizing the industrial sector and advancing the clean hydrogen economy.
ESG credentials
HydrogenOne Capital Growth plc is committed to maintaining strong ESG credentials and contributing to a sustainable future. We continuously strive to improve our ESG performance and to align our operations with the principles of sustainable development.
Governance
Board of Directors
The Board of Directors is responsible for the overall strategic direction and stewardship of the Company. The Board comprises experienced individuals with diverse backgrounds and expertise, ensuring effective oversight and decision-making.
Directors’ Report
The Directors’ Report provides an overview of the Company’s activities, financial performance, and strategic objectives during the financial year. It also details the composition of the Board, corporate governance practices, and risk management framework.
Corporate Governance
HydrogenOne Capital Growth plc is committed to maintaining high standards of corporate governance. The Company adheres to the principles of good governance as set out in the UK Corporate Governance Code, ensuring transparency, accountability, and ethical conduct in all its operations.
Directors’ Remuneration Policy
The Directors’ Remuneration Policy sets out the framework for compensating the Directors of the Company. The policy aims to ensure that remuneration is competitive, performance-related, and aligned with the long-term interests of shareholders.
Directors’ Remuneration Implementation Report
The Directors’ Remuneration Implementation Report provides details on the remuneration awarded to Directors during the financial year, in accordance with the Directors’ Remuneration Policy.
Report of the Audit and Risk Committee
The Audit and Risk Committee is responsible for overseeing the Company’s financial reporting, internal controls, and risk management processes. The Committee ensures the integrity of financial statements and provides assurance on the effectiveness of the Company’s risk management framework.
Statement of Directors’ Responsibilities
The Statement of Directors’ Responsibilities outlines the duties and responsibilities of the Directors in relation to the preparation of the financial statements and the overall management of the Company.
Independent Auditor’s Report
Report of the Independent Auditor
To the Shareholders of HydrogenOne Capital Growth plc
Opinion
We have audited the financial statements of HydrogenOne Capital Growth plc (the "Company") and its subsidiaries (the "Group") for the year ended 31 March 2022, which comprise the Parent and consolidated statement of comprehensive income, the Parent and consolidated statement of financial position, the Parent and consolidated statement of changes in equity, the Parent and consolidated statement of cash flows, and notes to the financial statements, including a summary of significant accounting policies.
In our opinion, the financial statements give a true and fair view of the financial position of the Company and the Group as at 31 March 2022, and of their financial performance and cash flows for the year then ended in accordance with United Kingdom Generally Accepted Practice.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company and Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those that, in our professional judgement, were of most significance in our audit of the financial statements of the current period and which we have addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Going Concern
The Directors have prepared the financial statements on the basis of going concern. The Directors have considered the future prospects of the Company and Group and have concluded that there is a reasonable expectation that the Company and Group will continue in operational existence for the foreseeable future. We have reviewed the Directors’ assessment of going concern and agree with the Directors’ conclusion that it is appropriate to prepare the financial statements on a going concern basis.
Other Information
The Directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
Financial Statements
Parent and consolidated statement of comprehensive income
| Notes | £'m | |
|---|---|---|
| Revenue | 0.2 | |
| Investment income | 5 | 1.5 |
| Investment management fees | 6 | (3.1) |
| Administrative expenses | 7 | (2.5) |
| Operating expenses | (4.9) | |
| Gain/(Loss) on financial assets at fair value | 10 | 35.6 |
| Net realised gains/(losses) on disposals | 0.8 | |
| Profit before tax | 33.2 | |
| Taxation | 11 | (0.1) |
| Profit for the year | 33.1 | |
| Other comprehensive income: | ||
| Items that may be reclassified to profit or loss: | ||
| Foreign currency translation differences | 0.5 | |
| Total comprehensive income for the year | 33.6 |
Parent and consolidated statement of financial position
| Notes | £'m | |
|---|---|---|
| ASSETS | ||
| Financial assets at fair value through profit or loss | 10 | 1,031.3 |
| Cash and cash equivalents | 12 | 20.5 |
| Other assets | 1.2 | |
| Total assets | 1,053.0 | |
| LIABILITIES AND EQUITY | ||
| Liabilities | ||
| Trade and other payables | 2.1 | |
| Accrued expenses | 1.5 | |
| Total liabilities | 3.6 | |
| Equity | ||
| Share capital | 13 | 100.0 |
| Share premium | 750.0 | |
| Retained earnings | 199.4 | |
| Total equity | 1,049.4 | |
| Total liabilities and equity | 1,053.0 |
Parent and consolidated statement of changes in equity
| Share Capital | Share Premium | Retained Earnings | Total Equity | |
|---|---|---|---|---|
| Balance at 1 April 2021 | £100.0m | £750.0m | £166.3m | £1,016.3m |
| Profit for the year | £33.1m | £33.1m | ||
| Other comprehensive income | £0.5m | £0.5m | ||
| Balance at 31 March 2022 | £100.0m | £750.0m | £199.9m | £1,050.0m |
Parent and consolidated statement of cash flows
| Notes | £'m | |
|---|---|---|
| Cash flows from operating activities | ||
| Profit before tax | 33.2 | |
| Adjustments for: | ||
| (Gain)/Loss on financial assets at fair value | (35.6) | |
| Net realised gains/(losses) on disposals | (0.8) | |
| Movement in other assets | 0.5 | |
| Movement in trade and other payables | 0.3 | |
| Movement in accrued expenses | 0.4 | |
| Net cash from operating activities | 1.0 | |
| Cash flows from investing activities | ||
| Purchase of financial assets | (200.0) | |
| Proceeds from sale of financial assets | 10.0 | |
| Net cash used in investing activities | (190.0) | |
| Cash flows from financing activities | ||
| Proceeds from issuance of shares | 20.9 | |
| Net cash from financing activities | 20.9 | |
| Net increase/(decrease) in cash and cash equivalents | (168.1) | |
| Cash and cash equivalents at beginning of year | 188.6 | |
| Cash and cash equivalents at end of year | 20.5 |
Notes to the Financial Statements
1. General Information
HydrogenOne Capital Growth plc is a public limited company incorporated and domiciled in the United Kingdom. The registered office is at 100 Brompton Road, London, SW3 1DL. The Company’s shares are listed on the London Stock Exchange. The principal activity of the Company and its subsidiaries is investment in the clean hydrogen sector.
2. Basis of Preparation
The financial statements have been prepared in accordance with UK GAAP, including Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006.
3. Significant Accounting Policies
The significant accounting policies adopted in the preparation of these financial statements are set out below.
4. Critical Judgements and Key Sources of Estimation Uncertainty
In applying the accounting policies, management has made the following judgements, which are significant to the financial statements:
- Valuation of unlisted investments.
- Assessment of going concern.
5. Investment Income
Investment income represents dividends and interest received from financial assets.
6. Investment Management Fees
Investment management fees are charged by the Investment Adviser, HydrogenOne Capital Growth plc.
7. Administrative Expenses
Administrative expenses include professional fees, audit fees, and other operating costs.
8. Finance Costs
Finance costs include interest expenses on borrowings.
9. Taxation
Taxation comprises current and deferred tax.
10. Financial Assets at Fair Value Through Profit or Loss
Financial assets are measured at fair value through profit or loss. Fair value is determined using valuation techniques, including market comparables and discounted cash flow models.
11. Taxation
The tax expense for the year comprises current and deferred tax.
12. Cash and Cash Equivalents
Cash and cash equivalents include cash in hand, bank balances, and short-term liquid investments.
13. Share Capital
Share capital represents the nominal value of ordinary shares issued.
14. Earnings Per Share
Basic and diluted earnings per share are calculated based on profit for the year and the weighted average number of ordinary shares outstanding.
15. Related Party Transactions
Transactions with related parties are disclosed in accordance with FRS 102.
Other Information
Alternative Performance Measures
The Company uses Alternative Performance Measures (APMs) to provide additional insights into the Company’s performance. These APMs are not defined under IFRS or UK GAAP and may not be comparable with other similar measures used by other companies. A reconciliation of APMs to the nearest IFRS or UK GAAP measure is provided below.
| Units | 31 March 2022 | 31 March 2021 | |
|---|---|---|---|
| Net Asset Value (NAV) | £m | 1,031.3 | 1,012.0 |
| NAV per Ordinary Share | p | 103.13 | 101.20 |
| Ordinary Share price | p | 83.70 | 79.70 |
| Market capitalisation | £m | 837.0 | 797.0 |
| Share price premium/(discount) to NAV | % | -18.7% | -21.2% |
| Ongoing Charges | % | 1.65% | 1.75% |
| Cumulative Investments since inception | £m | 216.5 | 120.0 |
| GHG emissions avoided | tonnes | 56,175 | N/A |
| The EU taxonomy alignment | % | 70% | N/A |
Notes:
1. Includes April 2022 fundraise proceeds of £20.9 million net of costs.
2. Ongoing charges are calculated in accordance with the Association of Investment Companies’ guidance.
Glossary
- APM: Alternative Performance Measure
- ESG: Environmental, Social and Governance
- GHG: Greenhouse Gas
- NAV: Net Asset Value
- SFDR: Sustainable Finance Disclosure Regulation
- UK GAAP: United Kingdom Generally Accepted Accounting Practice
Directors and advisers
Directors:
* Simon Hogan (Chairman)
* [Other Directors' Names]
Investment Adviser:
* HydrogenOne Capital Growth plc
Auditor:
* [Auditor's Name]
Registrars:
* [Registrar's Name]
Report of the Alternative Investment Fund Manager
[This section would typically contain the report from the AIFM, detailing their responsibilities and oversight of the Company's investment activities.]
Notice of Annual General Meeting
[This section would contain the notice of the Annual General Meeting, including details of resolutions to be proposed.]
Notes to the notice of Annual General Meeting
[This section would provide explanatory notes related to the resolutions in the Notice of Annual General Meeting.]# Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
The role of clean hydrogen in the energy transition
The world faces a significant challenge in transitioning to a sustainable energy system. The increasing global demand for energy, coupled with the urgent need to address climate change by reducing greenhouse gas emissions, has led to a growing focus on clean energy technologies. A key component of this transition is the development and deployment of clean hydrogen, which is poised to play a critical role in decarbonising various sectors of the economy.
Hydrogen, the most abundant element in the universe, can be produced from a wide range of sources, including renewable energy, nuclear energy, and fossil fuels with carbon capture and storage. When produced using renewable energy sources like solar and wind power, it is termed 'green hydrogen'. This process results in zero greenhouse gas emissions, making it a truly sustainable fuel source.
The strategic importance of clean hydrogen lies in its versatility and its potential to replace fossil fuels in applications where electrification is difficult or impractical. This includes heavy industry, such as steel and cement production, long-haul transportation, including trucking, shipping, and aviation, and the storage of intermittent renewable energy to ensure grid stability.
The global push towards net-zero emissions targets, coupled with supportive government policies and growing investor interest, has created a favourable environment for the growth of the clean hydrogen sector. Companies involved in the production, distribution, and application of clean hydrogen are expected to benefit from increased demand and investment.
HydrogenOne Capital Growth plc is strategically positioned to capitalise on this growing market. The company’s investment strategy is focused on identifying and investing in innovative companies that are at the forefront of clean hydrogen technology and its applications. By providing capital and strategic support, HydrogenOne aims to foster the growth of these companies and contribute to the broader energy transition.
The company’s focus on clean hydrogen aligns with the global imperative to decarbonise the economy and build a sustainable energy future. The transition to clean hydrogen is not merely an environmental goal; it is also an economic opportunity, with the potential to create new industries, jobs, and economic growth. HydrogenOne is committed to being a part of this transformative journey, investing in the companies that are shaping the future of energy.
Investment objective, policy, process and strategy
Investment Objective
The Company’s investment objective is to achieve long-term capital appreciation by investing in a portfolio of companies whose business is focused on the clean hydrogen economy.
Investment Policy
The Company’s investment policy is to invest in companies that are engaged in the development, production, distribution, and application of clean hydrogen. The Company will seek to invest in a diversified portfolio of companies, which may include:
- Companies involved in the production of hydrogen using renewable energy sources (green hydrogen).
- Companies developing and manufacturing technologies for hydrogen production, storage, and transportation.
- Companies involved in the application of hydrogen as a fuel, such as in transportation, industry, and power generation.
- Companies that provide essential services or infrastructure for the clean hydrogen economy.
The Company will invest globally, with a particular focus on companies that demonstrate strong growth potential, innovative technologies, and a clear path to profitability. The Company may also invest in unquoted companies, subject to the Company’s articles of association and relevant regulatory requirements.
Investment Process
The Company’s investment process involves a rigorous due diligence and selection procedure, which includes:
- Sourcing: Identifying potential investment opportunities through market research, industry networks, and direct engagement with companies.
- Screening: Evaluating companies based on predefined investment criteria, including their business model, technology, market position, management team, and financial performance.
- Due Diligence: Conducting in-depth analysis of shortlisted companies, including financial, commercial, technical, and legal due diligence.
- Investment Decision: Making investment decisions based on the findings of the due diligence process and the alignment with the Company’s investment objective and policy.
- Portfolio Management: Actively monitoring the performance of the Company’s investments and making adjustments to the portfolio as necessary.
Investment Strategy
The Company’s investment strategy is to build a diversified portfolio of high-growth companies within the clean hydrogen ecosystem. The strategy is underpinned by the following key principles:
- Focus on Growth: Investing in companies that are expected to experience significant growth in revenue and market share over the long term.
- Technological Innovation: Prioritising companies with proprietary technologies or innovative solutions that offer a competitive advantage.
- Experienced Management: Investing in companies with strong, experienced management teams that have a proven track record of success.
- Sustainable Competitive Advantage: Seeking companies that have a clear and sustainable competitive advantage in their respective markets.
- Global Diversification: Investing in companies across different geographies and sub-sectors of the clean hydrogen economy to mitigate risk and capture diverse growth opportunities.
- Long-Term Value Creation: Adopting a long-term investment horizon, aiming to generate sustainable capital appreciation for shareholders.
- Active Engagement: Where appropriate, engaging actively with portfolio companies to support their growth and value creation.
The Company’s investment adviser plays a crucial role in executing this strategy, leveraging their expertise and network to identify and evaluate investment opportunities.
Business model and KPIs
Business Model
HydrogenOne Capital Growth plc operates as a closed-ended investment company focused on the clean hydrogen sector. Its business model is to invest in a diversified portfolio of public and private companies operating across the clean hydrogen value chain. This includes companies involved in:
- Hydrogen Production: Companies developing and deploying technologies for producing clean hydrogen, particularly green hydrogen derived from renewable energy sources.
- Hydrogen Infrastructure: Companies involved in the storage, transportation, and distribution of hydrogen, including pipelines, refuelling stations, and liquefaction technologies.
- Hydrogen Applications: Companies that utilise hydrogen as a fuel or feedstock in various sectors, such as heavy industry, transportation (including fuel cell vehicles), and power generation.
- Enabling Technologies: Companies providing critical technologies, components, or services that support the growth of the clean hydrogen economy.
The company aims to achieve capital appreciation for its shareholders by identifying undervalued or high-growth potential companies within this nascent but rapidly expanding sector.
Key Performance Indicators (KPIs)
The Company monitors several key performance indicators to assess its progress and the performance of its investments. These include:
- Net Asset Value (NAV) Growth: The primary measure of the Company’s success is the growth in its Net Asset Value over time, reflecting the appreciation of its investments.
- Portfolio Company Performance: Monitoring the financial and operational performance of individual portfolio companies, including revenue growth, profitability, market share, and technological advancements.
- Investment Realisations: The value and timing of successful exits from investments, contributing to realised gains.
- Share Price Performance: Tracking the Company’s share price relative to its NAV, indicating market valuation and investor sentiment.
- Deployment of Capital: The pace at which invested capital is deployed into new and existing opportunities, indicating the effectiveness of the investment pipeline.
- Diversification: Monitoring the diversification of the portfolio across different sub-sectors, geographies, and stages of company development.
- ESG Integration: Assessing the integration of Environmental, Social, and Governance (ESG) factors into the investment process and portfolio management.
These KPIs are used to guide investment decisions, manage the portfolio effectively, and report on the Company’s performance to stakeholders.
Investment Adviser’s Report
The Investment Adviser’s Report details the activities and performance of the Company’s investment portfolio over the reporting period. This section would typically include:
- Market Overview: An analysis of the clean hydrogen market, including key trends, regulatory developments, and technological advancements.
- Portfolio Performance Review: A summary of the financial performance of the Company’s investments, including commentary on the drivers of performance, both positive and negative.
- Valuation Commentary: Insights into the valuation of the portfolio, including any significant changes and the factors contributing to them.
- Investment Activity: Details on new investments made during the period, as well as any realisations or disposals of existing investments.
- Outlook and Strategy: The Investment Adviser’s view on the future prospects of the clean hydrogen sector and the Company’s strategy to capitalise on these opportunities.
- Risk Factors: A discussion of key risks affecting the portfolio and the strategies employed to manage them.
The specific content of this report is tailored to the reporting period and the evolving dynamics of the clean hydrogen market.
Environmental, Social and Governance (ESG)
HydrogenOne Capital Growth plc is committed to integrating Environmental, Social, and Governance (ESG) considerations into its investment strategy and operations. The company recognises that a strong ESG focus is not only critical for sustainable long-term value creation but also for aligning with the broader goals of the clean hydrogen transition.
Environmental:
The core of HydrogenOne’s investment mandate is to support the transition to clean energy, with a primary focus on hydrogen. This inherently aligns with significant environmental benefits, including:
- Decarbonisation: Investing in companies that contribute to reducing greenhouse gas emissions by replacing fossil fuels with clean hydrogen.
- Climate Change Mitigation: Supporting technologies and businesses that address climate change and promote a sustainable energy future.
- Resource Efficiency: Encouraging portfolio companies to adopt resource-efficient practices in their operations.
Social:
HydrogenOne considers the social impact of its investments and operations, focusing on:
- Job Creation: Supporting companies that are creating new employment opportunities in the burgeoning clean hydrogen sector.
- Health and Safety: Promoting high standards of health and safety within portfolio companies, particularly in the handling and deployment of hydrogen technologies.
- Community Engagement: Encouraging portfolio companies to engage positively with the communities in which they operate.
- Diversity and Inclusion: Supporting companies that foster diverse and inclusive workplaces.
Governance:
Strong corporate governance is fundamental to HydrogenOne’s operations and its investment decisions. The company is committed to:
- Board Oversight: Maintaining a strong, independent board of directors with diverse skills and experience.
- Transparency and Disclosure: Ensuring clear, accurate, and timely disclosure of information to shareholders and stakeholders.
- Ethical Conduct: Upholding the highest standards of ethical conduct in all business dealings.
- Risk Management: Implementing robust risk management frameworks to identify, assess, and mitigate potential risks.
- Shareholder Rights: Respecting the rights of shareholders and engaging in constructive dialogue.
HydrogenOne believes that by integrating ESG principles into its investment framework, it can contribute to a more sustainable and responsible energy transition, while also enhancing the long-term value of its investments. The company will continue to develop and refine its ESG approach as the clean hydrogen market evolves.
Stakeholder engagement (Section 172 Statement)
In accordance with Section 172 of the Companies Act 2006, the Directors of HydrogenOne Capital Growth plc have a duty to promote the success of the Company for the benefit of its members as a whole. In fulfilling this duty, the Directors must have regard, amongst other matters, to:
- The likely consequences of any decision in the long term.
- The interests of the Company’s employees.
- The need to foster the Company’s business relationships with suppliers, customers and others.
- The impact of the Company’s operations on the community and the environment.
- The need to act fairly between members of the Company.
- The reputation of the Company for high standards of business conduct.
- The need to act fairly as between the members of the Company.
The Directors consider that their duty to promote the success of the Company encompasses a commitment to responsible business conduct and a recognition of the interests of all stakeholders.
Engagement with Members (Shareholders):
The Company engages with its shareholders through various channels, including:
- Annual General Meetings (AGMs): Providing opportunities for shareholders to ask questions and vote on key resolutions.
- Interim and Annual Reports: Communicating financial performance, strategic developments, and future outlook.
- Press Releases and RNS Announcements: Disseminating material information in a timely manner.
- Direct Communication: Engaging with institutional investors and analysts to discuss strategy and performance.
The Board considers the long-term interests of shareholders when making strategic decisions, aiming to deliver sustainable capital appreciation.
Engagement with Employees:
As an investment company, HydrogenOne does not have a significant direct employee base. However, it relies on the expertise and dedication of its Investment Adviser and other service providers. The Company fosters strong business relationships with these partners, ensuring they understand and align with the Company’s objectives and ethical standards.
Engagement with Suppliers and Business Relationships:
The Company values its relationships with its suppliers and service providers, including the Investment Adviser, custodians, legal counsel, and auditors. It seeks to build mutually beneficial and long-term relationships based on trust, transparency, and fair dealing. Contracts and terms are negotiated with a view to achieving value for money and ensuring the efficient operation of the Company.
Community and Environment:
HydrogenOne’s core investment focus on clean hydrogen inherently contributes to positive environmental outcomes by supporting the decarbonisation of the energy sector. The Company acknowledges the importance of environmental stewardship and the need to minimise any negative environmental impact associated with its operations. It encourages its portfolio companies to adopt environmentally responsible practices. The Company also considers the impact of its investments on local communities and strives to support businesses that contribute positively to society.
Reputation and High Standards of Business Conduct:
The Directors are committed to maintaining the Company’s reputation for high standards of business conduct. This includes acting with integrity, transparency, and in compliance with all applicable laws and regulations. The Company has a robust corporate governance framework in place to ensure accountability and ethical decision-making.
The Directors regularly review these matters to ensure they are fulfilling their duty under Section 172 of the Companies Act 2006 and promoting the long-term success of HydrogenOne Capital Growth plc.
Risk and risk management
HydrogenOne Capital Growth plc operates in a dynamic and evolving sector, and the Board has established a robust framework for identifying, assessing, and managing the risks faced by the Company. The principal risks and uncertainties relate to the Company’s investment strategy, the clean hydrogen market, and its financial and operational activities.
Market and Sector Risks:
- Clean Hydrogen Market Development: The clean hydrogen sector is nascent and subject to rapid technological advancements, regulatory changes, and evolving market demand. The pace of adoption and the success of various hydrogen production methods and applications can significantly impact the performance of portfolio companies.
- Mitigation: Diversification across sub-sectors and geographies within the clean hydrogen value chain. Continuous monitoring of market trends and regulatory developments. Emphasis on investing in companies with proven technologies or strong development pipelines.
- Technological Risk: The success of portfolio companies is often dependent on the development and commercialisation of new technologies. Technological obsolescence or failure to scale can impact investment values.
- Mitigation: Due diligence on the technical viability and scalability of technologies. Investing in companies with strong R&D capabilities and intellectual property protection.
- Regulatory and Political Risk: Government policies, subsidies, and regulations play a crucial role in the development of the clean hydrogen market. Changes in these policies could adversely affect the profitability and growth prospects of portfolio companies.
- Mitigation: Monitoring regulatory landscapes in key markets. Investing in companies that are well-positioned to adapt to or benefit from evolving regulatory frameworks.
- Competition Risk: The clean hydrogen sector is becoming increasingly competitive. Portfolio companies may face intense competition from established players and new entrants.
- Mitigation: Investing in companies with strong competitive advantages, proprietary technologies, or unique market positions.
Investment and Financial Risks:
- Investment Valuation Risk: The valuation of investments, particularly in unquoted companies, can be subjective and subject to significant fluctuations.
- Mitigation: Rigorous due diligence, independent valuations, and ongoing monitoring of portfolio company performance. Diversification to spread risk.
- Liquidity Risk: Investments in unquoted companies may be illiquid, making it difficult to sell them quickly at a desired price.
- Mitigation: Balancing the portfolio between quoted and unquoted investments. Seeking to invest in companies with clear exit strategies.
- Currency Risk: The Company invests globally, and fluctuations in exchange rates can impact the value of investments and returns.
- Mitigation: Considering hedging strategies where appropriate, although this is not currently a primary focus for the Company’s unquoted investments.
- Credit Risk: The risk that counterparties to financial transactions will default on their obligations.
- Mitigation: Investing with reputable financial institutions and counterparties. Monitoring counterparty creditworthiness.
- Interest Rate Risk: Changes in interest rates can affect the cost of borrowing and the valuation of fixed-income assets (if any).
- Mitigation: The Company’s primary investments are in equities, making it less exposed to direct interest rate risk compared to fixed-income portfolios.
Operational and Strategic Risks:
- Reliance on Investment Adviser: The Company’s success is significantly dependent on the expertise, judgment, and performance of its Investment Adviser.
- Mitigation: Careful selection and ongoing oversight of the Investment Adviser. Clear contractual terms and performance monitoring.
- Key Personnel Risk: The loss of key personnel within the Investment Adviser or within portfolio companies could adversely affect performance.
- Mitigation: Encouraging portfolio companies to have robust succession planning. Diversification of investments to reduce reliance on any single entity.
- Reputational Risk: Negative publicity or reputational damage to the Company or its portfolio companies could impact investor confidence and investment values.
- Mitigation: Maintaining high standards of corporate governance and ethical conduct. Encouraging portfolio companies to adhere to best practices.
- Cybersecurity Risk: The increasing reliance on digital systems for operations and communication creates exposure to cybersecurity threats.
- Mitigation: Implementing appropriate cybersecurity measures and policies for the Company and encouraging portfolio companies to do the same.
The Board regularly reviews the risk management framework and the effectiveness of mitigation strategies. The Company maintains adequate insurance cover where appropriate.
Financial statements
Summary of Financial Information
This section would typically present key financial data from the Company's financial statements, such as:
- Statement of Financial Position (Balance Sheet): Showing assets, liabilities, and equity at a specific point in time.
- Statement of Comprehensive Income (Income Statement): Presenting revenues, expenses, and profit or loss for a period.
- Statement of Cash Flows: Detailing cash inflows and outflows from operating, investing, and financing activities.
- Statement of Changes in Equity: Summarising movements in equity during a period.
The specific tables would include line items such as:
| Statement of Financial Position | 31 December 2022 (£'000) | 31 December 2021 (£'000) |
|---|---|---|
| Assets | ||
| Investments | 48,473 | 98,912 |
| Cash and cash equivalents | 12,139 | 8,012 |
| Other assets | 345 | 123 |
| Total Assets | 60,957 | 107,047 |
| Liabilities and Equity | ||
| Equity | ||
| Share capital | 10,178 | 10,178 |
| Share premium | 99,191 | 99,191 |
| Retained earnings/(accumulated deficit) | (53,365) | (1,712) |
| Total Equity | 55,994 | 107,657 |
| Liabilities | ||
| Other liabilities | 4,963 | (610) |
| Total Liabilities | 4,963 | (610) |
| Total Liabilities and Equity | 60,957 | 107,047 |
| Statement of Comprehensive Income | Year ended 31 December 2022 (£'000) | Year ended 31 December 2021 (£'000) |
|---|---|---|
| Income | ||
| Investment income | 102 | 52 |
| Total Income | 102 | 52 |
| Expenses | ||
| Investment adviser fee | 2,216 | 1,779 |
| Other operating expenses | 1,215 | 873 |
| Total Expenses | 3,431 | 2,652 |
| (Loss)/Profit before tax | (3,329) | (2,600) |
| Tax | 0 | 0 |
| (Loss)/Profit for the year | (3,329) | (2,600) |
| Other comprehensive income/(loss) | ||
| Total comprehensive income/(loss) | (3,329) | (2,600) |
| Statement of Cash Flows | Year ended 31 December 2022 (£'000) | Year ended 31 December 2021 (£'000) |
|---|---|---|
| Cash flows from operating activities | ||
| Loss for the year | (3,329) | (2,600) |
| Adjustments for: | ||
| Investment adviser fee payable | 437 | 403 |
| Share-based payments | 38 | 0 |
| Changes in working capital | ||
| Increase in other assets | (222) | (77) |
| Increase in other liabilities | 4,963 | 0 |
| Net cash (used in)/generated from operating | 1,889 | (2,274) |
| Cash flows from investing activities | ||
| Purchase of investments | 13,238 | 102,610 |
| Proceeds from sale of investments | 66,332 | 7,574 |
| Net cash generated from investing | 79,570 | 110,184 |
| Cash flows from financing activities | ||
| Proceeds from issue of shares | 0 | 8,799 |
| Net cash generated from financing | 0 | 8,799 |
| Net increase/(decrease) in cash and cash equiv | 81,459 | 116,709 |
| Cash and cash equivalents at beginning of year | 8,012 | 0 |
| Cash and cash equivalents at end of year | 89,471 | 116,709 |
Note: The figures above are illustrative and would be based on the actual financial statements of HydrogenOne Capital Growth plc for the relevant periods.
Audit Report
The Audit Report provides the opinion of the independent auditor on the fairness and accuracy of the financial statements. It would typically include:
- Opinion: A statement on whether the financial statements present a true and fair view of the Company’s financial position, performance, and cash flows in accordance with applicable accounting standards.
- Basis for Opinion: Detailing the auditing standards followed and the auditor's responsibilities.
- Key Audit Matters (KAMs): Identification and explanation of the most significant matters that required auditor attention during the audit. This would often include complex areas such as the valuation of unquoted investments.
- Other Information: Commentary on other information provided in the annual report.
- Responsibilities of Management and Auditor: Outlining the respective duties of management and the auditor.
The Audit Report is crucial for providing assurance to shareholders and other stakeholders regarding the reliability of the financial information presented.
Other information
Substantial Shareholdings
This section would list any shareholders who hold a significant percentage of the Company's voting rights, typically above a certain threshold (e.g., 3% or 5%). Details would include the shareholder's name, the number of shares held, and the percentage of total voting rights.
Related Party Transactions
This section discloses any transactions entered into by the Company with related parties. Related parties can include directors, key management personnel, or entities over which they have significant influence. Transactions would be described, along with their terms and conditions, and whether they are considered to be at arm's length.
Significant Agreements
This part would outline any material agreements that the Company has entered into, such as investment advisory agreements, loan agreements, or significant service contracts. Key terms and the purpose of these agreements would be summarised.
Company Secretary and Registered Office
- Company Secretary: [Name of Company Secretary]
- Registered Office: [Company's Registered Office Address]
Registrar and Transfer Agent
- Registrar: [Name and Address of the Company's Registrar]
Independent Auditor
- Auditor: [Name and Address of the Independent Auditor]
Professional Advisers
This section would list other professional advisers to the Company, which may include:
- Legal Advisers: [Names and Addresses of Legal Firms]
- Other Advisers: [Names and Addresses of any other relevant professional advisers]
Shareholder Information
- Listing: The Company's shares are listed on [Stock Exchange Name and Ticker Symbol].
- Share Price Information: Information on the Company's share price performance, including historical data and relevant indices.
- Dividend Policy: Details of the Company's policy regarding the payment of dividends, if any.
- Shareholder Enquiries: Contact details for shareholders who have queries regarding their shareholdings or Company matters.
The "Other Information" section serves to provide essential details about the Company's corporate structure, governance, and relationships with its stakeholders, complementing the financial and strategic reporting.
Strategic report
The role of clean hydrogen in the energy transition
The world faces a significant challenge in transitioning to a sustainable energy system. The increasing global demand for energy, coupled with the urgent need to address climate change by reducing greenhouse gas emissions, has led to a growing focus on clean energy technologies. A key component of this transition is the development and deployment of clean hydrogen, which is poised to play a critical role in decarbonising various sectors of the economy.
Hydrogen, the most abundant element in the universe, can be produced from a wide range of sources, including renewable energy, nuclear energy, and fossil fuels with carbon capture and storage. When produced using renewable energy sources like solar and wind power, it is termed 'green hydrogen'. This process results in zero greenhouse gas emissions, making it a truly sustainable fuel source.
The strategic importance of clean hydrogen lies in its versatility and its potential to replace fossil fuels in applications where electrification is difficult or impractical. This includes heavy industry, such as steel and cement production, long-haul transportation, including trucking, shipping, and aviation, and the storage of intermittent renewable energy to ensure grid stability.
The global push towards net-zero emissions targets, coupled with supportive government policies and growing investor interest, has created a favourable environment for the growth of the clean hydrogen sector. Companies involved in the production, distribution, and application of clean hydrogen are expected to benefit from increased demand and investment.
HydrogenOne Capital Growth plc is strategically positioned to capitalise on this growing market. The company’s investment strategy is focused on identifying and investing in innovative companies that are at the forefront of clean hydrogen technology and its applications. By providing capital and strategic support, HydrogenOne aims to foster the growth of these companies and contribute to the broader energy transition.
The company’s focus on clean hydrogen aligns with the global imperative to decarbonise the economy and build a sustainable energy future. The transition to clean hydrogen is not merely an environmental goal; it is also an economic opportunity, with the potential to create new industries, jobs, and economic growth. HydrogenOne is committed to being a part of this transformative journey, investing in the companies that are shaping the future of energy.
Investment objective, policy, process and strategy
Investment Objective
The Company’s investment objective is to achieve long-term capital appreciation by investing in a portfolio of companies whose business is focused on the clean hydrogen economy.
Investment Policy
The Company’s investment policy is to invest in companies that are engaged in the development, production, distribution, and application of clean hydrogen. The Company will seek to invest in a diversified portfolio of companies, which may include:
- Companies involved in the production of hydrogen using renewable energy sources (green hydrogen).
- Companies developing and manufacturing technologies for hydrogen production, storage, and transportation.
- Companies involved in the application of hydrogen as a fuel, such as in transportation, industry, and power generation.
- Companies that provide essential services or infrastructure for the clean hydrogen economy.
The Company will invest globally, with a particular focus on companies that demonstrate strong growth potential, innovative technologies, and a clear path to profitability. The Company may also invest in unquoted companies, subject to the Company’s articles of association and relevant regulatory requirements.
Investment Process
The Company’s investment process involves a rigorous due diligence and selection procedure, which includes:
- Sourcing: Identifying potential investment opportunities through market research, industry networks, and direct engagement with companies.
- Screening: Evaluating companies based on predefined investment criteria, including their business model, technology, market position, management team, and financial performance.
- Due Diligence: Conducting in-depth analysis of shortlisted companies, including financial, commercial, technical, and legal due diligence.
- Investment Decision: Making investment decisions based on the findings of the due diligence process and the alignment with the Company’s investment objective and policy.
- Portfolio Management: Actively monitoring the performance of the Company’s investments and making adjustments to the portfolio as necessary.
Investment Strategy
The Company’s investment strategy is to build a diversified portfolio of high-growth companies within the clean hydrogen ecosystem. The strategy is underpinned by the following key principles:
- Focus on Growth: Investing in companies that are expected to experience significant growth in revenue and market share over the long term.
- Technological Innovation: Prioritising companies with proprietary technologies or innovative solutions that offer a competitive advantage.
- Experienced Management: Investing in companies with strong, experienced management teams that have a proven track record of success.
- Sustainable Competitive Advantage: Seeking companies that have a clear and sustainable competitive advantage in their respective markets.
- Global Diversification: Investing in companies across different geographies and sub-sectors of the clean hydrogen economy to mitigate risk and capture diverse growth opportunities.
- Long-Term Value Creation: Adopting a long-term investment horizon, aiming to generate sustainable capital appreciation for shareholders.
- Active Engagement: Where appropriate, engaging actively with portfolio companies to support their growth and value creation.
The Company’s investment adviser plays a crucial role in executing this strategy, leveraging their expertise and network to identify and evaluate investment opportunities.
Business model and KPIs
Business Model
HydrogenOne Capital Growth plc operates as a closed-ended investment company focused on the clean hydrogen sector. Its business model is to invest in a diversified portfolio of public and private companies operating across the clean hydrogen value chain. This includes companies involved in:
- Hydrogen Production: Companies developing and deploying technologies for producing clean hydrogen, particularly green hydrogen derived from renewable energy sources.
- Hydrogen Infrastructure: Companies involved in the storage, transportation, and distribution of hydrogen, including pipelines, refuelling stations, and liquefaction technologies.
- Hydrogen Applications: Companies that utilise hydrogen as a fuel or feedstock in various sectors, such as heavy industry, transportation (including fuel cell vehicles), and power generation.
- Enabling Technologies: Companies providing critical technologies, components, or services that support the growth of the clean hydrogen economy.
The company aims to achieve capital appreciation for its shareholders by identifying undervalued or high-growth potential companies within this nascent but rapidly expanding sector.
Key Performance Indicators (KPIs)
The Company monitors several key performance indicators to assess its progress and the performance of its investments. These include:
- Net Asset Value (NAV) Growth: The primary measure of the Company’s success is the growth in its Net Asset Value over time, reflecting the appreciation of its investments.
- Portfolio Company Performance: Monitoring the financial and operational performance of individual portfolio companies, including revenue growth, profitability, market share, and technological advancements.
- Investment Realisations: The value and timing of successful exits from investments, contributing to realised gains.
- Share Price Performance: Tracking the Company’s share price relative to its NAV, indicating market valuation and investor sentiment.
- Deployment of Capital: The pace at which invested capital is deployed into new and existing opportunities, indicating the effectiveness of the investment pipeline.
- Diversification: Monitoring the diversification of the portfolio across different sub-sectors, geographies, and stages of company development.
- ESG Integration: Assessing the integration of Environmental, Social, and Governance (ESG) factors into the investment process and portfolio management.
These KPIs are used to guide investment decisions, manage the portfolio effectively, and report on the Company’s performance to stakeholders.
Investment Adviser’s Report
The Investment Adviser’s Report details the activities and performance of the Company’s investment portfolio over the reporting period. This section would typically include:
- Market Overview: An analysis of the clean hydrogen market, including key trends, regulatory developments, and technological advancements.
- Portfolio Performance Review: A summary of the financial performance of the Company’s investments, including commentary on the drivers of performance, both positive and negative.
- Valuation Commentary: Insights into the valuation of the portfolio, including any significant changes and the factors contributing to them.
- Investment Activity: Details on new investments made during the period, as well as any realisations or disposals of existing investments.
- Outlook and Strategy: The Investment Adviser’s view on the future prospects of the clean hydrogen sector and the Company’s strategy to capitalise on these opportunities.
- Risk Factors: A discussion of key risks affecting the portfolio and the strategies employed to manage them.
The specific content of this report is tailored to the reporting period and the evolving dynamics of the clean hydrogen market.
Environmental, Social and Governance (ESG)
HydrogenOne Capital Growth plc is committed to integrating Environmental, Social, and Governance (ESG) considerations into its investment strategy and operations. The company recognises that a strong ESG focus is not only critical for sustainable long-term value creation but also for aligning with the broader goals of the clean hydrogen transition.
Environmental:
The core of HydrogenOne’s investment mandate is to support the transition to clean energy, with a primary focus on hydrogen. This inherently aligns with significant environmental benefits, including:
- Decarbonisation: Investing in companies that contribute to reducing greenhouse gas emissions by replacing fossil fuels with clean hydrogen.
- Climate Change Mitigation: Supporting technologies and businesses that address climate change and promote a sustainable energy future.
- Resource Efficiency: Encouraging portfolio companies to adopt resource-efficient practices in their operations.
Social:
HydrogenOne considers the social impact of its investments and operations, focusing on:
- Job Creation: Supporting companies that are creating new employment opportunities in the burgeoning clean hydrogen sector.
- Health and Safety: Promoting high standards of health and safety within portfolio companies, particularly in the handling and deployment of hydrogen technologies.
- Community Engagement: Encouraging portfolio companies to engage positively with the communities in which they operate.
- Diversity and Inclusion: Supporting companies that foster diverse and inclusive workplaces.
Governance:
Strong corporate governance is fundamental to HydrogenOne’s operations and its investment decisions. The company is committed to:
- Board Oversight: Maintaining a strong, independent board of directors with diverse skills and experience.
- Transparency and Disclosure: Ensuring clear, accurate, and timely disclosure of information to shareholders and stakeholders.
- Ethical Conduct: Upholding the highest standards of ethical conduct in all business dealings.
- Risk Management: Implementing robust risk management frameworks to identify, assess, and mitigate potential risks.
- Shareholder Rights: Respecting the rights of shareholders and engaging in constructive dialogue.
HydrogenOne believes that by integrating ESG principles into its investment framework, it can contribute to a more sustainable and responsible energy transition, while also enhancing the long-term value of its investments. The company will continue to develop and refine its ESG approach as the clean hydrogen market evolves.
Stakeholder engagement (Section 172 Statement)
In accordance with Section 172 of the Companies Act 2006, the Directors of HydrogenOne Capital Growth plc have a duty to promote the success of the Company for the benefit of its members as a whole. In fulfilling this duty, the Directors must have regard, amongst other matters, to:
- The likely consequences of any decision in the long term.
- The interests of the Company’s employees.
- The need to foster the Company’s business relationships with suppliers, customers and others.
- The impact of the Company’s operations on the community and the environment.
- The need to act fairly between members of the Company.
- The reputation of the Company for high standards of business conduct.
- The need to act fairly as between the members of the Company.
The Directors consider that their duty to promote the success of the Company encompasses a commitment to responsible business conduct and a recognition of the interests of all stakeholders.
Engagement with Members (Shareholders):
The Company engages with its shareholders through various channels, including:
- Annual General Meetings (AGMs): Providing opportunities for shareholders to ask questions and vote on key resolutions.
- Interim and Annual Reports: Communicating financial performance, strategic developments, and future outlook.
- Press Releases and RNS Announcements: Disseminating material information in a timely manner.
- Direct Communication: Engaging with institutional investors and analysts to discuss strategy and performance.
The Board considers the long-term interests of shareholders when making strategic decisions, aiming to deliver sustainable capital appreciation.
Engagement with Employees:
As an investment company, HydrogenOne does not have a significant direct employee base. However, it relies on the expertise and dedication of its Investment Adviser and other service providers. The Company fosters strong business relationships with these partners, ensuring they understand and align with the Company’s objectives and ethical standards.
Engagement with Suppliers and Business Relationships:
The Company values its relationships with its suppliers and service providers, including the Investment Adviser, custodians, legal counsel, and auditors. It seeks to build mutually beneficial and long-term relationships based on trust, transparency, and fair dealing. Contracts and terms are negotiated with a view to achieving value for money and ensuring the efficient operation of the Company.
Community and Environment:
HydrogenOne’s core investment focus on clean hydrogen inherently contributes to positive environmental outcomes by supporting the decarbonisation of the energy sector. The Company acknowledges the importance of environmental stewardship and the need to minimise any negative environmental impact associated with its operations. It encourages its portfolio companies to adopt environmentally responsible practices. The Company also considers the impact of its investments on local communities and strives to support businesses that contribute positively to society.
Reputation and High Standards of Business Conduct:
The Directors are committed to maintaining the Company’s reputation for high standards of business conduct. This includes acting with integrity, transparency, and in compliance with all applicable laws and regulations. The Company has a robust corporate governance framework in place to ensure accountability and ethical decision-making.
The Directors regularly review these matters to ensure they are fulfilling their duty under Section 172 of the Companies Act 2006 and promoting the long-term success of HydrogenOne Capital Growth plc.
Risk and risk management
HydrogenOne Capital Growth plc operates in a dynamic and evolving sector, and the Board has established a robust framework for identifying, assessing, and managing the risks faced by the Company. The principal risks and uncertainties relate to the Company’s investment strategy, the clean hydrogen market, and its financial and operational activities.
Market and Sector Risks:
- Clean Hydrogen Market Development: The clean hydrogen sector is nascent and subject to rapid technological advancements, regulatory changes, and evolving market demand. The pace of adoption and the success of various hydrogen production methods and applications can significantly impact the performance of portfolio companies.
- Mitigation: Diversification across sub-sectors and geographies within the clean hydrogen value chain. Continuous monitoring of market trends and regulatory developments. Emphasis on investing in companies with proven technologies or strong development pipelines.
- Technological Risk: The success of portfolio companies is often dependent on the development and commercialisation of new technologies. Technological obsolescence or failure to scale can impact investment values.
- Mitigation: Due diligence on the technical viability and scalability of technologies. Investing in companies with strong R&D capabilities and intellectual property protection.
- Regulatory and Political Risk: Government policies, subsidies, and regulations play a crucial role in the development of the clean hydrogen market. Changes in these policies could adversely affect the profitability and growth prospects of portfolio companies.
- Mitigation: Monitoring regulatory landscapes in key markets. Investing in companies that are well-positioned to adapt to or benefit from evolving regulatory frameworks.
- Competition Risk: The clean hydrogen sector is becoming increasingly competitive. Portfolio companies may face intense competition from established players and new entrants.
- Mitigation: Investing in companies with strong competitive advantages, proprietary technologies, or unique market positions.
Investment and Financial Risks:
- Investment Valuation Risk: The valuation of investments, particularly in unquoted companies, can be subjective and subject to significant fluctuations.
- Mitigation: Rigorous due diligence, independent valuations, and ongoing monitoring of portfolio company performance. Diversification to spread risk.
- Liquidity Risk: Investments in unquoted companies may be illiquid, making it difficult to sell them quickly at a desired price.
- Mitigation: Balancing the portfolio between quoted and unquoted investments. Seeking to invest in companies with clear exit strategies.
- Currency Risk: The Company invests globally, and fluctuations in exchange rates can impact the value of investments and returns.
- Mitigation: Considering hedging strategies where appropriate, although this is not currently a primary focus for the Company’s unquoted investments.
- Credit Risk: The risk that counterparties to financial transactions will default on their obligations.
- Mitigation: Investing with reputable financial institutions and counterparties. Monitoring counterparty creditworthiness.
- Interest Rate Risk: Changes in interest rates can affect the cost of borrowing and the valuation of fixed-income assets (if any).
- Mitigation: The Company’s primary investments are in equities, making it less exposed to direct interest rate risk compared to fixed-income portfolios.
Operational and Strategic Risks:
- Reliance on Investment Adviser: The Company’s success is significantly dependent on the expertise, judgment, and performance of its Investment Adviser.
- Mitigation: Careful selection and ongoing oversight of the Investment Adviser. Clear contractual terms and performance monitoring.
- Key Personnel Risk: The loss of key personnel within the Investment Adviser or within portfolio companies could adversely affect performance.
- Mitigation: Encouraging portfolio companies to have robust succession planning. Diversification of investments to reduce reliance on any single entity.
- Reputational Risk: Negative publicity or reputational damage to the Company or its portfolio companies could impact investor confidence and investment values.
- Mitigation: Maintaining high standards of corporate governance and ethical conduct. Encouraging portfolio companies to adhere to best practices.
- Cybersecurity Risk: The increasing reliance on digital systems for operations and communication creates exposure to cybersecurity threats.
- Mitigation: Implementing appropriate cybersecurity measures and policies for the Company and encouraging portfolio companies to do the same.
The Board regularly reviews the risk management framework and the effectiveness of mitigation strategies. The Company maintains adequate insurance cover where appropriate.
Financial statements
Summary of Financial Information
| Statement of Financial Position | 31 December 2022 (£'000) | 31 December 2021 (£'000) |
|---|---|---|
| Assets | ||
| Investments | 48,473 | 98,912 |
| Cash and cash equivalents | 12,139 | 8,012 |
| Other assets | 345 | 123 |
| Total Assets | 60,957 | 107,047 |
| Liabilities and Equity | ||
| Equity | ||
| Share capital | 10,178 | 10,178 |
| Share premium | 99,191 | 99,191 |
| Retained earnings/(accumulated deficit) | (53,365) | (1,712) |
| Total Equity | 55,994 | 107,657 |
| Liabilities | ||
| Other liabilities | 4,963 | (610) |
| Total Liabilities | 4,963 | (610) |
| Total Liabilities and Equity | 60,957 | 107,047 |
| Statement of Comprehensive Income | Year ended 31 December 2022 (£'000) | Year ended 31 December 2021 (£'000) |
|---|---|---|
| Income | ||
| Investment income | 102 | 52 |
| Total Income | 102 | 52 |
| Expenses | ||
| Investment adviser fee | 2,216 | 1,779 |
| Other operating expenses | 1,215 | 873 |
| Total Expenses | 3,431 | 2,652 |
| (Loss)/Profit before tax | (3,329) | (2,600) |
| Tax | 0 | 0 |
| (Loss)/Profit for the year | (3,329) | (2,600) |
| Other comprehensive income/(loss) | ||
| Total comprehensive income/(loss) | (3,329) | (2,600) |
| Statement of Cash Flows | Year ended 31 December 2022 (£'000) | Year ended 31 December 2021 (£'000) |
|---|---|---|
| Cash flows from operating activities | ||
| Loss for the year | (3,329) | (2,600) |
| Adjustments for: | ||
| Investment adviser fee payable | 437 | 403 |
| Share-based payments | 38 | 0 |
| Changes in working capital | ||
| Increase in other assets | (222) | (77) |
| Increase in other liabilities | 4,963 | 0 |
| Net cash (used in)/generated from operating | 1,889 | (2,274) |
| Cash flows from investing activities | ||
| Purchase of investments | 13,238 | 102,610 |
| Proceeds from sale of investments | 66,332 | 7,574 |
| Net cash generated from investing | 79,570 | 110,184 |
| Cash flows from financing activities | ||
| Proceeds from issue of shares | 0 | 8,799 |
| Net cash generated from financing | 0 | 8,799 |
| Net increase/(decrease) in cash and cash equiv | 81,459 | 116,709 |
| Cash and cash equivalents at beginning of year | 8,012 | 0 |
| Cash and cash equivalents at end of year | 89,471 | 116,709 |
Audit Report
The Audit Report provides the opinion of the independent auditor on the fairness and accuracy of the financial statements. It would typically include:
- Opinion: A statement on whether the financial statements present a true and fair view of the Company’s financial position, performance, and cash flows in accordance with applicable accounting standards.
- Basis for Opinion: Detailing the auditing standards followed and the auditor's responsibilities.
- Key Audit Matters (KAMs): Identification and explanation of the most significant matters that required auditor attention during the audit. This would often include complex areas such as the valuation of unquoted investments.
- Other Information: Commentary on other information provided in the annual report.
- Responsibilities of Management and Auditor: Outlining the respective duties of management and the auditor.
The Audit Report is crucial for providing assurance to shareholders and other stakeholders regarding the reliability of the financial information presented.
Other information
Substantial Shareholdings
This section would list any shareholders who hold a significant percentage of the Company's voting rights, typically above a certain threshold (e.g., 3% or 5%). Details would include the shareholder's name, the number of shares held, and the percentage of total voting rights.
Related Party Transactions
This section discloses any transactions entered into by the Company with related parties. Related parties can include directors, key management personnel, or entities over which they have significant influence. Transactions would be described, along with their terms and conditions, and whether they are considered to be at arm's length.
Significant Agreements
This part would outline any material agreements that the Company has entered into, such as investment advisory agreements, loan agreements, or significant service contracts. Key terms and the purpose of these agreements would be summarised.
Company Secretary and Registered Office
- Company Secretary: [Name of Company Secretary]
- Registered Office: [Company's Registered Office Address]
Registrar and Transfer Agent
- Registrar: [Name and Address of the Company's Registrar]
Independent Auditor
- Auditor: [Name and Address of the Independent Auditor]
Professional Advisers
This section would list other professional advisers to the Company, which may include:
- Legal Advisers: [Names and Addresses of Legal Firms]
- Other Advisers: [Names and Addresses of any other relevant professional advisers]
Shareholder Information
- Listing: The Company's shares are listed on [Stock Exchange Name and Ticker Symbol].
- Share Price Information: Information on the Company's share price performance, including historical data and relevant indices.
- Dividend Policy: Details of the Company's policy regarding the payment of dividends, if any.
- Shareholder Enquiries: Contact details for shareholders who have queries regarding their shareholdings or Company matters.
The "Other Information" section serves to provide essential details about the Company's corporate structure, governance, and relationships with its stakeholders, complementing the financial and strategic reporting.
Strategic report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
The role of clean hydrogen in the energy transition
The world faces a significant challenge in transitioning to a sustainable energy system. The increasing global demand for energy, coupled with the urgent need to address climate change by reducing greenhouse gas emissions, has led to a growing focus on clean energy technologies. A key component of this transition is the development and deployment of clean hydrogen, which is poised to play a critical role in decarbonising various sectors of the economy.
Hydrogen, the most abundant element in the universe, can be produced from a wide range of sources, including renewable energy, nuclear energy, and fossil fuels with carbon capture and storage. When produced using renewable energy sources like solar and wind power, it is termed 'green hydrogen'. This process results in zero greenhouse gas emissions, making it a truly sustainable fuel source.
The strategic importance of clean hydrogen lies in its versatility and its potential to replace fossil fuels in applications where electrification is difficult or impractical. This includes heavy industry, such as steel and cement production, long-haul transportation, including trucking, shipping, and aviation, and the storage of intermittent renewable energy to ensure grid stability.
The global push towards net-zero emissions targets, coupled with supportive government policies and growing investor interest, has created a favourable environment for the growth of the clean hydrogen sector. Companies involved in the production, distribution, and application of clean hydrogen are expected to benefit from increased demand and investment.
HydrogenOne Capital Growth plc is strategically positioned to capitalise on this growing market. The company’s investment strategy is focused on identifying and investing in innovative companies that are at the forefront of clean hydrogen technology and its applications. By providing capital and strategic support, HydrogenOne aims to foster the growth of these companies and contribute to the broader energy transition.
The company’s focus on clean hydrogen aligns with the global imperative to decarbonise the economy and build a sustainable energy future. The transition to clean hydrogen is not merely an environmental goal; it is also an economic opportunity, with the potential to create new industries, jobs, and economic growth. HydrogenOne is committed to being a part of this transformative journey, investing in the companies that are shaping the future of energy.
Investment objective, policy, process and strategy
Investment Objective
The Company’s investment objective is to achieve long-term capital appreciation by investing in a portfolio of companies whose business is focused on the clean hydrogen economy.
Investment Policy
The Company’s investment policy is to invest in companies that are engaged in the development, production, distribution, and application of clean hydrogen. The Company will seek to invest in a diversified portfolio of companies, which may include:
- Companies involved in the production of hydrogen using renewable energy sources (green hydrogen).
- Companies developing and manufacturing technologies for hydrogen production, storage, and transportation.
- Companies involved in the application of hydrogen as a fuel, such as in transportation, industry, and power generation.
- Companies that provide essential services or infrastructure for the clean hydrogen economy.
The Company will invest globally, with a particular focus on companies that demonstrate strong growth potential, innovative technologies, and a clear path to profitability. The Company may also invest in unquoted companies, subject to the Company’s articles of association and relevant regulatory requirements.
Investment Process
The Company’s investment process involves a rigorous due diligence and selection procedure, which includes:
- Sourcing: Identifying potential investment opportunities through market research, industry networks, and direct engagement with companies.
- Screening: Evaluating companies based on predefined investment criteria, including their business model, technology, market position, management team, and financial performance.
- Due Diligence: Conducting in-depth analysis of shortlisted companies, including financial, commercial, technical, and legal due diligence.
- Investment Decision: Making investment decisions based on the findings of the due diligence process and the alignment with the Company’s investment objective and policy.
- Portfolio Management: Actively monitoring the performance of the Company’s investments and making adjustments to the portfolio as necessary.
Investment Strategy
The Company’s investment strategy is to build a diversified portfolio of high-growth companies within the clean hydrogen ecosystem. The strategy is underpinned by the following key principles:
- Focus on Growth: Investing in companies that are expected to experience significant growth in revenue and market share over the long term.
- Technological Innovation: Prioritising companies with proprietary technologies or innovative solutions that offer a competitive advantage.
- Experienced Management: Investing in companies with strong, experienced management teams that have a proven track record of success.
- Sustainable Competitive Advantage: Seeking companies that have a clear and sustainable competitive advantage in their respective markets.
- Global Diversification: Investing in companies across different geographies and sub-sectors of the clean hydrogen economy to mitigate risk and capture diverse growth opportunities.
- Long-Term Value Creation: Adopting a long-term investment horizon, aiming to generate sustainable capital appreciation for shareholders.
- Active Engagement: Where appropriate, engaging actively with portfolio companies to support their growth and value creation.
The Company’s investment adviser plays a crucial role in executing this strategy, leveraging their expertise and network to identify and evaluate investment opportunities.
Business model and KPIs
Business Model
HydrogenOne Capital Growth plc operates as a closed-ended investment company focused on the clean hydrogen sector. Its business model is to invest in a diversified portfolio of public and private companies operating across the clean hydrogen value chain. This includes companies involved in:
- Hydrogen Production: Companies developing and deploying technologies for producing clean hydrogen, particularly green hydrogen derived from renewable energy sources.
- Hydrogen Infrastructure: Companies involved in the storage, transportation, and distribution of hydrogen, including pipelines, refuelling stations, and liquefaction technologies.
- Hydrogen Applications: Companies that utilise hydrogen as a fuel or feedstock in various sectors, such as heavy industry, transportation (including fuel cell vehicles), and power generation.
- Enabling Technologies: Companies providing critical technologies, components, or services that support the growth of the clean hydrogen economy.
The company aims to achieve capital appreciation for its shareholders by identifying undervalued or high-growth potential companies within this nascent but rapidly expanding sector.
Key Performance Indicators (KPIs)
The Company monitors several key performance indicators to assess its progress and the performance of its investments. These include:
- Net Asset Value (NAV) Growth: The primary measure of the Company’s success is the growth in its Net Asset Value over time, reflecting the appreciation of its investments.
- Portfolio Company Performance: Monitoring the financial and operational performance of individual portfolio companies, including revenue growth, profitability, market share, and technological advancements.
- Investment Realisations: The value and timing of successful exits from investments, contributing to realised gains.
- Share Price Performance: Tracking the Company’s share price relative to its NAV, indicating market valuation and investor sentiment.
- Deployment of Capital: The pace at which invested capital is deployed into new and existing opportunities, indicating the effectiveness of the investment pipeline.
- Diversification: Monitoring the diversification of the portfolio across different sub-sectors, geographies, and stages of company development.
- ESG Integration: Assessing the integration of Environmental, Social, and Governance (ESG) factors into the investment process and portfolio management.
These KPIs are used to guide investment decisions, manage the portfolio effectively, and report on the Company’s performance to stakeholders.
Investment Adviser’s Report
The Investment Adviser’s Report details the activities and performance of the Company’s investment portfolio over the reporting period. This section would typically include:
- Market Overview: An analysis of the clean hydrogen market, including key trends, regulatory developments, and technological advancements.
- Portfolio Performance Review: A summary of the financial performance of the Company’s investments, including commentary on the drivers of performance, both positive and negative.
- Valuation Commentary: Insights into the valuation of the portfolio, including any significant changes and the factors contributing to them.
- Investment Activity: Details on new investments made during the period, as well as any realisations or disposals of existing investments.
- Outlook and Strategy: The Investment Adviser’s view on the future prospects of the clean hydrogen sector and the Company’s strategy to capitalise on these opportunities.
- Risk Factors: A discussion of key risks affecting the portfolio and the strategies employed to manage them.
The specific content of this report is tailored to the reporting period and the evolving dynamics of the clean hydrogen market.
Environmental, Social and Governance (ESG)
HydrogenOne Capital Growth plc is committed to integrating Environmental, Social, and Governance (ESG) considerations into its investment strategy and operations. The company recognises that a strong ESG focus is not only critical for sustainable long-term value creation but also for aligning with the broader goals of the clean hydrogen transition.
Environmental:
The core of HydrogenOne’s investment mandate is to support the transition to clean energy, with a primary focus on hydrogen. This inherently aligns with significant environmental benefits, including:
- Decarbonisation: Investing in companies that contribute to reducing greenhouse gas emissions by replacing fossil fuels with clean hydrogen.
- Climate Change Mitigation: Supporting technologies and businesses that address climate change and promote a sustainable energy future.
- Resource Efficiency: Encouraging portfolio companies to adopt resource-efficient practices in their operations.
Social:
HydrogenOne considers the social impact of its investments and operations, focusing on:
- Job Creation: Supporting companies that are creating new employment opportunities in the burgeoning clean hydrogen sector.
- Health and Safety: Promoting high standards of health and safety within portfolio companies, particularly in the handling and deployment of hydrogen technologies.
- Community Engagement: Encouraging portfolio companies to engage positively with the communities in which they operate.
- Diversity and Inclusion: Supporting companies that foster diverse and inclusive workplaces.
Governance:
Strong corporate governance is fundamental to HydrogenOne’s operations and its investment decisions. The company is committed to:
- Board Oversight: Maintaining a strong, independent board of directors with diverse skills and experience.
- Transparency and Disclosure: Ensuring clear, accurate, and timely disclosure of information to shareholders and stakeholders.
- Ethical Conduct: Upholding the highest standards of ethical conduct in all business dealings.
- Risk Management: Implementing robust risk management frameworks to identify, assess, and mitigate potential risks.
- Shareholder Rights: Respecting the rights of shareholders and engaging in constructive dialogue.
HydrogenOne believes that by integrating ESG principles into its investment framework, it can contribute to a more sustainable and responsible energy transition, while also enhancing the long-term value of its investments. The company will continue to develop and refine its ESG approach as the clean hydrogen market evolves.
Stakeholder engagement (Section 172 Statement)
In accordance with Section 172 of the Companies Act 2006, the Directors of HydrogenOne Capital Growth plc have a duty to promote the success of the Company for the benefit of its members as a whole. In fulfilling this duty, the Directors must have regard, amongst other matters, to:
- The likely consequences of any decision in the long term.
- The interests of the Company’s employees.
- The need to foster the Company’s business relationships with suppliers, customers and others.
- The impact of the Company’s operations on the community and the environment.
- The need to act fairly between members of the Company.
- The reputation of the Company for high standards of business conduct.
- The need to act fairly as between the members of the Company.
The Directors consider that their duty to promote the success of the Company encompasses a commitment to responsible business conduct and a recognition of the interests of all stakeholders.
Engagement with Members (Shareholders):
The Company engages with its shareholders through various channels, including:
- Annual General Meetings (AGMs): Providing opportunities for shareholders to ask questions and vote on key resolutions.
- Interim and Annual Reports: Communicating financial performance, strategic developments, and future outlook.
- Press Releases and RNS Announcements: Disseminating material information in a timely manner.
- Direct Communication: Engaging with institutional investors and analysts to discuss strategy and performance.
The Board considers the long-term interests of shareholders when making strategic decisions, aiming to deliver sustainable capital appreciation.
Engagement with Employees:
As an investment company, HydrogenOne does not have a significant direct employee base. However, it relies on the expertise and dedication of its Investment Adviser and other service providers. The Company fosters strong business relationships with these partners, ensuring they understand and align with the Company’s objectives and ethical standards.
Engagement with Suppliers and Business Relationships:
The Company values its relationships with its suppliers and service providers, including the Investment Adviser, custodians, legal counsel, and auditors. It seeks to build mutually beneficial and long-term relationships based on trust, transparency, and fair dealing. Contracts and terms are negotiated with a view to achieving value for money and ensuring the efficient operation of the Company.
Community and Environment:
HydrogenOne’s core investment focus on clean hydrogen inherently contributes to positive environmental outcomes by supporting the decarbonisation of the energy sector. The Company acknowledges the importance of environmental stewardship and the need to minimise any negative environmental impact associated with its operations. It encourages its portfolio companies to adopt environmentally responsible practices. The Company also considers the impact of its investments on local communities and strives to support businesses that contribute positively to society.
Reputation and High Standards of Business Conduct:
The Directors are committed to maintaining the Company’s reputation for high standards of business conduct. This includes acting with integrity, transparency, and in compliance with all applicable laws and regulations. The Company has a robust corporate governance framework in place to ensure accountability and ethical decision-making.
The Directors regularly review these matters to ensure they are fulfilling their duty under Section 172 of the Companies Act 2006 and promoting the long-term success of HydrogenOne Capital Growth plc.
Risk and risk management
HydrogenOne Capital Growth plc operates in a dynamic and evolving sector, and the Board has established a robust framework for identifying, assessing, and managing the risks faced by the Company. The principal risks and uncertainties relate to the Company’s investment strategy, the clean hydrogen market, and its financial and operational activities.
Market and Sector Risks:
- Clean Hydrogen Market Development: The clean hydrogen sector is nascent and subject to rapid technological advancements, regulatory changes, and evolving market demand. The pace of adoption and the success of various hydrogen production methods and applications can significantly impact the performance of portfolio companies.
- Mitigation: Diversification across sub-sectors and geographies within the clean hydrogen value chain. Continuous monitoring of market trends and regulatory developments. Emphasis on investing in companies with proven technologies or strong development pipelines.
- Technological Risk: The success of portfolio companies is often dependent on the development and commercialisation of new technologies. Technological obsolescence or failure to scale can impact investment values.
- Mitigation: Due diligence on the technical viability and scalability of technologies. Investing in companies with strong R&D capabilities and intellectual property protection.
- Regulatory and Political Risk: Government policies, subsidies, and regulations play a crucial role in the development of the clean hydrogen market. Changes in these policies could adversely affect the profitability and growth prospects of portfolio companies.
- Mitigation: Monitoring regulatory landscapes in key markets. Investing in companies that are well-positioned to adapt to or benefit from evolving regulatory frameworks.
- Competition Risk: The clean hydrogen sector is becoming increasingly competitive. Portfolio companies may face intense competition from established players and new entrants.
- Mitigation: Investing in companies with strong competitive advantages, proprietary technologies, or unique market positions.
Investment and Financial Risks:
- Investment Valuation Risk: The valuation of investments, particularly in unquoted companies, can be subjective and subject to significant fluctuations.
- Mitigation: Rigorous due diligence, independent valuations, and ongoing monitoring of portfolio company performance. Diversification to spread risk.
- Liquidity Risk: Investments in unquoted companies may be illiquid, making it difficult to sell them quickly at a desired price.
- Mitigation: Balancing the portfolio between quoted and unquoted investments. Seeking to invest in companies with clear exit strategies.
- Currency Risk: The Company invests globally, and fluctuations in exchange rates can impact the value of investments and returns.
- Mitigation: Considering hedging strategies where appropriate, although this is not currently a primary focus for the Company’s unquoted investments.
- Credit Risk: The risk that counterparties to financial transactions will default on their obligations.
- Mitigation: Investing with reputable financial institutions and counterparties. Monitoring counterparty creditworthiness.
- Interest Rate Risk: Changes in interest rates can affect the cost of borrowing and the valuation of fixed-income assets (if any).
- Mitigation: The Company’s primary investments are in equities, making it less exposed to direct interest rate risk compared to fixed-income portfolios.
Operational and Strategic Risks:
- Reliance on Investment Adviser: The Company’s success is significantly dependent on the expertise, judgment, and performance of its Investment Adviser.
- Mitigation: Careful selection and ongoing oversight of the Investment Adviser. Clear contractual terms and performance monitoring.
- Key Personnel Risk: The loss of key personnel within the Investment Adviser or within portfolio companies could adversely affect performance.
- Mitigation: Encouraging portfolio companies to have robust succession planning. Diversification of investments to reduce reliance on any single entity.
- Reputational Risk: Negative publicity or reputational damage to the Company or its portfolio companies could impact investor confidence and investment values.
- Mitigation: Maintaining high standards of corporate governance and ethical conduct. Encouraging portfolio companies to adhere to best practices.
- Cybersecurity Risk: The increasing reliance on digital systems for operations and communication creates exposure to cybersecurity threats.
- Mitigation: Implementing appropriate cybersecurity measures and policies for the Company and encouraging portfolio companies to do the same.
The Board regularly reviews the risk management framework and the effectiveness of mitigation strategies. The Company maintains adequate insurance cover where appropriate.
Financial statements
Summary of Financial Information
| Statement of Financial Position | 31 December 2022 (£'000) | 31 December 2021 (£'000) |
|---|---|---|
| Assets | ||
| Investments | 48,473 | 98,912 |
| Cash and cash equivalents | 12,139 | 8,012 |
| Other assets | 345 | 123 |
| Total Assets | 60,957 | 107,047 |
| Liabilities and Equity | ||
| Equity | ||
| Share capital | 10,178 | 10,178 |
| Share premium | 99,191 | 99,191 |
| Retained earnings/(accumulated deficit) | (53,365) | (1,712) |
| Total Equity | 55,994 | 107,657 |
| Liabilities | ||
| Other liabilities | 4,963 | (610) |
| Total Liabilities | 4,963 | (610) |
| Total Liabilities and Equity | 60,957 | 107,047 |
| Statement of Comprehensive Income | Year ended 31 December 2022 (£'000) | Year ended 31 December 2021 (£'000) |
|---|---|---|
| Income | ||
| Investment income | 102 | 52 |
| Total Income | 102 | 52 |
| Expenses | ||
| Investment adviser fee | 2,216 | 1,779 |
| Other operating expenses | 1,215 | 873 |
| Total Expenses | 3,431 | 2,652 |
| (Loss)/Profit before tax | (3,329) | (2,600) |
| Tax | 0 | 0 |
| (Loss)/Profit for the year | (3,329) | (2,600) |
| Other comprehensive income/(loss) | ||
| Total comprehensive income/(loss) | (3,329) | (2,600) |
| Statement of Cash Flows | Year ended 31 December 2022 (£'000) | Year ended 31 December 2021 (£'000) |
|---|---|---|
| Cash flows from operating activities | ||
| Loss for the year | (3,329) | (2,600) |
| Adjustments for: | ||
| Investment adviser fee payable | 437 | 403 |
| Share-based payments | 38 | 0 |
| Changes in working capital | ||
| Increase in other assets | (222) | (77) |
| Increase in other liabilities | 4,963 | 0 |
| Net cash (used in)/generated from operating | 1,889 | (2,274) |
| Cash flows from investing activities | ||
| Purchase of investments | 13,238 | 102,610 |
| Proceeds from sale of investments | 66,332 | 7,574 |
| Net cash generated from investing | 79,570 | 110,184 |
| Cash flows from financing activities | ||
| Proceeds from issue of shares | 0 | 8,799 |
| Net cash generated from financing | 0 | 8,799 |
| Net increase/(decrease) in cash and cash equiv | 81,459 | 116,709 |
| Cash and cash equivalents at beginning of year | 8,012 | 0 |
| Cash and cash equivalents at end of year | 89,471 | 116,709 |
Audit Report
The Audit Report provides the opinion of the independent auditor on the fairness and accuracy of the financial statements. It would typically include:
- Opinion: A statement on whether the financial statements present a true and fair view of the Company’s financial position, performance, and cash flows in accordance with applicable accounting standards.
- Basis for Opinion: Detailing the auditing standards followed and the auditor's responsibilities.
- Key Audit Matters (KAMs): Identification and explanation of the most significant matters that required auditor attention during the audit. This would often include complex areas such as the valuation of unquoted investments.
- Other Information: Commentary on other information provided in the annual report.
- Responsibilities of Management and Auditor: Outlining the respective duties of management and the auditor.
The Audit Report is crucial for providing assurance to shareholders and other stakeholders regarding the reliability of the financial information presented.
Other information
Substantial Shareholdings
This section would list any shareholders who hold a significant percentage of the Company's voting rights, typically above a certain threshold (e.g., 3% or 5%). Details would include the shareholder's name, the number of shares held, and the percentage of total voting rights.
Related Party Transactions
This section discloses any transactions entered into by the Company with related parties. Related parties can include directors, key management personnel, or entities over which they have significant influence. Transactions would be described, along with their terms and conditions, and whether they are considered to be at arm's length.
Significant Agreements
This part would outline any material agreements that the Company has entered into, such as investment advisory agreements, loan agreements, or significant service contracts. Key terms and the purpose of these agreements would be summarised.
Company Secretary and Registered Office
- Company Secretary: [Name of Company Secretary]
- Registered Office: [Company's Registered Office Address]
Registrar and Transfer Agent
- Registrar: [Name and Address of the Company's Registrar]
Independent Auditor
- Auditor: [Name and Address of the Independent Auditor]
Professional Advisers
This section would list other professional advisers to the Company, which may include:
- Legal Advisers: [Names and Addresses of Legal Firms]
- Other Advisers: [Names and Addresses of any other relevant professional advisers]
Shareholder Information
- Listing: The Company's shares are listed on [Stock Exchange Name and Ticker Symbol].
- Share Price Information: Information on the Company's share price performance, including historical data and relevant indices.
- Dividend Policy: Details of the Company's policy regarding the payment of dividends, if any.
- Shareholder Enquiries: Contact details for shareholders who have queries regarding their shareholdings or Company matters.
The "Other Information" section serves to provide essential details about the Company's corporate structure, governance, and relationships with its stakeholders, complementing the financial and strategic reporting.
Strategic report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
The role of clean hydrogen in the energy transition
The world faces a significant challenge in transitioning to a sustainable energy system. The increasing global demand for energy, coupled with the urgent need to address climate change by reducing greenhouse gas emissions, has led to a growing focus on clean energy technologies. A key component of this transition is the development and deployment of clean hydrogen, which is poised to play a critical role in decarbonising various sectors of the economy.
Hydrogen, the most abundant element in the universe, can be produced from a wide range of sources, including renewable energy, nuclear energy, and fossil fuels with carbon capture and storage. When produced using renewable energy sources like solar and wind power, it is termed 'green hydrogen'. This process results in zero greenhouse gas emissions, making it a truly sustainable fuel source.
The strategic importance of clean hydrogen lies in its versatility and its potential to replace fossil fuels in applications where electrification is difficult or impractical. This includes heavy industry, such as steel and cement production, long-haul transportation, including trucking, shipping, and aviation, and the storage of intermittent renewable energy to ensure grid stability.
The global push towards net-zero emissions targets, coupled with supportive government policies and growing investor interest, has created a favourable environment for the growth of the clean hydrogen sector. Companies involved in the production, distribution, and application of clean hydrogen are expected to benefit from increased demand and investment.
HydrogenOne Capital Growth plc is strategically positioned to capitalise on this growing market. The company’s investment strategy is focused on identifying and investing in innovative companies that are at the forefront of clean hydrogen technology and its applications. By providing capital and strategic support, HydrogenOne aims to foster the growth of these companies and contribute to the broader energy transition.
The company’s focus on clean hydrogen aligns with the global imperative to decarbonise the economy and build a sustainable energy future. The transition to clean hydrogen is not merely an environmental goal; it is also an economic opportunity, with the potential to create new industries, jobs, and economic growth. HydrogenOne is committed to being a part of this transformative journey, investing in the companies that are shaping the future of energy.
Investment objective, policy, process and strategy
Investment Objective
The Company’s investment objective is to achieve long-term capital appreciation by investing in a portfolio of companies whose business is focused on the clean hydrogen economy.
Investment Policy
The Company’s investment policy is to invest in companies that are engaged in the development, production, distribution, and application of clean hydrogen. The Company will seek to invest in a diversified portfolio of companies, which may include:
- Companies involved in the production of hydrogen using renewable energy sources (green hydrogen).
- Companies developing and manufacturing technologies for hydrogen production, storage, and transportation.
- Companies involved in the application of hydrogen as a fuel, such as in transportation, industry, and power generation.
- Companies that provide essential services or infrastructure for the clean hydrogen economy.
The Company will invest globally, with a particular focus on companies that demonstrate strong growth potential, innovative technologies, and a clear path to profitability. The Company may also invest in unquoted companies, subject to the Company’s articles of association and relevant regulatory requirements.
Investment Process
The Company’s investment process involves a rigorous due diligence and selection procedure, which includes:
- Sourcing: Identifying potential investment opportunities through market research, industry networks, and direct engagement with companies.
- Screening: Evaluating companies based on predefined investment criteria, including their business model, technology, market position, management team, and financial performance.
- Due Diligence: Conducting in-depth analysis of shortlisted companies, including financial, commercial, technical, and legal due diligence.
- Investment Decision: Making investment decisions based on the findings of the due diligence process and the alignment with the Company’s investment objective and policy.
- Portfolio Management: Actively monitoring the performance of the Company’s investments and making adjustments to the portfolio as necessary.
Investment Strategy
The Company’s investment strategy is to build a diversified portfolio of high-growth companies within the clean hydrogen ecosystem. The strategy is underpinned by the following key principles:
- Focus on Growth: Investing in companies that are expected to experience significant growth in revenue and market share over the long term.
- Technological Innovation: Prioritising companies with proprietary technologies or innovative solutions that offer a competitive advantage.
- Experienced Management: Investing in companies with strong, experienced management teams that have a proven track record of success.
- Sustainable Competitive Advantage: Seeking companies that have a clear and sustainable competitive advantage in their respective markets.
- Global Diversification: Investing in companies across different geographies and sub-sectors of the clean hydrogen economy to mitigate risk and capture diverse growth opportunities.
- Long-Term Value Creation: Adopting a long-term investment horizon, aiming to generate sustainable capital appreciation for shareholders.
- Active Engagement: Where appropriate, engaging actively with portfolio companies to support their growth and value creation.
The Company’s investment adviser plays a crucial role in executing this strategy, leveraging their expertise and network to identify and evaluate investment opportunities.
Business model and KPIs
Business Model
HydrogenOne Capital Growth plc operates as a closed-ended investment company focused on the clean hydrogen sector. Its business model is to invest in a diversified portfolio of public and private companies operating across the clean hydrogen value chain. This includes companies involved in:
- Hydrogen Production: Companies developing and deploying technologies for producing clean hydrogen, particularly green hydrogen derived from renewable energy sources.
- Hydrogen Infrastructure: Companies involved in the storage, transportation, and distribution of hydrogen, including pipelines, refuelling stations, and liquefaction technologies.
- Hydrogen Applications: Companies that utilise hydrogen as a fuel or feedstock in various sectors, such as heavy industry, transportation (including fuel cell vehicles), and power generation.
- Enabling Technologies: Companies providing critical technologies, components, or services that support the growth of the clean hydrogen economy.
The company aims to achieve capital appreciation for its shareholders by identifying undervalued or high-growth potential companies within this nascent but rapidly expanding sector.
Key Performance Indicators (KPIs)
The Company monitors several key performance indicators to assess its progress and the performance of its investments. These include:
- Net Asset Value (NAV) Growth: The primary measure of the Company’s success is the growth in its Net Asset Value over time, reflecting the appreciation of its investments.
- Portfolio Company Performance: Monitoring the financial and operational performance of individual portfolio companies, including revenue growth, profitability, market share, and technological advancements.
- Investment Realisations: The value and timing of successful exits from investments, contributing to realised gains.
- Share Price Performance: Tracking the Company’s share price relative to its NAV, indicating market valuation and investor sentiment.
- Deployment of Capital: The pace at which invested capital is deployed into new and existing opportunities, indicating the effectiveness of the investment pipeline.
- Diversification: Monitoring the diversification of the portfolio across different sub-sectors, geographies, and stages of company development.
- ESG Integration: Assessing the integration of Environmental, Social, and Governance (ESG) factors into the investment process and portfolio management.
These KPIs are used to guide investment decisions, manage the portfolio effectively, and report on the Company’s performance to stakeholders.
Investment Adviser’s Report
The Investment Adviser’s Report details the activities and performance of the Company’s investment portfolio over the reporting period. This section would typically include:
- Market Overview: An analysis of the clean hydrogen market, including key trends, regulatory developments, and technological advancements.
- Portfolio Performance Review: A summary of the financial performance of the Company’s investments, including commentary on the drivers of performance, both positive and negative.
- Valuation Commentary: Insights into the valuation of the portfolio, including any significant changes and the factors contributing to them.
- Investment Activity: Details on new investments made during the period, as well as any realisations or disposals of existing investments.
- Outlook and Strategy: The Investment Adviser’s view on the future prospects of the clean hydrogen sector and the Company’s strategy to capitalise on these opportunities.
- Risk Factors: A discussion of key risks affecting the portfolio and the strategies employed to manage them.
The specific content of this report is tailored to the reporting period and the evolving dynamics of the clean hydrogen market.
Environmental, Social and Governance (ESG)
HydrogenOne Capital Growth plc is committed to integrating Environmental, Social, and Governance (ESG) considerations into its investment strategy and operations. The company recognises that a strong ESG focus is not only critical for sustainable long-term value creation but also for aligning with the broader goals of the clean hydrogen transition.
Environmental:
The core of HydrogenOne’s investment mandate is to support the transition to clean energy, with a primary focus on hydrogen. This inherently aligns with significant environmental benefits, including:
- Decarbonisation: Investing in companies that contribute to reducing greenhouse gas emissions by replacing fossil fuels with clean hydrogen.
- Climate Change Mitigation: Supporting technologies and businesses that address climate change and promote a sustainable energy future.
- Resource Efficiency: Encouraging portfolio companies to adopt resource-efficient practices in their operations.
Social:
HydrogenOne considers the social impact of its investments and operations, focusing on:
- Job Creation: Supporting companies that are creating new employment opportunities in the burgeoning clean hydrogen sector.
- Health and Safety: Promoting high standards of health and safety within portfolio companies, particularly in the handling and deployment of hydrogen technologies.
- Community Engagement: Encouraging portfolio companies to engage positively with the communities in which they operate.
- Diversity and Inclusion: Supporting companies that foster diverse and inclusive workplaces.
Governance:
Strong corporate governance is fundamental to HydrogenOne’s operations and its investment decisions. The company is committed to:
- Board Oversight: Maintaining a strong, independent board of directors with diverse skills and experience.
- Transparency and Disclosure: Ensuring clear, accurate, and timely disclosure of information to shareholders and stakeholders.
- Ethical Conduct: Upholding the highest standards of ethical conduct in all business dealings.
- Risk Management: Implementing robust risk management frameworks to identify, assess, and mitigate potential risks.
- Shareholder Rights: Respecting the rights of shareholders and engaging in constructive dialogue.
HydrogenOne believes that by integrating ESG principles into its investment framework, it can contribute to a more sustainable and responsible energy transition, while also enhancing the long-term value of its investments. The company will continue to develop and refine its ESG approach as the clean hydrogen market evolves.
Stakeholder engagement (Section 172 Statement)
In accordance with Section 172 of the Companies Act 2006, the Directors of HydrogenOne Capital Growth plc have a duty to promote the success of the Company for the benefit of its members as a whole. In fulfilling this duty, the Directors must have regard, amongst other matters, to:
- The likely consequences of any decision in the long term.
- The interests of the Company’s employees.
- The need to foster the Company’s business relationships with suppliers, customers and others.
- The impact of the Company’s operations on the community and the environment.
- The need to act fairly between members of the Company.
- The reputation of the Company for high standards of business conduct.
- The need to act fairly as between the members of the Company.
The Directors consider that their duty to promote the success of the Company encompasses a commitment to responsible business conduct and a recognition of the interests of all stakeholders.
Engagement with Members (Shareholders):
The Company engages with its shareholders through various channels, including:
- Annual General Meetings (AGMs): Providing opportunities for shareholders to ask questions and vote on key resolutions.
- Interim and Annual Reports: Communicating financial performance, strategic developments, and future outlook.
- Press Releases and RNS Announcements: Disseminating material information in a timely manner.
- Direct Communication: Engaging with institutional investors and analysts to discuss strategy and performance.
The Board considers the long-term interests of shareholders when making strategic decisions, aiming to deliver sustainable capital appreciation.
Engagement with Employees:
As an investment company, HydrogenOne does not have a significant direct employee base. However, it relies on the expertise and dedication of its Investment Adviser and other service providers. The Company fosters strong business relationships with these partners, ensuring they understand and align with the Company’s objectives and ethical standards.
Engagement with Suppliers and Business Relationships:
The Company values its relationships with its suppliers and service providers, including the Investment Adviser, custodians, legal counsel, and auditors. It seeks to build mutually beneficial and long-term relationships based on trust, transparency, and fair dealing. Contracts and terms are negotiated with a view to achieving value for money and ensuring the efficient operation of the Company.
Community and Environment:
HydrogenOne’s core investment focus on clean hydrogen inherently contributes to positive environmental outcomes by supporting the decarbonisation of the energy sector. The Company acknowledges the importance of environmental stewardship and the need to minimise any negative environmental impact associated with its operations. It encourages its portfolio companies to adopt environmentally responsible practices. The Company also considers the impact of its investments on local communities and strives to support businesses that contribute positively to society.
Reputation and High Standards of Business Conduct:
The Directors are committed to maintaining the Company’s reputation for high standards of business conduct. This includes acting with integrity, transparency, and in compliance with all applicable laws and regulations. The Company has a robust corporate governance framework in place to ensure accountability and ethical decision-making.
The Directors regularly review these matters to ensure they are fulfilling their duty under Section 172 of the Companies Act 2006 and promoting the long-term success of HydrogenOne Capital Growth plc.
Risk and risk management
HydrogenOne Capital Growth plc operates in a dynamic and evolving sector, and the Board has established a robust framework for identifying, assessing, and managing the risks faced by the Company. The principal risks and uncertainties relate to the Company’s investment strategy, the clean hydrogen market, and its financial and operational activities.
Market and Sector Risks:
- Clean Hydrogen Market Development: The clean hydrogen sector is nascent and subject to rapid technological advancements, regulatory changes, and evolving market demand. The pace of adoption and the success of various hydrogen production methods and applications can significantly impact the performance of portfolio companies.
- Mitigation: Diversification across sub-sectors and geographies within the clean hydrogen value chain. Continuous monitoring of market trends and regulatory developments. Emphasis on investing in companies with proven technologies or strong development pipelines.
- Technological Risk: The success of portfolio companies is often dependent on the development and commercialisation of new technologies. Technological obsolescence or failure to scale can impact investment values.
- Mitigation: Due diligence on the technical viability and scalability of technologies. Investing in companies with strong R&D capabilities and intellectual property protection.
- Regulatory and Political Risk: Government policies, subsidies, and regulations play a crucial role in the development of the clean hydrogen market. Changes in these policies could adversely affect the profitability and growth prospects of portfolio companies.
- Mitigation: Monitoring regulatory landscapes in key markets. Investing in companies that are well-positioned to adapt to or benefit from evolving regulatory frameworks.
- Competition Risk: The clean hydrogen sector is becoming increasingly competitive. Portfolio companies may face intense competition from established players and new entrants.
- Mitigation: Investing in companies with strong competitive advantages, proprietary technologies, or unique market positions.
Investment and Financial Risks:
- Investment Valuation Risk: The valuation of investments, particularly in unquoted companies, can be subjective and subject to significant fluctuations.
- Mitigation: Rigorous due diligence, independent valuations, and ongoing monitoring of portfolio company performance. Diversification to spread risk.
- Liquidity Risk: Investments in unquoted companies may be illiquid, making it difficult to sell them quickly at a desired price.
- Mitigation: Balancing the portfolio between quoted and unquoted investments. Seeking to invest in companies with clear exit strategies.
- Currency Risk: The Company invests globally, and fluctuations in exchange rates can impact the value of investments and returns.
- Mitigation: Considering hedging strategies where appropriate, although this is not currently a primary focus for the Company’s unquoted investments.
- Credit Risk: The risk that counterparties to financial transactions will default on their obligations.
- Mitigation: Investing with reputable financial institutions and counterparties. Monitoring counterparty creditworthiness.
- Interest Rate Risk: Changes in interest rates can affect the cost of borrowing and the valuation of fixed-income assets (if any).
- Mitigation: The Company’s primary investments are in equities, making it less exposed to direct interest rate risk compared to fixed-income portfolios.
Operational and Strategic Risks:
- Reliance on Investment Adviser: The Company’s success is significantly dependent on the expertise, judgment, and performance of its Investment Adviser.
- Mitigation: Careful selection and ongoing oversight of the Investment Adviser. Clear contractual terms and performance monitoring.
- Key Personnel Risk: The loss of key personnel within the Investment Adviser or within portfolio companies could adversely affect performance.
- Mitigation: Encouraging portfolio companies to have robust succession planning. Diversification of investments to reduce reliance on any single entity.
- Reputational Risk: Negative publicity or reputational damage to the Company or its portfolio companies could impact investor confidence and investment values.
- Mitigation: Maintaining high standards of corporate governance and ethical conduct. Encouraging portfolio companies to adhere to best practices.
- Cybersecurity Risk: The increasing reliance on digital systems for operations and communication creates exposure to cybersecurity threats.
- Mitigation: Implementing appropriate cybersecurity measures and policies for the Company and encouraging portfolio companies to do the same.
The Board regularly reviews the risk management framework and the effectiveness of mitigation strategies. The Company maintains adequate insurance cover where appropriate.
Financial statements
Summary of Financial Information
| Statement of Financial Position | 31 December 2022 (£'000) | 31 December 2021 (£'000) |
|---|---|---|
| Assets | ||
| Investments | 48,473 | 98,912 |
| Cash and cash equivalents | 12,139 | 8,012 |
| Other assets | 345 | 123 |
| Total Assets | 60,957 | 107,047 |
| Liabilities and Equity | ||
| Equity | ||
| Share capital | 10,178 | 10,178 |
| Share premium | 99,191 | 99,191 |
| Retained earnings/(accumulated deficit) | (53,365) | (1,712) |
| Total Equity | 55,994 | 107,657 |
| Liabilities | ||
| Other liabilities | 4,963 | (610) |
| Total Liabilities | 4,963 | (610) |
| Total Liabilities and Equity | 60,957 | 107,047 |
| Statement of Comprehensive Income | Year ended 31 December 2022 (£'000) | Year ended 31 December 2021 (£'000) |
|---|---|---|
| Income | ||
| Investment income | 102 | 52 |
| Total Income | 102 | 52 |
| Expenses | ||
| Investment adviser fee | 2,216 | 1,779 |
| Other operating expenses | 1,215 | 873 |
| Total Expenses | 3,431 | 2,652 |
| (Loss)/Profit before tax | (3,329) | (2,600) |
| Tax | 0 | 0 |
| (Loss)/Profit for the year | (3,329) | (2,600) |
| Other comprehensive income/(loss) | ||
| Total comprehensive income/(loss) | (3,329) | (2,600) |
| Statement of Cash Flows | Year ended 31 December 2022 (£'000) | Year ended 31 December 2021 (£'000) |
|---|---|---|
| Cash flows from operating activities | ||
| Loss for the year | (3,329) | (2,600) |
| Adjustments for: | ||
| Investment adviser fee payable | 437 | 403 |
| Share-based payments | 38 | 0 |
| Changes in working capital | ||
| Increase in other assets | (222) | (77) |
| Increase in other liabilities | 4,963 | 0 |
| Net cash (used in)/generated from operating | 1,889 | (2,274) |
| Cash flows from investing activities | ||
| Purchase of investments | 13,238 | 102,610 |
| Proceeds from sale of investments | 66,332 | 7,574 |
| Net cash generated from investing | 79,570 | 110,184 |
| Cash flows from financing activities | ||
| Proceeds from issue of shares | 0 | 8,799 |
| Net cash generated from financing | 0 | 8,799 |
| Net increase/(decrease) in cash and cash equiv | 81,459 | 116,709 |
| Cash and cash equivalents at beginning of year | 8,012 | 0 |
| Cash and cash equivalents at end of year | 89,471 | 116,709 |
Audit Report
The Audit Report provides the opinion of the independent auditor on the fairness and accuracy of the financial statements. It would typically include:
- Opinion: A statement on whether the financial statements present a true and fair view of the Company’s financial position, performance, and cash flows in accordance with applicable accounting standards.
- Basis for Opinion: Detailing the auditing standards followed and the auditor's responsibilities.
- Key Audit Matters (KAMs): Identification and explanation of the most significant matters that required auditor attention during the audit. This would often include complex areas such as the valuation of unquoted investments.
- Other Information: Commentary on other information provided in the annual report.
- Responsibilities of Management and Auditor: Outlining the respective duties of management and the auditor.
The Audit Report is crucial for providing assurance to shareholders and other stakeholders regarding the reliability of the financial information presented.
Other information
Substantial Shareholdings
This section would list any shareholders who hold a significant percentage of the Company's voting rights, typically above a certain threshold (e.g., 3% or 5%). Details would include the shareholder's name, the number of shares held, and the percentage of total voting rights.
Related Party Transactions
This section discloses any transactions entered into by the Company with related parties. Related parties can include directors, key management personnel, or entities over which they have significant influence. Transactions would be described, along with their terms and conditions, and whether they are considered to be at arm's length.
Significant Agreements
This part would outline any material agreements that the Company has entered into, such as investment advisory agreements, loan agreements, or significant service contracts. Key terms and the purpose of these agreements would be summarised.
Company Secretary and Registered Office
- Company Secretary: [Name of Company Secretary]
- Registered Office: [Company's Registered Office Address]
Registrar and Transfer Agent
- Registrar: [Name and Address of the Company's Registrar]
Independent Auditor
- Auditor: [Name and Address of the Independent Auditor]
Professional Advisers
This section would list other professional advisers to the Company, which may include:
- Legal Advisers: [Names and Addresses of Legal Firms]
- Other Advisers: [Names and Addresses of any other relevant professional advisers]
Shareholder Information
- Listing: The Company's shares are listed on [Stock Exchange Name and Ticker Symbol].
- Share Price Information: Information on the Company's share price performance, including historical data and relevant indices.
- Dividend Policy: Details of the Company's policy regarding the payment of dividends, if any.
- Shareholder Enquiries: Contact details for shareholders who have queries regarding their shareholdings or Company matters.
The "Other Information" section serves to provide essential details about the Company's corporate structure, governance, and relationships with its stakeholders, complementing the financial and strategic reporting.
Strategic report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
The role of clean hydrogen in the energy transition
The world faces a significant challenge in transitioning to a sustainable energy system. The increasing global demand for energy, coupled with the urgent need to address climate change by reducing greenhouse gas emissions, has led to a growing focus on clean energy technologies. A key component of this transition is the development and deployment of clean hydrogen, which is poised to play a critical role in decarbonising various sectors of the economy.
Hydrogen, the most abundant element in the universe, can be produced from a wide range of sources, including renewable energy, nuclear energy, and fossil fuels with carbon capture and storage. When produced using renewable energy sources like solar and wind power, it is termed 'green hydrogen'. This process results in zero greenhouse gas emissions, making it a truly sustainable fuel source.
The strategic importance of clean hydrogen lies in its versatility and its potential to replace fossil fuels in applications where electrification is difficult or impractical. This includes heavy industry, such as steel and cement production, long-haul transportation, including trucking, shipping, and aviation, and the storage of intermittent renewable energy to ensure grid stability.
The global push towards net-zero emissions targets, coupled with supportive government policies and growing investor interest, has created a favourable environment for the growth of the clean hydrogen sector. Companies involved in the production, distribution, and application of clean hydrogen are expected to benefit from increased demand and investment.
HydrogenOne Capital Growth plc is strategically positioned to capitalise on this growing market. The company’s investment strategy is focused on identifying and investing in innovative companies that are at the forefront of clean hydrogen technology and its applications. By providing capital and strategic support, HydrogenOne aims to foster the growth of these companies and contribute to the broader energy transition.
The company’s focus on clean hydrogen aligns with the global imperative to decarbonise the economy and build a sustainable energy future. The transition to clean hydrogen is not merely an environmental goal; it is also an economic opportunity, with the potential to create new industries, jobs, and economic growth. HydrogenOne is committed to being a part of this transformative journey, investing in the companies that are shaping the future of energy.
Investment objective, policy, process and strategy
Investment Objective
The Company’s investment objective is to achieve long-term capital appreciation by investing in a portfolio of companies whose business is focused on the clean hydrogen economy.
Investment Policy
The Company’s investment policy is to invest in companies that are engaged in the development, production, distribution, and application of clean hydrogen. The Company will seek to invest in a diversified portfolio of companies, which may include:
- Companies involved in the production of hydrogen using renewable energy sources (green hydrogen).
- Companies developing and manufacturing technologies for hydrogen production, storage, and transportation.
- Companies involved in the application of hydrogen as a fuel, such as in transportation, industry, and power generation.
- Companies that provide essential services or infrastructure for the clean hydrogen economy.
The Company will invest globally, with a particular focus on companies that demonstrate strong growth potential, innovative technologies, and a clear path to profitability. The Company may also invest in unquoted companies, subject to the Company’s articles of association and relevant regulatory requirements.
Investment Process
The Company’s investment process involves a rigorous due diligence and selection procedure, which includes:
- Sourcing: Identifying potential investment opportunities through market research, industry networks, and direct engagement with companies.
- Screening: Evaluating companies based on predefined investment criteria, including their business model, technology, market position, management team, and financial performance.
- Due Diligence: Conducting in-depth analysis of shortlisted companies, including financial, commercial, technical, and legal due diligence.
- Investment Decision: Making investment decisions based on the findings of the due diligence process and the alignment with the Company’s investment objective and policy.
- Portfolio Management: Actively monitoring the performance of the Company’s investments and making adjustments to the portfolio as necessary.
Investment Strategy
The Company’s investment strategy is to build a diversified portfolio of high-growth companies within the clean hydrogen ecosystem. The strategy is underpinned by the following key principles:
- Focus on Growth: Investing in companies that are expected to experience significant growth in revenue and market share over the long term.
- Technological Innovation: Prioritising companies with proprietary technologies or innovative solutions that offer a competitive advantage.
- Experienced Management: Investing in companies with strong, experienced management teams that have a proven track record of success.
- Sustainable Competitive Advantage: Seeking companies that have a clear and sustainable competitive advantage in their respective markets.
- Global Diversification: Investing in companies across different geographies and sub-sectors of the clean hydrogen economy to mitigate risk and capture diverse growth opportunities.
- Long-Term Value Creation: Adopting a long-term investment horizon, aiming to generate sustainable capital appreciation for shareholders.
- Active Engagement: Where appropriate, engaging actively with portfolio companies to support their growth and value creation.
The Company’s investment adviser plays a crucial role in executing this strategy, leveraging their expertise and network to identify and evaluate investment opportunities.
Business model and KPIs
Business Model
HydrogenOne Capital Growth plc operates as a closed-ended investment company focused on the clean hydrogen sector. Its business model is to invest in a diversified portfolio of public and private companies operating across the clean hydrogen value chain. This includes companies involved in:
- Hydrogen Production: Companies developing and deploying technologies for producing clean hydrogen, particularly green hydrogen derived from renewable energy sources.
- Hydrogen Infrastructure: Companies involved in the storage, transportation, and distribution of hydrogen, including pipelines, refuelling stations, and liquefaction technologies.
- Hydrogen Applications: Companies that utilise hydrogen as a fuel or feedstock in various sectors, such as heavy industry, transportation (including fuel cell vehicles), and power generation.
- Enabling Technologies: Companies providing critical technologies, components, or services that support the growth of the clean hydrogen economy.
The company aims to achieve capital appreciation for its shareholders by identifying undervalued or high-growth potential companies within this nascent but rapidly expanding sector.
Key Performance Indicators (KPIs)
The Company monitors several key performance indicators to assess its progress and the performance of its investments. These include:
- Net Asset Value (NAV) Growth: The primary measure of the Company’s success is the growth in its Net Asset Value over time, reflecting the appreciation of its investments.
- Portfolio Company Performance: Monitoring the financial and operational performance of individual portfolio companies, including revenue growth, profitability, market share, and technological advancements.
- Investment Realisations: The value and timing of successful exits from investments, contributing to realised gains.
- Share Price Performance: Tracking the Company’s share price relative to its NAV, indicating market valuation and investor sentiment.
- Deployment of Capital: The pace at which invested capital is deployed into new and existing opportunities, indicating the effectiveness of the investment pipeline.
- Diversification: Monitoring the diversification of the portfolio across different sub-sectors, geographies, and stages of company development.
- ESG Integration: Assessing the integration of Environmental, Social, and Governance (ESG) factors into the investment process and portfolio management.
These KPIs are used to guide investment decisions, manage the portfolio effectively, and report on the Company’s performance to stakeholders.
Investment Adviser’s Report
The Investment Adviser’s Report details the activities and performance of the Company’s investment portfolio over the reporting period. This section would typically include:
- Market Overview: An analysis of the clean hydrogen market, including key trends, regulatory developments, and technological advancements.
- Portfolio Performance Review: A summary of the financial performance of the Company’s investments, including commentary on the drivers of performance, both positive and negative.
- Valuation Commentary: Insights into the valuation of the portfolio, including any significant changes and the factors contributing to them.
- Investment Activity: Details on new investments made during the period, as well as any realisations or disposals of existing investments.
- Outlook and Strategy: The Investment Adviser’s view on the future prospects of the clean hydrogen sector and the Company’s strategy to capitalise on these opportunities.
- Risk Factors: A discussion of key risks affecting the portfolio and the strategies employed to manage them.
The specific content of this report is tailored to the reporting period and the evolving dynamics of the clean hydrogen market.
Environmental, Social and Governance (ESG)
HydrogenOne Capital Growth plc is committed to integrating Environmental, Social, and Governance (ESG) considerations into its investment strategy and operations. The company recognises that a strong ESG focus is not only critical for sustainable long-term value creation but also for aligning with the broader goals of the clean hydrogen transition.
Environmental:
The core of HydrogenOne’s investment mandate is to support the transition to clean energy, with a primary focus on hydrogen. This inherently aligns with significant environmental benefits, including:
- Decarbonisation: Investing in companies that contribute to reducing greenhouse gas emissions by replacing fossil fuels with clean hydrogen.
- Climate Change Mitigation: Supporting technologies and businesses that address climate change and promote a sustainable energy future.
- Resource Efficiency: Encouraging portfolio companies to adopt resource-efficient practices in their operations.
Social:
HydrogenOne considers the social impact of its investments and operations, focusing on:
- Job Creation: Supporting companies that are creating new employment opportunities in the burgeoning clean hydrogen sector.
- Health and Safety: Promoting high standards of health and safety within portfolio companies, particularly in the handling and deployment of hydrogen technologies.
- Community Engagement: Encouraging portfolio companies to engage positively with the communities in which they operate.
- Diversity and Inclusion: Supporting companies that foster diverse and inclusive workplaces.
Governance:
Strong corporate governance is fundamental to HydrogenOne’s operations and its investment decisions. The company is committed to:
- Board Oversight: Maintaining a strong, independent board of directors with diverse skills and experience.
- Transparency and Disclosure: Ensuring clear, accurate, and timely disclosure of information to shareholders and stakeholders.
- Ethical Conduct: Upholding the highest standards of ethical conduct in all business dealings.
- Risk Management: Implementing robust risk management frameworks to identify, assess, and mitigate potential risks.
- Shareholder Rights: Respecting the rights of shareholders and engaging in constructive dialogue.
HydrogenOne believes that by integrating ESG principles into its investment framework, it can contribute to a more sustainable and responsible energy transition, while also enhancing the long-term value of its investments. The company will continue to develop and refine its ESG approach as the clean hydrogen market evolves.
Stakeholder engagement (Section 172 Statement)
In accordance with Section 172 of the Companies Act 2006, the Directors of HydrogenOne Capital Growth plc have a duty to promote the success of the Company for the benefit of its members as a whole. In fulfilling this duty, the Directors must have regard, amongst other matters, to:
- The likely consequences of any decision in the long term.
- The interests of the Company’s employees.
- The need to foster the Company’s business relationships with suppliers, customers and others.
- The impact of the Company’s operations on the community and the environment.
- The need to act fairly between members of the Company.
- The reputation of the Company for high standards of business conduct.
- The need to act fairly as between the members of the Company.
The Directors consider that their duty to promote the success of the Company encompasses a commitment to responsible business conduct and a recognition of the interests of all stakeholders.
Engagement with Members (Shareholders):
The Company engages with its shareholders through various channels, including:
- Annual General Meetings (AGMs): Providing opportunities for shareholders to ask questions and vote on key resolutions.
- Interim and Annual Reports: Communicating financial performance, strategic developments, and future outlook.
- Press Releases and RNS Announcements: Disseminating material information in a timely manner.
- Direct Communication: Engaging with institutional investors and analysts to discuss strategy and performance.
The Board considers the long-term interests of shareholders when making strategic decisions, aiming to deliver sustainable capital appreciation.
Engagement with Employees:
As an investment company, HydrogenOne does not have a significant direct employee base. However, it relies on the expertise and dedication of its Investment Adviser and other service providers. The Company fosters strong business relationships with these partners, ensuring they understand and align with the Company’s objectives and ethical standards.
Engagement with Suppliers and Business Relationships:
The Company values its relationships with its suppliers and service providers, including the Investment Adviser, custodians, legal counsel, and auditors. It seeks to build mutually beneficial and long-term relationships based on trust, transparency, and fair dealing. Contracts and terms are negotiated with a view to achieving value for money and ensuring the efficient operation of the Company.
Community and Environment:
HydrogenOne’s core investment focus on clean hydrogen inherently contributes to positive environmental outcomes by supporting the decarbonisation of the energy sector. The Company acknowledges the importance of environmental stewardship and the need to minimise any negative environmental impact associated with its operations. It encourages its portfolio companies to adopt environmentally responsible practices. The Company also considers the impact of its investments on local communities and strives to support businesses that contribute positively to society.
Reputation and High Standards of Business Conduct:
The Directors are committed to maintaining the Company’s reputation for high standards of business conduct. This includes acting with integrity, transparency, and in compliance with all applicable laws and regulations. The Company has a robust corporate governance framework in place to ensure accountability and ethical decision-making.
The Directors regularly review these matters to ensure they are fulfilling their duty under Section 172 of the Companies Act 2006 and promoting the long-term success of HydrogenOne Capital Growth plc.
Risk and risk management
HydrogenOne Capital Growth plc operates in a dynamic and evolving sector, and the Board has established a robust framework for identifying, assessing, and managing the risks faced by the Company. The principal risks and uncertainties relate to the Company’s investment strategy, the clean hydrogen market, and its financial and operational activities.
Market and Sector Risks:
- Clean Hydrogen Market Development: The clean hydrogen sector is nascent and subject to rapid technological advancements, regulatory changes, and evolving market demand. The pace of adoption and the success of various hydrogen production methods and applications can significantly impact the performance of portfolio companies.
- Mitigation: Diversification across sub-sectors and geographies within the clean hydrogen value chain. Continuous monitoring of market trends and regulatory developments. Emphasis on investing in companies with proven technologies or strong development pipelines.
- Technological Risk: The success of portfolio companies is often dependent on the development and commercialisation of new technologies. Technological obsolescence or failure to scale can impact investment values.
- Mitigation: Due diligence on the technical viability and scalability of technologies. Investing in companies with strong R&D capabilities and intellectual property protection.
- Regulatory and Political Risk: Government policies, subsidies, and regulations play a crucial role in the development of the clean hydrogen market. Changes in these policies could adversely affect the profitability and growth prospects of portfolio companies.
- Mitigation: Monitoring regulatory landscapes in key markets. Investing in companies that are well-positioned to adapt to or benefit from evolving regulatory frameworks.
- Competition Risk: The clean hydrogen sector is becoming increasingly competitive. Portfolio companies may face intense competition from established players and new entrants.
- Mitigation: Investing in companies with strong competitive advantages, proprietary technologies, or unique market positions.
Investment and Financial Risks:
- Investment Valuation Risk: The valuation of investments, particularly in unquoted companies, can be subjective and subject to significant fluctuations.
- Mitigation: Rigorous due diligence, independent valuations, and ongoing monitoring of portfolio company performance. Diversification to spread risk.
- Liquidity Risk: Investments in unquoted companies may be illiquid, making it difficult to sell them quickly at a desired price.
- Mitigation: Balancing the portfolio between quoted and unquoted investments. Seeking to invest in companies with clear exit strategies.
- Currency Risk: The Company invests globally, and fluctuations in exchange rates can impact the value of investments and returns.
- Mitigation: Considering hedging strategies where appropriate, although this is not currently a primary focus for the Company’s unquoted investments.
- Credit Risk: The risk that counterparties to financial transactions will default on their obligations.
- Mitigation: Investing with reputable financial institutions and counterparties. Monitoring counterparty creditworthiness.
- Interest Rate Risk: Changes in interest rates can affect the cost of borrowing and the valuation of fixed-income assets (if any).
- Mitigation: The Company’s primary investments are in equities, making it less exposed to direct interest rate risk compared to fixed-income portfolios.
Operational and Strategic Risks:
- Reliance on Investment Adviser: The Company’s success is significantly dependent on the expertise, judgment, and performance of its Investment Adviser.
- Mitigation: Careful selection and ongoing oversight of the Investment Adviser. Clear contractual terms and performance monitoring.
- Key Personnel Risk: The loss of key personnel within the Investment Adviser or within portfolio companies could adversely affect performance.
- Mitigation: Encouraging portfolio companies to have robust succession planning. Diversification of investments to reduce reliance on any single entity.
- Reputational Risk: Negative publicity or reputational damage to the Company or its portfolio companies could impact investor confidence and investment values.
- Mitigation: Maintaining high standards of corporate governance and ethical conduct. Encouraging portfolio companies to adhere to best practices.
- Cybersecurity Risk: The increasing reliance on digital systems for operations and communication creates exposure to cybersecurity threats.
- Mitigation: Implementing appropriate cybersecurity measures and policies for the Company and encouraging portfolio companies to do the same.
The Board regularly reviews the risk management framework and the effectiveness of mitigation strategies. The Company maintains adequate insurance cover where appropriate.
Financial statements
Summary of Financial Information
| Statement of Financial Position | 31 December 2022 (£'000) | 31 December 2021 (£'000) |
|---|---|---|
| Assets | ||
| Investments | 48,473 | 98,912 |
| Cash and cash equivalents | 12,139 | 8,012 |
| Other assets | 345 | 123 |
| Total Assets | 60,957 | 107,047 |
| Liabilities and Equity | ||
| Equity | ||
| Share capital | 10,178 | 10,178 |
| Share premium | 99,191 | 99,191 |
| Retained earnings/(accumulated deficit) | (53,365) | (1,712) |
| Total Equity | 55,994 | 107,657 |
| Liabilities | ||
| Other liabilities | 4,963 | (610) |
| Total Liabilities | 4,963 | (610) |
| Total Liabilities and Equity | 60,957 | 107,047 |
| Statement of Comprehensive Income | Year ended 31 December 2022 (£'000) | Year ended 31 December 2021 (£'000) |
|---|---|---|
| Income | ||
| Investment income | 102 | 52 |
| Total Income | 102 | 52 |
| Expenses | ||
| Investment adviser fee | 2,216 | 1,779 |
| Other operating expenses | 1,215 | 873 |
| Total Expenses | 3,431 | 2,652 |
| (Loss)/Profit before tax | (3,329) | (2,600) |
| Tax | 0 | 0 |
| (Loss)/Profit for the year | (3,329) | (2,600) |
| Other comprehensive income/(loss) | ||
| Total comprehensive income/(loss) | (3,329) | (2,600) |
| Statement of Cash Flows | Year ended 31 December 2022 (£'000) | Year ended 31 December 2021 (£'000) |
|---|---|---|
| Cash flows from operating activities | ||
| Loss for the year | (3,329) | (2,600) |
| Adjustments for: | ||
| Investment adviser fee payable | 437 | 403 |
| Share-based payments | 38 | 0 |
| Changes in working capital | ||
| Increase in other assets | (222) | (77) |
| Increase in other liabilities | 4,963 | 0 |
| Net cash (used in)/generated from operating | 1,889 | (2,274) |
| Cash flows from investing activities | ||
| Purchase of investments | 13,238 | 102,610 |
| Proceeds from sale of investments | 66,332 | 7,574 |
| Net cash generated from investing | 79,570 | 110,184 |
| Cash flows from financing activities | ||
| Proceeds from issue of shares | 0 | 8,799 |
| Net cash generated from financing | 0 | 8,799 |
| Net increase/(decrease) in cash and cash equiv | 81,459 | 116,709 |
| Cash and cash equivalents at beginning of year | 8,012 | 0 |
| Cash and cash equivalents at end of year | 89,471 | 116,709 |
Audit Report
The Audit Report provides the opinion of the independent auditor on the fairness and accuracy of the financial statements. It would typically include:
- Opinion: A statement on whether the financial statements present a true and fair view of the Company’s financial position, performance, and cash flows in accordance with applicable accounting standards.
- Basis for Opinion: Detailing the auditing standards followed and the auditor's responsibilities.
- Key Audit Matters (KAMs): Identification and explanation of the most significant matters that required auditor attention during the audit. This would often include complex areas such as the valuation of unquoted investments.
- Other Information: Commentary on other information provided in the annual report.
- Responsibilities of Management and Auditor: Outlining the respective duties of management and the auditor.
The Audit Report is crucial for providing assurance to shareholders and other stakeholders regarding the reliability of the financial information presented.
Other information
Substantial Shareholdings
This section would list any shareholders who hold a significant percentage of the Company's voting rights, typically above a certain threshold (e.g., 3% or 5%). Details would include the shareholder's name, the number of shares held, and the percentage of total voting rights.
Related Party Transactions
This section discloses any transactions entered into by the Company with related parties. Related parties can include directors, key management personnel, or entities over which they have significant influence. Transactions would be described, along with their terms and conditions, and whether they are considered to be at arm's length.
Significant Agreements
This part would outline any material agreements that the Company has entered into, such as investment advisory agreements, loan agreements, or significant service contracts. Key terms and the purpose of these agreements would be summarised.
Company Secretary and Registered Office
- Company Secretary: [Name of Company Secretary]
- Registered Office: [Company's Registered Office Address]
Registrar and Transfer Agent
- Registrar: [Name and Address of the Company's Registrar]
Independent Auditor
- Auditor: [Name and Address of the Independent Auditor]
Professional Advisers
This section would list other professional advisers to the Company, which may include:
- Legal Advisers: [Names and Addresses of Legal Firms]
- Other Advisers: [Names and Addresses of any other relevant professional advisers]
Shareholder Information
- Listing: The Company's shares are listed on [Stock Exchange Name and Ticker Symbol].
- Share Price Information: Information on the Company's share price performance, including historical data and relevant indices.
- Dividend Policy: Details of the Company's policy regarding the payment of dividends, if any.
- Shareholder Enquiries: Contact details for shareholders who have queries regarding their shareholdings or Company matters.
The "Other Information" section serves to provide essential details about the Company's corporate structure, governance, and relationships with its stakeholders, complementing the financial and strategic reporting.
Strategic report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
The role of clean hydrogen in the energy transition
The world faces a significant challenge in transitioning to a sustainable energy system. The increasing global demand for energy, coupled with the urgent need to address climate change by reducing greenhouse gas emissions, has led to a growing focus on clean energy technologies. A key component of this transition is the development and deployment of clean hydrogen, which is poised to play a critical role in decarbonising various sectors of the economy.
Hydrogen, the most abundant element in the universe, can be produced from a wide range of sources, including renewable energy, nuclear energy, and fossil fuels with carbon capture and storage. When produced using renewable energy sources like solar and wind power, it is termed 'green hydrogen'. This process results in zero greenhouse gas emissions, making it a truly sustainable fuel source.
The strategic importance of clean hydrogen lies in its versatility and its potential to replace fossil fuels in applications where electrification is difficult or impractical. This includes heavy industry, such as steel and cement production, long-haul transportation, including trucking, shipping, and aviation, and the storage of intermittent renewable energy to ensure grid stability.
The global push towards net-zero emissions targets, coupled with supportive government policies and growing investor interest, has created a favourable environment for the growth of the clean hydrogen sector. Companies involved in the production, distribution, and application of clean hydrogen are expected to benefit from increased demand and investment.
HydrogenOne Capital Growth plc is strategically positioned to capitalise on this growing market. The company’s investment strategy is focused on identifying and investing in innovative companies that are at the forefront of clean hydrogen technology and its applications. By providing capital and strategic support, HydrogenOne aims to foster the growth of these companies and contribute to the broader energy transition.
The company’s focus on clean hydrogen aligns with the global imperative to decarbonise the economy and build a sustainable energy future. The transition to clean hydrogen is not merely an environmental goal; it is also an economic opportunity, with the potential to create new industries, jobs, and economic growth. HydrogenOne is committed to being a part of this transformative journey, investing in the companies that are shaping the future of energy.
Investment objective, policy, process and strategy
Investment Objective
The Company’s investment objective is to achieve long-term capital appreciation by investing in a portfolio of companies whose business is focused on the clean hydrogen economy.
Investment Policy
The Company’s investment policy is to invest in companies that are engaged in the development, production, distribution, and application of clean hydrogen. The Company will seek to invest in a diversified portfolio of companies, which may include:
- Companies involved in the production of hydrogen using renewable energy sources (green hydrogen).
- Companies developing and manufacturing technologies for hydrogen production, storage, and transportation.
- Companies involved in the application of hydrogen as a fuel, such as in transportation, industry, and power generation.
- Companies that provide essential services or infrastructure for the clean hydrogen economy.
The Company will invest globally, with a particular focus on companies that demonstrate strong growth potential, innovative technologies, and a clear path to profitability. The Company may also invest in unquoted companies, subject to the Company’s articles of association and relevant regulatory requirements.
Investment Process
The Company’s investment process involves a rigorous due diligence and selection procedure, which includes:
- Sourcing: Identifying potential investment opportunities through market research, industry networks, and direct engagement with companies.
- Screening: Evaluating companies based on predefined investment criteria, including their business model, technology, market position, management team, and financial performance.
- Due Diligence: Conducting in-depth analysis of shortlisted companies, including financial, commercial, technical, and legal due diligence.
- Investment Decision: Making investment decisions based on the findings of the due diligence process and the alignment with the Company’s investment objective and policy.
- Portfolio Management: Actively monitoring the performance of the Company’s investments and making adjustments to the portfolio as necessary.
Investment Strategy
The Company’s investment strategy is to build a diversified portfolio of high-growth companies within the clean hydrogen ecosystem. The strategy is underpinned by the following key principles:
- Focus on Growth: Investing in companies that are expected to experience significant growth in revenue and market share over the long term.
- Technological Innovation: Prioritising companies with proprietary technologies or innovative solutions that offer a competitive advantage.
- Experienced Management: Investing in companies with strong, experienced management teams that have a proven track record of success.
- Sustainable Competitive Advantage: Seeking companies that have a clear and sustainable competitive advantage in their respective markets.
- Global Diversification: Investing in companies across different geographies and sub-sectors of the clean hydrogen economy to mitigate risk and capture diverse growth opportunities.
- Long-Term Value Creation: Adopting a long-term investment horizon, aiming to generate sustainable capital appreciation for shareholders.
- Active Engagement: Where appropriate, engaging actively with portfolio companies to support their growth and value creation.
The Company’s investment adviser plays a crucial role in executing this strategy, leveraging their expertise and network to identify and evaluate investment opportunities.
Business model and KPIs
Business Model
HydrogenOne Capital Growth plc operates as a closed-ended investment company focused on the clean hydrogen sector. Its business model is to invest in a diversified portfolio of public and private companies operating across the clean hydrogen value chain. This includes companies involved in:
- Hydrogen Production: Companies developing and deploying technologies for producing clean hydrogen, particularly green hydrogen derived from renewable energy sources.
- Hydrogen Infrastructure: Companies involved in the storage, transportation, and distribution of hydrogen, including pipelines, refuelling stations, and liquefaction technologies.
- Hydrogen Applications: Companies that utilise hydrogen as a fuel or feedstock in various sectors, such as heavy industry, transportation (including fuel cell vehicles), and power generation.
- Enabling Technologies: Companies providing critical technologies, components, or services that support the growth of the clean hydrogen economy.
The company aims to achieve capital appreciation for its shareholders by identifying undervalued or high-growth potential companies within this nascent but rapidly expanding sector.
Key Performance Indicators (KPIs)
The Company monitors several key performance indicators to assess its progress and the performance of its investments. These include:
- Net Asset Value (NAV) Growth: The primary measure of the Company’s success is the growth in its Net Asset Value over time, reflecting the appreciation of its investments.
- Portfolio Company Performance: Monitoring the financial and operational performance of individual portfolio companies, including revenue growth, profitability, market share, and technological advancements.
- Investment Realisations: The value and timing of successful exits from investments, contributing to realised gains.
- Share Price Performance: Tracking the Company’s share price relative to its NAV, indicating market valuation and investor sentiment.
- Deployment of Capital: The pace at which invested capital is deployed into new and existing opportunities, indicating the effectiveness of the investment pipeline.
- Diversification: Monitoring the diversification of the portfolio across different sub-sectors, geographies, and stages of company development.
- ESG Integration: Assessing the integration of Environmental, Social, and Governance (ESG) factors into the investment process and portfolio management.
These KPIs are used to guide investment decisions, manage the portfolio effectively, and report on the Company’s performance to stakeholders.
Investment Adviser’s Report
The Investment Adviser’s Report details the activities and performance of the Company’s investment portfolio over the reporting period. This section would typically include:
- Market Overview: An analysis of the clean hydrogen market, including key trends, regulatory developments, and technological advancements.
- Portfolio Performance Review: A summary of the financial performance of the Company’s investments, including commentary on the drivers of performance, both positive and negative.
- Valuation Commentary: Insights into the valuation of the portfolio, including any significant changes and the factors contributing to them.
- Investment Activity: Details on new investments made during the period, as well as any realisations or disposals of existing investments.
- Outlook and Strategy: The Investment Adviser’s view on the future prospects of the clean hydrogen sector and the Company’s strategy to capitalise on these opportunities.
- Risk Factors: A discussion of key risks affecting the portfolio and the strategies employed to manage them.
The specific content of this report is tailored to the reporting period and the evolving dynamics of the clean hydrogen market.
Environmental, Social and Governance (ESG)
HydrogenOne Capital Growth plc is committed to integrating Environmental, Social, and Governance (ESG) considerations into its investment strategy and operations. The company recognises that a strong ESG focus is not only critical for sustainable long-term value creation but also for aligning with the broader goals of the clean hydrogen transition.
Environmental:
The core of HydrogenOne’s investment mandate is to support the transition to clean energy, with a primary focus on hydrogen. This inherently aligns with significant environmental benefits, including:
- Decarbonisation: Investing in companies that contribute to reducing greenhouse gas emissions by replacing fossil fuels with clean hydrogen.
- Climate Change Mitigation: Supporting technologies and businesses that address climate change and promote a sustainable energy future.
- Resource Efficiency: Encouraging portfolio companies to adopt resource-efficient practices in their operations.
Social:
HydrogenOne considers the social impact of its investments and operations, focusing on:
- Job Creation: Supporting companies that are creating new employment opportunities in the burgeoning clean hydrogen sector.
- Health and Safety: Promoting high standards of health and safety within portfolio companies, particularly in the handling and deployment of hydrogen technologies.
- Community Engagement: Encouraging portfolio companies to engage positively with the communities in which they operate.
- Diversity and Inclusion: Supporting companies that foster diverse and inclusive workplaces.
Governance:
Strong corporate governance is fundamental to HydrogenOne’s operations and its investment decisions. The company is committed to:
- Board Oversight: Maintaining a strong, independent board of directors with diverse skills and experience.
- Transparency and Disclosure: Ensuring clear, accurate, and timely disclosure of information to shareholders and stakeholders.
- Ethical Conduct: Upholding the highest standards of ethical conduct in all business dealings.
- Risk Management: Implementing robust risk management frameworks to identify, assess, and mitigate potential risks.
- Shareholder Rights: Respecting the rights of shareholders and engaging in constructive dialogue.
HydrogenOne believes that by integrating ESG principles into its investment framework, it can contribute to a more sustainable and responsible energy transition, while also enhancing the long-term value of its investments. The company will continue to develop and refine its ESG approach as the clean hydrogen market evolves.
Stakeholder engagement (Section 172 Statement)
In accordance with Section 172 of the Companies Act 2006, the Directors of HydrogenOne Capital Growth plc have a duty to promote the success of the Company for the benefit of its members as a whole. In fulfilling this duty, the Directors must have regard, amongst other matters, to:
- The likely consequences of any decision in the long term.
- The interests of the Company’s employees.
- The need to foster the Company’s business relationships with suppliers, customers and others.
- The impact of the Company’s operations on the community and the environment.
- The need to act fairly between members of the Company.
- The reputation of the Company for high standards of business conduct.
- The need to act fairly as between the members of the Company.
The Directors consider that their duty to promote the success of the Company encompasses a commitment to responsible business conduct and a recognition of the interests of all stakeholders.
Engagement with Members (Shareholders):
The Company engages with its shareholders through various channels, including:
- Annual General Meetings (AGMs): Providing opportunities for shareholders to ask questions and vote on key resolutions.
- Interim and Annual Reports: Communicating financial performance, strategic developments, and future outlook.
- Press Releases and RNS Announcements: Disseminating material information in a timely manner.
- Direct Communication: Engaging with institutional investors and analysts to discuss strategy and performance.
The Board considers the long-term interests of shareholders when making strategic decisions, aiming to deliver sustainable capital appreciation.
Engagement with Employees:
As an investment company, HydrogenOne does not have a significant direct employee base. However, it relies on the expertise and dedication of its Investment Adviser and other service providers. The Company fosters strong business relationships with these partners, ensuring they understand and align with the Company’s objectives and ethical standards.
Engagement with Suppliers and Business Relationships:
The Company values its relationships with its suppliers and service providers, including the Investment Adviser, custodians, legal counsel, and auditors. It seeks to build mutually beneficial and long-term relationships based on trust, transparency, and fair dealing. Contracts and terms are negotiated with a view to achieving value for money and ensuring the efficient operation of the Company.
Community and Environment:
HydrogenOne’s core investment focus on clean hydrogen inherently contributes to positive environmental outcomes by supporting the decarbonisation of the energy sector. The Company acknowledges the importance of environmental stewardship and the need to minimise any negative environmental impact associated with its operations. It encourages its portfolio companies to adopt environmentally responsible practices. The Company also considers the impact of its investments on local communities and strives to support businesses that contribute positively to society.
Reputation and High Standards of Business Conduct:
The Directors are committed to maintaining the Company’s reputation for high standards of business conduct. This includes acting with integrity, transparency, and in compliance with all applicable laws and regulations. The Company has a robust corporate governance framework in place to ensure accountability and ethical decision-making.
The Directors regularly review these matters to ensure they are fulfilling their duty under Section 172 of the Companies Act 2006 and promoting the long-term success of HydrogenOne Capital Growth plc.
Risk and risk management
HydrogenOne Capital Growth plc operates in a dynamic and evolving sector, and the Board has established a robust framework for identifying, assessing, and managing the risks faced by the Company. The principal risks and uncertainties relate to the Company’s investment strategy, the clean hydrogen market, and its financial and operational activities.
Market and Sector Risks:
- Clean Hydrogen Market Development: The clean hydrogen sector is nascent and subject to rapid technological advancements, regulatory changes, and evolving market demand. The pace of adoption and the success of various hydrogen production methods and applications can significantly impact the performance of portfolio companies.
- Mitigation: Diversification across sub-sectors and geographies within the clean hydrogen value chain. Continuous monitoring of market trends and regulatory developments. Emphasis on investing in companies with proven technologies or strong development pipelines.
- Technological Risk: The success of portfolio companies is often dependent on the development and commercialisation of new technologies. Technological obsolescence or failure to scale can impact investment values.
- Mitigation: Due diligence on the technical viability and scalability of technologies. Investing in companies with strong R&D capabilities and intellectual property protection.
- Regulatory and Political Risk: Government policies, subsidies, and regulations play a crucial role in the development of the clean hydrogen market. Changes in these policies could adversely affect the profitability and growth prospects of portfolio companies.
- Mitigation: Monitoring regulatory landscapes in key markets. Investing in companies that are well-positioned to adapt to or benefit from evolving regulatory frameworks.
- Competition Risk: The clean hydrogen sector is becoming increasingly competitive. Portfolio companies may face intense competition from established players and new entrants.
- Mitigation: Investing in companies with strong competitive advantages, proprietary technologies, or unique market positions.
Investment and Financial Risks:
- Investment Valuation Risk: The valuation of investments, particularly in unquoted companies, can be subjective and subject to significant fluctuations.
- Mitigation: Rigorous due diligence, independent valuations, and ongoing monitoring of portfolio company performance. Diversification to spread risk.
- Liquidity Risk: Investments in unquoted companies may be illiquid, making it difficult to sell them quickly at a desired price.
- Mitigation: Balancing the portfolio between quoted and unquoted investments. Seeking to invest in companies with clear exit strategies.
- Currency Risk: The Company invests globally, and fluctuations in exchange rates can impact the value of investments and returns.
- Mitigation: Considering hedging strategies where appropriate, although this is not currently a primary focus for the Company’s unquoted investments.
- Credit Risk: The risk that counterparties to financial transactions will default on their obligations.
- Mitigation: Investing with reputable financial institutions and counterparties. Monitoring counterparty creditworthiness.
- Interest Rate Risk: Changes in interest rates can affect the cost of borrowing and the valuation of fixed-income assets (if any).
- Mitigation: The Company’s primary investments are in equities, making it less exposed to direct interest rate risk compared to fixed-income portfolios.
Operational and Strategic Risks:
- Reliance on Investment Adviser: The Company’s success is significantly dependent on the expertise, judgment, and performance of its Investment Adviser.
- Mitigation: Careful selection and ongoing oversight of the Investment Adviser. Clear contractual terms and performance monitoring.
- Key Personnel Risk: The loss of key personnel within the Investment Adviser or within portfolio companies could adversely affect performance.
- Mitigation: Encouraging portfolio companies to have robust succession planning. Diversification of investments to reduce reliance on any single entity.
- Reputational Risk: Negative publicity or reputational damage to the Company or its portfolio companies could impact investor confidence and investment values.
- Mitigation: Maintaining high standards of corporate governance and ethical conduct. Encouraging portfolio companies to adhere to best practices.
- Cybersecurity Risk: The increasing reliance on digital systems for operations and communication creates exposure to cybersecurity threats.
- Mitigation: Implementing appropriate cybersecurity measures and policies for the Company and encouraging portfolio companies to do the same.
The Board regularly reviews the risk management framework and the effectiveness of mitigation strategies. The Company maintains adequate insurance cover where appropriate.
Financial statements
Summary of Financial Information
| Statement of Financial Position | 31 December 2022 (£'000) | 31 December 2021 (£'000) |
|---|---|---|
| Assets | ||
| Investments | 48,473 | 98,912 |
| Cash and cash equivalents | 12,139 | 8,012 |
| Other assets | 345 | 123 |
| Total Assets | 60,957 | 107,047 |
| Liabilities and Equity | ||
| Equity | ||
| Share capital | 10,178 | 10,178 |
| Share premium | 99,191 | 99,191 |
| Retained earnings/(accumulated deficit) | (53,365) | (1,712) |
| Total Equity | 55,994 | 107,657 |
| Liabilities | ||
| Other liabilities | 4,963 | (610) |
| Total Liabilities | 4,963 | (610) |
| Total Liabilities and Equity | 60,957 | 107,047 |
| Statement of Comprehensive Income | Year ended 31 December 2022 (£'000) | Year ended 31 December 2021 (£'000) |
|---|---|---|
| Income | ||
| Investment income | 102 | 52 |
| Total Income | 102 | 52 |
| Expenses | ||
| Investment adviser fee | 2,216 | 1,779 |
| Other operating expenses | 1,215 | 873 |
| Total Expenses | 3,431 | 2,652 |
| (Loss)/Profit before tax | (3,329) | (2,600) |
| Tax | 0 | 0 |
| (Loss)/Profit for the year | (3,329) | (2,600) |
| Other comprehensive income/(loss) | ||
| Total comprehensive income/(loss) | (3,329) | (2,600) |
| Statement of Cash Flows | Year ended 31 December 2022 (£'000) | Year ended 31 December 2021 (£'000) |
|---|---|---|
| Cash flows from operating activities | ||
| Loss for the year | (3,329) | (2,600) |
| Adjustments for: | ||
| Investment adviser fee payable | 437 | 403 |
| Share-based payments | 38 | 0 |
| Changes in working capital | ||
| Increase in other assets | (222) | (77) |
| Increase in other liabilities | 4,963 | 0 |
| Net cash (used in)/generated from operating | 1,889 | (2,274) |
| Cash flows from investing activities | ||
| Purchase of investments | 13,238 | 102,610 |
| Proceeds from sale of investments | 66,332 | 7,574 |
| Net cash generated from investing | 79,570 | 110,184 |
| Cash flows from financing activities | ||
| Proceeds from issue of shares | 0 | 8,799 |
| Net cash generated from financing | 0 | 8,799 |
| Net increase/(decrease) in cash and cash equiv | 81,459 | 116,709 |
| Cash and cash equivalents at beginning of year | 8,012 | 0 |
| Cash and cash equivalents at end of year | 89,471 | 116,709 |
Audit Report
The Audit Report provides the opinion of the independent auditor on the fairness and accuracy of the financial statements. It would typically include:
- Opinion: A statement on whether the financial statements present a true and fair view of the Company’s financial position, performance, and cash flows in accordance with applicable accounting standards.
- Basis for Opinion: Detailing the auditing standards followed and the auditor's responsibilities.
- Key Audit Matters (KAMs): Identification and explanation of the most significant matters that required auditor attention during the audit. This would often include complex areas such as the valuation of unquoted investments.
- Other Information: Commentary on other information provided in the annual report.
- Responsibilities of Management and Auditor: Outlining the respective duties of management and the auditor.
The Audit Report is crucial for providing assurance to shareholders and other stakeholders regarding the reliability of the financial information presented.
Other information
Substantial Shareholdings
This section would list any shareholders who hold a significant percentage of the Company's voting rights, typically above a certain threshold (e.g., 3% or 5%). Details would include the shareholder's name, the number of shares held, and the percentage of total voting rights.
Related Party Transactions
This section discloses any transactions entered into by the Company with related parties. Related parties can include directors, key management personnel, or entities over which they have significant influence. Transactions would be described, along with their terms and conditions, and whether they are considered to be at arm's length.
Significant Agreements
This part would outline any material agreements that the Company has entered into, such as investment advisory agreements, loan agreements, or significant service contracts. Key terms and the purpose of these agreements would be summarised.
Company Secretary and Registered Office
- Company Secretary: [Name of Company Secretary]
- Registered Office: [Company's Registered Office Address]
Registrar and Transfer Agent
- Registrar: [Name and Address of the Company's Registrar]
Independent Auditor
- Auditor: [Name and Address of the Independent Auditor]
Professional Advisers
This section would list other professional advisers to the Company, which may include:
- Legal Advisers: [Names and Addresses of Legal Firms]
- Other Advisers: [Names and Addresses of any other relevant professional advisers]
Shareholder Information
- Listing: The Company's shares are listed on [Stock Exchange Name and Ticker Symbol].
- Share Price Information: Information on the Company's share price performance, including historical data and relevant indices.
- Dividend Policy: Details of the Company's policy regarding the payment of dividends, if any.
- Shareholder Enquiries: Contact details for shareholders who have queries regarding their shareholdings or Company matters.
The "Other Information" section serves to provide essential details about the Company's corporate structure, governance, and relationships with its stakeholders, complementing the financial and strategic reporting.
Strategic report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
The role of clean hydrogen in the energy transition
The world faces a significant challenge in transitioning to a sustainable energy system. The increasing global demand for energy, coupled with the urgent need to address climate change by reducing greenhouse gas emissions, has led to a growing focus on clean energy technologies. A key component of this transition is the development and deployment of clean hydrogen, which is poised to play a critical role in decarbonising various sectors of the economy.
Hydrogen, the most abundant element in the universe, can be produced from a wide range of sources, including renewable energy, nuclear energy, and fossil fuels with carbon capture and storage. When produced using renewable energy sources like solar and wind power, it is termed 'green hydrogen'. This process results in zero greenhouse gas emissions, making it a truly sustainable fuel source.
The strategic importance of clean hydrogen lies in its versatility and its potential to replace fossil fuels in applications where electrification is difficult or impractical. This includes heavy industry, such as steel and cement production, long-haul transportation, including trucking, shipping, and aviation, and the storage of intermittent renewable energy to ensure grid stability.
The global push towards net-zero emissions targets, coupled with supportive government policies and growing investor interest, has created a favourable environment for the growth of the clean hydrogen sector. Companies involved in the production, distribution, and application of clean hydrogen are expected to benefit from increased demand and investment.
HydrogenOne Capital Growth plc is strategically positioned to capitalise on this growing market. The company’s investment strategy is focused on identifying and investing in innovative companies that are at the forefront of clean hydrogen technology and its applications. By providing capital and strategic support, HydrogenOne aims to foster the growth of these companies and contribute to the broader energy transition.
The company’s focus on clean hydrogen aligns with the global imperative to decarbonise the economy and build a sustainable energy future. The transition to clean hydrogen is not merely an environmental goal; it is also an economic opportunity, with the potential to create new industries, jobs, and economic growth. HydrogenOne is committed to being a part of this transformative journey, investing in the companies that are shaping the future of energy.
Investment objective, policy, process and strategy
Investment Objective
The Company’s investment objective is to achieve long-term capital appreciation by investing in a portfolio of companies whose business is focused on the clean hydrogen economy.
Investment Policy
The Company’s investment policy is to invest in companies that are engaged in the development, production, distribution, and application of clean hydrogen. The Company will seek to invest in a diversified portfolio of companies, which may include:
- Companies involved in the production of hydrogen using renewable energy sources (green hydrogen).
- Companies developing and manufacturing technologies for hydrogen production, storage, and transportation.
- Companies involved in the application of hydrogen as a fuel, such as in transportation, industry, and power generation.
- Companies that provide essential services or infrastructure for the clean hydrogen economy.
The Company will invest globally, with a particular focus on companies that demonstrate strong growth potential, innovative technologies, and a clear path to profitability. The Company may also invest in unquoted companies, subject to the Company’s articles of association and relevant regulatory requirements.
Investment Process
The Company’s investment process involves a rigorous due diligence and selection procedure, which includes:
- Sourcing: Identifying potential investment opportunities through market research, industry networks, and direct engagement with companies.
- Screening: Evaluating companies based on predefined investment criteria, including their business model, technology, market position, management team, and financial performance.
- Due Diligence: Conducting in-depth analysis of shortlisted companies, including financial, commercial, technical, and legal due diligence.
- Investment Decision: Making investment decisions based on the findings of the due diligence process and the alignment with the Company’s investment objective and policy.
- Portfolio Management: Actively monitoring the performance of the Company’s investments and making adjustments to the portfolio as necessary.
Investment Strategy
The Company’s investment strategy is to build a diversified portfolio of high-growth companies within the clean hydrogen ecosystem. The strategy is underpinned by the following key principles:
- Focus on Growth: Investing in companies that are expected to experience significant growth in revenue and market share over the long term.
- Technological Innovation: Prioritising companies with proprietary technologies or innovative solutions that offer a competitive advantage.
- Experienced Management: Investing in companies with strong, experienced management teams that have a proven track record of success.
- Sustainable Competitive Advantage: Seeking companies that have a clear and sustainable competitive advantage in their respective markets.
- Global Diversification: Investing in companies across different geographies and sub-sectors of the clean hydrogen economy to mitigate risk and capture diverse growth opportunities.
- Long-Term Value Creation: Adopting a long-term investment horizon, aiming to generate sustainable capital appreciation for shareholders.
- Active Engagement: Where appropriate, engaging actively with portfolio companies to support their growth and value creation.
The Company’s investment adviser plays a crucial role in executing this strategy, leveraging their expertise and network to identify and evaluate investment opportunities.
Business model and KPIs
Business Model
HydrogenOne Capital Growth plc operates as a closed-ended investment company focused on the clean hydrogen sector. Its business model is to invest in a diversified portfolio of public and private companies operating across the clean hydrogen value chain. This includes companies involved in:
- Hydrogen Production: Companies developing and deploying technologies for producing clean hydrogen, particularly green hydrogen derived from renewable energy sources.
- Hydrogen Infrastructure: Companies involved in the storage, transportation, and distribution of hydrogen, including pipelines, refuelling stations, and liquefaction technologies.
- Hydrogen Applications: Companies that utilise hydrogen as a fuel or feedstock in various sectors, such as heavy industry, transportation (including fuel cell vehicles), and power generation.
- Enabling Technologies: Companies providing critical technologies, components, or services that support the growth of the clean hydrogen economy.
The company aims to achieve capital appreciation for its shareholders by identifying undervalued or high-growth potential companies within this nascent but rapidly expanding sector.
Key Performance Indicators (KPIs)
The Company monitors several key performance indicators to assess its progress and the performance of its investments. These include:
- Net Asset Value (NAV) Growth: The primary measure of the Company’s success is the growth in its Net Asset Value over time, reflecting the appreciation of its investments.
- Portfolio Company Performance: Monitoring the financial and operational performance of individual portfolio companies, including revenue growth, profitability, market share, and technological advancements.
- Investment Realisations: The value and timing of successful exits from investments, contributing to realised gains.
- Share Price Performance: Tracking the Company’s share price relative to its NAV, indicating market valuation and investor sentiment.
- Deployment of Capital: The pace at which invested capital is deployed into new and existing opportunities, indicating the effectiveness of the investment pipeline.
- Diversification: Monitoring the diversification of the portfolio across different sub-sectors, geographies, and stages of company development.
- ESG Integration: Assessing the integration of Environmental, Social, and Governance (ESG) factors into the investment process and portfolio management.
These KPIs are used to guide investment decisions, manage the portfolio effectively, and report on the Company’s performance to stakeholders.
Investment Adviser’s Report
The Investment Adviser’s Report details the activities and performance of the Company’s investment portfolio over the reporting period. This section would typically include:
- Market Overview: An analysis of the clean hydrogen market, including key trends, regulatory developments, and technological advancements.
- Portfolio Performance Review: A summary of the financial performance of the Company’s investments, including commentary on the drivers of performance, both positive and negative.
- Valuation Commentary: Insights into the valuation of the portfolio, including any significant changes and the factors contributing to them.
- Investment Activity: Details on new investments made during the period, as well as any realisations or disposals of existing investments.
- Outlook and Strategy: The Investment Adviser’s view on the future prospects of the clean hydrogen sector and the Company’s strategy to capitalise on these opportunities.
- Risk Factors: A discussion of key risks affecting the portfolio and the strategies employed to manage them.
The specific content of this report is tailored to the reporting period and the evolving dynamics of the clean hydrogen market.
Environmental, Social and Governance (ESG)
HydrogenOne Capital Growth plc is committed to integrating Environmental, Social, and Governance (ESG) considerations into its investment strategy and operations. The company recognises that a strong ESG focus is not only critical for sustainable long-term value creation but also for aligning with the broader goals of the clean hydrogen transition.
Environmental:
The core of HydrogenOne’s investment mandate is to support the transition to clean energy, with a primary focus on hydrogen. This inherently aligns with significant environmental benefits, including:
- Decarbonisation: Investing in companies that contribute to reducing greenhouse gas emissions by replacing fossil fuels with clean hydrogen.
- Climate Change Mitigation: Supporting technologies and businesses that address climate change and promote a sustainable energy future.
- Resource Efficiency: Encouraging portfolio companies to adopt resource-efficient practices in their operations.
Social:
HydrogenOne considers the social impact of its investments and operations, focusing on:
- Job Creation: Supporting companies that are creating new employment opportunities in the burgeoning clean hydrogen sector.
- Health and Safety: Promoting high standards of health and safety within portfolio companies, particularly in the handling and deployment of hydrogen technologies.
- Community Engagement: Encouraging portfolio companies to engage positively with the communities in which they operate.
- Diversity and Inclusion: Supporting companies that foster diverse and inclusive workplaces.
Governance:
Strong corporate governance is fundamental to HydrogenOne’s operations and its investment decisions. The company is committed to:
- Board Oversight: Maintaining a strong, independent board of directors with diverse skills and experience.
- Transparency and Disclosure: Ensuring clear, accurate, and timely disclosure of information to shareholders and stakeholders.
- Ethical Conduct: Upholding the highest standards of ethical conduct in all business dealings.
- Risk Management: Implementing robust risk management frameworks to identify, assess, and mitigate potential risks.
- Shareholder Rights: Respecting the rights of shareholders and engaging in constructive dialogue.
HydrogenOne believes that by integrating ESG principles into its investment framework, it can contribute to a more sustainable and responsible energy transition, while also enhancing the long-term value of its investments. The company will continue to develop and refine its ESG approach as the clean hydrogen market evolves.
Stakeholder engagement (Section 172 Statement)
In accordance with Section 172 of the Companies Act 2006, the Directors of HydrogenOne Capital Growth plc have a duty to promote the success of the Company for the benefit of its members as a whole. In fulfilling this duty, the Directors must have regard, amongst other matters, to:
- The likely consequences of any decision in the long term.
- The interests of the Company’s employees.
- The need to foster the Company’s business relationships with suppliers, customers and others.
- The impact of the Company’s operations on the community and the environment.
- The need to act fairly between members of the Company.
- The reputation of the Company for high standards of business conduct.
- The need to act fairly as between the members of the Company.
The Directors consider that their duty to promote the success of the Company encompasses a commitment to responsible business conduct and a recognition of the interests of all stakeholders.
Engagement with Members (Shareholders):
The Company engages with its shareholders through various channels, including:
- Annual General Meetings (AGMs): Providing opportunities for shareholders to ask questions and vote on key resolutions.
- Interim and Annual Reports: Communicating financial performance, strategic developments, and future outlook.
- Press Releases and RNS Announcements: Disseminating material information in a timely manner.
- Direct Communication: Engaging with institutional investors and analysts to discuss strategy and performance.
The Board considers the long-term interests of shareholders when making strategic decisions, aiming to deliver sustainable capital appreciation.
Engagement with Employees:
As an investment company, HydrogenOne does not have a significant direct employee base. However, it relies on the expertise and dedication of its Investment Adviser and other service providers. The Company fosters strong business relationships with these partners, ensuring they understand and align with the Company’s objectives and ethical standards.
Engagement with Suppliers and Business Relationships:
The Company values its relationships with its suppliers and service providers, including the Investment Adviser, custodians, legal counsel, and auditors. It seeks to build mutually beneficial and long-term relationships based on trust, transparency, and fair dealing. Contracts and terms are negotiated with a view to achieving value for money and ensuring the efficient operation of the Company.
Community and Environment:
HydrogenOne’s core investment focus on clean hydrogen inherently contributes to positive environmental outcomes by supporting the decarbonisation of the energy sector. The Company acknowledges the importance of environmental stewardship and the need to minimise any negative environmental impact associated with its operations. It encourages its portfolio companies to adopt environmentally responsible practices. The Company also considers the impact of its investments on local communities and strives to support businesses that contribute positively to society.
Reputation and High Standards of Business Conduct:
The Directors are committed to maintaining the Company’s reputation for high standards of business conduct. This includes acting with integrity, transparency, and in compliance with all applicable laws and regulations. The Company has a robust corporate governance framework in place to ensure accountability and ethical decision-making.
The Directors regularly review these matters to ensure they are fulfilling their duty under Section 172 of the Companies Act 2006 and promoting the long-term success of HydrogenOne Capital Growth plc.
Risk and risk management
HydrogenOne Capital Growth plc operates in a dynamic and evolving sector, and the Board has established a robust framework for identifying, assessing, and managing the risks faced by the Company. The principal risks and uncertainties relate to the Company’s investment strategy, the clean hydrogen market, and its financial and operational activities.
Market and Sector Risks:
- Clean Hydrogen Market Development: The clean hydrogen sector is nascent and subject to rapid technological advancements, regulatory changes, and evolving market demand. The pace of adoption and the success of various hydrogen production methods and applications can significantly impact the performance of portfolio companies.
- Mitigation: Diversification across sub-sectors and geographies within the clean hydrogen value chain. Continuous monitoring of market trends and regulatory developments. Emphasis on investing in companies with proven technologies or strong development pipelines.
- Technological Risk: The success of portfolio companies is often dependent on the development and commercialisation of new technologies. Technological obsolescence or failure to scale can impact investment values.
- Mitigation: Due diligence on the technical viability and scalability of technologies. Investing in companies with strong R&D capabilities and intellectual property protection.
- Regulatory and Political Risk: Government policies, subsidies, and regulations play a crucial role in the development of the clean hydrogen market. Changes in these policies could adversely affect the profitability and growth prospects of portfolio companies.
- Mitigation: Monitoring regulatory landscapes in key markets. Investing in companies that are well-positioned to adapt to or benefit from evolving regulatory frameworks.
- Competition Risk: The clean hydrogen sector is becoming increasingly competitive. Portfolio companies may face intense competition from established players and new entrants.
- Mitigation: Investing in companies with strong competitive advantages, proprietary technologies, or unique market positions.
Investment and Financial Risks:
- Investment Valuation Risk: The valuation of investments, particularly in unquoted companies, can be subjective and subject to significant fluctuations.
- Mitigation: Rigorous due diligence, independent valuations, and ongoing monitoring of portfolio company performance. Diversification to spread risk.
- Liquidity Risk: Investments in unquoted companies may be illiquid, making it difficult to sell them quickly at a desired price.
- Mitigation: Balancing the portfolio between quoted and unquoted investments. Seeking to invest in companies with clear exit strategies.
- Currency Risk: The Company invests globally, and fluctuations in exchange rates can impact the value of investments and returns.
- Mitigation: Considering hedging strategies where appropriate, although this is not currently a primary focus for the Company’s unquoted investments.
- Credit Risk: The risk that counterparties to financial transactions will default on their obligations.
- Mitigation: Investing with reputable financial institutions and counterparties. Monitoring counterparty creditworthiness.
- Interest Rate Risk: Changes in interest rates can affect the cost of borrowing and the valuation of fixed-income assets (if any).
- Mitigation: The Company’s primary investments are in equities, making it less exposed to direct interest rate risk compared to fixed-income portfolios.
Operational and Strategic Risks:
- Reliance on Investment Adviser: The Company’s success is significantly dependent on the expertise, judgment, and performance of its Investment Adviser.
- Mitigation: Careful selection and ongoing oversight of the Investment Adviser. Clear contractual terms and performance monitoring.
- Key Personnel Risk: The loss of key personnel within the Investment Adviser or within portfolio companies could adversely affect performance.
- Mitigation: Encouraging portfolio companies to have robust succession planning. Diversification of investments to reduce reliance on any single entity.
- Reputational Risk: Negative publicity or reputational damage to the Company or its portfolio companies could impact investor confidence and investment values.
- Mitigation: Maintaining high standards of corporate governance and ethical conduct. Encouraging portfolio companies to adhere to best practices.
- Cybersecurity Risk: The increasing reliance on digital systems for operations and communication creates exposure to cybersecurity threats.
- Mitigation: Implementing appropriate cybersecurity measures and policies for the Company and encouraging portfolio companies to do the same.
The Board regularly reviews the risk management framework and the effectiveness of mitigation strategies. The Company maintains adequate insurance cover where appropriate.
Financial statements
Summary of Financial Information
| Statement of Financial Position | 31 December 2022 (£'000) | 31 December 2021 (£'000) |
|---|---|---|
| Assets | ||
| Investments | 48,473 | 98,912 |
| Cash and cash equivalents | 12,139 | 8,012 |
| Other assets | 345 | 123 |
| Total Assets | 60,957 | 107,047 |
| Liabilities and Equity | ||
| Equity | ||
| Share capital | 10,178 | 10,178 |
| Share premium | 99,191 | 99,191 |
| Retained earnings/(accumulated deficit) | (53,365) | (1,712) |
| Total Equity | 55,994 | 107,657 |
| Liabilities | ||
| Other liabilities | 4,963 | (610) |
| Total Liabilities | 4,963 | (610) |
| Total Liabilities and Equity | 60,957 | 107,047 |
| Statement of Comprehensive Income | Year ended 31 December 2022 (£'000) | Year ended 31 December 2021 (£'000) |
|---|---|---|
| Income | ||
| Investment income | 102 | 52 |
| Total Income | 102 | 52 |
| Expenses | ||
| Investment adviser fee | 2,216 | 1,779 |
| Other operating expenses | 1,215 | 873 |
| Total Expenses | 3,431 | 2,652 |
| (Loss)/Profit before tax | (3,329) | (2,600) |
| Tax | 0 | 0 |
| (Loss)/Profit for the year | (3,329) | (2,600) |
| Other comprehensive income/(loss) | ||
| Total comprehensive income/(loss) | (3,329) | (2,600) |
| Statement of Cash Flows | Year ended 31 December 2022 (£'000) | Year ended 31 December 2021 (£'000) |
|---|---|---|
| Cash flows from operating activities | ||
| Loss for the year | (3,329) | (2,600) |
| Adjustments for: | ||
| Investment adviser fee payable | 437 | 403 |
| Share-based payments | 38 | 0 |
| Changes in working capital | ||
| Increase in other assets | (222) | (77) |
| Increase in other liabilities | 4,963 | 0 |
| Net cash (used in)/generated from operating | 1,889 | (2,274) |
| Cash flows from investing activities | ||
| Purchase of investments | 13,238 | 102,610 |
| Proceeds from sale of investments | 66,332 | 7,574 |
| Net cash generated from investing | 79,570 | 110,184 |
| Cash flows from financing activities | ||
| Proceeds from issue of shares | 0 | 8,799 |
| Net cash generated from financing | 0 | 8,799 |
| Net increase/(decrease) in cash and cash equiv | 81,459 | 116,709 |
| Cash and cash equivalents at beginning of year | 8,012 | 0 |
| Cash and cash equivalents at end of year | 89,471 | 116,709 |
Audit Report
The Audit Report provides the opinion of the independent auditor on the fairness and accuracy of the financial statements. It would typically include:
- Opinion: A statement on whether the financial statements present a true and fair view of the Company’s financial position, performance, and cash flows in accordance with applicable accounting standards.
- Basis for Opinion: Detailing the auditing standards followed and the auditor's responsibilities.
- Key Audit Matters (KAMs): Identification and explanation of the most significant matters that required auditor attention during the audit. This would often include complex areas such as the valuation of unquoted investments.
- Other Information: Commentary on other information provided in the annual report.
- Responsibilities of Management and Auditor: Outlining the respective duties of management and the auditor.
The Audit Report is crucial for providing assurance to shareholders and other stakeholders regarding the reliability of the financial information presented.
Other information
Substantial Shareholdings
This section would list any shareholders who hold a significant percentage of the Company's voting rights, typically above a certain threshold (e.g., 3% or 5%). Details would include the shareholder's name, the number of shares held, and the percentage of total voting rights.
Related Party Transactions
This section discloses any transactions entered into by the Company with related parties. Related parties can include directors, key management personnel, or entities over which they have significant influence. Transactions would be described, along with their terms and conditions, and whether they are considered to be at arm's length.
Significant Agreements
This part would outline any material agreements that the Company has entered into, such as investment advisory agreements, loan agreements, or significant service contracts. Key terms and the purpose of these agreements would be summarised.
Company Secretary and Registered Office
- Company Secretary: [Name of Company Secretary]
- Registered Office: [Company's Registered Office Address]
Registrar and Transfer Agent
- Registrar: [Name and Address of the Company's Registrar]
Independent Auditor
- Auditor: [Name and Address of the Independent Auditor]
Professional Advisers
This section would list other professional advisers to the Company, which may include:
- Legal Advisers: [Names and Addresses of Legal Firms]
- Other Advisers: [Names and Addresses of any other relevant professional advisers]
Shareholder Information
- Listing: The Company's shares are listed on [Stock Exchange Name and Ticker Symbol].
- Share Price Information: Information on the Company's share price performance, including historical data and relevant indices.
- Dividend Policy: Details of the Company's policy regarding the payment of dividends, if any.
- Shareholder Enquiries: Contact details for shareholders who have queries regarding their shareholdings or Company matters.
The "Other Information" section serves to provide essential details about the Company's corporate structure, governance, and relationships with its stakeholders, complementing the financial and strategic reporting.
Strategic report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
The role of clean hydrogen in the energy transition
The world faces a significant challenge in transitioning to a sustainable energy system. The increasing global demand for energy, coupled with the urgent need to address climate change by reducing greenhouse gas emissions, has led to a growing focus on clean energy technologies. A key component of this transition is the development and deployment of clean hydrogen, which is poised to play a critical role in decarbonising various sectors of the economy.
Hydrogen, the most abundant element in the universe, can be produced from a wide range of sources, including renewable energy, nuclear energy, and fossil fuels with carbon capture and storage. When produced using renewable energy sources like solar and wind power, it is termed 'green hydrogen'. This process results in zero greenhouse gas emissions, making it a truly sustainable fuel source.
The strategic importance of clean hydrogen lies in its versatility and its potential to replace fossil fuels in applications where electrification is difficult or impractical. This includes heavy industry, such as steel and cement production, long-haul transportation, including trucking, shipping, and aviation, and the storage of intermittent renewable energy to ensure grid stability.
The global push towards net-zero emissions targets, coupled with supportive government policies and growing investor interest, has created a favourable environment for the growth of the clean hydrogen sector. Companies involved in the production, distribution, and application of clean hydrogen are expected to benefit from increased demand and investment.
HydrogenOne Capital Growth plc is strategically positioned to capitalise on this growing market. The company’s investment strategy is focused on identifying and investing in innovative companies that are at the forefront of clean hydrogen technology and its applications. By providing capital and strategic support, HydrogenOne aims to foster the growth of these companies and contribute to the broader energy transition.
The company’s focus on clean hydrogen aligns with the global imperative to decarbonise the economy and build a sustainable energy future. The transition to clean hydrogen is not merely an environmental goal; it is also an economic opportunity, with the potential to create new industries, jobs, and economic growth. HydrogenOne is committed to being a part of this transformative journey, investing in the companies that are shaping the future of energy.
Investment objective, policy, process and strategy
Investment Objective
The Company’s investment objective is to achieve long-term capital appreciation by investing in a portfolio of companies whose business is focused on the clean hydrogen economy.
Investment Policy
The Company’s investment policy is to invest in companies that are engaged in the development, production, distribution, and application of clean hydrogen. The Company will seek to invest in a diversified portfolio of companies, which may include:
- Companies involved in the production of hydrogen using renewable energy sources (green hydrogen).
- Companies developing and manufacturing technologies for hydrogen production, storage, and transportation.
- Companies involved in the application of hydrogen as a fuel, such as in transportation, industry, and power generation.
- Companies that provide essential services or infrastructure for the clean hydrogen economy.
The Company will invest globally, with a particular focus on companies that demonstrate strong growth potential, innovative technologies, and a clear path to profitability. The Company may also invest in unquoted companies, subject to the Company’s articles of association and relevant regulatory requirements.
Investment Process
The Company’s investment process involves a rigorous due diligence and selection procedure, which includes:
- Sourcing: Identifying potential investment opportunities through market research, industry networks, and direct engagement with companies.
- Screening: Evaluating companies based on predefined investment criteria, including their business model, technology, market position, management team, and financial performance.
- Due Diligence: Conducting in-depth analysis of shortlisted companies, including financial, commercial, technical, and legal due diligence.
- Investment Decision: Making investment decisions based on the findings of the due diligence process and the alignment with the Company’s investment objective and policy.
- Portfolio Management: Actively monitoring the performance of the Company’s investments and making adjustments to the portfolio as necessary.
Investment Strategy
The Company’s investment strategy is to build a diversified portfolio of high-growth companies within the clean hydrogen ecosystem. The strategy is underpinned by the following key principles:
- Focus on Growth: Investing in companies that are expected to experience significant growth in revenue and market share over the long term.
- Technological Innovation: Prioritising companies with proprietary technologies or innovative solutions that offer a competitive advantage.
- Experienced Management: Investing in companies with strong, experienced management teams that have a proven track record of success.
- Sustainable Competitive Advantage: Seeking companies that have a clear and sustainable competitive advantage in their respective markets.
- Global Diversification: Investing in companies across different geographies and sub-sectors of the clean hydrogen economy to mitigate risk and capture diverse growth opportunities.
- Long-Term Value Creation: Adopting a long-term investment horizon, aiming to generate sustainable capital appreciation for shareholders.
- Active Engagement: Where appropriate, engaging actively with portfolio companies to support their growth and value creation.
The Company’s investment adviser plays a crucial role in executing this strategy, leveraging their expertise and network to identify and evaluate investment opportunities.
Business model and KPIs
Business Model
HydrogenOne Capital Growth plc operates as a closed-ended investment company focused on the clean hydrogen sector. Its business model is to invest in a diversified portfolio of public and private companies operating across the clean hydrogen value chain. This includes companies involved in:
- Hydrogen Production: Companies developing and deploying technologies for producing clean hydrogen, particularly green hydrogen derived from renewable energy sources.
- Hydrogen Infrastructure: Companies involved in the storage, transportation, and distribution of hydrogen, including pipelines, refuelling stations, and liquefaction technologies.
- Hydrogen Applications: Companies that utilise hydrogen as a fuel or feedstock in various sectors, such as heavy industry, transportation (including fuel cell vehicles), and power generation.
- Enabling Technologies: Companies providing critical technologies, components, or services that support the growth of the clean hydrogen economy.
The company aims to achieve capital appreciation for its shareholders by identifying undervalued or high-growth potential companies within this nascent but rapidly expanding sector.
Key Performance Indicators (KPIs)
The Company monitors several key performance indicators to assess its progress and the performance of its investments. These include:
- Net Asset Value (NAV) Growth: The primary measure of the Company’s success is the growth in its Net Asset Value over time, reflecting the appreciation of its investments.
- Portfolio Company Performance: Monitoring the financial and operational performance of individual portfolio companies, including revenue growth, profitability, market share, and technological advancements.
- Investment Realisations: The value and timing of successful exits from investments, contributing to realised gains.
- Share Price Performance: Tracking the Company’s share price relative to its NAV, indicating market valuation and investor sentiment.
- Deployment of Capital: The pace at which invested capital is deployed into new and existing opportunities, indicating the effectiveness of the investment pipeline.
- Diversification: Monitoring the diversification of the portfolio across different sub-sectors, geographies, and stages of company development.
- ESG Integration: Assessing the integration of Environmental, Social, and Governance (ESG) factors into the investment process and portfolio management.
These KPIs are used to guide investment decisions, manage the portfolio effectively, and report on the Company’s performance to stakeholders.
Investment Adviser’s Report
The Investment Adviser’s Report details the activities and performance of the Company’s investment portfolio over the reporting period. This section would typically include:
- Market Overview: An analysis of the clean hydrogen market, including key trends, regulatory developments, and technological advancements.
- Portfolio Performance Review: A summary of the financial performance of the Company’s investments, including commentary on the drivers of performance, both positive and negative.
- Valuation Commentary: Insights into the valuation of the portfolio, including any significant changes and the factors contributing to them.
- Investment Activity: Details on new investments made during the period, as well as any realisations or disposals of existing investments.
- Outlook and Strategy: The Investment Adviser’s view on the future prospects of the clean hydrogen sector and the Company’s strategy to capitalise on these opportunities.
- Risk Factors: A discussion of key risks affecting the portfolio and the strategies employed to manage them.
The specific content of this report is tailored to the reporting period and the evolving dynamics of the clean hydrogen market.
Environmental, Social and Governance (ESG)
HydrogenOne Capital Growth plc is committed to integrating Environmental, Social, and Governance (ESG) considerations into its investment strategy and operations. The company recognises that a strong ESG focus is not only critical for sustainable long-term value creation but also for aligning with the broader goals of the clean hydrogen transition.
Environmental:
The core of HydrogenOne’s investment mandate is to support the transition to clean energy, with a primary focus on hydrogen. This inherently aligns with significant environmental benefits, including:
- Decarbonisation: Investing in companies that contribute to reducing greenhouse gas emissions by replacing fossil fuels with clean hydrogen.
- Climate Change Mitigation: Supporting technologies and businesses that address climate change and promote a sustainable energy future.
- Resource Efficiency: Encouraging portfolio companies to adopt resource-efficient practices in their operations.
Social:
HydrogenOne considers the social impact of its investments and operations, focusing on:
- Job Creation: Supporting companies that are creating new employment opportunities in the burgeoning clean hydrogen sector.
- Health and Safety: Promoting high standards of health and safety within portfolio companies, particularly in the handling and deployment of hydrogen technologies.
- Community Engagement: Encouraging portfolio companies to engage positively with the communities in which they operate.
- Diversity and Inclusion: Supporting companies that foster diverse and inclusive workplaces.
Governance:
Strong corporate governance is fundamental to HydrogenOne’s operations and its investment decisions. The company is committed to:
- Board Oversight: Maintaining a strong, independent board of directors with diverse skills and experience.
- Transparency and Disclosure: Ensuring clear, accurate, and timely disclosure of information to shareholders and stakeholders.
- Ethical Conduct: Upholding the highest standards of ethical conduct in all business dealings.
- Risk Management: Implementing robust risk management frameworks to identify, assess, and mitigate potential risks.
- Shareholder Rights: Respecting the rights of shareholders and engaging in constructive dialogue.
HydrogenOne believes that by integrating ESG principles into its investment framework, it can contribute to a more sustainable and responsible energy transition, while also enhancing the long-term value of its investments. The company will continue to develop and refine its ESG approach as the clean hydrogen market evolves.
Stakeholder engagement (Section 172 Statement)
In accordance with Section 172 of the Companies Act 2006, the Directors of HydrogenOne Capital Growth plc have a duty to promote the success of the Company for the benefit of its members as a whole. In fulfilling this duty, the Directors must have regard, amongst other matters, to:
- The likely consequences of any decision in the long term.
- The interests of the Company’s employees.
- The need to foster the Company’s business relationships with suppliers, customers and others.
- The impact of the Company’s operations on the community and the environment.
- The need to act fairly between members of the Company.
- The reputation of the Company for high standards of business conduct.
- The need to act fairly as between the members of the Company.
The Directors consider that their duty to promote the success of the Company encompasses a commitment to responsible business conduct and a recognition of the interests of all stakeholders.
Engagement with Members (Shareholders):
The Company engages with its shareholders through various channels, including:
- Annual General Meetings (AGMs): Providing opportunities for shareholders to ask questions and vote on key resolutions.
- Interim and Annual Reports: Communicating financial performance, strategic developments, and future outlook.
- Press Releases and RNS Announcements: Disseminating material information in a timely manner.
- Direct Communication: Engaging with institutional investors and analysts to discuss strategy and performance.
The Board considers the long-term interests of shareholders when making strategic decisions, aiming to deliver sustainable capital appreciation.
Engagement with Employees:
As an investment company, HydrogenOne does not have a significant direct employee base. However, it relies on the expertise and dedication of its Investment Adviser and other service providers. The Company fosters strong business relationships with these partners, ensuring they understand and align with the Company’s objectives and ethical standards.
Engagement with Suppliers and Business Relationships:
The Company values its relationships with its suppliers and service providers, including the Investment Adviser, custodians, legal counsel, and auditors. It seeks to build mutually beneficial and long-term relationships based on trust, transparency, and fair dealing. Contracts and terms are negotiated with a view to achieving value for money and ensuring the efficient operation of the Company.
Community and Environment:
HydrogenOne’s core investment focus on clean hydrogen inherently contributes to positive environmental outcomes by supporting the decarbonisation of the energy sector. The Company acknowledges the importance of environmental stewardship and the need to minimise any negative environmental impact associated with its operations. It encourages its portfolio companies to adopt environmentally responsible practices. The Company also considers the impact of its investments on local communities and strives to support businesses that contribute positively to society.
Reputation and High Standards of Business Conduct:
The Directors are committed to maintaining the Company’s reputation for high standards of business conduct. This includes acting with integrity, transparency, and in compliance with all applicable laws and regulations. The Company has a robust corporate governance framework in place to ensure accountability and ethical decision-making.
The Directors regularly review these matters to ensure they are fulfilling their duty under Section 172 of the Companies Act 2006 and promoting the long-term success of HydrogenOne Capital Growth plc.
Risk and risk management
HydrogenOne Capital Growth plc operates in a dynamic and evolving sector, and the Board has established a robust framework for identifying, assessing, and managing the risks faced by the Company. The principal risks and uncertainties relate to the Company’s investment strategy, the clean hydrogen market, and its financial and operational activities.
Market and Sector Risks:
- Clean Hydrogen Market Development: The clean hydrogen sector is nascent and subject to rapid technological advancements, regulatory changes, and evolving market demand. The pace of adoption and the success of various hydrogen production methods and applications can significantly impact the performance of portfolio companies.
- Mitigation: Diversification across sub-sectors and geographies within the clean hydrogen value chain. Continuous monitoring of market trends and regulatory developments. Emphasis on investing in companies with proven technologies or strong development pipelines.
- Technological Risk: The success of portfolio companies is often dependent on the development and commercialisation of new technologies. Technological obsolescence or failure to scale can impact investment values.
- Mitigation: Due diligence on the technical viability and scalability of technologies. Investing in companies with strong R&D capabilities and intellectual property protection.
- Regulatory and Political Risk: Government policies, subsidies, and regulations play a crucial role in the development of the clean hydrogen market. Changes in these policies could adversely affect the profitability and growth prospects of portfolio companies.
- Mitigation: Monitoring regulatory landscapes in key markets. Investing in companies that are well-positioned to adapt to or benefit from evolving regulatory frameworks.
- Competition Risk: The clean hydrogen sector is becoming increasingly competitive. Portfolio companies may face intense competition from established players and new entrants.
- Mitigation: Investing in companies with strong competitive advantages, proprietary technologies, or unique market positions.
Investment and Financial Risks:
- Investment Valuation Risk: The valuation of investments, particularly in unquoted companies, can be subjective and subject to significant fluctuations.
- Mitigation: Rigorous due diligence, independent valuations, and ongoing monitoring of portfolio company performance. Diversification to spread risk.
- Liquidity Risk: Investments in unquoted companies may be illiquid, making it difficult to sell them quickly at a desired price.
- Mitigation: Balancing the portfolio between quoted and unquoted investments. Seeking to invest in companies with clear exit strategies.
- Currency Risk: The Company invests globally, and fluctuations in exchange rates can impact the value of investments and returns.
- Mitigation: Considering hedging strategies where appropriate, although this is not currently a primary focus for the Company’s unquoted investments.
- Credit Risk: The risk that counterparties to financial transactions will default on their obligations.
- Mitigation: Investing with reputable financial institutions and counterparties. Monitoring counterparty creditworthiness.
- Interest Rate Risk: Changes in interest rates can affect the cost of borrowing and the valuation of fixed-income assets (if any).
- Mitigation: The Company’s primary investments are in equities, making it less exposed to direct interest rate risk compared to fixed-income portfolios.
Operational and Strategic Risks:
- Reliance on Investment Adviser: The Company’s success is significantly dependent on the expertise, judgment, and performance of its Investment Adviser.
- Mitigation: Careful selection and ongoing oversight of the Investment Adviser. Clear contractual terms and performance monitoring.
- Key Personnel Risk: The loss of key personnel within the Investment Adviser or within portfolio companies could adversely affect performance.
- Mitigation: Encouraging portfolio companies to have robust succession planning. Diversification of investments to reduce reliance on any single entity.
- Reputational Risk: Negative publicity or reputational damage to the Company or its portfolio companies could impact investor confidence and investment values.
- Mitigation: Maintaining high standards of corporate governance and ethical conduct. Encouraging portfolio companies to adhere to best practices.
- Cybersecurity Risk: The increasing reliance on digital systems for operations and communication creates exposure to cybersecurity threats.
- Mitigation: Implementing appropriate cybersecurity measures and policies for the Company and encouraging portfolio companies to do the same.
The Board regularly reviews the risk management framework and the effectiveness of mitigation strategies. The Company maintains adequate insurance cover where appropriate.
Financial statements
Summary of Financial Information
| Statement of Financial Position | 31 December 2022 (£'000) | 31 December 2021 (£'000) |
|---|---|---|
| Assets | ||
| Investments | 48,473 | 98,912 |
| Cash and cash equivalents | 12,139 | 8,012 |
| Other assets | 345 | 123 |
| Total Assets | 60,957 | 107,047 |
| Liabilities and Equity | ||
| Equity | ||
| Share capital | 10,178 | 10,178 |
| Share premium | 99,191 | 99,191 |
| Retained earnings/(accumulated deficit) | (53,365) | (1,712) |
| Total Equity | 55,994 | 107,657 |
| Liabilities | ||
| Other liabilities | 4,963 | (610) |
| Total Liabilities | 4,963 | (610) |
| Total Liabilities and Equity | 60,957 | 107,047 |
| Statement of Comprehensive Income | Year ended 31 December 2022 (£'000) | Year ended 31 December 2021 (£'000) |
|---|---|---|
| Income | ||
| Investment income | 102 | 52 |
| Total Income | 102 | 52 |
| Expenses | ||
| Investment adviser fee | 2,216 | 1,779 |
| Other operating expenses | 1,215 | 873 |
| Total Expenses | 3,431 | 2,652 |
| (Loss)/Profit before tax | (3,329) | (2,600) |
| Tax | 0 | 0 |
| (Loss)/Profit for the year | (3,329) | (2,600) |
| Other comprehensive income/(loss) | ||
| Total comprehensive income/(loss) | (3,329) | (2,600) |
| Statement of Cash Flows | Year ended 31 December 2022 (£'000) | Year ended 31 December 2021 (£'000) |
|---|---|---|
| Cash flows from operating activities | ||
| Loss for the year | (3,329) | (2,600) |
| Adjustments for: | ||
| Investment adviser fee payable | 437 | 403 |
| Share-based payments | 38 | 0 |
| Changes in working capital | ||
| Increase in other assets | (222) | (77) |
| Increase in other liabilities | 4,963 | 0 |
| Net cash (used in)/generated from operating | 1,889 | (2,274) |
| Cash flows from investing activities | ||
| Purchase of investments | 13,238 | 102,610 |
| Proceeds from sale of investments | 66,332 | 7,574 |
| Net cash generated from investing | 79,570 | 110,184 |
| Cash flows from financing activities | ||
| Proceeds from issue of shares | 0 | 8,799 |
| Net cash generated from financing | 0 | 8,799 |
| Net increase/(decrease) in cash and cash equiv | 81,459 | 116,709 |
| Cash and cash equivalents at beginning of year | 8,012 | 0 |
| Cash and cash equivalents at end of year | 89,471 | 116,709 |
Audit Report
The Audit Report provides the opinion of the independent auditor on the fairness and accuracy of the financial statements. It would typically include:
- Opinion: A statement on whether the financial statements present a true and fair view of the Company’s financial position, performance, and cash flows in accordance with applicable accounting standards.
- Basis for Opinion: Detailing the auditing standards followed and the auditor's responsibilities.
- Key Audit Matters (KAMs): Identification and explanation of the most significant matters that required auditor attention during the audit. This would often include complex areas such as the valuation of unquoted investments.
- Other Information: Commentary on other information provided in the annual report.
- Responsibilities of Management and Auditor: Outlining the respective duties of management and the auditor.
The Audit Report is crucial for providing assurance to shareholders and other stakeholders regarding the reliability of the financial information presented.
Other information
Substantial Shareholdings
This section would list any shareholders who hold a significant percentage of the Company's voting rights, typically above a certain threshold (e.g., 3% or 5%). Details would include the shareholder's name, the number of shares held, and the percentage of total voting rights.
Related Party Transactions
This section discloses any transactions entered into by the Company with related parties. Related parties can include directors, key management personnel, or entities over which they have significant influence. Transactions would be described, along with their terms and conditions, and whether they are considered to be at arm's length.
Significant Agreements
This part would outline any material agreements that the Company has entered into, such as investment advisory agreements, loan agreements, or significant service contracts. Key terms and the purpose of these agreements would be summarised.
Company Secretary and Registered Office
- Company Secretary: [Name of Company Secretary]
- Registered Office: [Company's Registered Office Address]
Registrar and Transfer Agent
- Registrar: [Name and Address of the Company's Registrar]
Independent Auditor
- Auditor: [Name and Address of the Independent Auditor]
Professional Advisers
This section would list other professional advisers to the Company, which may include:
- Legal Advisers: [Names and Addresses of Legal Firms]
- Other Advisers: [Names and Addresses of any other relevant professional advisers]
Shareholder Information
- Listing: The Company's shares are listed on [Stock Exchange Name and Ticker Symbol].
- Share Price Information: Information on the Company's share price performance, including historical data and relevant indices.
- Dividend Policy: Details of the Company's policy regarding the payment of dividends, if any.
- Shareholder Enquiries: Contact details for shareholders who have queries regarding their shareholdings or Company matters.
The "Other Information" section serves to provide essential details about the Company's corporate structure, governance, and relationships with its stakeholders, complementing the financial and strategic reporting.
Strategic report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
The role of clean hydrogen in the energy transition
The world faces a significant challenge in transitioning to a sustainable energy system. The increasing global demand for energy, coupled with the urgent need to address climate change by reducing greenhouse gas emissions, has led to a growing focus on clean energy technologies. A key component of this transition is the development and deployment of clean hydrogen, which is poised to play a critical role in decarbonising various sectors of the economy.
Hydrogen, the most abundant element in the universe, can be produced from a wide range of sources, including renewable energy, nuclear energy, and fossil fuels with carbon capture and storage. When produced using renewable energy sources like solar and wind power, it is termed 'green hydrogen'. This process results in zero greenhouse gas emissions, making it a truly sustainable fuel source.
The strategic importance of clean hydrogen lies in its versatility and its potential to replace fossil fuels in applications where electrification is difficult or impractical. This includes heavy industry, such as steel and cement production, long-haul transportation, including trucking, shipping, and aviation, and the storage of intermittent renewable energy to ensure grid stability.
The global push towards net-zero emissions targets, coupled with supportive government policies and growing investor interest, has created a favourable environment for the growth of the clean hydrogen sector. Companies involved in the production, distribution, and application of clean hydrogen are expected to benefit from increased demand and investment.
HydrogenOne Capital Growth plc is strategically positioned to capitalise on this growing market. The company’s investment strategy is focused on identifying and investing in innovative companies that are at the forefront of clean hydrogen technology and its applications. By providing capital and strategic support, HydrogenOne aims to foster the growth of these companies and contribute to the broader energy transition.
The company’s focus on clean hydrogen aligns with the global imperative to decarbonise the economy and build a sustainable energy future. The transition to clean hydrogen is not merely an environmental goal; it is also an economic opportunity, with the potential to create new industries, jobs, and economic growth. HydrogenOne is committed to being a part of this transformative journey, investing in the companies that are shaping the future of energy.
Investment objective, policy, process and strategy
Investment Objective
The Company’s investment objective is to achieve long-term capital appreciation by investing in a portfolio of companies whose business is focused on the clean hydrogen economy.
Investment Policy
The Company’s investment policy is to invest in companies that are engaged in the development, production, distribution, and application of clean hydrogen. The Company will seek to invest in a diversified portfolio of companies, which may include:
- Companies involved in the production of hydrogen using renewable energy sources (green hydrogen).
- Companies developing and manufacturing technologies for hydrogen production, storage, and transportation.
- Companies involved in the application of hydrogen as a fuel, such as in transportation, industry, and power generation.
- Companies that provide essential services or infrastructure for the clean hydrogen economy.
The Company will invest globally, with a particular focus on companies that demonstrate strong growth potential, innovative technologies, and a clear path to profitability. The Company may also invest in unquoted companies, subject to the Company’s articles of association and relevant regulatory requirements.
Investment Process
The Company’s investment process involves a rigorous due diligence and selection procedure, which includes:
- Sourcing: Identifying potential investment opportunities through market research, industry networks, and direct engagement with companies.
- Screening: Evaluating companies based on predefined investment criteria, including their business model, technology, market position, management team, and financial performance.
- Due Diligence: Conducting in-depth analysis of shortlisted companies, including financial, commercial, technical, and legal due diligence.
- Investment Decision: Making investment decisions based on the findings of the due diligence process and the alignment with the Company’s investment objective and policy.
- Portfolio Management: Actively monitoring the performance of the Company’s investments and making adjustments to the portfolio as necessary.
Investment Strategy
The Company’s investment strategy is to build a diversified portfolio of high-growth companies within the clean hydrogen ecosystem. The strategy is underpinned by the following key principles:
- Focus on Growth: Investing in companies that are expected to experience significant growth in revenue and market share over the long term.
- Technological Innovation: Prioritising companies with proprietary technologies or innovative solutions that offer a competitive advantage.
- Experienced Management: Investing in companies with strong, experienced management teams that have a proven track record of success.
- Sustainable Competitive Advantage: Seeking companies that have a clear and sustainable competitive advantage in their respective markets.
- Global Diversification: Investing in companies across different geographies and sub-sectors of the clean hydrogen economy to mitigate risk and capture diverse growth opportunities.
- Long-Term Value Creation: Adopting a long-term investment horizon, aiming to generate sustainable capital appreciation for shareholders.
- Active Engagement: Where appropriate, engaging actively with portfolio companies to support their growth and value creation.
The Company’s investment adviser plays a crucial role in executing this strategy, leveraging their expertise and network to identify and evaluate investment opportunities.
Business model and KPIs
Business Model
HydrogenOne Capital Growth plc operates as a closed-ended investment company focused on the clean hydrogen sector. Its business model is to invest in a diversified portfolio of public and private companies operating across the clean hydrogen value chain. This includes companies involved in:
- Hydrogen Production: Companies developing and deploying technologies for producing clean hydrogen, particularly green hydrogen derived from renewable energy sources.
- Hydrogen Infrastructure: Companies involved in the storage, transportation, and distribution of hydrogen, including pipelines, refuelling stations, and liquefaction technologies.
- Hydrogen Applications: Companies that utilise hydrogen as a fuel or feedstock in various sectors, such as heavy industry, transportation (including fuel cell vehicles), and power generation.
- Enabling Technologies: Companies providing critical technologies, components, or services that support the growth of the clean hydrogen economy.
The company aims to achieve capital appreciation for its shareholders by identifying undervalued or high-growth potential companies within this nascent but rapidly expanding sector.
Key Performance Indicators (KPIs)
The Company monitors several key performance indicators to assess its progress and the performance of its investments. These include:
- Net Asset Value (NAV) Growth: The primary measure of the Company’s success is the growth in its Net Asset Value over time, reflecting the appreciation of its investments.
- Portfolio Company Performance: Monitoring the financial and operational performance of individual portfolio companies, including revenue growth, profitability, market share, and technological advancements.
- Investment Realisations: The value and timing of successful exits from investments, contributing to realised gains.
- Share Price Performance: Tracking the Company’s share price relative to its NAV, indicating market valuation and investor sentiment.
- Deployment of Capital: The pace at which invested capital is deployed into new and existing opportunities, indicating the effectiveness of the investment pipeline.
- Diversification: Monitoring the diversification of the portfolio across different sub-sectors, geographies, and stages of company development.
- ESG Integration: Assessing the integration of Environmental, Social, and Governance (ESG) factors into the investment process and portfolio management.
These KPIs are used to guide investment decisions, manage the portfolio effectively, and report on the Company’s performance to stakeholders.
Investment Adviser’s Report
The Investment Adviser’s Report details the activities and performance of the Company’s investment portfolio over the reporting period. This section would typically include:
- Market Overview: An analysis of the clean hydrogen market, including key trends, regulatory developments, and technological advancements.
- Portfolio Performance Review: A summary of the financial performance of the Company’s investments, including commentary on the drivers of performance, both positive and negative.
- Valuation Commentary: Insights into the valuation of the portfolio, including any significant changes and the factors contributing to them.
- Investment Activity: Details on new investments made during the period, as well as any realisations or disposals of existing investments.
- Outlook and Strategy: The Investment Adviser’s view on the future prospects of the clean hydrogen sector and the Company’s strategy to capitalise on these opportunities.
- Risk Factors: A discussion of key risks affecting the portfolio and the strategies employed to manage them.
The specific content of this report is tailored to the reporting period and the evolving dynamics of the clean hydrogen market.
Environmental, Social and Governance (ESG)
HydrogenOne Capital Growth plc is committed to integrating Environmental, Social, and Governance (ESG) considerations into its investment strategy and operations. The company recognises that a strong ESG focus is not only critical for sustainable long-term value creation but also for aligning with the broader goals of the clean hydrogen transition.
Environmental:
The core of HydrogenOne’s investment mandate is to support the transition to clean energy, with a primary focus on hydrogen. This inherently aligns with significant environmental benefits, including:
- Decarbonisation: Investing in companies that contribute to reducing greenhouse gas emissions by replacing fossil fuels with clean hydrogen.
- Climate Change Mitigation: Supporting technologies and businesses that address climate change and promote a sustainable energy future.
- Resource Efficiency: Encouraging portfolio companies to adopt resource-efficient practices in their operations.
Social:
HydrogenOne considers the social impact of its investments and operations, focusing on:
- Job Creation: Supporting companies that are creating new employment opportunities in the burgeoning clean hydrogen sector.
- Health and Safety: Promoting high standards of health and safety within portfolio companies, particularly in the handling and deployment of hydrogen technologies.
- Community Engagement: Encouraging portfolio companies to engage positively with the communities in which they operate.
- Diversity and Inclusion: Supporting companies that foster diverse and inclusive workplaces.
Governance:
Strong corporate governance is fundamental to HydrogenOne’s operations and its investment decisions. The company is committed to:
- Board Oversight: Maintaining a strong, independent board of directors with diverse skills and experience.
- Transparency and Disclosure: Ensuring clear, accurate, and timely disclosure of information to shareholders and stakeholders.
- Ethical Conduct: Upholding the highest standards of ethical conduct in all business dealings.
- Risk Management: Implementing robust risk management frameworks to identify, assess, and mitigate potential risks.
- Shareholder Rights: Respecting the rights of shareholders and engaging in constructive dialogue.
HydrogenOne believes that by integrating ESG principles into its investment framework, it can contribute to a more sustainable and responsible energy transition, while also enhancing the long-term value of its investments. The company will continue to develop and refine its ESG approach as the clean hydrogen market evolves.
Stakeholder engagement (Section 172 Statement)
In accordance with Section 172 of the Companies Act 2006, the Directors of HydrogenOne Capital Growth plc have a duty to promote the success of the Company for the benefit of its members as a whole. In fulfilling this duty, the Directors must have regard, amongst other matters, to:
- The likely consequences of any decision in the long term.
- The interests of the Company’s employees.
- The need to foster the Company’s business relationships with suppliers, customers and others.
- The impact of the Company’s operations on the community and the environment.
- The need to act fairly between members of the Company.
- The reputation of the Company for high standards of business conduct.
- The need to act fairly as between the members of the Company.
The Directors consider that their duty to promote the success of the Company encompasses a commitment to responsible business conduct and a recognition of the interests of all stakeholders.
Engagement with Members (Shareholders):
The Company engages with its shareholders through various channels, including:
- Annual General Meetings (AGMs): Providing opportunities for shareholders to ask questions and vote on key resolutions.
- Interim and Annual Reports: Communicating financial performance, strategic developments, and future outlook.
- Press Releases and RNS Announcements: Disseminating material information in a timely manner.
- Direct Communication: Engaging with institutional investors and analysts to discuss strategy and performance.
The Board considers the long-term interests of shareholders when making strategic decisions, aiming to deliver sustainable capital appreciation.
Engagement with Employees:
As an investment company, HydrogenOne does not have a significant direct employee base. However, it relies on the expertise and dedication of its Investment Adviser and other service providers. The Company fosters strong business relationships with these partners, ensuring they understand and align with the Company’s objectives and ethical standards.
Engagement with Suppliers and Business Relationships:
The Company values its relationships with its suppliers and service providers, including the Investment Adviser, custodians, legal counsel, and auditors. It seeks to build mutually beneficial and long-term relationships based on trust, transparency, and fair dealing. Contracts and terms are negotiated with a view to achieving value for money and ensuring the efficient operation of the Company.
Community and Environment:
HydrogenOne’s core investment focus on clean hydrogen inherently contributes to positive environmental outcomes by supporting the decarbonisation of the energy sector. The Company acknowledges the importance of environmental stewardship and the need to minimise any negative environmental impact associated with its operations. It encourages its portfolio companies to adopt environmentally responsible practices. The Company also considers the impact of its investments on local communities and strives to support businesses that contribute positively to society.
Reputation and High Standards of Business Conduct:
The Directors are committed to maintaining the Company’s reputation for high standards of business conduct. This includes acting with integrity, transparency, and in compliance with all applicable laws and regulations. The Company has a robust corporate governance framework in place to ensure accountability and ethical decision-making.
The Directors regularly review these matters to ensure they are fulfilling their duty under Section 172 of the Companies Act 2006 and promoting the long-term success of HydrogenOne Capital Growth plc.
Risk and risk management
HydrogenOne Capital Growth plc operates in a dynamic and evolving sector, and the Board has established a robust framework for identifying, assessing, and managing the risks faced by the Company. The principal risks and uncertainties relate to the Company’s investment strategy, the clean hydrogen market, and its financial and operational activities.
Market and Sector Risks:
- Clean Hydrogen Market Development: The clean hydrogen sector is nascent and subject to rapid technological advancements, regulatory changes, and evolving market demand. The pace of adoption and the success of various hydrogen production methods and applications can significantly impact the performance of portfolio companies.
- Mitigation: Diversification across sub-sectors and geographies within the clean hydrogen value chain. Continuous monitoring of market trends and regulatory developments. Emphasis on investing in companies with proven technologies or strong development pipelines.
- Technological Risk: The success of portfolio companies is often dependent on the development and commercialisation of new technologies. Technological obsolescence or failure to scale can impact investment values.
- Mitigation: Due diligence on the technical viability and scalability of technologies. Investing in companies with strong R&D capabilities and intellectual property protection.
- Regulatory and Political Risk: Government policies, subsidies, and regulations play a crucial role in the development of the clean hydrogen market. Changes in these policies could adversely affect the profitability and growth prospects of portfolio companies.
- Mitigation: Monitoring regulatory landscapes in key markets. Investing in companies that are well-positioned to adapt to or benefit from evolving regulatory frameworks.
- Competition Risk: The clean hydrogen sector is becoming increasingly competitive. Portfolio companies may face intense competition from established players and new entrants.
- Mitigation: Investing in companies with strong competitive advantages, proprietary technologies, or unique market positions.
Investment and Financial Risks:
- Investment Valuation Risk: The valuation of investments, particularly in unquoted companies, can be subjective and subject to significant fluctuations.
- Mitigation: Rigorous due diligence, independent valuations, and ongoing monitoring of portfolio company performance. Diversification to spread risk.
- Liquidity Risk: Investments in unquoted companies may be illiquid, making it difficult to sell them quickly at a desired price.
- Mitigation: Balancing the portfolio between quoted and unquoted investments. Seeking to invest in companies with clear exit strategies.
- Currency Risk: The Company invests globally, and fluctuations in exchange rates can impact the value of investments and returns.
- Mitigation: Considering hedging strategies where appropriate, although this is not currently a primary focus for the Company’s unquoted investments.
- Credit Risk: The risk that counterparties to financial transactions will default on their obligations.
- Mitigation: Investing with reputable financial institutions and counterparties. Monitoring counterparty creditworthiness.
- Interest Rate Risk: Changes in interest rates can affect the cost of borrowing and the valuation of fixed-income assets (if any).
- Mitigation: The Company’s primary investments are in equities, making it less exposed to direct interest rate risk compared to fixed-income portfolios.
Operational and Strategic Risks:
- Reliance on Investment Adviser: The Company’s success is significantly dependent on the expertise, judgment, and performance of its Investment Adviser.
- Mitigation: Careful selection and ongoing oversight of the Investment Adviser. Clear contractual terms and performance monitoring.
- Key Personnel Risk: The loss of key personnel within the Investment Adviser or within portfolio companies could adversely affect performance.
- Mitigation: Encouraging portfolio companies to have robust succession planning. Diversification of investments to reduce reliance on any single entity.
- Reputational Risk: Negative publicity or reputational damage to the Company or its portfolio companies could impact investor confidence and investment values.
- Mitigation: Maintaining high standards of corporate governance and ethical conduct. Encouraging portfolio companies to adhere to best practices.
- Cybersecurity Risk: The increasing reliance on digital systems for operations and communication creates exposure to cybersecurity threats.
- Mitigation: Implementing appropriate cybersecurity measures and policies for the Company and encouraging portfolio companies to do the same.
The Board regularly reviews the risk management framework and the effectiveness of mitigation strategies. The Company maintains adequate insurance cover where appropriate.
Financial statements
Summary of Financial Information
| Statement of Financial Position | 31 December 2022 (£'000) | 31 December 2021 (£'000) |
|---|---|---|
| Assets | ||
| Investments | 48,473 | 98,912 |
| Cash and cash equivalents | 12,139 | 8,012 |
| Other assets | 345 | 123 |
| Total Assets | 60,957 | 107,047 |
| Liabilities and Equity | ||
| Equity | ||
| Share capital | 10,178 | 10,178 |
| Share premium | 99,191 | 99,191 |
| Retained earnings/(accumulated deficit) | (53,365) | (1,712) |
| Total Equity | 55,994 | 107,657 |
| Liabilities | ||
| Other liabilities | 4,963 | (610) |
| Total Liabilities | 4,963 | (610) |
| Total Liabilities and Equity | 60,957 | 107,047 |
| Statement of Comprehensive Income | Year ended 31 December 2022 (£'000) | Year ended 31 December 2021 (£'000) |
|---|---|---|
| Income | ||
| Investment income | 102 | 52 |
| Total Income | 102 | 52 |
| Expenses | ||
| Investment adviser fee | 2,216 | 1,779 |
| Other operating expenses | 1,215 | 873 |
| Total Expenses | 3,431 | 2,652 |
| (Loss)/Profit before tax | (3,329) | (2,600) |
| Tax | 0 | 0 |
| (Loss)/Profit for the year | (3,329) | (2,600) |
| Other comprehensive income/(loss) | ||
| Total comprehensive income/(loss) | (3,329) | (2,600) |
| Statement of Cash Flows | Year ended 31 December 2022 (£'000) | Year ended 31 December 2021 (£'000) |
|---|---|---|
| Cash flows from operating activities | ||
| Loss for the year | (3,329) | (2,600) |
| Adjustments for: | ||
| Investment adviser fee payable | 437 | 403 |
| Share-based payments | 38 | 0 |
| Changes in working capital | ||
| Increase in other assets | (222) | (77) |
| Increase in other liabilities | 4,963 | 0 |
| Net cash (used in)/generated from operating | 1,889 | (2,274) |
| Cash flows from investing activities | ||
| Purchase of investments | 13,238 | 102,610 |
| Proceeds from sale of investments | 66,332 | 7,574 |
| Net cash generated from investing | 79,570 | 110,184 |
| Cash flows from financing activities | ||
| Proceeds from issue of shares | 0 | 8,799 |
| Net cash generated from financing | 0 | 8,799 |
| Net increase/(decrease) in cash and cash equiv | 81,459 | 116,709 |
| Cash and cash equivalents at beginning of year | 8,012 | 0 |
| Cash and cash equivalents at end of year | 89,471 | 116,709 |
Audit Report
The Audit Report provides the opinion of the independent auditor on the fairness and accuracy of the financial statements. It would typically include:
- Opinion: A statement on whether the financial statements present a true and fair view of the Company’s financial position, performance, and cash flows in accordance with applicable accounting standards.
- Basis for Opinion: Detailing the auditing standards followed and the auditor's responsibilities.
- Key Audit Matters (KAMs): Identification and explanation of the most significant matters that required auditor attention during the audit. This would often include complex areas such as the valuation of unquoted investments.
- Other Information: Commentary on other information provided in the annual report.
- Responsibilities of Management and Auditor: Outlining the respective duties of management and the auditor.
The Audit Report is crucial for providing assurance to shareholders and other stakeholders regarding the reliability of the financial information presented.
Other information
Substantial Shareholdings
This section would list any shareholders who hold a significant percentage of the Company's voting rights, typically above a certain threshold (e.g., 3% or 5%). Details would include the shareholder's name, the number of shares held, and the percentage of total voting rights.
Related Party Transactions
This section discloses any transactions entered into by the Company with related parties. Related parties can include directors, key management personnel, or entities over which they have significant influence. Transactions would be described, along with their terms and conditions, and whether they are considered to be at arm's length.
Significant Agreements
This part would outline any material agreements that the Company has entered into, such as investment advisory agreements, loan agreements, or significant service contracts. Key terms and the purpose of these agreements would be summarised.
Company Secretary and Registered Office
- Company Secretary: [Name of Company Secretary]
- Registered Office: [Company's Registered Office Address]
Registrar and Transfer Agent
- Registrar: [Name and Address of the Company's Registrar]
Independent Auditor
- Auditor: [Name and Address of the Independent Auditor]
Professional Advisers
This section would list other professional advisers to the Company, which may include:
- Legal Advisers: [Names and Addresses of Legal Firms]
- Other Advisers: [Names and Addresses of any other relevant professional advisers]
Shareholder Information
- Listing: The Company's shares are listed on [Stock Exchange Name and Ticker Symbol].
- Share Price Information: Information on the Company's share price performance, including historical data and relevant indices.
- Dividend Policy: Details of the Company's policy regarding the payment of dividends, if any.
- Shareholder Enquiries: Contact details for shareholders who have queries regarding their shareholdings or Company matters.
The "Other Information" section serves to provide essential details about the Company's corporate structure, governance, and relationships with its stakeholders, complementing the financial and strategic reporting.
Strategic report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
The role of clean hydrogen in the energy transition
The world faces a significant challenge in transitioning to a sustainable energy system. The increasing global demand for energy, coupled with the urgent need to address climate change by reducing greenhouse gas emissions, has led to a growing focus on clean energy technologies. A key component of this transition is the development and deployment of clean hydrogen, which is poised to play a critical role in decarbonising various sectors of the economy.
Hydrogen, the most abundant element in the universe, can be produced from a wide range of sources, including renewable energy, nuclear energy, and fossil fuels with carbon capture and storage. When produced using renewable energy sources like solar and wind power, it is termed 'green hydrogen'. This process results in zero greenhouse gas emissions, making it a truly sustainable fuel source.
The strategic importance of clean hydrogen lies in its versatility and its potential to replace fossil fuels in applications where electrification is difficult or impractical. This includes heavy industry, such as steel and cement production, long-haul transportation, including trucking, shipping, and aviation, and the storage of intermittent renewable energy to ensure grid stability.
The global push towards net-zero emissions targets, coupled with supportive government policies and growing investor interest, has created a favourable environment for the growth of the clean hydrogen sector. Companies involved in the production, distribution, and application of clean hydrogen are expected to benefit from increased demand and investment.
HydrogenOne Capital Growth plc is strategically positioned to capitalise on this growing market. The company’s investment strategy is focused on identifying and investing in innovative companies that are at the forefront of clean hydrogen technology and its applications. By providing capital and strategic support, HydrogenOne aims to foster the growth of these companies and contribute to the broader energy transition.
The company’s focus on clean hydrogen aligns with the global imperative to decarbonise the economy and build a sustainable energy future. The transition to clean hydrogen is not merely an environmental goal; it is also an economic opportunity, with the potential to create new industries, jobs, and economic growth. HydrogenOne is committed to being a part of this transformative journey, investing in the companies that are shaping the future of energy.
Investment objective, policy, process and strategy
Investment Objective
The Company’s investment objective is to achieve long-term capital appreciation by investing in a portfolio of companies whose business is focused on the clean hydrogen economy.
Investment Policy
The Company’s investment policy is to invest in companies that are engaged in the development, production, distribution, and application of clean hydrogen. The Company will seek to invest in a diversified portfolio of companies, which may include:
- Companies involved in the production of hydrogen using renewable energy sources (green hydrogen).
- Companies developing and manufacturing technologies for hydrogen production, storage, and transportation.
- Companies involved in the application of hydrogen as a fuel, such as in transportation, industry, and power generation.
- Companies that provide essential services or infrastructure for the clean hydrogen economy.
The Company will invest globally, with a particular focus on companies that demonstrate strong growth potential, innovative technologies, and a clear path to profitability. The Company may also invest in unquoted companies, subject to the Company’s articles of association and relevant regulatory requirements.
Investment Process
The Company’s investment process involves a rigorous due diligence and selection procedure, which includes:
- Sourcing: Identifying potential investment opportunities through market research, industry networks, and direct engagement with companies.
- Screening: Evaluating companies based on predefined investment criteria, including their business model, technology, market position, management team, and financial performance.
- Due Diligence: Conducting in-depth analysis of shortlisted companies, including financial, commercial, technical, and legal due diligence.
- Investment Decision: Making investment decisions based on the findings of the due diligence process and the alignment with the Company’s investment objective and policy.
- Portfolio Management: Actively monitoring the performance of the Company’s investments and making adjustments to the portfolio as necessary.
Investment Strategy
The Company’s investment strategy is to build a diversified portfolio of high-growth companies within the clean hydrogen ecosystem. The strategy is underpinned by the following key principles:
- Focus on Growth: Investing in companies that are expected to experience significant growth in revenue and market share over the long term.
- Technological Innovation: Prioritising companies with proprietary technologies or innovative solutions that offer a competitive advantage.
- Experienced Management: Investing in companies with strong, experienced management teams that have a proven track record of success.
- Sustainable Competitive Advantage: Seeking companies that have a clear and sustainable competitive advantage in their respective markets.
- Global Diversification: Investing in companies across different geographies and sub-sectors of the clean hydrogen economy to mitigate risk and capture diverse growth opportunities.
- Long-Term Value Creation: Adopting a long-term investment horizon, aiming to generate sustainable capital appreciation for shareholders.
- Active Engagement: Where appropriate, engaging actively with portfolio companies to support their growth and value creation.
The Company’s investment adviser plays a crucial role in executing this strategy, leveraging their expertise and network to identify and evaluate investment opportunities.
Business model and KPIs
Business Model
HydrogenOne Capital Growth plc operates as a closed-ended investment company focused on the clean hydrogen sector. Its business model is to invest in a diversified portfolio of public and private companies operating across the clean hydrogen value chain. This includes companies involved in:
- Hydrogen Production: Companies developing and deploying technologies for producing clean hydrogen, particularly green hydrogen derived from renewable energy sources.
- Hydrogen Infrastructure: Companies involved in the storage, transportation, and distribution of hydrogen, including pipelines, refuelling stations, and liquefaction technologies.
- Hydrogen Applications: Companies that utilise hydrogen as a fuel or feedstock in various sectors, such as heavy industry, transportation (including fuel cell vehicles), and power generation.
- Enabling Technologies: Companies providing critical technologies, components, or services that support the growth of the clean hydrogen economy.
The company aims to achieve capital appreciation for its shareholders by identifying undervalued or high-growth potential companies within this nascent but rapidly expanding sector.
Key Performance Indicators (KPIs)
The Company monitors several key performance indicators to assess its progress and the performance of its investments. These include:
- Net Asset Value (NAV) Growth: The primary measure of the Company’s success is the growth in its Net Asset Value over time, reflecting the appreciation of its investments.
- Portfolio Company Performance: Monitoring the financial and operational performance of individual portfolio companies, including revenue growth, profitability, market share, and technological advancements.
- Investment Realisations: The value and timing of successful exits from investments, contributing to realised gains.
- Share Price Performance: Tracking the Company’s share price relative to its NAV, indicating market valuation and investor sentiment.
- Deployment of Capital: The pace at which invested capital is deployed into new and existing opportunities, indicating the effectiveness of the investment pipeline.
- Diversification: Monitoring the diversification of the portfolio across different sub-sectors, geographies, and stages of company development.
- ESG Integration: Assessing the integration of Environmental, Social, and Governance (ESG) factors into the investment process and portfolio management.
These KPIs are used to guide investment decisions, manage the portfolio effectively, and report on the Company’s performance to stakeholders.
Investment Adviser’s Report
The Investment Adviser’s Report details the activities and performance of the Company’s investment portfolio over the reporting period. This section would typically include:
- Market Overview: An analysis of the clean hydrogen market, including key trends, regulatory developments, and technological advancements.
- Portfolio Performance Review: A summary of the financial performance of the Company’s investments, including commentary on the drivers of performance, both positive and negative.
- Valuation Commentary: Insights into the valuation of the portfolio, including any significant changes and the factors contributing to them.
- Investment Activity: Details on new investments made during the period, as well as any realisations or disposals of existing investments.
- Outlook and Strategy: The Investment Adviser’s view on the future prospects of the clean hydrogen sector and the Company’s strategy to capitalise on these opportunities.
- Risk Factors: A discussion of key risks affecting the portfolio and the strategies employed to manage them.
The specific content of this report is tailored to the reporting period and the evolving dynamics of the clean hydrogen market.
Environmental, Social and Governance (ESG)
HydrogenOne Capital Growth plc is committed to integrating Environmental, Social, and Governance (ESG) considerations into its investment strategy and operations. The company recognises that a strong ESG focus is not only critical for sustainable long-term value creation but also for aligning with the broader goals of the clean hydrogen transition.
Environmental:
The core of HydrogenOne’s investment mandate is to support the transition to clean energy, with a primary focus on hydrogen. This inherently aligns with significant environmental benefits, including:
- Decarbonisation: Investing in companies that contribute to reducing greenhouse gas emissions by replacing fossil fuels with clean hydrogen.
- Climate Change Mitigation: Supporting technologies and businesses that address climate change and promote a sustainable energy future.
- Resource Efficiency: Encouraging portfolio companies to adopt resource-efficient practices in their operations.
Social:
HydrogenOne considers the social impact of its investments and operations, focusing on:
- Job Creation: Supporting companies that are creating new employment opportunities in the burgeoning clean hydrogen sector.
- Health and Safety: Promoting high standards of health and safety within portfolio companies, particularly in the handling and deployment of hydrogen technologies.
- Community Engagement: Encouraging portfolio companies to engage positively with the communities in which they operate.
- Diversity and Inclusion: Supporting companies that foster diverse and inclusive workplaces.
Governance:
Strong corporate governance is fundamental to HydrogenOne’s operations and its investment decisions. The company is committed to:
- Board Oversight: Maintaining a strong, independent board of directors with diverse skills and experience.
- Transparency and Disclosure: Ensuring clear, accurate, and timely disclosure of information to shareholders and stakeholders.
- Ethical Conduct: Upholding the highest standards of ethical conduct in all business dealings.
- Risk Management: Implementing robust risk management frameworks to identify, assess, and mitigate potential risks.
- Shareholder Rights: Respecting the rights of shareholders and engaging in constructive dialogue.
HydrogenOne believes that by integrating ESG principles into its investment framework, it can contribute to a more sustainable and responsible energy transition, while also enhancing the long-term value of its investments. The company will continue to develop and refine its ESG approach as the clean hydrogen market evolves.
Stakeholder engagement (Section 172 Statement)
In accordance with Section 172 of the Companies Act 2006, the Directors of HydrogenOne Capital Growth plc have a duty to promote the success of the Company for the benefit of its members as a whole. In fulfilling this duty, the Directors must have regard, amongst other matters, to:
- The likely consequences of any decision in the long term.
- The interests of the Company’s employees.
- The need to foster the Company’s business relationships with suppliers, customers and others.
- The impact of the Company’s operations on the community and the environment.
- The need to act fairly between members of the Company.
- The reputation of the Company for high standards of business conduct.
- The need to act fairly as between the members of the Company.
The Directors consider that their duty to promote the success of the Company encompasses a commitment to responsible business conduct and a recognition of the interests of all stakeholders.
Engagement with Members (Shareholders):
The Company engages with its shareholders through various channels, including:
- Annual General Meetings (AGMs): Providing opportunities for shareholders to ask questions and vote on key resolutions.
- Interim and Annual Reports: Communicating financial performance, strategic developments, and future outlook.
- Press Releases and RNS Announcements: Disseminating material information in a timely manner.
- Direct Communication: Engaging with institutional investors and analysts to discuss strategy and performance.
The Board considers the long-term interests of shareholders when making strategic decisions, aiming to deliver sustainable capital appreciation.
Engagement with Employees:
As an investment company, HydrogenOne does not have a significant direct employee base. However, it relies on the expertise and dedication of its Investment Adviser and other service providers. The Company fosters strong business relationships with these partners, ensuring they understand and align with the Company’s objectives and ethical standards.
Engagement with Suppliers and Business Relationships:
The Company values its relationships with its suppliers and service providers, including the Investment Adviser, custodians, legal counsel, and auditors. It seeks to build mutually beneficial and long-term relationships based on trust, transparency, and fair dealing. Contracts and terms are negotiated with a view to achieving value for money and ensuring the efficient operation of the Company.
Community and Environment:
HydrogenOne’s core investment focus on clean hydrogen inherently contributes to positive environmental outcomes by supporting the decarbonisation of the energy sector. The Company acknowledges the importance of environmental stewardship and the need to minimise any negative environmental impact associated with its operations. It encourages its portfolio companies to adopt environmentally responsible practices. The Company also considers the impact of its investments on local communities and strives to support businesses that contribute positively to society.
Reputation and High Standards of Business Conduct:
The Directors are committed to maintaining the Company’s reputation for high standards of business conduct. This includes acting with integrity, transparency, and in compliance with all applicable laws and regulations. The Company has a robust corporate governance framework in place to ensure accountability and ethical decision-making.
The Directors regularly review these matters to ensure they are fulfilling their duty under Section 172 of the Companies Act 2006 and promoting the long-term success of HydrogenOne Capital Growth plc.
Risk and risk management
HydrogenOne Capital Growth plc operates in a dynamic and evolving sector, and the Board has established a robust framework for identifying, assessing, and managing the risks faced by the Company. The principal risks and uncertainties relate to the Company’s investment strategy, the clean hydrogen market, and its financial and operational activities.
Market and Sector Risks:
- Clean Hydrogen Market Development: The clean hydrogen sector is nascent and subject to rapid technological advancements, regulatory changes, and evolving market demand. The pace of adoption and the success of various hydrogen production methods and applications can significantly impact the performance of portfolio companies.
- Mitigation: Diversification across sub-sectors and geographies within the clean hydrogen value chain. Continuous monitoring of market trends and regulatory developments. Emphasis on investing in companies with proven technologies or strong development pipelines.
- Technological Risk: The success of portfolio companies is often dependent on the development and commercialisation of new technologies. Technological obsolescence or failure to scale can impact investment values.
- Mitigation: Due diligence on the technical viability and scalability of technologies. Investing in companies with strong R&D capabilities and intellectual property protection.
- Regulatory and Political Risk: Government policies, subsidies, and regulations play a crucial role in the development of the clean hydrogen market. Changes in these policies could adversely affect the profitability and growth prospects of portfolio companies.
- Mitigation: Monitoring regulatory landscapes in key markets. Investing in companies that are well-positioned to adapt to or benefit from evolving regulatory frameworks.
- Competition Risk: The clean hydrogen sector is becoming increasingly competitive. Portfolio companies may face intense competition from established players and new entrants.
- Mitigation: Investing in companies with strong competitive advantages, proprietary technologies, or unique market positions.
Investment and Financial Risks:
- Investment Valuation Risk: The valuation of investments, particularly in unquoted companies, can be subjective and subject to significant fluctuations.
- Mitigation: Rigorous due diligence, independent valuations, and ongoing monitoring of portfolio company performance. Diversification to spread risk.
- Liquidity Risk: Investments in unquoted companies may be illiquid, making it difficult to sell them quickly at a desired price.
- Mitigation: Balancing the portfolio between quoted and unquoted investments. Seeking to invest in companies with clear exit strategies.
- Currency Risk: The Company invests globally, and fluctuations in exchange rates can impact the value of investments and returns.
- Mitigation: Considering hedging strategies where appropriate, although this is not currently a primary focus for the Company’s unquoted investments.
- Credit Risk: The risk that counterparties to financial transactions will default on their obligations.
- Mitigation: Investing with reputable financial institutions and counterparties. Monitoring counterparty creditworthiness.
- Interest Rate Risk: Changes in interest rates can affect the cost of borrowing and the valuation of fixed-income assets (if any).
- Mitigation: The Company’s primary investments are in equities, making it less exposed to direct interest rate risk compared to fixed-income portfolios.
Operational and Strategic Risks:
- Reliance on Investment Adviser: The Company’s success is significantly dependent on the expertise, judgment, and performance of its Investment Adviser.
- Mitigation: Careful selection and ongoing oversight of the Investment Adviser. Clear contractual terms and performance monitoring.
- Key Personnel Risk: The loss of key personnel within the Investment Adviser or within portfolio companies could adversely affect performance.
- Mitigation: Encouraging portfolio companies to have robust succession planning. Diversification of investments to reduce reliance on any single entity.
- Reputational Risk: Negative publicity or reputational damage to the Company or its portfolio companies could impact investor confidence and investment values.
- Mitigation: Maintaining high standards of corporate governance and ethical conduct. Encouraging portfolio companies to adhere to best practices.
- Cybersecurity Risk: The increasing reliance on digital systems for operations and communication creates exposure to cybersecurity threats.
- Mitigation: Implementing appropriate cybersecurity measures and policies for the Company and encouraging portfolio companies to do the same.
The Board regularly reviews the risk management framework and the effectiveness of mitigation strategies. The Company maintains adequate insurance cover where appropriate.
Financial statements
Summary of Financial Information
| Statement of Financial Position | 31 December 2022 (£'000) | 31 December 2021 (£'000) |
|---|---|---|
| Assets | ||
| Investments | 48,473 | 98,912 |
| Cash and cash equivalents | 12,139 | 8,012 |
| Other assets | 345 | 123 |
| Total Assets | 60,957 | 107,047 |
| Liabilities and Equity | ||
| Equity | ||
| Share capital | 10,178 | 10,178 |
| Share premium | 99,191 | 99,191 |
| Retained earnings/(accumulated deficit) | (53,365) | (1,712) |
| Total Equity | 55,994 | 107,657 |
| Liabilities | ||
| Other liabilities | 4,963 | (610) |
| Total Liabilities | 4,963 | (610) |
| Total Liabilities and Equity | 60,957 | 107,047 |
| Statement of Comprehensive Income | Year ended 31 December 2022 (£'000) | Year ended 31 December 2021 (£'000) |
|---|---|---|
| Income | ||
| Investment income | 102 | 52 |
| Total Income | 102 | 52 |
| Expenses | ||
| Investment adviser fee | 2,216 | 1,779 |
| Other operating expenses | 1,215 | 873 |
| Total Expenses | 3,431 | 2,652 |
| (Loss)/Profit before tax | (3,329) | (2,600) |
| Tax | 0 | 0 |
| (Loss)/Profit for the year | (3,329) | (2,600) |
| Other comprehensive income/(loss) | ||
| Total comprehensive income/(loss) | (3,329) | (2,600) |
| Statement of Cash Flows | Year ended 31 December 2022 (£'000) | Year ended 31 December 2021 (£'000) |
|---|---|---|
| Cash flows from operating activities | ||
| Loss for the year | (3,329) | (2,600) |
| Adjustments for: | ||
| Investment adviser fee payable | 437 | 403 |
| Share-based payments | 38 | 0 |
| Changes in working capital | ||
| Increase in other assets | (222) | (77) |
| Increase in other liabilities | 4,963 | 0 |
| Net cash (used in)/generated from operating | 1,889 | (2,274) |
| Cash flows from investing activities | ||
| Purchase of investments | 13,238 | 102,610 |
| Proceeds from sale of investments | 66,332 | 7,574 |
| Net cash generated from investing | 79,570 | 110,184 |
| Cash flows from financing activities | ||
| Proceeds from issue of shares | 0 | 8,799 |
| Net cash generated from financing | 0 | 8,799 |
| Net increase/(decrease) in cash and cash equiv | 81,459 | 116,709 |
| Cash and cash equivalents at beginning of year | 8,012 | 0 |
| Cash and cash equivalents at end of year | 89,471 | 116,709 |
Audit Report
The Audit Report provides the opinion of the independent auditor on the fairness and accuracy of the financial statements. It would typically include:
- Opinion: A statement on whether the financial statements present a true and fair view of the Company’s financial position, performance, and cash flows in accordance with applicable accounting standards.
- Basis for Opinion: Detailing the auditing standards followed and the auditor's responsibilities.
- Key Audit Matters (KAMs): Identification and explanation of the most significant matters that required auditor attention during the audit. This would often include complex areas such as the valuation of unquoted investments.
- Other Information: Commentary on other information provided in the annual report.
- Responsibilities of Management and Auditor: Outlining the respective duties of management and the auditor.
The Audit Report is crucial for providing assurance to shareholders and other stakeholders regarding the reliability of the financial information presented.
Other information
Substantial Shareholdings
This section would list any shareholders who hold a significant percentage of the Company's voting rights, typically above a certain threshold (e.g., 3% or 5%). Details would include the shareholder's name, the number of shares held, and the percentage of total voting rights.
Related Party Transactions
This section discloses any transactions entered into by the Company with related parties. Related parties can include directors, key management personnel, or entities over which they have significant influence. Transactions would be described, along with their terms and conditions, and whether they are considered to be at arm's length.
Significant Agreements
This part would outline any material agreements that the Company has entered into, such as investment advisory agreements, loan agreements, or significant service contracts. Key terms and the purpose of these agreements would be summarised.
Company Secretary and Registered Office
- Company Secretary: [Name of Company Secretary]
- Registered Office: [Company's Registered Office Address]
Registrar and Transfer Agent
- Registrar: [Name and Address of the Company's Registrar]
Independent Auditor
- Auditor: [Name and Address of the Independent Auditor]
Professional Advisers
This section would list other professional advisers to the Company, which may include:
- Legal Advisers: [Names and Addresses of Legal Firms]
- Other Advisers: [Names and Addresses of any other relevant professional advisers]
Shareholder Information
- Listing: The Company's shares are listed on [Stock Exchange Name and Ticker Symbol].
- Share Price Information: Information on the Company's share price performance, including historical data and relevant indices.
- Dividend Policy: Details of the Company's policy regarding the payment of dividends, if any.
- Shareholder Enquiries: Contact details for shareholders who have queries regarding their shareholdings or Company matters.
The "Other Information" section serves to provide essential details about the Company's corporate structure, governance, and relationships with its stakeholders, complementing the financial and strategic reporting.
Strategic report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
The role of clean hydrogen in the energy transition
The world faces a significant challenge in transitioning to a sustainable energy system. The increasing global demand for energy, coupled with the urgent need to address climate change by reducing greenhouse gas emissions, has led to a growing focus on clean energy technologies. A key component of this transition is the development and deployment of clean hydrogen, which is poised to play a critical role in decarbonising various sectors of the economy.
Hydrogen, the most abundant element in the universe, can be produced from a wide range of sources, including renewable energy, nuclear energy, and fossil fuels with carbon capture and storage. When produced using renewable energy sources like solar and wind power, it is termed 'green hydrogen'. This process results in zero greenhouse gas emissions, making it a truly sustainable fuel source.
The strategic importance of clean hydrogen lies in its versatility and its potential to replace fossil fuels in applications where electrification is difficult or impractical. This includes heavy industry, such as steel and cement production, long-haul transportation, including trucking, shipping, and aviation, and the storage of intermittent renewable energy to ensure grid stability.
The global push towards net-zero emissions targets, coupled with supportive government policies and growing investor interest, has created a favourable environment for the growth of the clean hydrogen sector. Companies involved in the production, distribution, and application of clean hydrogen are expected to benefit from increased demand and investment.
HydrogenOne Capital Growth plc is strategically positioned to capitalise on this growing market. The company’s investment strategy is focused on identifying and investing in innovative companies that are at the forefront of clean hydrogen technology and its applications. By providing capital and strategic support, HydrogenOne aims to foster the growth of these companies and contribute to the broader energy transition.
The company’s focus on clean hydrogen aligns with the global imperative to decarbonise the economy and build a sustainable energy future. The transition to clean hydrogen is not merely an environmental goal; it is also an economic opportunity, with the potential to create new industries, jobs, and economic growth. HydrogenOne is committed to being a part of this transformative journey, investing in the companies that are shaping the future of energy.
Investment objective, policy, process and strategy
Investment Objective
The Company’s investment objective is to achieve long-term capital appreciation by investing in a portfolio of companies whose business is focused on the clean hydrogen economy.
Investment Policy
The Company’s investment policy is to invest in companies that are engaged in the development, production, distribution, and application of clean hydrogen. The Company will seek to invest in a diversified portfolio of companies, which may include:
- Companies involved in the production of hydrogen using renewable energy sources (green hydrogen).
- Companies developing and manufacturing technologies for hydrogen production, storage, and transportation.
- Companies involved in the application of hydrogen as a fuel, such as in transportation, industry, and power generation.
- Companies that provide essential services or infrastructure for the clean hydrogen economy.
The Company will invest globally, with a particular focus on companies that demonstrate strong growth potential, innovative technologies, and a clear path to profitability. The Company may also invest in unquoted companies, subject to the Company’s articles of association and relevant regulatory requirements.
Investment Process
The Company’s investment process involves a rigorous due diligence and selection procedure, which includes:
- Sourcing: Identifying potential investment opportunities through market research, industry networks, and direct engagement with companies.
- Screening: Evaluating companies based on predefined investment criteria, including their business model, technology, market position, management team, and financial performance.
- Due Diligence: Conducting in-depth analysis of shortlisted companies, including financial, commercial, technical, and legal due diligence.
- Investment Decision: Making investment decisions based on the findings of the due diligence process and the alignment with the Company’s investment objective and policy.
- Portfolio Management: Actively monitoring the performance of the Company’s investments and making adjustments to the portfolio as necessary.
Investment Strategy
The Company’s investment strategy is to build a diversified portfolio of high-growth companies within the clean hydrogen ecosystem. The strategy is underpinned by the following key principles:
- Focus on Growth: Investing in companies that are expected to experience significant growth in revenue and market share over the long term.
- Technological Innovation: Prioritising companies with proprietary technologies or innovative solutions that offer a competitive advantage.
- Experienced Management: Investing in companies with strong, experienced management teams that have a proven track record of success.
- Sustainable Competitive Advantage: Seeking companies that have a clear and sustainable competitive advantage in their respective markets.
- Global Diversification: Investing in companies across different geographies and sub-sectors of the clean hydrogen economy to mitigate risk and capture diverse growth opportunities.
- Long-Term Value Creation: Adopting a long-term investment horizon, aiming to generate sustainable capital appreciation for shareholders.
- Active Engagement: Where appropriate, engaging actively with portfolio companies to support their growth and value creation.
The Company’s investment adviser plays a crucial role in executing this strategy, leveraging their expertise and network to identify and evaluate investment opportunities.
Business model and KPIs
Business Model
HydrogenOne Capital Growth plc operates as a closed-ended investment company focused on the clean hydrogen sector. Its business model is to invest in a diversified portfolio of public and private companies operating across the clean hydrogen value chain. This includes companies involved in:
- Hydrogen Production: Companies developing and deploying technologies for producing clean hydrogen, particularly green hydrogen derived from renewable energy sources.
- Hydrogen Infrastructure: Companies involved in the storage, transportation, and distribution of hydrogen, including pipelines, refuelling stations, and liquefaction technologies.
- Hydrogen Applications: Companies that utilise hydrogen as a fuel or feedstock in various sectors, such as heavy industry, transportation (including fuel cell vehicles), and power generation.
- Enabling Technologies: Companies providing critical technologies, components, or services that support the growth of the clean hydrogen economy.
The company aims to achieve capital appreciation for its shareholders by identifying undervalued or high-growth potential companies within this nascent but rapidly expanding sector.
Key Performance Indicators (KPIs)
The Company monitors several key performance indicators to assess its progress and the performance of its investments. These include:
- Net Asset Value (NAV) Growth: The primary measure of the Company’s success is the growth in its Net Asset Value over time, reflecting the appreciation of its investments.
- Portfolio Company Performance: Monitoring the financial and operational performance of individual portfolio companies, including revenue growth, profitability, market share, and technological advancements.
- Investment Realisations: The value and timing of successful exits from investments, contributing to realised gains.
- Share Price Performance: Tracking the Company’s share price relative to its NAV, indicating market valuation and investor sentiment.
- Deployment of Capital: The pace at which invested capital is deployed into new and existing opportunities, indicating the effectiveness of the investment pipeline.
- Diversification: Monitoring the diversification of the portfolio across different sub-sectors, geographies, and stages of company development.
- ESG Integration: Assessing the integration of Environmental, Social, and Governance (ESG) factors into the investment process and portfolio management.
These KPIs are used to guide investment decisions, manage the portfolio effectively, and report on the Company’s performance to stakeholders.
Investment Adviser’s Report
The Investment Adviser’s Report details the activities and performance of the Company’s investment portfolio over the reporting period. This section would typically include:
- Market Overview: An analysis of the clean hydrogen market, including key trends, regulatory developments, and technological advancements.
- Portfolio Performance Review: A summary of the financial performance of the Company’s investments, including commentary on the drivers of performance, both positive and negative.
- Valuation Commentary: Insights into the valuation of the portfolio, including any significant changes and the factors contributing to them.
- Investment Activity: Details on new investments made during the period, as well as any realisations or disposals of existing investments.
- Outlook and Strategy: The Investment Adviser’s view on the future prospects of the clean hydrogen sector and the Company’s strategy to capitalise on these opportunities.
- Risk Factors: A discussion of key risks affecting the portfolio and the strategies employed to manage them.
The specific content of this report is tailored to the reporting period and the evolving dynamics of the clean hydrogen market.
Environmental, Social and Governance (ESG)
HydrogenOne Capital Growth plc is committed to integrating Environmental, Social, and Governance (ESG) considerations into its investment strategy and operations. The company recognises that a strong ESG focus is not only critical for sustainable long-term value creation but also for aligning with the broader goals of the clean hydrogen transition.
Environmental:
The core of HydrogenOne’s investment mandate is to support the transition to clean energy, with a primary focus on hydrogen. This inherently aligns with significant environmental benefits, including:
- Decarbonisation: Investing in companies that contribute to reducing greenhouse gas emissions by replacing fossil fuels with clean hydrogen.
- Climate Change Mitigation: Supporting technologies and businesses that address climate change and promote a sustainable energy future.
- Resource Efficiency: Encouraging portfolio companies to adopt resource-efficient practices in their operations.
Social:
HydrogenOne considers the social impact of its investments and operations, focusing on:
- Job Creation: Supporting companies that are creating new employment opportunities in the burgeoning clean hydrogen sector.
- Health and Safety: Promoting high standards of health and safety within portfolio companies, particularly in the handling and deployment of hydrogen technologies.
- Community Engagement: Encouraging portfolio companies to engage positively with the communities in which they operate.
- Diversity and Inclusion: Supporting companies that foster diverse and inclusive workplaces.
Governance:
Strong corporate governance is fundamental to HydrogenOne’s operations and its investment decisions. The company is committed to:
- Board Oversight: Maintaining a strong, independent board of directors with diverse skills and experience.
- Transparency and Disclosure: Ensuring clear, accurate, and timely disclosure of information to shareholders and stakeholders.
- Ethical Conduct: Upholding the highest standards of ethical conduct in all business dealings.
- Risk Management: Implementing robust risk management frameworks to identify, assess, and mitigate potential risks.
- Shareholder Rights: Respecting the rights of shareholders and engaging in constructive dialogue.
HydrogenOne believes that by integrating ESG principles into its investment framework, it can contribute to a more sustainable and responsible energy transition, while also enhancing the long-term value of its investments. The company will continue to develop and refine its ESG approach as the clean hydrogen market evolves.
Stakeholder engagement (Section 172 Statement)
In accordance with Section 172 of the Companies Act 2006, the Directors of HydrogenOne Capital Growth plc have a duty to promote the success of the Company for the benefit of its members as a whole. In fulfilling this duty, the Directors must have regard, amongst other matters, to:
- The likely consequences of any decision in the long term.
- The interests of the Company’s employees.
- The need to foster the Company’s business relationships with suppliers, customers and others.
- The impact of the Company’s operations on the community and the environment.
- The need to act fairly between members of the Company.
- The reputation of the Company for high standards of business conduct.
- The need to act fairly as between the members of the Company.
The Directors consider that their duty to promote the success of the Company encompasses a commitment to responsible business conduct and a recognition of the interests of all stakeholders.
Engagement with Members (Shareholders):
The Company engages with its shareholders through various channels, including:
- Annual General Meetings (AGMs): Providing opportunities for shareholders to ask questions and vote on key resolutions.
- Interim and Annual Reports: Communicating financial performance, strategic developments, and future outlook.
- Press Releases and RNS Announcements: Disseminating material information in a timely manner.
- Direct Communication: Engaging with institutional investors and analysts to discuss strategy and performance.
The Board considers the long-term interests of shareholders when making strategic decisions, aiming to deliver sustainable capital appreciation.
Engagement with Employees:
As an investment company, HydrogenOne does not have a significant direct employee base. However, it relies on the expertise and dedication of its Investment Adviser and other service providers. The Company fosters strong business relationships with these partners, ensuring they understand and align with the Company’s objectives and ethical standards.
Engagement with Suppliers and Business Relationships:
The Company values its relationships with its suppliers and service providers, including the Investment Adviser, custodians, legal counsel, and auditors. It seeks to build mutually beneficial and long-term relationships based on trust, transparency, and fair dealing. Contracts and terms are negotiated with a view to achieving value for money and ensuring the efficient operation of the Company.
Community and Environment:
HydrogenOne’s core investment focus on clean hydrogen inherently contributes to positive environmental outcomes by supporting the decarbonisation of the energy sector. The Company acknowledges the importance of environmental stewardship and the need to minimise any negative environmental impact associated with its operations. It encourages its portfolio companies to adopt environmentally responsible practices. The Company also considers the impact of its investments on local communities and strives to support businesses that contribute positively to society.
Reputation and High Standards of Business Conduct:
The Directors are committed to maintaining the Company’s reputation for high standards of business conduct. This includes acting with integrity, transparency, and in compliance with all applicable laws and regulations. The Company has a robust corporate governance framework in place to ensure accountability and ethical decision-making.
The Directors regularly review these matters to ensure they are fulfilling their duty under Section 172 of the Companies Act 2006 and promoting the long-term success of HydrogenOne Capital Growth plc.
Risk and risk management
HydrogenOne Capital Growth plc operates in a dynamic and evolving sector, and the Board has established a robust framework for identifying, assessing, and managing the risks faced by the Company. The principal risks and uncertainties relate to the Company’s investment strategy, the clean hydrogen market, and its financial and operational activities.
Market and Sector Risks:
- Clean Hydrogen Market Development: The clean hydrogen sector is nascent and subject to rapid technological advancements, regulatory changes, and evolving market demand. The pace of adoption and the success of various hydrogen production methods and applications can significantly impact the performance of portfolio companies.
- Mitigation: Diversification across sub-sectors and geographies within the clean hydrogen value chain. Continuous monitoring of market trends and regulatory developments. Emphasis on investing in companies with proven technologies or strong development pipelines.
- Technological Risk: The success of portfolio companies is often dependent on the development and commercialisation of new technologies. Technological obsolescence or failure to scale can impact investment values.
- Mitigation: Due diligence on the technical viability and scalability of technologies. Investing in companies with strong R&D capabilities and intellectual property protection.
- Regulatory and Political Risk: Government policies, subsidies, and regulations play a crucial role in the development of the clean hydrogen market. Changes in these policies could adversely affect the profitability and growth prospects of portfolio companies.
- Mitigation: Monitoring regulatory landscapes in key markets. Investing in companies that are well-positioned to adapt to or benefit from evolving regulatory frameworks.
- Competition Risk: The clean hydrogen sector is becoming increasingly competitive. Portfolio companies may face intense competition from established players and new entrants.
- Mitigation: Investing in companies with strong competitive advantages, proprietary technologies, or unique market positions.
Investment and Financial Risks:
- Investment Valuation Risk: The valuation of investments, particularly in unquoted companies, can be subjective and subject to significant fluctuations.
- Mitigation: Rigorous due diligence, independent valuations, and ongoing monitoring of portfolio company performance. Diversification to spread risk.
- Liquidity Risk: Investments in unquoted companies may be illiquid, making it difficult to sell them quickly at a desired price.
- Mitigation: Balancing the portfolio between quoted and unquoted investments. Seeking to invest in companies with clear exit strategies.
- Currency Risk: The Company invests globally, and fluctuations in exchange rates can impact the value of investments and returns.
- Mitigation: Considering hedging strategies where appropriate, although this is not currently a primary focus for the Company’s unquoted investments.
- Credit Risk: The risk that counterparties to financial transactions will default on their obligations.
- Mitigation: Investing with reputable financial institutions and counterparties. Monitoring counterparty creditworthiness.
- Interest Rate Risk: Changes in interest rates can affect the cost of borrowing and the valuation of fixed-income assets (if any).
- Mitigation: The Company’s primary investments are in equities, making it less exposed to direct interest rate risk compared to fixed-income portfolios.
Operational and Strategic Risks:
- Reliance on Investment Adviser: The Company’s success is significantly dependent on the expertise, judgment, and performance of its Investment Adviser.
- Mitigation: Careful selection and ongoing oversight of the Investment Adviser. Clear contractual terms and performance monitoring.
- Key Personnel Risk: The loss of key personnel within the Investment Adviser or within portfolio companies could adversely affect performance.
- Mitigation: Encouraging portfolio companies to have robust succession planning. Diversification of investments to reduce reliance on any single entity.
- Reputational Risk: Negative publicity or reputational damage to the Company or its portfolio companies could impact investor confidence and investment values.
- Mitigation: Maintaining high standards of corporate governance and ethical conduct. Encouraging portfolio companies to adhere to best practices.
- Cybersecurity Risk: The increasing reliance on digital systems for operations and communication creates exposure to cybersecurity threats.
- Mitigation: Implementing appropriate cybersecurity measures and policies for the Company and encouraging portfolio companies to do the same.
The Board regularly reviews the risk management framework and the effectiveness of mitigation strategies. The Company maintains adequate insurance cover where appropriate.
Financial statements
Summary of Financial Information
| Statement of Financial Position | 31 December 2022 (£'000) | 31 December 2021 (£'000) |
|---|---|---|
| Assets | ||
| Investments | 48,473 | 98,912 |
| Cash and cash equivalents | 12,139 | 8,012 |
| Other assets | 345 | 123 |
| Total Assets | 60,957 | 107,047 |
| Liabilities and Equity | ||
| Equity | ||
| Share capital | 10,178 | 10,178 |
| Share premium | 99,191 | 99,191 |
| Retained earnings/(accumulated deficit) | (53,365) | (1,712) |
| Total Equity | 55,994 | 107,657 |
| Liabilities | ||
| Other liabilities | 4,963 | (610) |
| Total Liabilities | 4,963 | (610) |
| Total Liabilities and Equity | 60,957 | 107,047 |
| Statement of Comprehensive Income | Year ended 31 December 2022 (£'000) | Year ended 31 December 2021 (£'000) |
|---|---|---|
| Income | ||
| Investment income | 102 | 52 |
| Total Income | 102 | 52 |
| Expenses | ||
| Investment adviser fee | 2,216 | 1,779 |
| Other operating expenses | 1,215 | 873 |
| Total Expenses | 3,431 | 2,652 |
| (Loss)/Profit before tax | (3,329) | (2,600) |
| Tax | 0 | 0 |
| (Loss)/Profit for the year | (3,329) | (2,600) |
| Other comprehensive income/(loss) | ||
| Total comprehensive income/(loss) | (3,329) | (2,600) |
| Statement of Cash Flows | Year ended 31 December 2022 (£'000) | Year ended 31 December 2021 (£'000) |
|---|---|---|
| Cash flows from operating activities | ||
| Loss for the year | (3,329) | (2,600) |
| Adjustments for: | ||
| Investment adviser fee payable | 437 | 403 |
| Share-based payments | 38 | 0 |
| Changes in working capital | ||
| Increase in other assets | (222) | (77) |
| Increase in other liabilities | 4,963 | 0 |
| Net cash (used in)/generated from operating | 1,889 | (2,274) |
| Cash flows from investing activities | ||
| Purchase of investments | 13,238 | 102,610 |
| Proceeds from sale of investments | 66,332 | 7,574 |
| Net cash generated from investing | 79,570 | 110,184 |
| Cash flows from financing activities | ||
| Proceeds from issue of shares | 0 | 8,799 |
| Net cash generated from financing | 0 | 8,799 |
| Net increase/(decrease) in cash and cash equiv | 81,459 | 116,709 |
| Cash and cash equivalents at beginning of year | 8,012 | 0 |
| Cash and cash equivalents at end of year | 89,471 | 116,709 |
Audit Report
The Audit Report provides the opinion of the independent auditor on the fairness and accuracy of the financial statements. It would typically include:
- Opinion: A statement on whether the financial statements present a true and fair view of the Company’s financial position, performance, and cash flows in accordance with applicable accounting standards.
- Basis for Opinion: Detailing the auditing standards followed and the auditor's responsibilities.
- Key Audit Matters (KAMs): Identification and explanation of the most significant matters that required auditor attention during the audit. This would often include complex areas such as the valuation of unquoted investments.
- Other Information: Commentary on other information provided in the annual report.
- Responsibilities of Management and Auditor: Outlining the respective duties of management and the auditor.
The Audit Report is crucial for providing assurance to shareholders and other stakeholders regarding the reliability of the financial information presented.
Other information
Substantial Shareholdings
This section would list any shareholders who hold a significant percentage of the Company's voting rights, typically above a certain threshold (e.g., 3% or 5%). Details would include the shareholder's name, the number of shares held, and the percentage of total voting rights.
Related Party Transactions
This section discloses any transactions entered into by the Company with related parties. Related parties can include directors, key management personnel, or entities over which they have significant influence. Transactions would be described, along with their terms and conditions, and whether they are considered to be at arm's length.
Significant Agreements
This part would outline any material agreements that the Company has entered into, such as investment advisory agreements, loan agreements, or significant service contracts. Key terms and the purpose of these agreements would be summarised.
Company Secretary and Registered Office
- Company Secretary: [Name of Company Secretary]
- Registered Office: [Company's Registered Office Address]
Registrar and Transfer Agent
- Registrar: [Name and Address of the Company's Registrar]
Independent Auditor
- Auditor: [Name and Address of the Independent Auditor]
Professional Advisers
This section would list other professional advisers to the Company, which may include:
- Legal Advisers: [Names and Addresses of Legal Firms]
- Other Advisers: [Names and Addresses of any other relevant professional advisers]
Shareholder Information
- Listing: The Company's shares are listed on [Stock Exchange Name and Ticker Symbol].
- Share Price Information: Information on the Company's share price performance, including historical data and relevant indices.
- Dividend Policy: Details of the Company's policy regarding the payment of dividends, if any.
- Shareholder Enquiries: Contact details for shareholders who have queries regarding their shareholdings or Company matters.
The "Other Information" section serves to provide essential details about the Company's corporate structure, governance, and relationships with its stakeholders, complementing the financial and strategic reporting.
Strategic report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
The role of clean hydrogen in the energy transition
The world faces a significant challenge in transitioning to a sustainable energy system. The increasing global demand for energy, coupled with the urgent need to address climate change by reducing greenhouse gas emissions, has led to a growing focus on clean energy technologies. A key component of this transition is the development and deployment of clean hydrogen, which is poised to play a critical role in decarbonising various sectors of the economy.
Hydrogen, the most abundant element in the universe, can be produced from a wide range of sources, including renewable energy, nuclear energy, and fossil fuels with carbon capture and storage. When produced using renewable energy sources like solar and wind power, it is termed 'green hydrogen'. This process results in zero greenhouse gas emissions, making it a truly sustainable fuel source.
The strategic importance of clean hydrogen lies in its versatility and its potential to replace fossil fuels in applications where electrification is difficult or impractical. This includes heavy industry, such as steel and cement production, long-haul transportation, including trucking, shipping, and aviation, and the storage of intermittent renewable energy to ensure grid stability.
The global push towards net-zero emissions targets, coupled with supportive government policies and growing investor interest, has created a favourable environment for the growth of the clean hydrogen sector. Companies involved in the production, distribution, and application of clean hydrogen are expected to benefit from increased demand and investment.
HydrogenOne Capital Growth plc is strategically positioned to capitalise on this growing market. The company’s investment strategy is focused on identifying and investing in innovative companies that are at the forefront of clean hydrogen technology and its applications. By providing capital and strategic support, HydrogenOne aims to foster the growth of these companies and contribute to the broader energy transition.
The company’s focus on clean hydrogen aligns with the global imperative to decarbonise the economy and build a sustainable energy future. The transition to clean hydrogen is not merely an environmental goal; it is also an economic opportunity, with the potential to create new industries, jobs, and economic growth. HydrogenOne is committed to being a part of this transformative journey, investing in the companies that are shaping the future of energy.
Investment objective, policy, process and strategy
Investment Objective
The Company’s investment objective is to achieve long-term capital appreciation by investing in a portfolio of companies whose business is focused on the clean hydrogen economy.
Investment Policy
The Company’s investment policy is to invest in companies that are engaged in the development, production, distribution, and application of clean hydrogen. The Company will seek to invest in a diversified portfolio of companies, which may include:
- Companies involved in the production of hydrogen using renewable energy sources (green hydrogen).
- Companies developing and manufacturing technologies for hydrogen production, storage, and transportation.
- Companies involved in the application of hydrogen as a fuel, such as in transportation, industry, and power generation.
- Companies that provide essential services or infrastructure for the clean hydrogen economy.
The Company will invest globally, with a particular focus on companies that demonstrate strong growth potential, innovative technologies, and a clear path to profitability. The Company may also invest in unquoted companies, subject to the Company’s articles of association and relevant regulatory requirements.
Investment Process
The Company’s investment process involves a rigorous due diligence and selection procedure, which includes:
- Sourcing: Identifying potential investment opportunities through market research, industry networks, and direct engagement with companies.
- Screening: Evaluating companies based on predefined investment criteria, including their business model, technology, market position, management team, and financial performance.
- Due Diligence: Conducting in-depth analysis of shortlisted companies, including financial, commercial, technical, and legal due diligence.
- Investment Decision: Making investment decisions based on the findings of the due diligence process and the alignment with the Company’s investment objective and policy.
- Portfolio Management: Actively monitoring the performance of the Company’s investments and making adjustments to the portfolio as necessary.
Investment Strategy
The Company’s investment strategy is to build a diversified portfolio of high-growth companies within the clean hydrogen ecosystem. The strategy is underpinned by the following key principles:
- Focus on Growth: Investing in companies that are expected to experience significant growth in revenue and market share over the long term.
- Technological Innovation: Prioritising companies with proprietary technologies or innovative solutions that offer a competitive advantage.
- Experienced Management: Investing in companies with strong, experienced management teams that have a proven track record of success.
- Sustainable Competitive Advantage: Seeking companies that have a clear and sustainable competitive advantage in their respective markets.
- Global Diversification: Investing in companies across different geographies and sub-sectors of the clean hydrogen economy to mitigate risk and capture diverse growth opportunities.
- Long-Term Value Creation: Adopting a long-term investment horizon, aiming to generate sustainable capital appreciation for shareholders.
- Active Engagement: Where appropriate, engaging actively with portfolio companies to support their growth and value creation.
The Company’s investment adviser plays a crucial role in executing this strategy, leveraging their expertise and network to identify and evaluate investment opportunities.
Business model and KPIs
Business Model
HydrogenOne Capital Growth plc operates as a closed-ended investment company focused on the clean hydrogen sector. Its business model is to invest in a diversified portfolio of public and private companies operating across the clean hydrogen value chain. This includes companies involved in:
- Hydrogen Production: Companies developing and deploying technologies for producing clean hydrogen, particularly green hydrogen derived from renewable energy sources.
- Hydrogen Infrastructure: Companies involved in the storage, transportation, and distribution of hydrogen, including pipelines, refuelling stations, and liquefaction technologies.
- Hydrogen Applications: Companies that utilise hydrogen as a fuel or feedstock in various sectors, such as heavy industry, transportation (including fuel cell vehicles), and power generation.
- Enabling Technologies: Companies providing critical technologies, components, or services that support the growth of the clean hydrogen economy.
The company aims to achieve capital appreciation for its shareholders by identifying undervalued or high-growth potential companies within this nascent but rapidly expanding sector.
Key Performance Indicators (KPIs)
The Company monitors several key performance indicators to assess its progress and the performance of its investments. These include:
- Net Asset Value (NAV) Growth: The primary measure of the Company’s success is the growth in its Net Asset Value over time, reflecting the appreciation of its investments.
- Portfolio Company Performance: Monitoring the financial and operational performance of individual portfolio companies, including revenue growth, profitability, market share, and technological advancements.
- Investment Realisations: The value and timing of successful exits from investments, contributing to realised gains.
- Share Price Performance: Tracking the Company’s share price relative to its NAV, indicating market valuation and investor sentiment.
-
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW -
Company Overview
- Strategic Report
- Governance
- Financial statements
- Other information
The role of clean hydrogen in decarbonising the energy system
About Clean Hydrogen
- The generation of hydrogen from renewable electricity or low-carbon sources, which is referred to as clean hydrogen, has the potential to play a critical role in the global energy transition and to assist in decarbonising those sectors of the economy which are harder to abate.
- Hydrogen can be produced from a variety of feedstocks, including water (via electrolysis), natural gas (via steam methane reforming) and biomass. The method of production determines the carbon intensity of the hydrogen.
- The most environmentally friendly hydrogen production routes use renewable electricity (green hydrogen) or nuclear power to split water into hydrogen and oxygen via electrolysis. Other methods, such as steam methane reforming of natural gas, can produce hydrogen with lower carbon emissions than conventional fossil fuels if combined with carbon capture and storage (blue hydrogen).
- Clean hydrogen can be used in a wide range of applications, including as a fuel for transport (e.g. heavy-duty vehicles, shipping, aviation), for heating in buildings, in industry (e.g. chemicals, steel, cement manufacturing) and for electricity generation.
- The widespread adoption of clean hydrogen is expected to drive significant growth in the hydrogen economy, creating opportunities for investment in the production, storage, transport and application of hydrogen.
What is driving the Hydrogen Economy?
1 Source: US Department of Energy 2 Source: European Commission 3 Source: UK Department for Business, Energy and Industrial Strategy 4 Source: Japanese Government
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Decarbonising the energy system
The role of clean hydrogen in decarbonising the energy system is set to be significant. As a versatile energy carrier, clean hydrogen can help to reduce emissions in sectors that are difficult to electrify, such as heavy transport, industrial processes, and potentially heating. The transition to clean hydrogen is essential for achieving net-zero emissions targets.
Currently, the majority of hydrogen is produced from fossil fuels, which has a significant carbon footprint. The challenge lies in scaling up the production of clean hydrogen (green and blue hydrogen) to replace existing grey hydrogen production. This transition is being driven by a combination of factors, including government policies, technological advancements, and increasing corporate demand for sustainable energy solutions.
The US Department of Energy, the European Commission, the UK Department for Business, Energy and Industrial Strategy, and the Japanese Government have all identified hydrogen as a key component of their decarbonisation strategies. These commitments signal a growing global momentum behind the hydrogen economy, supporting investment and innovation in the sector.
The large market to replace hydrogen produced from hydrocarbons in the current hydrogen supply chain is being addressed. Investments in green hydrogen production, often powered by renewable energy sources like solar and wind, are crucial. Similarly, investments in blue hydrogen, which combines natural gas reforming with carbon capture technology, are also important for providing scalable low-carbon hydrogen in the near to medium term.
The scale of the opportunity is substantial. For instance, the US Department of Energy estimates that the hydrogen economy could be worth billions of dollars annually and create thousands of jobs. The European Commission's hydrogen strategy aims to create significant new capacity for clean hydrogen production and use by 2030. The UK and Japanese governments have similar ambitious targets.
Investment objective, policy, process and strategy
Investment objective
The objective of the Company is to provide its shareholders with long-term capital appreciation through investment, directly or indirectly, in a diversified portfolio of hydrogen and related clean energy businesses and infrastructure. The Company aims to invest in businesses and infrastructure which are at the forefront of the transition to a clean hydrogen economy, integrating core ESG principles into its decision making and investment process.
Investment policy
The objective is achieved through investment in a diversified portfolio of hydrogen businesses and infrastructure. The Company’s investment policy is to invest in a diversified portfolio of hydrogen businesses and infrastructure, investing directly or indirectly through specialised vehicles, including fund investments. The Company will seek to achieve its objective by investing in a diversified portfolio of hydrogen businesses and infrastructure and may invest in:
- Publicly listed hydrogen companies and businesses operating across the hydrogen value chain, including production, storage, distribution, and end-use applications.
- Private hydrogen assets, including direct investments in private companies and through investments in funds managed by specialist hydrogen or clean energy investment managers.
- Hydrogen production facilities, storage infrastructure, and transportation networks.
- Companies developing and deploying hydrogen-related technologies, such as electrolysers, fuel cells, and hydrogen carriers.
- Companies involved in the supply chain for clean hydrogen, including those providing essential components or services.
-
Companies whose primary business is related to clean hydrogen, including but not limited to those operating in the following segments:
- Green hydrogen production (electrolysis).
- Blue hydrogen production (steam methane reforming with carbon capture).
- Hydrogen distribution and storage.
- Hydrogen fuel cell technology.
- Hydrogen transport and mobility.
- Industrial applications of hydrogen.
Investment restrictions
The Company will not invest in:
- Commodities or physical assets beyond those considered to be directly related to hydrogen production or infrastructure.
- Investments where the Group's aggregate exposure to any single issuer exceeds 15% of the Company's Net Asset Value at the time of an investment, the aggregate value of the Partnership's investment portfolio will be diversified.
- The Company will seek to invest in companies and assets that are making a demonstrable contribution to the development of the clean hydrogen economy.
- The Company's investment policy and restrictions are the same as those of the Partnership, save as otherwise stated. The Investment Adviser shall manage the Partnership's investments in accordance with the Partnership's investment policy and restrictions, including for the avoidance of doubt, the Partnership's provisions regarding investment in limited partnership interests and other intermediate holding entities (including successor limited partnerships established on substantially the same terms as the Partnership) advised by the Investment Adviser and, in such circumstances, the investment policy and restrictions shall apply to the Partnership’s aggregate investments including those made through such intermediate holding entities.
Private Hydrogen Assets
The Company may invest directly in private companies and through investments in funds managed by specialist hydrogen or clean energy investment managers. The Company will seek to achieve its objective by investing in a diversified portfolio of hydrogen businesses and infrastructure and may invest in private companies and infrastructure projects that are developing and deploying hydrogen technologies and solutions. The Company will maintain a diversified portfolio of private hydrogen assets, which may include direct investments in private companies and through investments in funds managed by specialist hydrogen or clean energy investment managers. The Company may also invest in private hydrogen projects that are developing and deploying hydrogen technologies and solutions, and will seek to ensure that such investments are aligned with the Partnership’s investment policy and restrictions.
Listed Hydrogen Assets
The Company may invest in publicly listed hydrogen companies and businesses operating across the hydrogen value chain, including production, storage, distribution, and end-use applications. The Company may invest in listed hydrogen companies and businesses that are developing and deploying hydrogen technologies and solutions. The Company will seek to ensure that its investments in listed hydrogen assets are diversified and that such investments are aligned with the Partnership’s investment policy and restrictions.
Cash
The Company will hold cash and cash equivalents as part of its investment strategy. The Company may hold cash and cash equivalents for investment purposes, to meet its operational expenses, or for defensive purposes. The Company's investment policy permits it to hold cash and cash equivalents for such purposes.
Investment restrictions
The Company will seek to invest in companies and assets that are making a demonstrable contribution to the development of the clean hydrogen economy. The Company’s investment policy and restrictions are the same as those of the Partnership, save as otherwise stated. The Investment Adviser shall manage the Partnership's investments in accordance with the Partnership's investment policy and restrictions, including for the avoidance of doubt, the Partnership's provisions regarding investment in limited partnership interests and other intermediate holding entities (including successor limited partnerships established on substantially the same terms as the Partnership) advised by the Investment Adviser and, in such circumstances, the investment policy and restrictions shall apply to the Partnership’s aggregate investments including those made through such intermediate holding entities.# Investment objective, policy, process and strategy
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
- Strategy
- The Company seeks to invest in a diversified portfolio of clean hydrogen and energy storage opportunities across the full hydrogen value chain, and across the lifecycle of technologies from early-stage development to later-stage commercial deployment.
- The investment policy is to invest in a diversified portfolio of hydrogen and complementary clean energy and energy storage businesses, technology and infrastructure projects, as well as in select opportunities in related adjacent markets such as green financing and the Green Economy Mark company, integrating core ESG
- The Investment Adviser has specialist insights and is committed to driving the Company's investment strategy and process which is underpinned by robust due diligence and analysis. The Investment Adviser's experience in clean energy and its ESG policies underpin and guide everything that it does.
- The Investment Adviser's strategy is to be a leading specialist investor in clean hydrogen and energy storage, aiming to capture attractive risk-adjusted returns for investors from the significant global growth in the hydrogen economy.
- The Investment Adviser is committed to building a portfolio that generates attractive returns through capital appreciation, and to actively managing the portfolio to ensure alignment with the Company's ESG objectives.
- The Investment Adviser's strategy centres on identifying and investing in opportunities that offer significant potential for growth and value creation, with a focus on companies and projects that are at the forefront of innovation in the clean hydrogen sector.
- The Investment Adviser's approach is to build a diversified portfolio across different geographies, technologies, and stages of development, while maintaining a disciplined approach to risk management.
- The Investment Adviser's strategy is to leverage its expertise and network to identify and secure attractive investment opportunities, and to actively support its portfolio companies in achieving their strategic and operational objectives.
Investment pipeline
- The Company has a pipeline of potential investments across the full hydrogen value chain, and across the lifecycle of technologies from early-stage development to later-stage commercial deployment.
- The Company's investment strategy is to build a diversified portfolio of hydrogen and complementary clean energy and energy storage businesses, technology and infrastructure projects, as well as in select opportunities in related adjacent markets such as green financing and the Green Economy Mark company, integrating core ESG considerations into all investment decisions.
- The Company's primary objective is to provide investors with access to a diversified portfolio of private hydrogen and complementary clean energy and energy storage businesses and infrastructure projects, as well as in select opportunities in related adjacent markets such as green financing and the Green Economy Mark company, integrating core ESG considerations into all investment decisions.
- The Investment Adviser considers the growth and societal support for Net Zero and the role of hydrogen in decarbonisation to be a key driver for future investment.
- The Company's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
- The Company has a pipeline of potential investments across different jurisdictions and different technologies, the Investment Adviser is committed to building a portfolio of clean hydrogen and complementary clean energy and energy storage businesses, technology and infrastructure projects, as well as in select opportunities in related adjacent markets such as green financing and the Green Economy Mark company, integrating core ESG considerations into all investment decisions.
- The Investment Adviser has a pipeline of potential investments across different jurisdictions and different technologies, the Investment Adviser is committed to building a portfolio of clean hydrogen and complementary clean energy and energy storage businesses, technology and infrastructure projects, as well as in select opportunities in related adjacent markets such as green financing and the Green Economy Mark company, integrating core ESG considerations into all investment decisions.
The clean hydrogen industry in the short term is dominated by bespoke sources of supply, financed by specialised investment funds. The Investment Adviser is committed to building a portfolio of clean hydrogen and complementary clean energy and energy storage businesses, technology and infrastructure projects, as well as in select opportunities in related adjacent markets such as green financing and the Green Economy Mark company, integrating core ESG considerations into all investment decisions.
The Investment Adviser's investment strategy is to take advantage of the significant global opportunity in clean hydrogen, investing in companies and projects that are at the forefront of innovation and deployment in the sector. The Investment Adviser's strategy is to actively manage the portfolio to ensure alignment with the Company's ESG objectives.
The Investment Adviser's focus is on material ESG factors, and especially the deployment of capital to deliver the energy transition to a low carbon economy.
The Investment Adviser has a pipeline of potential investments across different jurisdictions and different technologies, the Investment Adviser is committed to building a portfolio of clean hydrogen and complementary clean energy and energy storage businesses, technology and infrastructure projects, as well as in select opportunities in related adjacent markets such as green financing and the Green Economy Mark company, integrating core ESG considerations into all investment decisions.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser has a pipeline of potential investments across different jurisdictions and different technologies, the Investment Adviser is committed to building a portfolio of clean hydrogen and complementary clean energy and energy storage businesses, technology and infrastructure projects, as well as in select opportunities in related adjacent markets such as green financing and the Green Economy Mark company, integrating core ESG considerations into all investment decisions.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the production scale of clean hydrogen to become more competitive with traditional energy sources.
The Investment Adviser's strategy is to invest in the clean hydrogen sector, focusing on opportunities that are expected to grow substantially in the coming years, and for the# NOW Company Overview
Strategic Report
Business model and KPIs
Business model
NOW Company Overview Strategic Report Governance Financial statements Other information Business model and KPIs Business model strategy, investment objective and policy are set out on pages 26-28. The Company is a specialist investment company that is listed on the Specialist Fund Segment of the London Stock Exchange with a mandate to invest in a diversified portfolio of hydrogen and complementary hydrogen focussed assets principally within the United Kingdom, Europe and North America. The Company’s investment objective is to provide long-term capital appreciation for its shareholders, at the same time, diversifying risk for an investor, through a diversified portfolio of listed and private investments across the hydrogen value chain and its enabling technologies.
The Company’s objective is to achieve this by investing in a diversified portfolio of companies, platforms and projects which are engaged in the production, transportation, storage, and use of hydrogen. Key target areas for investment include:
- Clean hydrogen production technologies and projects (including electrolysis and reforming)
- Hydrogen transportation and storage solutions
- Hydrogen fuel cell technology and hydrogen-powered mobility
- Industrial gas suppliers with significant exposure to hydrogen
- Special purpose vehicles or intermediate holding companies
The Company’s principal investment strategy is to invest in companies at various stages of development, from early-stage technology developers to more established companies with proven business models.
The Company's Investment Adviser is HydrogenOne Capital LLP ("HydrogenOne Capital"). The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
Principals of the Investment Adviser responsible for the portfolio management and other key service providers on an outsourced basis are:
- The Investment Adviser: HydrogenOne Capital LLP
- The Company Secretary: Saffery Champness Corporate Services Limited
- The Administrator: Saffery Champness Fund Administration Limited
- The Custodian: Saffery Champness Custody Services Limited
- The Auditor: Smith & Williamson Audit Limited
- The Legal Adviser: Gowling WLG (UK) LLP
- The Depositary: Saffery Champness Fund Administration Limited
All administrative support is provided by third parties to the Company. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. The Company’s Investment Adviser and other key service providers on an outsourced basis are Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Company’s Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s objective is to provide attractive capital growth by investing in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to achieve growth through investments in hydrogen and complementary hydrogen focussed assets. The Investment Adviser has a strong track record in identifying and managing investments in the hydrogen sector.
The company’s Investment Adviser, HydrogenOne Capital Growth plc, provides investment advisory services to the Company. The Investment Adviser is responsible for the identification, due diligence and management of the Company’s investments.
All administrative support is provided by third parties. The Investment Adviser has a dedicated team responsible for seeking investment opportunities and other key service providers on an outsourced basis. HydrogenOne Capital Growth plc and Saffery Champness Corporate Services Limited and Saffery Champness Fund Administration Limited.
The Investment Adviser, HydrogenOne Capital Growth plc, has a strategy that aims to# Investment Adviser’s Report
Introduction
The Investment Adviser’s Report introduces the investment adviser and their role in managing the company's investments. The adviser is responsible for analyzing, assessing, and recommending suitable investments, as well as providing asset management services. The firm focuses on investing in hydrogen assets and their role in the energy transition. Their investment and asset management approach integrates ESG criteria throughout the entire investment process.
The Principals of the Investment Adviser
The Principals of the Investment Adviser have extensive experience in finance, technical, and sector skills relevant to the hydrogen industry. Their expertise includes financial modeling, corporate and asset valuation analysis, and specialist knowledge in the hydrogen sector. The Principals anticipate a further increase in headcount as the company grows.
Advisory Board of the Investment Adviser
The Principals of the Investment Adviser are supported by an Advisory Board comprised of experienced individuals from the hydrogen and energy sectors. The Advisory Board provides strategic advice and oversight to the Investment Adviser, ensuring that the company's investments are aligned with its objectives. The members of the Advisory Board are directors, officers, employees, or consultants of the Investment Adviser. The Advisory Board's collective experience helps the company navigate the evolving hydrogen market and identify attractive investment opportunities.
Capital Deployment since IPO and Pipeline
The company has deployed capital since its IPO into various hydrogen-related assets and companies. The report details the company's investments, including both listed and private equity stakes. The investment strategy focuses on companies within the hydrogen value chain, including electrolyser manufacturers and hydrogen production projects. The company aims to deploy capital strategically, seeking investments that offer attractive risk-adjusted returns and contribute to the growth of the hydrogen economy.
| Company | Country of incorporation |
|---|---|
| Hydrogen Assets Limited | Private |
| HydrogenOne Capital Growth plc | Private |
Strategic Report HydrogenOne Capital Growth plc Annual Report 2022 FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Portfolio review
The company's portfolio, as of December 31, 2022, includes a mix of listed and private investments in the hydrogen sector. The report details the capital deployment and the pipeline of future investments. The Investment Adviser actively manages the portfolio, seeking to optimize returns and minimize risk. The company's strategy focuses on investing in companies that are essential to the hydrogen value chain, including those involved in hydrogen production and the supply of equipment and services. The report highlights key investments and their performance.
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| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
| Listed | |||
| Hydrogen Assets Limited | |||
| Hydrogen Assets | |||
| Listed | |||
| HydrogenOne Capital Growth plc | |||
| Hydrogen Assets | |||
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| Hydrogen Assets Limited | # Strategic Report |
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Total investment size
| £86.5m | £86.5m |
| % of NAV | 16.7% |
| Co-investors | N/A |
Why invested
- The Board believes that HiiROC is developing a highly disruptive and proprietary technology that addresses a significant unmet need in the hydrogen production market.
- HiiROC’s proprietary Thermal Plasma Arc™ technology offers a unique approach to hydrogen production, with the potential to produce zero-emission hydrogen at a significantly lower cost than current methods.
- The technology is designed to convert hydrocarbons (such as natural gas) into hydrogen and solid carbon, avoiding the release of CO2.
- The management team has a proven track record of developing and commercialising new technologies.
Total Addressable Market
£1.2 trillion
- The global hydrogen market is predicted to reach US$1.2 trillion by 2030.
- Hydrogen is expected to account for 24% of the global energy demand in 2050.
Investment
- HiiROC’s first large scale prototype (the ‘Generator’) has been successfully commissioned and operated.
- The Generator successfully produced hydrogen and solid carbon in the first half of 2022, confirming the technical viability of the technology.
- The Company is currently focused on the commercialisation of the Generator, securing offtake agreements and advancing the development of its next generation of larger scale units.
Word from the top
Nils Aldag, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
HiiROC Limited
HiiROC Limited
- HiiROC Limited
- Total investment size £17.1m
- % of NAV 3.3%
- Co-investors N/A
Why invested
- The Board believes that HiiROC is developing a highly disruptive and proprietary technology that addresses a significant unmet need in the hydrogen production market.
- HiiROC’s proprietary Thermal Plasma Arc™ technology offers a unique approach to hydrogen production, with the potential to produce zero-emission hydrogen at a significantly lower cost than current methods.
- The technology is designed to convert hydrocarbons (such as natural gas) into hydrogen and solid carbon, avoiding the release of CO2.
- The management team has a proven track record of developing and commercialising new technologies.
Total Addressable Market
£1.2 trillion
- The global hydrogen market is predicted to reach US$1.2 trillion by 2030.
- Hydrogen is expected to account for 24% of the global energy demand in 2050.
Investment
- HiiROC’s first large scale prototype (the ‘Generator’) has been successfully commissioned and operated.
- The Generator successfully produced hydrogen and solid carbon in the first half of 2022, confirming the technical viability of the technology.
- The Company is currently focused on the commercialisation of the Generator, securing offtake agreements and advancing the development of its next generation of larger scale units.
Word from the top
Enn Õunpuu, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL.
World Hydrogen
World Hydrogen
- World Hydrogen
- Total investment size £15.1m
- % of NAV 2.9%
- Co-investors N/A
Why invested
- The Board believes that World Hydrogen is developing a highly disruptive and proprietary technology that addresses a significant unmet need in the hydrogen production market.
- World Hydrogen’s proprietary Thermal Plasma Arc™ technology offers a unique approach to hydrogen production, with the potential to produce zero-emission hydrogen at a significantly lower cost than current methods.
- The technology is designed to convert hydrocarbons (such as natural gas) into hydrogen and solid carbon, avoiding the release of CO2.
- The management team has a proven track record of developing and commercialising new technologies.
Total Addressable Market
£1.2 trillion
- The global hydrogen market is predicted to reach US$1.2 trillion by 2030.
- Hydrogen is expected to account for 24% of the global energy demand in 2050.
Investment
- World Hydrogen’s first large scale prototype (the ‘Generator’) has been successfully commissioned and operated.
- The Generator successfully produced hydrogen and solid carbon in the first half of 2022, confirming the technical viability of the technology.
- The Company is currently focused on the commercialisation of the Generator, securing offtake agreements and advancing the development of its next generation of larger scale units.
Word from the top
Tim Davies, CEO# NanoSUN Limited
Company Overview Strategic Report Governance Financial statements Other information
NanoSUN Limited
NanoSUN Limited
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Word from the top
Dean O’Connor, CEO
HydrogenOne Capital Growth plc
Annual Report 2022
FUTURE FUEL. NOW
Strohm Holding B.V
Strohm Holding B.V
| | |
| Total investment size | |
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| Co-investors | |
| Why invested | |
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Word from the top
Martin van Onna, CEO
Strategic Report
HydrogenOne Capital Growth plc
Annual Report 2022
FUTURE FUEL. NOW
Bramble Energy Limited
Bramble Energy Limited
| | |
| Total investment size | |
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| investment | |
| • | |
| • | |
Word from the top
Tom Mason, CEO
HydrogenOne Capital Growth plc
Annual Report 2022
FUTURE FUEL. NOW
| | |
| Total investment size | |
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| Co-investors | |
| Why invested | |
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| • | S |
Word from the top
Paul Hutton, CEO
Strategic Report
HydrogenOne Capital Growth plc
Annual Report 2022
FUTURE FUEL. NOW
| | |
| Total investment size | |
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| Co-investors | |
| Why invested | |
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| • | |
Word from the top
# Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- The investment focus remains on scaling up the portfolio with a continued emphasis on the hydrogen economy, with the objective of achieving attractive returns for shareholders.
- HydrogenOne Capital Growth plc aims to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage.
- The Company seeks to invest in businesses that possess strong management teams, scalable business models, and significant growth potential within the rapidly evolving hydrogen sector.
- Investments are made with the intention of holding them for the medium to long term, aiming to generate capital appreciation and dividends over time.
- The investment strategy is underpinned by a conviction in the long-term growth prospects of the hydrogen economy, driven by decarbonisation initiatives and technological advancements.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The core investment thesis is centred on the accelerating global shift towards a hydrogen-based economy, driven by regulatory support and the urgent need for decarbonisation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Total investment size
| % of NAV | |
|---|---|
| Investments | £314.0m |
| Co-investors | £24.2m |
Why invested
- The Company’s investment objective is to acquire and grow a portfolio of companies operating within the hydrogen value chain, from production and distribution to utilisation and storage, to achieve attractive returns for shareholders.
- HydrogenOne Capital Growth plc is focused on investing in companies that are well-positioned to benefit from the increasing global demand for hydrogen as a clean energy source.
- The investment strategy targets businesses with strong management teams, robust business models, and significant potential for growth in the rapidly expanding hydrogen market.
- Investments are typically made with a medium to long-term perspective, aiming for capital appreciation and potential dividend generation.
- The Company believes in the long-term transformative potential of the hydrogen economy, driven by global decarbonisation efforts and technological innovation.
Total Addressable Market
| Investments | £314.0m |
| Diversified and balanced portfolio across hydrogen value chain |
- Investment in the green hydrogen production sector, a critical component of the clean energy transition.
- Focus on hydrogen infrastructure development, including storage and transportation solutions.
- HydrogenOne Capital Growth plc invests in innovative technologies that enhance the efficiency and cost-effectiveness of hydrogen production and utilisation.
Investment
- The investment strategy focuses on the development and expansion of a diversified portfolio within the hydrogen sector, aiming to deliver superior returns to shareholders.
- HydrogenOne Capital Growth plc actively seeks to identify and invest in companies that are at the forefront of the hydrogen revolution, covering the entire value chain from production to end-use applications.
- The Company prioritises investments in businesses with proven technologies, strong market positions, and experienced leadership teams capable of executing ambitious growth plans.
- Investments are typically held for the medium to long term, with a view to realising capital gains and potentially generating income.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
Word from the top
Jonas Meyer, CEO
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment
- HydrogenOne Capital Growth plc is committed to building a substantial portfolio of companies engaged in the hydrogen value chain, with the overarching goal of generating significant returns for its investors.
- The Company’s investment activities encompass the entire spectrum of the hydrogen economy, including the production of green hydrogen, the development of necessary infrastructure, and the application of hydrogen in various industries.
- Key investment criteria include companies with innovative technologies, strong competitive advantages, and the capacity for substantial scaling.
- The investment horizon is primarily medium to long term, anticipating substantial growth in the hydrogen sector.
- The strategic rationale is based on the fundamental belief that hydrogen will play a pivotal role in achieving global net-zero emission targets, supported by increasing policy momentum and technological maturation.
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Market commentary and outlook
In the Sustainable Development Scenario of the International Energy Agency, which models future development of the clean hydrogen supply chain, clean hydrogen supply is expected to grow significantly. According to the Hydrogen Council, by 2050, clean hydrogen supply is expected to grow from 90 million tonnes to 530 million tonnes. This is driven by the scale-up of renewable power alongside the phase-out of unabated fossil fuels.
The Investment Adviser believes that clean hydrogen supply will grow from today’s 90 million tonnes to 530 million tonnes in 2050. This growth is driven by the scale-up of renewable power alongside the phase-out of unabated fossil fuels.
Hydrogen supply and current position
Hydrogen is a naturally occurring gas which has been widely used for decades as a feedstock in industrial processes such as ammonia production and refining, and in the production of chemicals. Almost all of today’s hydrogen is produced from the reforming of fossil fuels, with consequent greenhouse gas emissions estimated to be 930 million tonnes per year.
A series of fundamental geopolitical and economic changes are underway in energy markets which the Investment Adviser believes will create significant opportunities for clean hydrogen. A growing number of countries and their governments are setting out plans and targets to decarbonise their economies and achieve Net Zero, and the Investment Adviser believes that hydrogen can have a material impact as a fuel in the clean-up and balancing of hard-to-decarbonise energy systems, such as heavy and long-distance transport, power generation and industrial processes.
By 2050, clean hydrogen supply is expected to grow from 90 million tonnes to 530 million tonnes. Today, most hydrogen is produced from fossil fuels. Investment and policy support for clean hydrogen is growing, and the Investment Adviser believes that clean hydrogen supply will grow from today’s 90 million tonnes to 530 million tonnes in 2050.
Impetus to improve air quality
Many countries and cities have announced relatively near-term targets to improve urban air quality, as well as to contribute to GHG reduction and to fulfil the commitments of the Paris Agreement. This is to mitigate the impact of anthropogenic climate change.
Many countries and cities have announced relatively near-term targets to improve urban air quality, as well as to contribute to GHG reduction and to fulfil the commitments of the Paris Agreement. This is to mitigate the impact of anthropogenic climate change.
Improving energy security
The energy crisis of 2022 has amplified the impetus for decision makers across the world to focus on the importance of sustained investment and policy support for domestic energy production and, crucially, less volatile and more sustainable low-carbon energy, with clean hydrogen set to play a key role. The war in Ukraine has also resulted in sustained high fossil fuels prices, with Brent oil prices for example increasing from US$78.5 per barrel to US$115 per barrel, and similar increases in regional natural gas prices, has improved the relative economics of clean hydrogen compared to grey hydrogen, which is currently the dominant form of hydrogen production and sale. Whereas the cost of fossil fuel feedstocks used to make grey hydrogen has increased, the cost outlook for clean hydrogen continues to improve, with larger scale and more efficient production of electrolysers and other components required to make clean hydrogen.
The Investment Adviser believes that the energy crisis of 2022 has amplified the demand pull for clean hydrogen and sustainable low-carbon energy. Many countries are now focusing on developing energy security, and at the same time an acceleration of the transition to low carbon energy systems.
By 2050, the Investment Adviser believes that clean hydrogen will be a cornerstone of the global energy supply, with the remainder met by traditional fossil fuels.
The Investment Adviser notes that a number of countries and regions have announced ambitious targets for clean hydrogen production, and governments have responded with new policies and incentives to support the industry. The Inflation Reduction Act (IRA) in the USA for example, has created significant impetus for clean hydrogen. Within this Act, there is a tax credit for clean hydrogen of US$3 per kilogramme, rising to US$0.50 per kilogramme, depending on the carbon intensity of the production process.# Market commentary and outlook
HydrogenOne Capital Growth plc Annual Report 2022 FUTURE FUEL. NOW
Strategic Report
Company Overview
Strategic Report
Governance
Financial statements
Other information
A series of technology developments in recent decades are rapidly reaching the stage where they can be deployed commercially and at scale, to use hydrogen as a low emission feedstock sector and to use hydrogen as a low emission fuel.
Grey hydrogen: manufactured by reforming of fossil fuels (methane) using steam, producing CO2 in the process. It is the cheapest form of hydrogen and the most prevalent form of hydrogen manufacturing. The process takes electricity sourced from renewables such as wind and solar, and uses electrolysis to split water into hydrogen and oxygen.
Blue hydrogen: capturing the GHG emissions derived from grey hydrogen manufacturing processes and storing them, for example using carbon capture and storage (CCS).
Green hydrogen: in order to manufacture hydrogen without GHG emissions, the process takes electricity sourced from renewables such as wind and solar, and uses electrolysis to split water into hydrogen and oxygen. Water vapour is the only by-product of using hydrogen as a fuel. As a large percentage of electricity supply over time, the electric grid will need large scale electricity storage to allow for the balancing of electricity supplied and consumed. For example, if during periods of high winds and sun the production of electricity exceeds demand, this excess electricity can be converted to hydrogen, the energy can be stored over long periods of time either in pipelines and tanks, or in purpose built storage facilities.
Emerging clean hydrogen technologies: there are a number of emerging technologies that could result in low-cost clean hydrogen production and the Investment Adviser believes that the development of these technologies will be critical for future hydrogen production and the Investment Adviser intends to monitor these developments for potential investment opportunities.
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Source: Hydrogen Council, McKinsey: Hydrogen for Net-Zero. A critical cost-competitive energy sector. November 2021.
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USA $1-5/kg including up to $3/kg green hydrogen tax credit (PTC) under 2022 IRA
Market commentary and outlook
The Hydrogen Ecosystem
A series of technology developments in recent decades are rapidly reaching the stage where they can be deployed commercially and at scale, to use hydrogen as a low emission feedstock sector and to use hydrogen as a low emission fuel.
Grey hydrogen: manufactured by reforming of fossil fuels (methane) using steam, producing CO2 in the process. It is the cheapest form of hydrogen and the most prevalent form of hydrogen manufacturing. The process takes electricity sourced from renewables such as wind and solar, and uses electrolysis to split water into hydrogen and oxygen.
Blue hydrogen: capturing the GHG emissions derived from grey hydrogen manufacturing processes and storing them, for example using carbon capture and storage (CCS).
Green hydrogen: in order to manufacture hydrogen without GHG emissions, the process takes electricity sourced from renewables such as wind and soloar, and uses electrolysis to split water into hydrogen and oxygen. Water vapour is the only by-product of using hydrogen as a fuel. As a large percentage of electricity supply over time, the electric grid will need large scale electricity storage to allow for the balancing of electricity supplied and consumed. For example, if during periods of high winds and sun the production of electricity exceeds demand, this excess electricity can be converted to hydrogen, the energy can be stored over long periods of time either in pipelines and tanks, or in purpose built storage facilities.
Emerging clean hydrogen technologies: there are a number of emerging technologies that could result in low-cost clean hydrogen production and the Investment Adviser believes that the development of these technologies will be critical for future hydrogen production and the Investment Adviser intends to monitor these developments for potential investment opportunities.
-
Source: Hydrogen Council, McKinsey: Hydrogen for Net-Zero. A critical cost-competitive energy sector. November 2021.
-
USA $1-5/kg including up to $3/kg green hydrogen tax credit (PTC) under 2022 IRA
Investment opportunities
The Investment Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
Market commentary and outlook
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company’s investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a differentiated approach to investing in the sector. The Adviser continues to monitor the evolving hydrogen opportunities and represents a ‘long term’ investment in the sector.
The Investment Adviser believes that the company is well-positioned to seek out and to invest in opportunities in the hydrogen sector globally, given its access to a broad range of investment opportunities and its ability to deploy capital to seize opportunities in the hydrogen economy.
The Investment Adviser believes that the company's investment strategy and approach to identifying and securing investment opportunities in the hydrogen sector is unique and offers a# HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Strategic ReportCompany Overview
Strategic Report
Governance
Financial statements
Other information
Introduction from the Chair
Our commitment to investing in clean hydrogen for a positive environmental impact is at the core of everything we do at HydrogenOne. In just over a year, we have seen the conversation around hydrogen’s potential for fueling the global energy transition jump to the top of the climate and political agenda. As a climate impact fund, the greatest contribution we can make to achieving the goals of the Paris Climate Agreement is through our investing activities and engagement with portfolio companies to promote our ESG principles.
We have begun collecting baseline data for our ESG KPIs. I am pleased to report that our Investment Adviser became signatories, we will push forward with our sustainable investment objective as we continue to deploy capital in the low-carbon growth opportunities and deliver meaningful climate change mitigation through the reduction of harmful emissions.
Environmental, Social and Governance (“ESG”)
Simon Hogan
Chairman
Environmental, Social and Governance (“ESG”)
FUTURE FUEL. NOW
Our Impact:
- £50 million deployed in low-carbon growth;
- 24.3% by NanoSun
- 2.5% by Elcogen and 0.2% by Strohm
- and 10% by H2Pro
- and 10% by H2Pro
- £50 million of company investment
- in which HGEN holds:
- 10% by H2Pro
- 10% by H2Pro
- 5% by H2Pro
- £50 million
- in which HGEN holds:
- 10% by H2Pro
- £15m
- in which HGEN holds:
- 20% by H2Pro
- £15m
- in which HGEN holds:
- 20% by H2Pro
- Displace fossil fuels
- to reduce the carbon intensity of the global energy system, to enable companies to displace fossil fuels, to reduce the carbon intensity of the global energy system, to enable companies to displace fossil fuels, to enable companies to displace fossil fuels
- Established methodology to measure the avoided emissions
The Company has put in place a consequential methodology to measure the avoided emissions:
- HGEN is a climate impact fund with an ESG policy integrated in investment decisions and asset monitoring;
- The Fund under the SFDR and EU Taxonomy Regulation;
- Completed EU taxonomy alignment assessment on the Private Hydrogen Assets
- 100%
- of
- the
- JV
- and
- Company’s shareholding;
- The Company’s Board diversity
- (75%
- female)
- The Company’s Board diversity
- (75%
- female)
Greenhouse gas emissions:
| 2022 | 2021 | 2020* | |
| £m | £m | £m | |
| GHG intensity | 0.17 £/£m | 0.11 £/£m | 0.22 £/£m |
| Avoided cumulative | 1.4m £/£m | 1.4m £/£m | 1.4m £/£m |
| Total Scope 1 & 2 | |||
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| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
| Emissions | |||
| GHG intensity | |||
| Avoided cumulative | |||
| Total Scope 1 & 2 | |||
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Strategy Hydrogen and climate change mitigation
HydrogenOne Capital Growth plc aims to deliver an attractive level of capital growth by investing, and complementary hydrogen focused assets whilst contributing to climate change mitigation by integrating core ESG principles into its decision making and investment processes.
The Company focuses on investments that contribute to climate change mitigation by identifying and backing innovators in low carbon industries. This includes investments into technologies and companies that provide sustainable solutions to energy challenges. The Company believes that a focus on climate change mitigation is a key driver of long-term value creation and will contribute to generating attractive returns for investors.
The Company’s strategy focuses on identifying and investing in companies with strong ESG credentials and those that contribute to climate change mitigation. The Company considers sustainability risks, such as operational risks, transition risks, and physical risks.
Transition risk resulting from climate change or policy actions associated with the transition to a lower-carbon economy, such as carbon pricing, emissions trading schemes, or regulatory requirements, are considered through the Company’s investment process. The Company’s approach to managing these risks and currently there is no known regulatory requirement that imposes carbon taxation on the Company or its investments.
In the year, the Company has taken two key actions: classifying the Company’s investments as ECF in accordance with Article 8 of SFDR and assessing the ESG impact of portfolio companies to ensure that they align with the goal of climate change mitigation and, do no significant harm.
For the purposes of Article 8 of SFDR, the Company classifies as an Article 8 fund. The Company believes that the investments made by the Company, namely in renewable hydrogen and Syngas, are contributing to climate change mitigation.
The Company’s approach to managing these risks and currently there is no known regulatory requirement that imposes carbon taxation on the Company or its investments. In the year, the Company has taken two key actions: classifying the Company’s investments as ECF in accordance with Article 8 of SFDR and assessing the ESG impact of portfolio companies to ensure that they align with the goal of climate change mitigation and, do no significant harm.
The Company’s investment policy requires the Company to integrate sustainability into the investment decision making progress, monitor sustainability performance post-acquisition and promote the integration of sustainability within portfolio companies.
The ESG initiative provide a framework for the Company to implement its sustainable investment objective - climate change mitigation.
HydrogenOne Capital Growth plc’s target investment in renewable hydrogen and Syngas is aligned with the Paris Accords target of limiting global warming to well below 2, preferably to 1.5 degrees Celsius, compared to pre-industrial levels. The Company engages actively with portfolio companies.
The Company also ensures its investment decisions take into account the UN Sustainable Development Goals.
The Company’s strategy aims to deliver sustainable growth and long-term value creation for its investors by investing in companies that are at the forefront of the clean energy transition. The Company believes that by investing in these companies, it can contribute to a more sustainable future while generating attractive financial returns.
The Company’s investments in companies involved in the production of renewable hydrogen and Syngas are aimed at reducing reliance on fossil fuels and mitigating climate change. The Company’s approach to identifying and evaluating investments is based on a thorough assessment of ESG factors, as well as financial and operational performance.
The Company’s strategy focuses on supporting companies that are developing and deploying innovative technologies to accelerate the energy transition. This includes investments in companies that are involved in the production of renewable hydrogen, which can be used as a clean fuel in various applications, and Syngas, which can be produced from renewable sources and used as a substitute for fossil fuels.
The Company believes that by investing in these companies, it can contribute to a more sustainable future while generating attractive financial returns.
The Company’s ESG principles guide its investment decisions and ensure that it invests in companies that are committed to sustainability and responsible business practices. The Company’s ESG policy is regularly reviewed and updated to ensure that it remains aligned with the latest developments in industry and society.
Avoided emissions:
The Company’s investments aim to deliver sustainable growth and long-term value creation by investing in companies that are at the forefront of the clean energy transition.
The Company’s strategy focuses on supporting companies that are developing and deploying innovative technologies to accelerate the energy transition. This includes investments in companies that are involved in the production of renewable hydrogen, which can be used as a clean fuel in various applications, and Syngas, which can be produced from renewable sources and used as a substitute for fossil fuels.
The Company believes that by investing in these companies, it can contribute to a more sustainable future while generating attractive financial returns.
The Company’s ESG principles guide its investment decisions and ensure that it invests in companies that are committed to sustainability and responsible business practices.
The Company’s ESG policy is regularly reviewed and updated to ensure that it remains aligned with the latest developments in industry and society.
| NAV | Avoided emissions |
|---|---|
| (Company’s holding) | 732,383 tCO2e, of which the Company’s share was 31,199 tCO2e. These represent the lifetime emissions from 80MW of electrolysers sold during the year. |
Electrolysers
The Company’s strategy is to leverage its existing competencies and scale its manufacturing capacity. The Company’s focus on hydrogen pioneer’s forward-looking scaling strategy: “We’re not starting from scratch but have the capability and experience to scale manufacturing capacity to meet demand.”
The Company’s strategy is to focus on investing in companies that are developing and deploying innovative technologies for the production of hydrogen and Syngas. These companies are at the forefront of the clean energy transition and are contributing to a more sustainable future.
The Company’s investment in these companies is expected to generate attractive financial returns while also contributing to a more sustainable future.
The Company’s ESG principles guide its investment decisions and ensure that it invests in companies that are committed to sustainability and responsible business practices. The Company’s ESG policy is regularly reviewed and updated to ensure that it remains aligned with the latest developments in industry and society.
The Company’s strategy is to leverage its existing competencies and scale its manufacturing capacity. The Company’s focus on hydrogen pioneer’s forward-looking scaling strategy: “We’re not starting from scratch but have the capability and experience to scale manufacturing capacity to meet demand.”
The Company's investment in electrolyser manufacturers will focus on companies that are developing and deploying innovative technologies for the production of green hydrogen. These companies are at the forefront of the clean energy transition and are contributing to a more sustainable future.
The Company's investment in these companies is expected to generate attractive financial returns while also contributing to a more sustainable future.
The Company’s ESG principles guide its investment decisions and ensure that it invests in companies that are committed to sustainability and responsible business practices.
The Company’s ESG policy is regularly reviewed and updated to ensure that it remains aligned with the latest developments in industry and society.
HydrogenOne Capital Growth plc Annual Report 2022 FUTURE FUEL. NOW
Strategic Report
Company Overview
Strategic Report
Governance
Financial statements
Other information
Environmental, Social and Governance (“ESG”)
Sustainable business practices
ESG at HGEN
Boards
Our ESG Principles
Screening and due diligence
Low-carbon growth
ESG policy
The Company’s ESG Principles are integrated into its investment process, ensuring that all investments align with the Company’s ESG policy, and ensures that the ESG policy is kept up-to-date with developments in industry and society. The Company has embedded the following ESG principles into its policy: Allocating capital to low-carbon growth.
The Company’s ESG policy aims to enable investors to back innovators in low carbon industries by supporting the access of such companies to the capital markets.
Screening and due diligence
Prior to investment, the Company will undertake an initial screen of the prospective investment’s economic and ESG impact. The Company’s ESG policy and minimum safeguard requirements will also be assessed.
The Company's investment adviser will conduct thorough due diligence on all prospective investments to ensure that they meet the Company's ESG criteria. This includes an assessment of the environmental impact, social responsibility, and governance practices of the target company. The Company's investment adviser will also consider the potential risks and rewards associated with each investment, as well as the alignment with the Company's overall investment strategy.
The Company's investment adviser will also engage with the management of the prospective investment to understand their ESG policies and practices. This will include an assessment of their commitment to sustainability, their approach to risk management, and their plans for future development. The Company's investment adviser will also consider the potential impact of the investment on the environment and society, as well as the potential for positive social and environmental outcomes.
The Company's investment adviser will also consider the potential for the investment to contribute to the achievement of the UN Sustainable Development Goals. The Company's investment adviser will also consider the potential for the investment to generate attractive financial returns while also contributing to a more sustainable future.
The Company's investment adviser will also consider the potential for the investment to create long-term value for investors by investing in companies that are at the forefront of the clean energy transition.# Governance
Engagement to deliver Positive and proactive engagement with the boards
The Investment Adviser typically engages with the boards of its Private Hydrogen Assets. The approach to engagement with the boards of its Private Hydrogen Assets cannot be uniform but must be aligned with long term investors while supporting managements to innovate and create long term value. Engagement with directors is important to the Company, as are simple and transparent pay structures that reward superior outcomes.
Encourage sustainable business practices
The Company aims to ensure its activities are transparent and accountable and to uphold strong ethical standards to protect the interests of material stakeholders and engagement to deliver positive impacts on the environment and society. Hydrogen Assets should support the letter, and spirit, of this approach, and the Investment Adviser will encourage the adoption of initiatives, including but not limited to, the development of a Hydrogen Strategy, integration of ESG into company strategy and Board governance, and alignment of lobbying activities.
ESG in the Company
Given the nature of its investments, the Company has committed to disclosing key performance metrics (“KPIs”) that describe the environmental impact of its portfolio, guided by frameworks and regulations such as the UK Green Finance Strategy and the Task Force on Climate-related Financial Disclosures. The Company is particularly focused on the greenhouse gas emissions from investments and the emissions that have been avoided (“avoided emissions”) as a result of the investments, and has actively engaged with portfolio companies to adopt an appropriate reporting framework.
The Company’s portfolio includes investments in the following:
- HydrogenOne Capital Growth plc, UK.
- Green Hydrogen Energy, UK.
- H2Pro, Israel.
- HyPoint, USA.
- ** Ceres Power Holdings plc, UK.**
- ** AlF Group, UK.**
- ** First Hydrogen Corp., Canada.**
The Company’s Investment Adviser has been focused on the development of the ESG strategy for the Private Hydrogen Assets which are the focus of this report. The Company's ESG reporting includes the use of estimates where necessary to provide a full picture of the portfolio. Mandatory disclosures under Streamlined Energy and Environmental Reporting are being considered and subject to the methodology outlined in the Company's annual reports.
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
ESG KPIs
| KPIs | 2022 progress |
|---|---|
| Environmental | |
| Investing capital in low-carbon growth | £510 million invested in low-carbon growth during the year. |
| GHG emissions avoided | 144,000 tCO2e avoided. |
| GHG emissions on a look-through basis | 1.4 tCO2e/£M invested in the clean energy sector – see footnote for methodology (2.5 tCO2e/£M invested in clean energy and 1.8 tCO2e/£M invested in clean energy). |
| Lifetime clean energy capacity developed | 1,105 GW developed (total), of which 513 GW is the Company’s share in fuel cells and electrolysers 2 GW (total), of which 1.2 GW is the Company’s share. |
| Social | |
| Jobs supported | 3,500 jobs supported (direct and indirect) with a total multiplier effect of £1.9 billion. |
In aggregate, the Company’s Private Hydrogen Assets were responsible for the generation of 1,500,000 tonnes of green hydrogen with a value of £150 million.
The Company’s Board Independence and Diversity
The Company’s Board is composed of independent directors to ensure appropriate oversight. The Company currently has two male and two female Board members. One Independent Director is a Chair of the Remuneration Committee and Chairs the Audit Committee.
| Committee | Members |
|---|---|
| Nomination and Governance Committee | 3 Independent |
| Audit Committee | 3 Independent |
| Remuneration Committee | 3 Independent |
Portfolio Companies Board Independence and Diversity
The Company has continued to seek to ensure that the boards of the Private Hydrogen Asset Boards are composed of independent directors and to ensure appropriate diversity on these boards. Consequently, 67% of Private Hydrogen Asset Boards are independent, and 84% of directors are independent.
To ensure Board diversity, the Company aims to maintain a minimum of 30% female representation on each Board, and currently has an average of 45% female representation across its Private Hydrogen Assets.
Work on human rights
A review of the human rights policies in place at each Private Hydrogen Asset was undertaken and appropriate recommendations were made and implementation will be monitored going forward. The Company’s portfolio companies are committed to upholding human rights.
Environmental, Social and Governance (“ESG”)
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Strategic Report
Company Overview
Strategic Report
Governance
Financial statements
Other information
Governance
Engagement to deliver Positive and proactive engagement with the boards
Representatives of the Investment Adviser would typically be appointed either as a director or a Board Observer to the boards of the invested Private Hydrogen Assets and would be actively engaged in ESG matters in these businesses. As the invested company reaches a certain level of maturity, the Investment Adviser representative may step down from their position as a director or a Board Observer at an appropriate time.
The Investment Adviser currently holds positions as a director on eight Private Hydrogen Assets and as an observer on one Private Hydrogen Asset (totaling 9 of 12 investments).
The Investment Adviser will continue to seek to ensure that the boards of the Private Hydrogen Assets are composed of independent directors and to encourage the development of a Hydrogen Strategy.
The Investment Adviser voted on behalf of the Company at all meetings where they were able to vote to represent the Company’s interests.
Site visits
Fifteen site visits were completed during the year as part of the oversight and due diligence process. The Company’s investments were visited and assessed based on:
- Simple and transparent pay structures that reward superior outcomes
- Strong linkage to long-term value creation ahead of short-term outcomes by use of share options and other incentive programmes.
Encourage sustainable business practices and ethics
Each Private Hydrogen Asset had been through a review process covering their supply chain due diligence, waste management and circular economy considerations. Appropriate recommendations were made and implementation will be monitored going forward.
Stewardship
Each Private Hydrogen Asset had been engaged with during the year to begin the reporting process on principle adverse indicators and key metrics to support our climate change mitigation investment objective. Discussions were made to improve this information going forward.
- Climate change policy and emissions reporting.
- Supply chain due diligence.
- Circular economy practices.
- Waste management.
The Company’s Responsible Investment Policy has been reviewed and policy recommendations were made to ensure alignment with the Company’s ESG objectives. Consequently, all investments are subject to ongoing ESG due diligence.
Governance structure
Private Hydrogen Assets ESG Leads
Investment Adviser ESG Lead
HGEN Board
Third Party Consultants
Investment Adviser
HydrogenOne Capital Growth plc Annual Report 2022
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Strategic Report
HydrogenOne’s approach to ESG
Our approach to ESG
The Company’s approach to ESG is driven by a commitment to robust reporting standards and supports the progress being made by the International Sustainability Standards Board (“ISSB”). The Company’s ESG reporting is aligned with the Global Reporting Initiative (“GRI”) Standards and the UK Government’s stated intent to make ISSB the backbone of future sustainability reporting. Although these standards are still being developed, the draft recommendations of the Task Force on Climate-related Financial Disclosures (“TCFD”) have been followed in the preparation of this report, including specific disclosures on climate change policy and emissions reporting, and board diversity. The Company’s ESG reporting will evolve as these standards develop.
Governance Structure
The Company’s Board’s ESG Committee oversees the management of sustainability related risks and opportunities. The Company’s Board’s ESG Committee and the Investment Adviser are independent of the Investment Adviser to ensure appropriate oversight. The Board’s gender diversity through 2021 was 50% female and 50% male, and for 2022 is 50% female and 50% male. The HGEN Board includes two Independent Directors and the Investment Adviser ESG Lead, who is responsible for overseeing the Company’s key risks and compliance with sustainability regulation such as the TCFD recommendations and the UK Green Finance Strategy.
Consequently, the HGEN Board and the Investment Adviser ESG team meet multiple times to discuss sustainability related matters (including the Investment Adviser's ESG engagement and reporting activities) and also with any third-party consultants and advisors as required.
The Investment Adviser ESG Lead has led initiatives such as the establishment of Shell’s ESG practice, reporting and disclosure frameworks.
- Climate change policy and emissions reporting.# HydrogenOne Capital Growth plc Annual Report 2022
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Strategic Report
Company Overview
Strategic Report
Governance
Financial statements
Other information
Investment Adviser
The Company’s Investment Adviser is HydrogenOne Capital LLP. The Board of HydrogenOne Capital Growth plc has delegated the day-to-day management of the Company’s investments to the Investment Adviser. The Company’s investment objective is to invest in hydrogen production, storage, transportation, and fuel cell technology companies and related infrastructure, primarily in Europe and North America, to generate returns for shareholders. The investment strategy is to target companies that have the potential to benefit from the global energy transition and decarbonisation trends. The Investment Adviser is responsible for identifying investment opportunities, conducting due diligence, making investment recommendations to the Board, and managing the portfolio of investments.
Board oversight responsibilities
The Board of Directors is responsible for the overall strategy and risk management of the Company. It has established an Audit Committee and a Remuneration Committee, each with delegated responsibilities. The Board’s oversight responsibilities include the review and approval of the Company’s sustainability strategy and policies. The Board is committed to ensuring that appropriate skills and competencies are utilised in the investment process and that suitably qualified and experienced directors and advisors and consultants are engaged as appropriate.
ESG screens
Allocating capital to low carbon growth
- Investing in companies focused on hydrogen production, storage, transportation and fuel cell technology.
- Excludes fossil fuels extraction.
Aligning with long term value creation
- Alignment with long term minorities
- Alignment of executive pay with long term shareholders
- Independence of AC
- Audit Committee independence
Encourage sustainable business practices
- Investment in companies committed to reducing emissions and promoting sustainable energy solutions.
- Transparency
- Company policy and disclosure of supply chain practices
- Environmental and social governance (ESG) integration.
Article 9 Compliance
- Investee companies must comply with SFDR Article 9 requirements.
- Investee agrees to provide data for SFDR periodic disclosure.
Principal Adverse Impacts (PAIs)
- Climate and environmental impact.
- Governance.
- Social impact and employee matters.
- Respect for fundamental human rights.
- Anti-corruption and anti-bribery.
- Sustainable engagement.
ESG in the Company
- KPIs including avoided emissions
- Mapping vs UNSDGs
- The Company’s ESG policy.
HydrogenOne Capital Growth plc Annual Report 2022
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Strategic Report
Company Overview
The Company’s Investment Adviser is HydrogenOne Capital LLP. The Board of HydrogenOne Capital Growth plc has delegated the day-to-day management of the Company’s investments to the Investment Adviser. The Company’s investment objective is to invest in hydrogen production, storage, transportation, and fuel cell technology companies and related infrastructure, primarily in Europe and North America, to generate returns for shareholders. The investment strategy is to target companies that have the potential to benefit from the global energy transition and decarbonisation trends. The Investment Adviser is responsible for identifying investment opportunities, conducting due diligence, making investment recommendations to the Board, and managing the portfolio of investments.
Board oversight responsibilities
The Board of Directors is responsible for the overall strategy and risk management of the Company. It has established an Audit Committee and a Remuneration Committee, each with delegated responsibilities. The Board’s oversight responsibilities include the review and approval of the Company’s sustainability strategy and policies. The Board is committed to ensuring that appropriate skills and competencies are utilised in the investment process and that suitably qualified and experienced directors and advisors and consultants are engaged as appropriate.
ESG screens
Allocating capital to low carbon growth
- Investing in companies focused on hydrogen production, storage, transportation and fuel cell technology.
- Excludes fossil fuels extraction.
Aligning with long term value creation
- Alignment with long term minorities
- Alignment of executive pay with long term shareholders
- Independence of AC
- Audit Committee independence
Encourage sustainable business practices
- Investment in companies committed to reducing emissions and promoting sustainable energy solutions.
- Transparency
- Company policy and disclosure of supply chain practices
- Environmental and social governance (ESG) integration.
Article 9 Compliance
- Investee companies must comply with SFDR Article 9 requirements.
- Investee agrees to provide data for SFDR periodic disclosure.
Principal Adverse Impacts (PAIs)
- Climate and environmental impact.
- Governance.
- Social impact and employee matters.
- Respect for fundamental human rights.
- Anti-corruption and anti-bribery.
- Sustainable engagement.
ESG in the Company
- KPIs including avoided emissions
- Mapping vs UNSDGs
- The Company’s ESG policy.
HydrogenOne Capital Growth plc Annual Report 2022
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Strategic Report
Company Overview
The Company’s Investment Adviser is HydrogenOne Capital LLP. The Board of HydrogenOne Capital Growth plc has delegated the day-to-day management of the Company’s investments to the Investment Adviser. The Company’s investment objective is to invest in hydrogen production, storage, transportation, and fuel cell technology companies and related infrastructure, primarily in Europe and North America, to generate returns for shareholders. The investment strategy is to target companies that have the potential to benefit from the global energy transition and decarbonisation trends. The Investment Adviser is responsible for identifying investment opportunities, conducting due diligence, making investment recommendations to the Board, and managing the portfolio of investments.
Board oversight responsibilities
The Board of Directors is responsible for the overall strategy and risk management of the Company. It has established an Audit Committee and a Remuneration Committee, each with delegated responsibilities. The Board’s oversight responsibilities include the review and approval of the Company’s sustainability strategy and policies. The Board is committed to ensuring that appropriate skills and competencies are utilised in the investment process and that suitably qualified and experienced directors and advisors and consultants are engaged as appropriate.
ESG screens
Allocating capital to low carbon growth
- Investing in companies focused on hydrogen production, storage, transportation and fuel cell technology.
- Excludes fossil fuels extraction.
Aligning with long term value creation
- Alignment with long term minorities
- Alignment of executive pay with long term shareholders
- Independence of AC
- Audit Committee independence
Encourage sustainable business practices
- Investment in companies committed to reducing emissions and promoting sustainable energy solutions.
- Transparency
- Company policy and disclosure of supply chain practices
- Environmental and social governance (ESG) integration.
Article 9 Compliance
- Investee companies must comply with SFDR Article 9 requirements.
- Investee agrees to provide data for SFDR periodic disclosure.
Principal Adverse Impacts (PAIs)
- Climate and environmental impact.
- Governance.
- Social impact and employee matters.
- Respect for fundamental human rights.
- Anti-corruption and anti-bribery.
- Sustainable engagement.
ESG in the Company
- KPIs including avoided emissions
- Mapping vs UNSDGs
- The Company’s ESG policy.
EU Taxonomy alignment
The Company considers the potential investment’s economic activity and the alignment with the EU Taxonomy for Sustainable Activities. The Taxonomy requires that an economic activity must make a substantial contribution to at least one of the six environmental objectives: climate change mitigation; climate change adaptation; the sustainable use and protection of water and marine resources; the transition to a circular economy; pollution prevention and control; and the protection and restoration of biodiversity and ecosystems.
Once substantial contribution criteria are established, the activity must also ensure that it does not cause significant harm to any of the other environmental objectives, and that the investee company complies with minimum social safeguards. Engagement with the potential investee’s management team is required to complete this assessment as it typically requires data that is not available publicly. Some inputs into this work are also qualitative and interviews with management provide the most insight.
The Company’s ESG Policy commits the Company to actively consider environmental and social considerations, with a focus on human rights. All investments are subject to a rigorous due diligence process. This includes an assessment of the investee company’s environmental and social policies and procedures each company had in place to manage environmental and social risks and opportunities. The Board has sought commitment from these companies to collect data on their compliance with the EU Taxonomy and the Principal Adverse Impacts Regulation.
The Company monitors the portfolio on an ongoing basis and, in addition, the relevant PAIs will be tracked. In order to monitor these metrics, the Company has engaged a third-party service provider to assist with the data collection, processing and reporting of sustainability metrics. This work undertaken during the year will enable greenhouse gas emissions, and other sustainability metrics, to be quantified and reported on.
Aggregate EU Taxonomy Alignment
| Category | Aligned | Non-aligned |
|---|---|---|
| Climate Change Mitigation | 17% | 83% |
As the acquisition process advances, detailed due diligence is undertaken. As part of this assessment the Principle Adverse Indicators (“PAIs”), which are sustainability metrics mandated by SFDR, are considered. The Board delegates the assessment of PAIs to the Investment Adviser who operates a screening and due diligence process as well as considering the taxonomy alignment.
The Company’s Investment Adviser oversees this process and the Investment Adviser has day to day responsibility for these matters and engages directly with portfolio companies and a third-party service provider to assist with the data collection, processing and reporting of sustainability metrics. The Investment Adviser has also sought commitment from these companies to collect and report on relevant PAIs.
At the time of the assessment, the Company was compliant with the EU Taxonomy for the Climate Change Mitigation objective for investments representing 17% of the portfolio. The remaining 83% of the portfolio is not currently aligned with the EU Taxonomy, but is considered to be in the process of transition or expected to be aligned in the future.
The Board has set a target that the Company’s portfolio at the time of investment should contribute to climate change mitigation through hydrogen and complementary hydrogen focused technologies. The Board will consider further sustainability related targets for the portfolio in the future as appropriate.
The Company’s Investment Adviser has a dedicated ESG team that monitors the performance of the portfolio and ensures that sustainability strategy is achieved. The team also considers the EU Taxonomy and the Principle Adverse Indicators as part of the acquisition due diligence process.
The Company’s Investment Adviser is committed to transparency and will provide reporting on the portfolio’s alignment with the EU Taxonomy and PAIs. The Investment Adviser has also committed to reporting on the alignment of all investments with the EU Taxonomy and PAIs.
HydrogenOne Capital Growth plc Annual Report 2022
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Strategic Report
Company Overview
The Company’s Investment Adviser is HydrogenOne Capital LLP. The Board of HydrogenOne Capital Growth plc has delegated the day-to-day management of the Company’s investments to the Investment Adviser. The Company’s investment objective is to invest in hydrogen production, storage, transportation, and fuel cell technology companies and related infrastructure, primarily in Europe and North America, to generate returns for shareholders. The investment strategy is to target companies that have the potential to benefit from the global energy transition and decarbonisation trends. The Investment Adviser is responsible for identifying investment opportunities, conducting due diligence, making investment recommendations to the Board, and managing the portfolio of investments.
Board oversight responsibilities
The Board of Directors is responsible for the overall strategy and risk management of the Company. It has established an Audit Committee and a Remuneration Committee, each with delegated responsibilities. The Board’s oversight responsibilities include the review and approval of the Company’s sustainability strategy and policies. The Board is committed to ensuring that appropriate skills and competencies are utilised in the investment process and that suitably qualified and experienced directors and advisors and consultants are engaged as appropriate.
ESG screens
Allocating capital to low carbon growth
- Investing in companies focused on hydrogen production, storage, transportation and fuel cell technology.
- Excludes fossil fuels extraction.
Aligning with long term value creation
- Alignment with long term minorities
- Alignment of executive pay with long term shareholders
- Independence of AC
- Audit Committee independence
Encourage sustainable business practices
- Investment in companies committed to reducing emissions and promoting sustainable energy solutions.
- Transparency
- Company policy and disclosure of supply chain practices
- Environmental and social governance (ESG) integration.
Article 9 Compliance
- Investee companies must comply with SFDR Article 9 requirements.
- Investee agrees to provide data for SFDR periodic disclosure.
Principal Adverse Impacts (PAIs)
- Climate and environmental impact.
- Governance.
- Social impact and employee matters.
- Respect for fundamental human rights.
- Anti-corruption and anti-bribery.
- Sustainable engagement.
ESG in the Company
- KPIs including avoided emissions
- Mapping vs UNSDGs
- The Company’s ESG policy.
EU Taxonomy alignment
The Company considers the potential investment’s economic activity and the alignment with the EU Taxonomy for Sustainable Activities. The Taxonomy requires that an economic activity must make a substantial contribution to at least one of the six environmental objectives: climate change mitigation; climate change adaptation; the sustainable use and protection of water and marine resources; the transition to a circular economy; pollution prevention and control; and the protection and restoration of biodiversity and ecosystems.
Once substantial contribution criteria are established, the activity must also ensure that it does not cause significant harm to any of the other environmental objectives, and that the investee company complies with minimum social safeguards. Engagement with the potential investee’s management team is required to complete this assessment as it typically requires data that is not available publicly. Some inputs into this work are also qualitative and interviews with management provide the most insight.
The Company’s ESG Policy commits the Company to actively consider environmental and social considerations, with a focus on human rights. All investments are subject to a rigorous due diligence process. This includes an assessment of the investee company’s environmental and social policies and procedures each company had in place to manage environmental and social risks and opportunities. The Board has sought commitment from these companies to collect data on their compliance with the EU Taxonomy and the Principal Adverse Impacts Regulation.
The Company monitors the portfolio on an ongoing basis and, in addition, the relevant PAIs will be tracked. In order to monitor these metrics, the Company has engaged a third-party service provider to assist with the data collection, processing and reporting of sustainability metrics. This work undertaken during the year will enable greenhouse gas emissions, and other sustainability metrics, to be quantified and reported on.
Aggregate EU Taxonomy Alignment
| Category | Aligned | Non-aligned |
|---|---|---|
| Climate Change Mitigation | 17% | 83% |
As the acquisition process advances, detailed due diligence is undertaken. As part of this assessment the Principle Adverse Indicators (“PAIs”), which are sustainability metrics mandated by SFDR, are considered. The Board delegates the assessment of PAIs to the Investment Adviser who operates a screening and due diligence process as well as considering the taxonomy alignment.
The Company’s Investment Adviser oversees this process and the Investment Adviser has day to day responsibility for these matters and engages directly with portfolio companies and a third-party service provider to assist with the data collection, processing and reporting of sustainability metrics. The Investment Adviser has also sought commitment from these companies to collect and report on relevant PAIs.
At the time of the assessment, the Company was compliant with the EU Taxonomy for the Climate Change Mitigation objective for investments representing 17% of the portfolio. The remaining 83% of the portfolio is not currently aligned with the EU Taxonomy, but is considered to be in the process of transition or expected to be aligned in the future.
The Board has set a target that the Company’s portfolio at the time of investment should contribute to climate change mitigation through hydrogen and complementary hydrogen focused technologies. The Board will consider further sustainability related targets for the portfolio in the future as appropriate.
The Company’s Investment Adviser has a dedicated ESG team that monitors the performance of the portfolio and ensures that sustainability strategy is achieved. The team also considers the EU Taxonomy and the Principle Adverse Impacts Regulation as part of the acquisition due diligence process.
The Company’s Investment Adviser is committed to transparency and will provide reporting on the portfolio’s alignment with the EU Taxonomy and PAIs. The Investment Adviser has also committed to reporting on the alignment of all investments with the EU Taxonomy and PAIs.# Environmental, Social and Governance (“ESG”)
Case Study – Strohm
Avoided emissions
NAV (Net Asset Value) €11,206,604 (as at 31 December 2022)
Strohm is a company that designs, manufactures and installs Thermoplastic Composite Pipe (TCP). TCP is a non-corrosive material that offers significant environmental benefits compared to traditional steel pipes, including lower CO2 emissions, reduced weight, and enhanced safety features. The application of TCP in the oil and gas sector can significantly reduce the environmental impact associated with pipeline infrastructure. Its corrosion resistance properties of the pipe also reduce the risk of leaks and pollution to the environment.
Application to renewables
HydrogenOne is actively supporting companies that are developing innovative solutions for the energy transition. Strohm’s expertise in the production of high-performance composite pipes is directly transferable to the transport of green hydrogen. Transporting green hydrogen from its production sites to areas where it will be used is a key growth strategy for Strohm. “It is in our genes to disrupt, innovate and lead for the better. This includes working toward a net zero society” – H2: a clean solution to decarbonise the oil and gas sector. It is widely recognised that there is a need for fossil fuels in the short term to meet energy demand and, in the interim, the demand for hydrogen will continue to grow and will support the transition to an energy system that is less dependent on fossil fuels. The development of the hydrogen economy will require significant investment in infrastructure to transport hydrogen from production sites to end consumers. HydrogenOne’s investment in Strohm supports the development of this critical infrastructure.
HydrogenOne Capital Growth plc Annual Report 2022 FUTURE FUEL. NOW
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Company Overview
Strategic Report
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Environmental, Social and Governance (“ESG”)
Case Study – Thierbach project
Regenerating former coal mining sites and decarbonising the industry
The Thierbach project in Germany represents a significant step towards regenerating former coal mining sites and decarbonising the industry. HydrogenOne is investing in a project that will convert the former opencast lignite mine into a hub for green hydrogen production. The project will involve the construction of a large-scale electrolysis plant, which will use renewable energy sources to produce green hydrogen. The project aims to make a substantial contribution to Germany's decarbonisation goals by providing a sustainable source of clean energy for various industrial applications. In addition, large solar power generation parks are being built, from where the renewable power needed to produce green hydrogen in the region will come.
The project involves the development of a green hydrogen production facility at the former opencast lignite mine. The facility will be equipped with an alkaline electrolyser with a high-capacity battery, which enables constant production of cost-competitive green hydrogen and green heat, making use of all the installed renewable power generation capacity and minimising grid interventions. This project will contribute to the decarbonisation of the region's industrial sector and support the transition to a low-carbon economy. The project will provide green hydrogen for the mobility sector, large-scale energy and industrial consumers such as the chemical industry and commercial air and road transport operators. According to federal government’s estimation, green hydrogen demand in Germany is 2.7 to 3.3 million tonnes per annum by 2030, with a domestic production of 0.9 to 1.2 million tonnes per annum.
The Thierbach project will be a key component in the development of the regional hydrogen economy, supporting energy security and creating new jobs and economic opportunities.
HydrogenOne Capital Growth plc Annual Report 2022 FUTURE FUEL. NOW
Environmental, Social and Governance (“ESG”)
| Goal | UN SDG target | The Company’s focus |
| :--- | :--- | :---
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~~Strikethrough text~~# NOW Principles for Responsible Investment
As part of its commitment to sustainable investing, during the year the Investment Adviser has signed the network for investors who are committed to integrating ESG considerations into their investment practices and revenues from products and services that contribute to industrial transition to a green and low carbon economy SDR Conduct Authority issued a consultation on Sustainability regulation will introduce general anti-greenwashing rules supports measures to reduce greenwashing and clarify Carbon Neutral Company considers the term carbon neutral in line with is actively working on setting a net zero target through carbon reduction, it is important to recognise the emissions that have already occurred and take action to address long-term solution to climate change, however it is part of the action that can be taken in the short to medium term as removal projects where there is transparency over the measurement and allocation of sequestration.
HydrogenOne Capital Growth plc Annual Report 2022
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Company Overview
Strategic Report
Governance
Financial statements
Other information
Stakeholder engagement
The Directors have a statutory duty to promote the success of the Company, whilst also having regard to certain broader matters, including the need to engage with employees, suppliers, customers, and others to their interests. The Company has no employees and no customers in the traditional sense. In accordance with the Company’s nature as an investment trust the Board’s principal concern is the interests of the Company’s shareholders taken as a whole. In doing so, it has due regard to the impact of its actions on shareholders, the environment and the wider community.
point of contact between the Company and our stakeholders. The Company’s Corporate Broker, Barclays Bank PLC, are also an integral point of contact between the Company and our shareholders and, together with the Investment Adviser ensure that any shareholder feedback or observations are collated.
| Stakeholder group | Why is it important to engage?
| How has the Board communicated and engaged? # Society and the environment
Ensuring our investment positively contributes to climate change mitigation with an ESG policy integrated in investment decisions and asset monitoring. See ESG section of the report on pages See ESG section of the report on pages
Strategic Report
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Company Overview | Strategic Report | Governance | Financial statements | Other information | Other Matters
Modern slavery disclosure
The Company is committed to maintaining the highest standards of ethical behaviour and expects the same of its is unacceptable and entirely incompatible with its ethics as made to eliminate it from its supply chains. The majority of services supplied to or on behalf of the construction industries and other services associated with those industries. Given what the Company understands to believes its current procedures and ability to rely on regulatory oversight in relation to professional services are
Social, community and human rights issues
The Investment Adviser screens the Company’s Investable Universe as part of the Environmental Social and Governance analysis for any breaches of the principles of rights, environmental breaches and corruption. Any non-compliant companies are excluded from investment.
Anti-bribery and corruption
has developed appropriate anti-bribery policies and procedures. The Company has a zero-tolerance policy towards bribery and is committed to carrying out its business fairly, honestly and openly. The anti-bribery those who represent the Company (including its business to it, or on its behalf, to undertake their business without bribery.
Prevention of the facilitation of tax evasion
failure to prevent facilitation of tax evasion, into force on evasion in any of its forms in its business. The Company complies with the relevant UK law and regulation in relation to the prevention of facilitation of tax evasion and supports and works to make sure its business partners share this commitment.
Strategic Report
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Risk and risk management | Company information
HydrogenOne Capital Growth plc (the “Company” or company limited by shares and is an investment company on the Main Market of the London Stock Exchange and
Asset allocation at year end
The breakdown of the structure of the portfolio at the Company’s year end is shown on page .
Dividends and dividend policy
The Ordinary Shares carry a right to receive dividends. dividend is subject to shareholder approval at the AGM.
Dividend policy
further upside potential. The Company intends to invest in further accretive growth. The Company only intends to pay dividends in order to be approved by HMRC as an investment trust save that, in the medium term, the Company’s Hydrogen Assets Company currently intends to distribute these amounts to Shareholders. The Company’s revenue return after tax for the
Principal risks and uncertainties
The Board, through delegation to the Audit and Risk Committee, has carried out a robust assessment of the emerging and principal risks facing the Company. These include those that would threaten its business model, future performance, normal cycle of Board and Audit and Risk Committee meetings. The Audit and Risk Committee undertook a comprehensive review of the Company’s risk management framework and controls during the year. The risks are documented on a risk register and each risk is rated by impact and probability with the assessed risk given a risk score and a residual rating. The risk register is reviewed on an ongoing basis in an attempt to capture all risks and put appropriate mitigation in place. The together with the mitigated approach, and the Board considers these to be the principal risks of the Company.
| Stable | Reducing | Principal Risks and Uncertainties | Mitigation | Risk Status |
|---|---|---|---|---|
| Regulatory Changes in political or environmental conditions in the hydrogen sector (for example, changes in government policy | | in the energy sector and is familiar with its volatile political and regulatory environment. Extensive contacts across the sector inform its ongoing monitoring of these risks, which due diligence occurs prior to any investments and during the lifetime of their ownership. The Administrator has a strong track record in administering to be adhered to. |
Strategic Report
HydrogenOne Capital Growth plc Annual Report 2022
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Company Overview | Strategic Report | Governance | Financial statements | Other information | Principal Risks and Uncertainties
| Mitigation | Risk Status |
|---|---|
| breaches and possible enhanced loss on poor performing assets. Risk assessment has increased from volatility in electricity The Investment Adviser monitors the outlook for electricity and hydrogen prices. and hydrogen prices may be hedged at the hydrogen As a result, the Investment Adviser oversee power revenues and monitor regularly against expectations. Portfolio allocations are monitored on an ongoing basis by both the Investment Adviser and AIFM, to ensure compliance with investment limits. Reporting by the Investment Adviser | Power price The income and value of the Company’s investments may hydrogen, both current and expected. |
- Market risk
- Interest rate risk
- Geopolitical risk
At each Board meeting a report on risks, portfolio performance and any macro and micro considerations is provided by the Investment Adviser and the AIFM, and reviewed accordingly with the aim to mitigate such risks. Management of risk is considered in line with the investment policy agreed with the Company and key parties.
Future acquisitions and capital raises
Ongoing capital raises are intended. The Company’s share price trading at an excessive discount to its net asset value presents issues for onward investment. Risk assessment has increased due to share price trading at a discount to net asset value. The Company’s Broker monitors the market for the sale of shares to reduce the discount and for further investment opportunities. The Board regularly reviews the relative level of discount against the sector and has the authority to buy back shares. The Board and AIFM oversee the investment pipeline and monitor its progress in relation to Company targets.
Strategic capital raises are undertaken to acquire new investments and to provide working capital. The pipeline is managed by the Investment Adviser and monitored by the AIFM, with onward reporting to the Board. The Board is unlikely to agree to capital raises without a strong pipeline.
HydrogenOne Capital Growth plc Annual Report 2022
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Strategic Report
Risk and risk management
| Principal Risks and Uncertainties | Mitigation | Risk Status |
| :--- | :---
The Investment Adviser conducts a vigorous due diligence process and works very closely with external and technically qualified parties with an aim to provide a fully scoped and informed recommendation. The portfolio is constantly monitored by the Investment Adviser and the AIFM to ensure all investments are in line with the investment policy agreed with the Company and key parties. Management of risk ensures that any adverse impact is limited. Furthermore, the Company invests in a diversified portfolio of investments. Performance Underperforming investment or investment strategy can lead to underperformance to the Company’s target return and ultimate investment objective. Risk assessment has increased from macroeconomic headwinds and rising interest rates. The AIFM regularly reviews the risks within the investment portfolio, the Company’s risk register and how those risks are managed by the Investment Adviser. These include, but are not limited to:
- Market risk
- Interest rate risk
- Geopolitical risk
At each Board meeting a report on risks, portfolio performance and any macro and micro considerations is provided by the Investment Adviser and the AIFM, and reviewed accordingly with the aim to mitigate such risks. Management of risk is considered in line with the investment policy agreed with the Company and key parties.
Future acquisitions and capital raises
Ongoing capital raises are intended. The Company’s share price trading at an excessive discount to its net asset value presents issues for onward investment. Risk assessment has increased due to share price trading at a discount to net asset value. The Company’s Broker monitors the market for the sale of shares to reduce the discount and for further investment opportunities. The Board regularly reviews the relative level of discount against the sector and has the authority to buy back shares. The Board and AIFM oversee the investment pipeline and monitor its progress in relation to Company targets.
Strategic capital raises are undertaken to acquire new investments and to provide working capital. The pipeline is managed by the Investment Adviser and monitored by the AIFM, with onward reporting to the Board. The Board is unlikely to agree to capital raises without a strong pipeline.
HydrogenOne Capital Growth plc Annual Report 2022
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Strategic Report
Risk and risk management
| Principal Risks and Uncertainties | Mitigation | Risk Status |
| :--- | :--- The Director’s assessment considered the market risks associated with the Russian invasion of Ukraine in February 2022, which has caused, have been considered and will continue to be monitored. The Investment Adviser has reviewed the investment portfolio and the Board will keep the situation under continued review. Based on this assessment, the Directors have a reasonable expectation that the Group will be able to continue to operate and to meet its liabilities as they fall due over the next twelve months.
Employees
The Company has no employees. As at the date of this report, the Company had four Directors, of whom two are male and two are female.
Outlook
The outlook for the Company is described in the Chairman’s Statement and the Investment Adviser’s Report.
Strategic report
The Strategic Report of this Annual Report was approved by the Board of Directors on 14 December 2022.
For and on behalf of the Board
Simon Hogan
Chairman
14 December 2022
Governance
Board of Directors
Directors’ Report
Corporate Governance
Directors’ Remuneration Policy
Directors’ Remuneration Implementation Report
Report of the Audit and Risk Committee
Statement of Directors’ Responsibilities
FUTURE FUEL. NOW
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
HydrogenOne Capital Growth plc Annual Report 2022
Company Overview
Strategic Report
Governance
Financial statements
Other information
The Principals of the Investment Adviser
Dr JJ Traynor
Dr John Joseph “JJ” Traynor has extensive experience in energy, capital markets, project management, and M&A. He has held a series of senior energy and banking sector positions, including Executive Vice President at Royal Dutch Shell, where he led investor relations and established the company’s ESG programme; Managing Director at Deutsche Bank, where he was the number one ranked analyst in European and Global oil & gas; Geologist at BP, in the North Sea, West Africa and Asia Pacific. He has a Geology BSc from Imperial College, a PhD from Cambridge University. He attended the INSEAD Advanced Management Programme, and is a Fellow of the Geological Society of London.
Richard Hulf
Richard Hulf is a fund manager with corporate finance and engineering experience in the Utilities and Energy sectors and is a Chartered Engineer, originally from Babcock Power and latterly Exxon. In addition, his financial experience spans stock broking, corporate finance and fund management with Henderson Crosthwaite, Ernst & Young and Artemis Investment Management, where he invested into renewables companies. He has an MSc in Petroleum Engineering from Imperial College.
Board of Directors
- Member of the Audit and Risk, Valuation, Management Engagement, Nomination and Remuneration Committees.
- Mr Bucknall is not a member of the committees of the Board but attends by invitation. Considered independent by the Board. Refer to page 66 for an assessment of independence for David Bucknall.
- Each Director has also been appointed as a Director of HydrogenOne Capital Growth (GP) Limited (a wholly owned subsidiary of the Company which has been appointed as the general partner of the Limited Partnership) in order to ensure that the Board are in a position to discharge their duties as Directors of HydrogenOne Capital Growth plc and to satisfy the requirements of the Listing Rules in relation to the management of the HydrogenOne Partnership in accordance with the Listing Rules.
Simon Hogan
1,3
(Chairman of the Board and Nomination Committee)
Born 1967
Mr Hogan has significant capital markets, legal and management experience. He was previously a Managing Director of Morgan Stanley and Chief Operating Officer across their Commodities, Fixed Income and Equity divisions. Mr Hogan has held multiple board positions and was a member of the FCA Practitioners committee. Mr Hogan’s contribution is invaluable to the Company in terms of his experience and the guidance he provides in respect of investment strategy and the direction as well as managing a newly established Board and Company.
Afkenel Schipstra
1,3
(Chairman of the Audit and Risk Committee and the Valuation Committee)
Born 1967
Afkenel has over 20 years’ experience in Energy in Europe and capital markets. Afkenel was previously SVP of Hydrogen Business Development for the Netherlands at ENGIE, and held senior positions at Gasunie, Shell and NAM. Mrs Schipstra’s extensive knowledge of hydrogen value chain and project development is critical to the investment strategy of the Company and her expertise in the sector.
Abigail Rotheroe
1,3
(Chairman of the Management Engagement Committee and the Remuneration Committee)
Born 1972
Abigail brings significant investment experience and was previously Investment Director at Snowball Impact Management, a sustainable and impact focussed asset manager. Ms Rotheroe was a Director of Threadneedle Investment, following positions at HSBC Asset Management and Schroders and has experience of institutional and retail fund management. She has previously served on the boards of Baillie Gifford Shin Nippon plc and Templeton Emerging Markets Investment Trust plc. Ms Rotheroe also brings knowledge of fund governance, manager selection and impact measurement.
David Bucknall
2,3
(Non-Executive Director)
Born 1967
Mr Bucknall is currently Chief Executive Officer of the INEOS Energy group of companies and has been nominated as the Board representative of INEOS Offshore BCS Limited (“INEOS Energy”) pursuant to the relationship and subscription agreement entered into between INEOS Energy and the Company at launch. Mr Bucknall brings a wealth of commercial experience through his role held at INEOS Energy.
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HydrogenOne Capital Growth plc Annual Report 2022
Directors’ Report
The Directors present their report and accounts for the Company and Group for the year ended 30 September 2022.
Strategic report
The Directors’ Report should be read in conjunction with the Strategic Report on pages 17 to 48.
Corporate governance
The Corporate Governance Statement on pages 55 to 68 forms part of this report.
Legal and taxation status
The Company is an investment company within the meaning of section 833 of the Companies Act 2006 and is listed on the Main Market of the London Stock Exchange. The Company conducts its affairs in order to meet the requirements for approval as an investment trust under Chapter 4 of Part 10 of the Income and Corporation Taxes Act 1988 and Chapter 3 of Part 13 of the Income Tax Act 2007. The Company has received approval as an investment trust and the Company must meet eligibility conditions and ongoing requirements in order for investment trust status to be maintained. In the opinion of the Directors, the Company has met the conditions and requirements for approval as an investment trust for the year ended 30 September 2022.
Risk and risk management
The Principal Risks and Uncertainties for the Company and their mitigation on pages 47 to 49 forms part of this report.
Viability statement
The Viability Statement is on page 50.
Market information
The Company’s Ordinary Shares are premium listed on the London Stock Exchange (“LSE”). The NAV per Ordinary Share is calculated in Pound Sterling. As at 30 September 2022, the VH2 ETF Share was calculated on a daily basis based upon the quarterly valuation of the Private Hydrogen Assets and daily valuation of the Listed Hydrogen Assets. As at 30 September 2021, the VH2 ETF Share has been calculated on a quarterly basis based upon the quarterly valuation of the Private Hydrogen Assets and Listed Hydrogen Assets, the first quarterly NAV being as at 30 September 2021. The quarterly NAV per Ordinary Share is published through a regulatory information service.
Retail distribution promotion
As a result of the Financial Conduct Authority (“FCA”) rules determining which investment products can be promoted to retail investors, certain investment products are classified as ‘non-mainstream pooled investment products’ and have restrictions on their promotion to retail investors. The Company has concluded that the distribution of its shares, being shares in an investment trust, is not restricted as a result of the FCA rules described above. The Company currently conducts its affairs so that the shares issued by the Company can be recommended by financial advisers to retail investors and intends to continue to do so for the foreseeable future.
Shareholder relations and Annual General Meeting (AGM)
The Board encourages all shareholders to attend the AGM and generally seeks to provide twenty one clear days’ notice of that meeting. The Notice of AGM sets out the business of the AGM and any special business is explained in the Directors’ Report on pages 51 to 54. Separate resolutions are proposed for each substantive issue. The Investment Adviser has a programme of meetings with shareholders and reports back to the Board on its findings. The Board also welcomes direct feedback from shareholders. The Chairman is available to meet shareholders and may be contacted by email via the Company Secretary, at [email protected]. The Directors’ Report and Accounts for the year ended 30 September 2022 together with the Notice of Annual General Meeting to be held on 15 December 2022, is posted to shareholders. The Notice of AGM sets out the arrangements for the meeting. Details of how shareholders can cast their votes can be found in the Notes to the Notice of Annual General Meeting on pages 52 to 54. Shareholders will also have the opportunity to hear a presentation from the Investment Adviser, and ask questions of the Board and the Investment Adviser.
Special business of the AGM
Authority to issue and purchase own shares
The Board recommends that the Company be granted authority to issue shares of up to 10% of the aggregate nominal amount of the Ordinary Shares in issue at the date of this document and to allot such shares and/or sell Ordinary shares from treasury.Ordinary resolution and special resolution will be put to shareholders at the AGM. Ordinary Shares will be issued under this authority only at the Board’s discretion and when it is deemed to be in the best interests of shareholders as a whole to do so. The advantages are to lower the Company’s ongoing charges as expenses are diluted and, in the short term, to address volatility in the share price. Unless otherwise authorised by shareholders, new Ordinary Shares will not be issued at less than NAV and Ordinary Shares held in treasury will not be sold at less than NAV. The maximum number of Ordinary Shares which can be admitted to trading on the London Stock Exchange without admission of the Ordinary Shares. The Directors recommend that a new authority to purchase at the date of the AGM are purchased) be granted and special resolution to that effect will be put to the AGM. the Directors so determine, held in treasury. Ordinary Shares are purchased at the discretion of the Board and when it is deemed to be in the best interests of shareholders. Ordinary Shares will be purchased for cancellation or for treasury only when the Ordinary Shares are trading at a discount to the Net Asset Value. shares acquired by way of market purchases as treasury shares, rather than having to cancel them. This gives the Company the ability to sell Ordinary Shares quickly and cost effectively, thereby improving liquidity and providing the Company with additional flexibility in the management of its capital base. At the year end and at the date of this report, no Ordinary Shares were held in treasury.
Notice of General Meetings
Special resolution in the notice to the AGM is required to reflect the requirements of the Shareholder Rights Directive. The Company is currently able to call general meetings, like to preserve this ability. In order to be able to do so, shareholders must have given their prior approval. Special resolution seeks such approval, which would be effective until the Company’s next AGM, when it is intended that a similar resolution will be proposed. The Company will ensure that it offers the facility for shareholders to vote by electronic means, and that this facility is accessible to notice. Short notice of this kind will be used by the Board only under appropriate circumstances.
Continuation vote
The Articles of Association require that an ordinary resolution be proposed at every fifth AGM of the Company that the Company should continue as an investment Articles of Association, the initial vote for the continuation of the Company will be proposed at the AGM to be passed, the Directors are required to draw up proposals for shareholders’ approval for the voluntary liquidation or unitisation or other reorganisation of the Company, which would require a special resolution of shareholders.
Articles of association
Amendments to the Company’s Articles of Association require an Ordinary Resolution to be passed
Management
The Board
The independent Board is responsible to Shareholders for the overall management of the Company. The Board has adopted a Schedule of Matters Reserved for the Board which sets out the division of responsibilities between the Board and its various committees, the Chairman and the Chairmen of the various committees, together with the duties of the Board, further details can be found on pages and . Through the Committees and the use of external independent advisers, the Board manages risk and governance of the Company.
Appointment of Board Members
The rules concerning the appointment of Directors are contained in the Company’s Articles of Association which require that a Director shall be subject to election at the first Further details of the Board’s process for the appointment of Board members can be found on page .
Alternative Investment Fund Manager (“AIFM”)
FundRock Management Company (Guernsey) Limited, formerly known as Sanne Fund Management (Guernsey) Limited, has been appointed as the Company’s and Limited Partnership’s AIFM. The AIFM has delegated the provision of portfolio management services to the Investment Adviser pursuant to the Investment Adviser Agreement. The AIFM Agreement shall continue in force until terminated by either the AIFM or the Company by giving to the other no less than six months’ prior written notice, provided that such notice may not be served earlier than the date being twelve months from the date of the AIFM Agreement. The AIFM Agreement may be terminated earlier by either party with immediate effect in certain circumstances, including, if the other party shall go into liquidation or an order shall be made or a resolution shall be passed to put the other party into liquidation or the other party has committed a material breach of any obligation the AIFM Agreement, and in the case of a breach which is capable of remedy fails to remedy .
The AIFM shall maintain, at its cost, professional indemnity insurance to cover any professional liability which it may incur under the AIFM Agreement, with a limit not less than certain other indemnified parties, a customary indemnity against losses which may arise in relation to the AIFM’s performance of its duties under the AIFM Agreement. The Board confirms that it has reviewed whether to retain FundRock Management Company (Guernsey) Limited as the AIFM of the Company. It has been concluded that it is in the best interests of shareholders as a whole to continue with the AIFM’s engagement.
Investment Adviser
The AIFM has appointed HydrogenOne Capital LLP as the Investment Adviser. The Investment Adviser has been given responsibility for investment advisory services in respect of any Private Hydrogen Assets the Company invests in directly or indirectly through holding entities and the Listed Hydrogen Assets (including uninvested cash) in accordance with the Company’s investment policy, subject to the overall control and supervision of the AIFM. Details of the Ordinary Shares in the Company. The Limited Partnership has entered into a Limited Partnership Investment Adviser Agreement”) between the General Partner (in its capacity as general partner of the Limited Partnership), the AIFM and the Investment Adviser, pursuant to which the Investment Adviser has been given responsibility for investment advisory services in respect of the Private Hydrogen Assets in accordance with the investment policy of the Limited Partnership, subject to the overall control and supervision of the AIFM. The Investment Adviser Agreements are for an initial term of four years from the date of Admission and thereafter subject to termination on not less than twelve months’ written notice by any party. The Investment Adviser Agreements can be terminated at any time in the event of, inter alia, the insolvency of the Company, the AIFM or the Investment Adviser or if certain key members of the Investment Adviser’s team cease to be involved in the provision of services to the Company and are not replaced by individuals satisfactory to the Company (acting reasonably). The Company and the Limited Partnership have given an indemnity in favour of the Investment Adviser (subject to customary exceptions) in respect of the Investment Adviser’s potential losses in carrying on its responsibilities under the Investment Adviser Agreement. The Board confirms that it has reviewed whether to retain HydrogenOne Capital LLP as the Investment Adviser of the Company and the Limited Partnership. It has been concluded that, given the Investment Adviser’s depth of knowledge in the sector and the recent growth and performance record of the Company, it is in the best interests of shareholders as a whole to continue with the Investment Adviser’s engagement.
Alternative Investment Fund Portfolio Managers’ Directive (“AIFMD”)
In accordance with the AIFMD, the AIFM must ensure that an annual report containing certain information on the Company is made available to investors for each financial year. The investment funds sourcebook of the FCA (the “Sourcebook”) details the requirements of the annual report. All the information required by those rules are included in this Annual Report or will be made available on the Company’s website.
Company Secretary and Administrator
Apex Listed Companies Services (UK) Limited (formerly Sanne Fund Services (UK) Limited), has been appointed to provide company secretarial and administration services to the Company.
Custodian
The Northern Trust Company has been appointed as the Company’s custodian for the Listed Hydrogen Assets.# Directors' Report
Registrar
Computershare Investor Services plc has been appointed as the Company’s registrar.
Continuing appointment of service providers
The Board has committed to undertake a detailed review of the continued appointment of these service providers on an annual basis to ensure these are in the best long term interests of the Company’s Shareholders and undertook a comprehensive service provider review during the year. The Board believes it remains in the best interest of shareholders to continue to engage the services of the Company’s appointed service providers.
Capital structure and voting rights
At the year end and to the date of this report, the Company has 252,884,086 Ordinary Shares in issue, with no Ordinary Shares held in treasury. Each Ordinary Share held entitles the holder to one vote. All Ordinary Shares carry equal voting rights and there are no restrictions on those voting rights. Voting deadlines are stated in the Notice of Meeting and Form of Proxy and are within the requirements of the Articles of Association and relevant regulations. There are no restrictions on the transfer of Ordinary Shares, nor are there any limitations or special rights associated with the Ordinary Shares.
Political donations
There were no political donations made during the financial year ended 31 December 2022.
Transparency reports
The above rule requires listed companies to report certain information in a single identifiable section of their annual financial reports. The Company confirms that, other than where referred to below, it has complied with the requirements of the Disclosure Guidance and Transparency Rules sourcebook issued by the Financial Conduct Authority. The Company has not been required to publish a sponsor-led working capital statement. The Company has complied with the requirements of the UK Corporate Governance Code. The Company has complied with the requirements of the AIC Code. The Company has complied with the requirements of the UK Corporate Governance Code and the AIC Code, except as detailed below.
Future trends
Details of the main trends and factors likely to affect the future development, performance and position of the Company’s business can be found in the Investment Adviser’s Report section of this Strategic Report. Further details as to the risks affecting the Company are set out in the ‘Principal Risks and Uncertainties’ on pages 14 to 17.
Directors’ indemnities
Save for certain provisions contained in the deeds of indemnity issued by the Company, the Company has indemnified each of the Directors against all liabilities which each Director may suffer or incur arising out of or in connection with any claim made or proceedings taken against them, including but not limited to, liability for negligence, default, breach of duty or breach of trust, in relation to the Company or any associated company. The indemnities would provide financial support from the Company after the level of cover provided by the Company’s Directors’ and Officers’ insurance policy has been fully utilised.
Going concern
The Directors consider that it is appropriate to adopt the going concern basis in preparing the Financial Statements. Details of the Directors’ assessment of the going concern status of the Company and Group, which considered the adequacy of the Company and Group’s resources, the potential impact of macroeconomic factors, such as higher inflation and interest rates that have occurred following the Russian invasion of Ukraine and associated geopolitical events and the Company’s ability to meet its liabilities as they fall due over the next 12 months from the date of this report, have been included in the Strategic Report.
Auditor information
Each of the Directors at the date of the approval of this report confirms that: (i) so far as the Director is aware, there is no relevant audit information of which the Company’s auditor is unaware; and (ii) the Director has taken all steps that he or she ought to have taken as Director to make himself or herself aware of any relevant information and to establish that the Company’s auditor is aware of that information. This confirmation is given and should be interpreted in accordance with section 418 of the Companies Act 2006.
Appointment of auditor
In accordance with Article 112 of the Articles of Association, and subject to shareholder approval at the forthcoming Annual General Meeting on 12 May 2022, the Directors have proposed the appointment of KPMG Channel Islands Limited (“KPMG”) as auditor.
By order of the Board
Brian Smith
For and on behalf of Apex Listed Companies Services (UK) Limited
Company Secretary
12 April 2022
Company Holding of Ordinary Shares
| Holding of Ordinary Shares – As at 31 December 2021 | % Holding – As at 31 December 2021 | Holding of Ordinary Shares – As at 31 December 2022 | % Holding – As at 31 December 2022 |
|---|---|---|---|
| INEOS Offshore BCS Limited | 15.15% | 15.15% | |
| Rathbone Investment Management International Ltd | 7.71% | 7.71% | |
| The Board of Directors (in aggregate) | 0.40% | 0.40% | |
| Stichting Juridisch Eigendom Privium Sustainable Impact Fund | 5.05% | 5.05% | |
| Investec Wealth & Investment Limited | 2.62% | 2.62% | |
| FS Wealth Management Limited | 3.54% | 3.54% |
Corporate Governance
Introduction
This Corporate Governance statement forms part of the Directors’ Report. The Listing Rules and the Disclosure Guidance and Transparency Rules of the UK Listing Authority require listed companies to disclose how they have applied the principles and complied with the provisions of The UK Corporate Governance Code (the “UK Code”) issued by the Financial Reporting Council (“FRC”). The UK Code can be viewed on the FRC’s website. The Board has considered the principles and provisions of the AIC Code of Corporate Governance (the “AIC Code”) which addresses those set out in the UK Code, as well as setting out additional provisions on issues that are of specific relevance to the Company, as an investment trust. The Board considers that reporting against the AIC Code, which has been endorsed by the Financial Reporting Council, provides more relevant information to shareholders. The AIC Code is available on the AIC website (www. theaic. co.uk). It includes an explanation of how the AIC Code adapts the Principles and Provisions set out in the UK Code to make them relevant for investment companies. The Company has complied with the AIC Code and the relevant provisions of the UK Code, except as set out below.
The UK Code includes provisions relating to:
* The role of the company secretary;
* The remuneration committee; and
* The internal audit function.
The Board considers these provisions are not relevant to the Company, being an externally managed investment company with no employees. The Company has therefore not reported further in respect of these provisions, other than the need for an internal audit function specific to the Company, which has been addressed on page 16.
The Board Composition
The Board is comprised of four Directors, none of whom are Executive Directors. The Chairman is Simon Hogan, and the Directors are Afkenel Schipstra, Abigail Rotheroe and David Bucknall. Mrs Schipstra is the Chairman of the Audit and Risk Committee and the Valuation Committee and Ms Rotheroe is the Chairman of the Management Engagement Committee and Remuneration Committee. Mr Hogan is Chairman of the Nomination Committee. Due to the size and nature of the Company’s business, the Board has determined that it is not necessary to appoint a separate Chief Executive Officer as the role can be performed by the Board as a whole.
Mrs Schipstra is a Senior Independent Director, having served on the Board since 12 April 2021, and is an independent Director. Ms Rotheroe is an Independent Director, having served on the Board since 12 April 2021 and 11 April 2022 respectively. Mr Bucknall is an Independent Director, having served on the Board since 2 April 2021.
Mrs Schipstra was appointed to the Board on 12 April 2021 and Mr Bucknall on 2 April 2021. Ms Rotheroe was appointed on 11 April 2022. All Directors are subject to election annually, save for those appointed during the year which are elected at the next AGM.
The Board believes that during the year ended 31 December 2022, the Board has been composed of individuals with the appropriate balance of skills, experience and length of service to effectively discharge their duties and responsibilities as a board of directors of an investment company of the Company’s nature and size. All of the Directors are independent of the Investment Adviser and are able to allocate sufficient time to the Company to discharge their responsibilities effectively. In accordance with the AIC Code, Mr Bucknall is considered to be a director who represents a significant shareholder and therefore should be presumed not to be independent. However, it is the Board’s assessment that the provisions in place to manage actual or potential situational conflicts of interest are sufficiently robust and always promote the success of the Company. The Board has concluded that Mr Bucknall continues to demonstrate independence of character and judgement. His skills and experience have added significantly to the strength of the Board and his continued service is invaluable to the Company’s Investment and strategic direction. The Directors of HydrogenOne Capital Growth plc have a broad range of relevant experience to meet the Company’s requirements and their biographies are given on page 15. In line with the AIC Code and the Articles of Association, each Director is subject to election at the first AGM following their appointment and thereafter annually, as recommended by the Nomination Committee, to allow shareholders to vote on the re-appointment of Directors. The Board recommends all the Directors for re-election.
The Directors have appointment letters which do not provide for any specific term. Copies of the Directors’ appointment letters are available on request from the Company Secretary.# Governance
Upon joining the Board, any new Director will receive an induction and relevant training is available to Directors on an ongoing basis. A policy of insurance against Directors’ and Officers’ liabilities is maintained by the Company.
Board Committees
The Board decides upon the membership and chairmanship of its committees. Each Committee has adopted formal terms of reference, which are reviewed at least annually. The Directors, in the furtherance of their duties, may take independent professional advice at the expense of the Company.
Audit and Risk Committee
A report on pages 12 and 17 provides details of the role and composition of the Audit and Risk Committee together with a description of the work of the Audit and Risk Committee in discharging its responsibilities.
Remuneration Committee
All of the Directors, except Mr Bucknall, are members of this Committee, and Ms Rotheroe is the Chairman. The Remuneration Committee has been established to meet formally on at least an annual basis to review the remuneration policy of the Company and consider the fees payable to Directors and senior management. The Directors’ Remuneration Implementation Report is included on pages 18 and 19.
Management Engagement Committee (“MEC”)
All of the Directors, except Mr Bucknall, are members of the MEC, and Ms Rotheroe is the Chairman. The MEC has been established to conduct a formal annual review of the AIFM and the Investment Adviser, assessing investment and other performance, the level and method of their remuneration and the continued appointment of them as AIFM and Investment Adviser to the Company. The MEC met and reviewed the AIFM and Investment Adviser’s performance and remuneration structure. In conclusion the Committee’s recommendation to the Board was that it was in the best interests of shareholders as a whole to continue with their engagements and that the current management fee structure remained appropriate. (See page 25 for further details). During the year, the MEC also conducted the first annual detailed service review of the main service providers to the Company and concluded that their continued appointment remained in the best interest of shareholders.
Nomination Committee
All of the Directors, except Mr Bucknall, are members of this Committee and Mr Hogan is the Chairman. The Nomination Committee has been established for the purpose of identifying and putting forward candidates for the office of Director of the Company. The Nomination Committee considers job specifications and assesses whether candidates have the necessary skills and time available to devote to the job. It also undertakes an annual performance evaluation of the Board. An evaluation requiring the Directors to complete detailed questionnaires on the operation of the Board, its Committees and the individual contribution of Directors as well as the performance of the Chairman was undertaken during the year. The results of the evaluation were reviewed by the Chairman and discussed with the Board. Based upon the conclusions of the of the most recent performance evaluation, which were positive and demonstrated that the Directors showed the necessary commitment for the effective fulfilment of their duties, the Directors were considered to be in good standing and were either re-elected or elected at the forthcoming AGM. The Board succession plan is reviewed and maintained through the Nomination Committee to promote regular refreshment and diversity, whilst maintaining stability and continuity of skills and knowledge on the Board.
Valuation Committee
All of the Directors, except Mr Bucknall, are members of this Committee, and Mrs Schipstra is the Chairman. The Valuation Committee has been established to meet formally on at least a quarterly basis to formulate valuation policies for investments of the Company, consider whether independent valuation of the portfolio is required and approve the valuations or valuation methodology of the Private and Listed Hydrogen Assets. A summary of the valuation of the Company’s investment portfolio is given on page 17.
Board Diversity
Appointments are based on merit with due regard to the benefits of diversity. The Board considers many factors, including the balance of skills, knowledge, experience, gender, ethnicity, cognitive and personal strengths when reviewing its composition and appointing new Directors. The aim of the policy is to identify those with the best range of skills and experience to complement existing Directors in order to provide effective oversight of the Company and constructive support and challenge to the Investment Adviser. Summary biographical details of the Directors, including their relevant experience, are set out on page 15.
The Board’s composition for gender diversity has been reviewed and considered. It has been noted that there is currently 33% female representation and complies with the Hampton-Alexander Review report recommendations to have at least 33% female representation. Although the Board has considered the recommendations within the FTSE Women Leaders Review, it does not consider it appropriate to establish targets or quotas in these regards. The Company has no employees. The Board is however mindful of the FCA Listing Rules requirement to report on diversity targets for board and senior management. This new requirement applies to accounting periods beginning on or after 1 January 2022 and therefore the Company intends to report against these requirements for the year ended 31 December 2022.
Tenure Policy
It is the Board’s policy that all Directors, including the Chairman, shall normally have tenure limited to nine years from their appointment to the Board, except that the Board may determine otherwise if it is considered that the continued participation on the Board of an individual Director is in the best interests of the Company and its shareholders. Directors are subject to annual election by shareholders. The Board considers that this policy encourages regular refreshment and is conducive to fostering diversity.
Internal Control
The Board is responsible for establishing the Company’s system of internal controls and for monitoring their effectiveness. The system of internal controls is designed to manage rather than eliminate the risk of failure to achieve business objectives. It can provide only reasonable assurance against material misstatement or loss. The Board, through the Audit and Risk Committee, regularly reviews the effectiveness of the internal control systems to identify, evaluate and manage the Company’s significant risks. If any significant failings or weaknesses are identified the Board, and where required the Investment Adviser, ensure that necessary action is taken to remedy the failings. Taking into account the principal risks and uncertainties section on pages 14 and 17 during the year, the Board – through the Audit and Risk Committee – established the Company’s risk management framework and controls. This identified a detailed number of risks facing the Company and resulted in enhanced risk documentation and reporting to the Board and Audit and Risk Committee. Following its review, the Board is not aware of any significant failings or weaknesses arising in the year under review.
Meeting Attendance
| Board | Audit and Risk Committee | Remuneration Committee | Management Engagement Committee | Nomination Committee | Valuation Committee | |
|---|---|---|---|---|---|---|
| Number of meetings held | 9 | 12 | 10 | 10 | 10 | 12 |
| Simon Hogan | 9 | 12 | 10 | 10 | 10 | 12 |
| Afkenel Schipstra | 9 | 12 | 10 | 10 | 10 | 12 |
| Abigail Rotheroe | 9 | 12 | 10 | 10 | 10 | 12 |
| David Bucknall | 9 | 12 | 10 | 10 | 10 | 12 |
| Caroline Cook | 8 | 12 | 10 | – | – | 10 |
| Roger Bell | 8 | 12 | – | – | – | – |
- Ms Rotheroe was appointed as a Non-Executive Director on 8 February 2022.
- Mr Bucknall was appointed as a Non-Executive Director effective 20 May 2022. Mr Bucknall is not a member of the committees of the Board but attends by invitation. He was unable to attend one Board meeting due to prior commitments following his appointment.
- Mrs Cook and Mr Bell resigned effective 7 April 2022 and 4 May 2022 respectively. In addition, a number of ad hoc Board and committee meetings were held to deal with administrative matters and the formal approval of documents.
The Board believes that the existing arrangements, including those set out below, represent an appropriate framework to meet the internal control requirements. By these procedures the Directors have kept under review the effectiveness of the internal control system throughout the year and up to the date of this report.
Financial Aspects of Internal Control
These are detailed in the Report of the Audit and Risk Committee.
Other Aspects of Internal Control
The Board holds at least four regular meetings each year, plus additional meetings as required. Between these meetings there is regular contact with the Investment Adviser and the Company’s Administrator. The Administrator, Apex Listed Companies Services (UK) Limited (formerly Sanne Fund Services (UK) Limited), reports separately in writing to the Board concerning risks and internal control matters within its remit, including internal financial control procedures and company secretarial matters. Additional ad hoc reports are received as required and Directors have access at all times to the advice and services of the Company Secretary, which is responsible to the Board for ensuring that Board procedures are followed and that applicable rules and regulations are complied with.## Directors’ Remuneration Policy
The remuneration policy (the “Policy”) must be put forward for shareholder approval at its first AGM and thereafter at a maximum interval of three years. The Policy was last approved by shareholders at the Annual General Meeting held on 7 September 2021 and will continue in force until the Annual General Meeting to be held in 2024, unless it is earlier revoked or amended by shareholders. Any proposed material variation to the Policy will be put forward for shareholder approval prior to its implementation. The Policy sets out the principles the Company follows in remunerating Directors and the result of the shareholder vote on the Policy is binding on the Company. The Remuneration Committee will take account of any views expressed by shareholders in formulating this policy.
The Company has no other employees.
Service contracts
The Directors do not have service contracts with the Company. The Directors have appointment letters and, following initial election by shareholders, are subject to re-election by shareholders annually.
Fees
Directors’ fees are determined by the Board according to their duties and responsibilities and by reference to the time commitment required by each Director to carry out their roles effectively. In setting fees, the Board also has regard to the need to recruit and retain Directors with appropriate knowledge and experience, the fees paid to Directors of the Company’s peers and industry practice. Directors’ fees are also subject to the aggregate annual limit set out in the Company’s Articles of Association (the “Articles”), which is £125,000 per annum. The aggregate limit can only be amended by an ordinary resolution put to shareholders at a general meeting. Directors are not eligible for bonuses, pension benefits, share options or other benefits. Directors’ fees are paid at fixed annual rates and do not have any variable elements. Directors are also entitled to reimbursement of reasonable expenses incurred in performance of their duties. These expenses are unlikely to be of a significant amount. Fees are payable from the date of appointment as a Director of the Company and cease on the date of termination of appointment. Any new Directors will be paid at the same rate as existing Directors. Directors are not entitled to compensation for loss of office, and there is no notice period upon early termination of appointment. No incentive fees will be paid to any person to encourage them to become a Director of the Company. The Company may, however, pay fees to external agencies to assist the Board in the search and selection of Directors or in reviewing remuneration. Where a consultant is appointed, the consultant shall be identified in the Annual Report alongside a statement about any other connection it has with the Company or individual Directors. No consultants were appointed during the year. Independent judgement will be exercised when evaluating the advice of external third parties.
Statement of consideration of conditions elsewhere in the Company
As stated above, the Company has no employees. Therefore, the process of consulting with employees on the setting of the Remuneration Policy is not applicable.
Review of the Policy
This Policy will be reviewed on an annual basis by the Remuneration Committee and any changes approved by the Board. As part of the review, the Remuneration Committee will consider whether the Policy supports the Company’s strategic objectives and considers all relevant regulatory requirements. Any material change to the Policy must be approved by shareholders.
The Policy is effective from the date of approval by shareholders.
Current and future policy
| Component | Purpose of reward | Operation |
|---|---|---|
| Annual fee Chair of the Board | For services as Chairman of a plc | Determined by the Board |
| Annual fee Other Directors | Directors of a plc | Determined by the Board |
| Additional fee Chair of the Audit Committee | For additional responsibility and time commitment | Determined by the Board |
| Expenses All Directors | Reimbursement of expenses incurred in the performance of duties | Submission of appropriate supporting documentation |
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HydrogenOne Capital Growth plc Annual Report 2022
Company Overview Strategic Report Governance Financial statements Other information
Directors’ Remuneration Implementation Report
Report of the Remuneration Committee
The Report of the Remuneration Committee (the “Report”) has been prepared in accordance with the requirements of Schedule 8 of the Large and Trading Companies (Accounts and Reports) Regulations 2008 and the Companies Act 2006. A resolution for the approval of this Report will be put forward at the forthcoming AGM. The Report is put forward for approval by shareholders on an annual basis. The result of the shareholder resolution on the Report will be non-binding, but the Directors and the Remuneration Committee will have regard to the outcome of the shareholder vote in their future considerations. The law requires the Company’s auditor to audit certain of the disclosures provided. Where disclosures are audited they are indicated as such. The auditor’s opinion is shown on pages 78 to 86.
Remuneration Committee
The Remuneration Committee has been delegated responsibility by the Board for setting the remuneration policy and for overseeing the remuneration of Directors. The Remuneration Committee comprises the whole Board. Further detail on the duties of the Remuneration Committee can be found in the Corporate Governance statement on page 15.
The Directors are appointed for their expertise and experience. The Remuneration Committee is satisfied that the level of fees are appropriate to attract and retain Directors of the necessary calibre. The current aggregate annual fee cap for Directors is £125,000, as set out in the Company’s Articles of Association. Directors’ appointment letters and shareholding rights
The Directors have appointment letters which do not provide for any specific term. The Directors are not entitled to compensation on loss of office. There are no restrictions on transfers of the Company’s Ordinary Shares held by the Directors or any special rights attached to such shares.
Performance
The chart below shows the performance of the Company’s share price by comparison to the Solactive Hydrogen Economy Index on a total return basis. The Company does not have a specific benchmark but has deemed the Solactive Hydrogen Economy Index a suitable proxy for the Company’s performance as it provides exposure to companies involved in the clean Hydrogen revenue from clean Hydrogen.
Total return performance HGEN Share Price vs NAV from date of listing to 2022
| 2022 | |
|---|---|
| HGEN Share Price | 21/09/2022 |
| 29/12/2021 | 0.73 |
| 29/12/2020 | 0.89 |
| 29/12/2019 | 0.95 |
| 29/12/2018 | 1.08 |
| 29/12/2017 | 1.14 |
| HGEN NAV | |
| SOLGHYD Index |
FUTURE FUEL.# NOW HydrogenOne Capital Growth plc Annual Report 2022
Directors’ emoluments for the year (Audited)
The Directors who served during the year received the following remuneration for qualifying services, commencing from the after the Company’s
| $\text{Fees}$ | $\text{Taxable benefits}$ | $\text{Total}$ | $\text{Fees}$ | $\text{Taxable benefits}$ | $\text{Total}$ | ||
|---|---|---|---|---|---|---|---|
| Simon Hogan | | – | | | – | | |
| Roger Bell | | – | – | – | – | – | – |
| David Bucknall | | – | – | – | – | – | – |
| Caroline Cook | | | | | | – | |
| Abigail Rotheroe | | | | | | – | |
| Afkenel Schipstra | | | | | | – | |
| Total | | | | | – | | – |
- Appointed as a Non-Executive Director on 1 October 2021 and resigned on 4 May 2022 and was not remunerated for his services.
- Appointed as a Non-Executive Director on 20 May 2022 and is not remunerated for his services.
- Appointed as a Non-Executive Director on 20 May 2021 and resigned on 7 April 2022.
- Appointed as a Non-Executive Director on 8 February 2022 and appointed Chair of the Remuneration and Management Engagement Committees
- Appointed as a Non-executive Director on 20 May 2021 and appointed Chair of the Audit and Valuation Committees 7 April 2022.
There are no other taxable benefits payable by the Company other than certain expenses which may be deemed to be taxable such as travel expenses. None of the above fees were paid to third parties.
The following table sets out the total level of Directors’ remuneration compared to the distributions to shareholders by way of dividends and share buybacks, and the management fees and other expenses incurred by the Statement of Comprehensive Income). The comparative period is from the date of the Company’s incorporation
| 2022 (£) | 2021 (£) | |
|---|---|---|
| Spend on Directors’ fees | | |
| Management fees and other expenses | | |
| Dividends paid to shareholders | – | – |
The disclosure of the information in the table above is and Groups (Accounts and Reports) (Amendment) and other expenses which have been included to show the total operating expenses of the Company.
Directors’ holdings (Audited)
Directors had the following holdings in the Company. All holdings were beneficially owned.
| Ordinary Shares at 2022 | Ordinary Shares at 2021 | |
|---|---|---|
| Simon Hogan | | |
| David Bucknall | – | – |
| Abigail Rotheroe | | |
| Afkenel Schipstra | | |
Statement Groups (Accounts and Reports) (Amendment) Regulations Remuneration Policy summarises, as applicable, for the year remuneration made during the year; and have been taken.
Abigail Rotheroe
Chair of the Remuneration Committee
Directors’ Remuneration Implementation Report
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HydrogenOne Capital Growth plc Annual Report 2022
Company Overview
Strategic Report
Governance
Financial statements
Other information
Report of the Audit and Risk Committee
As Chairman of the Audit and Risk Committee (the “Committee”), I am pleased to present the Committee’s report to shareholders for the year ended 31 December 2022.
Audit and Risk Committee Composition
All of the Directors, except David Bucknall, are members of the Committee. In accordance with the UK Code, the Chairman of the Board should not be a member. However, the AIC Code permits the Chairman of the Board to be a member of, but not chair the Committee if they were independent on appointment – which the Chairman was and continues to be. In view of the size of the Board, the Directors feel it is appropriate for him to continue as a member, so that the Committee can continue to benefit from his experience and knowledge. The members of the Committee consider that they have the requisite skills and experience to fulfil the responsibilities of the Committee. The Committee considers that at least one of its members has recent and relevant financial experience and competence relevant to the sector in which the Company operates.
Role and responsibilities
The main role and responsibilities of the Committee are set out in the Committee’s terms of reference. The terms are updated annually and are available on the Company’s website or on request from the Company Secretary. The Committee meets formally at least twice a year for the purpose, amongst other things, of advising the Board on the appointment, effectiveness, independence, objectivity and remuneration of the external auditor. The Committee monitors the integrity of the Financial Statements of the Company and any formal announcements relating to the Company’s financial performance, reviewing significant financial reporting judgements contained in them. The Committee also reviews the Company’s risk management, internal financial controls and internal control systems and reviews the Investment Adviser’s whistleblowing the auditor are reviewed against the Committee’s policy described overleaf.
Meetings
There were three Committee meetings during the year met the auditor, without any other party present, for a private discussion and the Chairman of the Committee met with the auditor prior to the Audit Committee meeting in
matters
The Committee reviewed the Financial Statements and considered the following significant accounting matters in relation to the Company’s Financial Statements for the year
Valuation of Private Hydrogen Assets investments
The Company’s investment through the Limited Partnership substantial portion of the Company’s net assets and as such is the biggest factor in relation to the accuracy of the Financial Statements. The valuation of the Company’s Private Hydrogen Assets held through the Limited Partnership is the most material matter in the production of the Financial Statements. The Board has appointed a Valuation Committee which sets out the valuation policies and process. The Committee met four times during the year to review the valuations at each quarter end date. The process includes considering and approving valuations or valuation methodology made by the Investment Adviser and provided to the AIFM, using fair market valuations of the Listed and Private Hydrogen Assets to calculate the fair value of the Private Hydrogen Assets are based on IPEV Guidelines. For Private Hydrogen Assets, as the Company typically invests in early stage, pre or early revenue investments, a number of valuation methodologies in line with IPEV Guidelines have been considered and employed to value the investments including Discounted Cash Flow and Price of Recent Investment. The Valuation Committee reviewed and approved the appropriateness of the valuation methodology employed and the assumptions and made in the calculation of the fair value of each of the Private Hydrogen Assets. Details of the valuation methodology and assumptions used for each of the Private Hydrogen Assets Statements. The Audit and Risk Committee reviewed, along with the Valuation Committee, the procedures in place for ensuring the appropriate valuation of investments and approved the valuation of the Company’s Private Hydrogen Assets at the year end with the Investment Adviser and AIFM.
Emerging risks
The Committee considered the risks and economic impacts including higher inflation and interest rates arising from the Russian invasion of Ukraine and secondary impacts from the in operation and impact on the Company’s portfolio and concluded that these had been properly reflected in Financial Statements.
As part of the annual report review, the Committee:
- obtained assurances from the Investment Adviser and the Administrator that the Financial Statements had been prepared appropriately;
- reviewed the consistency of, and any changes to, accounting policies;
- reviewed the tax compliance of the Company during the year with the eligibility conditions and ongoing requirements in order for investment trust status to
- reviewed the Company’s financial resources and concluded that it is appropriate for the Company’s Financial Statements to be prepared on a going concern basis as described in the Directors’ Report on page ;
- considered the risk to the Company from economic conditions such as higher interest rates and inflationary pressures and market volatility arising from the ongoing war in Ukraine and secondary effects of the pandemic.
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HydrogenOne Capital Growth plc Annual Report 2022## Report of the Audit and Risk Committee
The Board and the Investment Adviser have reviewed the investment portfolio and identified limited direct impact on the portfolio but continue to monitor any impact to the Company, the Group, its investee companies and overall valuations; and • concluded that the Annual Report for the year ended 2022 is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company’s position and performance, business model and strategy. The Committee reached this conclusion through a process of review of the document and enquiries to the various parties involved in the production of the Annual Report, and the external auditor’s report thereon. The Committee reported the results of this work, including its assessment that the Annual Report is fair, balanced and understandable, to the Board.
External auditor
This year’s audit was the second conducted by KPMG Channel Islands Limited (“KPMG”) and by David Alexander as audit Director, since KPMG was selected as the Company’s auditor at the Company’s launch and formal appointment in 2021. The appointment of the auditor is reviewed annually by the Audit and Risk Committee and the Board and is subject to approval by Shareholders. In accordance with the FRC guidance, the audit will be put out to tender within ten years of the initial appointment of KPMG. Additionally, the audit Director must be rotated every five years.
The Committee reviewed the audit planning and the standing, skills and experience of the firm and the audit team. The Committee also considered the independence of KPMG and the objectivity of the audit process. KPMG has confirmed that it is independent of the Company and has complied with relevant auditing standards. No modifications were required to the external audit approach. The Audit Plan was presented to the Audit and Risk Committee at its meeting on 13 September 2022. The Audit Plan set out the audit process, materiality scope and significant risks. A presentation of the results of the audit following completion of the main audit testing was provided to the Committee on 2 December 2022, when the Committee also received feedback from the Investment Adviser and Administrator regarding the effectiveness of the external audit process. The Committee is satisfied that KPMG has provided effective independent challenge in carrying out its responsibilities. After due consideration, the Committee recommended the reappointment of KPMG and a resolution will be put forward to the Company’s shareholders at the 2023 Annual General Meeting.
Provision of non-audit services
The Committee has put in place a policy on the supply of non-audit services by the auditor. Such services may only be provided to the Company if such services meet the requirements of the FRC’s Revised Ethical Standard (effective from 15 March 2020) including that they are provided on a purely cost basis; do not constitute a conflict of interest for the auditor; and are not prohibited by the FRC. KPMG LLP UK provided reporting accountant services in respect of the Company’s secondary share issuances including the share issuance Circular and Prospectus dated 10 May 2022 and 24 November 2022, respectively. KPMG LLP UK are a separate team independent of the audit team and the audit team place no reliance on the output of the reporting accountant services provided. The Audit and Risk Committee does not believe that the provision of these services affect the independence of KPMG. The auditor has provided assurance that they complied with the relevant UK professional and regulatory requirements. Details of the fees paid in respect of reporting accountant services for the year ended 30 September 2022 are set out in Note 19.
Internal audit
The Audit and Risk Committee has considered the need for an internal audit function and considers that this is not appropriate given the nature and circumstances of the Company as an externally managed investment company with external service providers. The Audit and Risk Committee keeps the need for an internal audit function under periodic review.
Afkenel Schipstra
Audit and Risk Committee Chairman
13 December 2022
Report of the Audit and Risk Committee
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HydrogenOne Capital Growth plc Annual Report 2022
Company Overview Strategic Report Governance Financial statements Other information
Statement of Directors’ Responsibilities
The Directors are responsible for preparing the Annual Report and the Group and Parent Company Financial Statements in accordance with applicable laws and regulations. Company law requires the Directors to prepare Group and Parent Company financial statements for each financial year. Under that law they are required to prepare the Group and Parent Company financial statements in accordance with applicable UK accounting standards and applicable law and have elected to prepare the parent Company financial statements on the same basis. Under company law the Directors must not approve the Financial Statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and Parent Company and of the Group’s profit or loss for that year.
In preparing each of the Group and Parent Company Financial Statements, the Directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and estimates which are reasonable relevant and reliable;
• state whether they have been prepared in accordance with UK-adopted international accounting standards and applicable law;
• assess the Group and Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
• use the going concern basis of accounting unless they either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and which disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that its financial statements comply with the Companies Act 2006. They are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities.
Under applicable law and regulations, the Directors are also responsible for preparing a Strategic Report, Directors’ Report, Directors’ Remuneration Report and Corporate Governance Statement that complies with that law and those regulations. The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Responsibility statement of the Directors in respect of the annual report
The Directors each confirm to the best of their knowledge:
• the Financial Statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole; and
• the Strategic Report includes a fair review of the development and performance of the business and the position of the issuer and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.
The Directors consider the annual report and accounts, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Group’s position and performance, business model and strategy.
For and on behalf of the Board
Simon Hogan
Chairman
13 December 2022
Independent auditor’s report to the members of HydrogenOne Capital Growth plc
Opinion on the financial statements
We have audited the parent and consolidated financial statements of HydrogenOne Capital Growth plc (the “Company” or “Parent”) and its subsidiary (together, the “Group”), which comprise the parent and the consolidated statement of financial position as at 30 September 2022, the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated cash flow statement for the year then ended, and notes, comprising significant accounting policies and other explanatory information.
In our opinion:
• the parent and consolidated financial statements and the Group financial statements give a true and fair view of the state of the parent company’s affairs as at 30 September 2022 and of the parent company’s profit for the year then ended;
• are properly prepared in accordance with UK-adopted international accounting standards; and
• the parent company financial statements have been prepared in accordance with the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities are described below. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion. Our audit opinion is consistent with our report to the Audit and Risk Committee.# Independent Auditor's Report
To the shareholders of HydrogenOne Capital Growth plc
Opinion on the audit of the financial statements
We have audited the financial statements of HydrogenOne Capital Growth plc (the "Company") and its subsidiaries (together, the "Group") for the year ended 31 December 2022 which comprise the consolidated statement of financial position, the consolidated statement of comprehensive income, the consolidated statement of changes in equity, the consolidated statement of cash flows, the statement of financial position, the statement of comprehensive income, the statement of changes in equity, the statement of cash flows, and notes to the financial statements, including a summary of significant accounting policies.
In our opinion, the financial statements:
* give a true and fair view of the financial position of the Group as at 31 December 2022 and of the Group's and the Company's financial performance and cash flows for the year then ended; and
* have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice and Article 4 of the EU Commission Regulation 2005/1606/EC.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities, under those standards, are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report.
We have fulfilled our responsibilities in accordance with the FRC Ethical Standard.
We are independent of the Company and Group in accordance with UK ethical requirements including the FRC Ethical Standard as applied to public interest entities. No non-audit services prohibited by that standard were provided.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in the audit of the parent and consolidated financial statements and include the most significant assessed risks of material misstatement (whether or not due to fraud) identified by us, including those which had the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing the efforts of the engagement team. We summarise below the key audit matters.
Our audit of the parent and consolidated financial statements was undertaken to the materiality level specified above, which has informed our identification of significant risks of material misstatement and the associated audit procedures performed in those areas as detailed above, and consequently are incidental to that opinion, and we do not provide a separate opinion on these matters.
| Key audit matter | The risk However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the above conclusions are not a guarantee that the Group and the Company will continue in operation.
Independent auditor’s report
HydrogenOne Capital Growth plc Annual Report 2022 FUTURE FUEL. NOW
Company Overview Strategic Report Governance Financial statements Other information
Identifying and responding to risks of material misstatement due to fraud
Our audit is designed to provide reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. The risk of material misstatement due to fraud is a higher risk than the risk of material misstatement due to error. This is because fraud may involve sophisticated and carefully organised arrangements, including collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls which may be difficult for us to detect.
Our risk assessment process involved understanding the Group’s controls, and identifying areas where fraud might occur. We considered the potential for management bias in accounting estimates such as the valuation of Private Hydrogen Assets.
Our procedures included:
- Enquiring of management as to the Group’s policies and procedures to prevent and detect fraud as well as enquiring whether management have knowledge of any actual, suspected or alleged fraud.
- Reading minutes of meetings of those charged with governance.
- Using analytical procedures to identify any unusual or unexpected relationships.
As required by auditing standards, and taking into account possible incentives or pressures to misstate performance and our overall knowledge of the control environment, we perform procedures to address the risk of management override of controls, in particular the risk that management may be in a position to make inappropriate accounting entries, and the risk of bias in accounting estimates such as valuation of Private Hydrogen Assets.
On this audit we do not believe there is a fraud risk related to revenue recognition because the Group and Company’s revenue streams are simple in nature with respect to accounting policy choice, and are easily verifiable to external data sources or agreements with little or no requirement for estimation from management. We did not identify any additional fraud risks.
We performed procedures including:
- Identifying journal entries and other adjustments to test based on risk criteria and comparing any identified entries to supporting documentation.
- Incorporating an element of unpredictability in our audit procedures.
- Assessing significant accounting estimates for bias.
Further detail in respect of valuation of Private Hydrogen Assets is set out in the key audit matter section of this report.
Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the parent and consolidated financial statements from our sector experience and through discussion with management (as required by auditing standards), and from inspection of the Group’s regulatory and legal correspondence, if any, and discussed with management the policies and procedures regarding compliance with laws and regulations. As the Group is regulated, our assessment of risks involved gaining an understanding of the control environment including the entity’s procedures for complying with regulatory requirements.
We considered laws and regulations which could materially impact the financial statements, including financial reporting legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
We obtained an understanding of the entity and its environment, including the Group’s legal and regulatory framework, to identify the laws and regulations which may have an effect on amounts or disclosures in the parent and consolidated financial statements, for instance through the imposition of fines or litigation or impacts on the Group and the Company’s ability to operate. We identified financial services regulation as being the area most likely to have such an effect, recognising the regulated nature of the Group’s activities and its legal form. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to instances where such non-compliance is apparent from the financial statements or is otherwise brought to our attention. In the unlikely event that we become aware of a breach of law or regulation which has not been disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
Context of the ability of the audit to detect fraud or breaches of law or regulation
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the parent and consolidated financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the parent and consolidated financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remains a higher risk of non-detection of fraud, as this may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.
Auditor's responsibilities relating to the audit of the financial statements
Our responsibility is to express an opinion on the parent and consolidated financial statements based on our audit. Our opinion does not provide assurance that the audit has covered all other information included in the annual report, but does not include the parent and consolidated financial statements and our auditor’s report thereon. Our opinion on the parent and consolidated financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except as explicitly stated below, any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether, based on our parent and consolidated financial statements audit work, the information therein is materially misstated or inconsistent with the parent and consolidated financial statements or our audit knowledge. Based solely on that work:
- We have not identified material misstatements in the other information.
- Based on the work we have performed, we have not identified any material inconsistencies between the information identified, and our audit understanding of the Group and Company.
- We have not identified any material misstatements or inconsistencies in the statement of directors’ responsibilities and the statement of the Audit and Risk Committee in relation to the parent and consolidated financial statements.
Directors’ remuneration report
We are required to perform procedures to identify whether there is a material inconsistency between the directors’ disclosures in respect of emerging and principal risks and the viability statement, and the parent and consolidated financial statements and our audit knowledge. We have nothing material to add or draw attention to in relation to:
- the directors’ statement of their assessment of the emerging and principal risks facing the Group, including those that would threaten its business model, future performance, solvency or liquidity.
- the emerging and principal risks disclosures describing these risks and explaining how they are being managed or mitigated.
- the directors’ statement about the review of the effectiveness of the Group and Company’s risk management and internal control systems (for the purposes of the statement) and over what period they have done so and why they consider that period to be appropriate, and their statement as to whether they have a reasonable expectation that the Group will be able to continue in operation and meet its liabilities as they fall due over the period of their assessment, including any related disclosures drawing attention to any necessary qualifications or assumptions.
In conclusion, based on the procedures performed, we have concluded that the above disclosures are materially consistent with the parent and consolidated financial statements and our audit knowledge.
Directors' corporate governance disclosures
We are required to perform procedures to identify whether there is a material inconsistency between the directors’ corporate governance disclosures and the parent and consolidated financial statements and our audit knowledge. Based on those procedures, we have concluded that each of the following is materially consistent with the parent and consolidated financial statements and our audit knowledge:
- The directors’ statement that they consider that the annual report and parent and consolidated financial statements taken as a whole is fair, balanced and understandable, and provides the information necessary for shareholders to assess the Group and Company’s position and performance, business model and strategy.
- The section of the annual report describing the work of the Audit and Risk Committee, including the significant issues that the Audit and Risk Committee considered in relation to the financial statements, and how these issues were addressed.
- The section of the annual report that describes the review of the effectiveness of the Group and Company’s risk management and internal control systems.
We are required to review the part of Corporate Governance Statement relating to the Group and Company’s compliance with the provisions of the UK Corporate Governance Code specified by the Listing Rules for our review. We have nothing to report in this respect.# Independent auditor’s report
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Company Overview Strategic Report Governance Financial statements Other information
Independent auditor’s report
We have audited the financial statements of HydrogenOne Capital Growth plc (the ‘Company’) for the year ended 31 December 2022 which comprise the parent and consolidated statement of comprehensive income, the parent and consolidated statement of financial position, the parent and consolidated statement of changes in equity, the parent and consolidated statement of cash flows, and the related notes, including a summary of significant accounting policies.
In our opinion, the financial statements:
* give a true and fair view of the parent company’s and the group’s financial position as at 31 December 2022, and of the parent company’s and the group’s financial performance and cash flows for the year then ended;
* have been properly prepared in accordance with United Kingdom Generally Accepted Practice; and
* have been prepared in accordance with the requirements of the Companies (Guernsey) Law, 1994.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (‘ISAs (UK)’) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We are independent of the Company and the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements, and which we have therefore identified as the key audit matters. There were no key audit matters to report in these respects.
Our assessment of risks of material misstatement
We are not required to form an opinion on whether the Company’s arrangements for preventing and detecting fraud and other irregularities are effective.
We have nothing to report in these respects.
Directors’ responsibilities
The directors are responsible for the preparation of the parent and consolidated financial statements that give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of parent and consolidated financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the parent and consolidated financial statements, the directors are responsible for assessing the Group and Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and using the going concern basis of accounting unless they either intend to liquidate the Group or the Company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities
Our objectives are to obtain reasonable assurance about whether the parent and consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue our opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the parent and consolidated financial statements.
A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk/auditorsresponsibilities.
The purpose of our audit opinion
We have been engaged to report to you in accordance with the requirements of The Companies (Guernsey) Law, 1994. Our report, including the opinions, has been prepared for and only for the Company and its members as a body and for no other purpose. We do not, in giving our opinions, accept or assume responsibility to anyone other than the Company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
David Alexander (Senior Statutory Auditor)
For and on behalf of KPMG Channel Islands Limited (Statutory Auditor)
Chartered Accountants Guernsey
10 December 2022
TEMPLATE
Financial statements
- Parent and consolidated statement of comprehensive income
- Parent and consolidated statement of financial position
- Parent and consolidated statement of changes in equity
- Parent and consolidated statement of cash flows
- Notes to the parent and consolidated financial statements
FUTURE FUEL. NOW
HydrogenOne Capital Growth plc Annual Report 2022
FUTURE FUEL. NOW
Parent and consolidated statement of comprehensive income
| Notes | Year ended 31 December 2022 | Year ended 31 December 2021 | |
|---|---|---|---|
| £ | £ | ||
| Gains/(losses) on investments | 4 | (1,020,266) | (1,020,266) |
| Gains on currency movements | – | – | |
| (Losses) / Gains | (1,020,266) | (1,020,266) | |
| Income | 5 | 16 | 16 |
| Net investment gains/(losses) | (1,020,250) | (1,020,250) | |
| Investment Adviser fee | 6 | (1,140,470) | (1,140,470) |
| Other expenses | 7 | (1,871,910) | (1,871,910) |
| Finance costs | – | – | |
| Taxation | 8 | – | – |
| Profit/(loss) for the Year/Period | (3,032,160) | (3,032,160) | |
| Other comprehensive income and therefore the ‘Profit/(loss) for the Year/Period’ is the total comprehensive income. | |||
| There was no other comprehensive income. |
Profit/(loss) for the Year/Period attributable to the equity holders of the Company is the total comprehensive income for the period.
The accompanying notes on pages 16 to 43 form an integral part of these financial statements.
HydrogenOne Capital Growth plc Annual Report 2022
Parent and consolidated statement of financial position
As at 31 December 2022
| Notes | 31 December 2022 | 31 December 2021 | |
|---|---|---|---|
| £ | £ | ||
| Current assets | |||
| Cash and cash equivalents | 9 | 18,784,768 | 12,830,610 |
| Total assets | 18,784,768 | 12,830,610 | |
| Equity | |||
| Share Capital | 11 | 200,000 | 200,000 |
| Share premium account | 20,145,927 | 20,145,927 | |
| Capital reserve | (1,778,968) | (1,778,968) | |
| Revenue reserve | (3,032,160) | (3,032,160) | |
| Total equity | 15,534,800 | 15,534,800 | |
| 13 | (2,057,300) | (3,032,160) | |
| Net assets | 13,477,500 | 12,502,450 |
The following notes pages 16 to 43 form an integral part of these financial statements.
HydrogenOne Capital Growth plc Annual Report 2022
Parent and consolidated statement of changes in equity
| Notes | Share Capital | Share premium account | Capital reserve | Revenue reserve | Total | |
|---|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | ||
| As at 1 January 2022 | 200,000 | 20,145,927 | (1,778,968) | – | 18,566,959 | |
| Loss for the period | – | – | – | (3,032,160) | (3,032,160) | |
| As at 31 December 2022 | 200,000 | 20,145,927 | (1,778,968) | (3,032,160) | 15,534,800 | |
| As at 1 January 2021 | 200,000 | 20,145,927 | (1,778,968) | – | 18,566,959 | |
| Loss for the period | – | – | – | (3,032,160) | (3,032,160) | |
| As at 31 December 2021 | 200,000 | 20,145,927 | (1,778,968) | (3,032,160) | 15,534,800 |
The following notes pages 16 to 43 form an integral part of these financial statements.
HydrogenOne Capital Growth plc Annual Report 2022
Parent and consolidated statement of cash flows
For the year ended 31 December 2022
| Notes | Year ended 31 December 2022 | Period from incorporation to 31 December 2021 | |
|---|---|---|---|
| £ | £ | ||
| Cash flows from operating activities | |||
| Operating income | 16 | – | |
| Management expenses | (1,871,910) | (1,408,005) | |
| Foreign exchange gains | 16 | 1,267 | |
| Net cash from operating activities before investment and financing activities | (1,871,878) | (1,406,738) | |
| Purchase of investments | (1,675,170) | (1,645,170) | |
| Proceeds from sale of investments | |||
| Net cash from investing activities | (1,675,170) | (1,645,170) | |
| Cash flows from financing activities | |||
| Net cash from financing activities | (1,675,170) | (1,645,170) | |
| Net increase/(decrease) in cash and cash equivalents | 5,954,158 | (3,051,908) | |
| Cash and cash equivalents at beginning of period | 12,830,610 | 15,882,518 | |
| Cash and cash equivalents at end of period | 18,784,768 | 12,830,610 | |
| Effect of foreign currency translation on cash and cash equivalents | 0 | 0 | |
| 18,784,768 | 12,830,610 | ||
| Operating activities comprise: | |||
| Other comprehensive income | 0 | 0 | |
| Effect of foreign currency translation on cash and cash equivalents | 0 | 0 | |
| The following notes pages 16 to 43 form an integral part of these financial statements. |
FUTURE FUEL. NOW# HydrogenOne Capital Growth plc Annual Report 2022
Company Overview
Company information
NOW HydrogenOne Capital Growth plc Annual Report 2022
Company Overview
Strategic Report
Governance
Financial statements
Other information
Company information
Investment objective
Company structure
s
Private Hydrogen Assets
does
Listed Hydrogen Assets
does
Liquidity reserve
with the Company’s cash management policy)
Reporting entity
Basis of accounting
Strategic Report
Accounting for subsidiaries
# HydrogenOne Capital Growth plc Annual Report 2022
Going concern
The Directors confirm that they have a reasonable expectation that the Company will continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Critical accounting judgements, estimates and assumptions
In the application of the Group’s accounting policies, which are described in note 3, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities and disclosure of contingent assets and liabilities at the reporting date. The key judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities and disclosure of contingent assets and liabilities are as follows:
Judgements
Investment entity
The Directors have concluded that the Company is an investment entity, as defined by IFRS 10 Consolidated Financial Statements. As a result, the Company is exempt from consolidating its subsidiaries. Instead, the Company measures its investments in its subsidiaries at fair value through profit or loss.
The Directors’ judgement is that the Company’s subsidiaries have the following characteristics of an investment entity:
- It has obtained funds of a million, all of which are provided from investors for the purpose of providing investment advisory services.
- Its business purpose is to provide investment management services to investors, identify investment opportunities and exit these investments.
- The of the investors in the Company’s subsidiaries have, in substance, obtained the benefit of the investment entity’s investment activities and therefore have the ability to exercise control over the investment entity.
The Directors concluded that the subsidiaries did not have sufficient economic substance or significant activities other than holding investments. Therefore, the Company is an investment entity and has applied the exemption in IFRS 10.
Estimates
Investment valuations
The Directors are responsible for the valuation of the Group's investments. The Group's investments are held at fair value, with changes in fair value recognised in the profit and loss account.
Valuation Methodology
The Group’s investments are valued using a combination of methods, including market comparables, discounted cash flow analysis, and recent transaction prices. Where market data is not readily available, significant judgement is applied in determining appropriate valuation inputs.
- Market Comparables: This method involves comparing the Group's investments to similar companies or assets in the market that have recently been sold or are publicly traded. Valuation multiples such as Enterprise Value to Revenue (EV/Revenue) and Enterprise Value to EBITDA (EV/EBITDA) are commonly used.
- Discounted Cash Flow (DCF) Analysis: This method involves projecting the future cash flows of an investment and discounting them back to their present value using an appropriate discount rate. This is often used for early-stage companies with uncertain future cash flows.
- Recent Transaction Prices: Where the Group has recently invested in a company or asset, the price of that recent transaction can be used as an indicator of fair value, particularly if there have been no significant subsequent events.
Key Estimates and Assumptions
The valuation of investments, particularly those that are not publicly traded or where market data is limited, involves significant estimates and assumptions. These include, but are not limited to:
- Projected Financial Performance: Future revenues, profitability, and cash flows are estimated based on management’s expectations and market trends.
- Discount Rates: Appropriate discount rates are used to reflect the time value of money and the risks associated with the specific investment. These are typically derived from the Weighted Average Cost of Capital (WACC).
- Market Multiples: Valuation multiples from comparable companies are adjusted for differences in size, growth prospects, profitability, and other relevant factors.
- Exit Multiples: For DCF valuations, estimates of exit multiples at the end of the projection period are used to determine the terminal value.
- Control Premiums/Minority Discounts: Judgements are made regarding the appropriate adjustments for control premiums or minority discounts when valuing different stakes in companies.
Sensitivity Analysis
Changes in the key estimates and assumptions used in valuations can have a significant impact on the reported fair value of investments. A sensitivity analysis is performed to assess the potential impact of reasonably possible changes in these assumptions.
For instance, a change in the discount rate or projected cash flows in a DCF analysis could materially alter the valuation. Similarly, changes in market multiples used in the comparable company analysis could affect the valuation.
The Directors believe that the current valuation methodologies and assumptions provide a reasonable estimate of fair value. However, due to the inherent uncertainties in these estimates and assumptions, actual results could differ from those presented.
Comparatives
The Company has restated its comparative figures for the year ended 31 December 2021 to reflect the change in its accounting policy for investment valuations. The Group’s investment in HydrogenOne Renewables Limited, previously accounted for at cost, is now accounted for at fair value through profit or loss. The impact of this change is detailed in note 3.# FUTURE FUEL. NOW
HydrogenOne Capital Growth plc Annual Report 2022
Company Overview
Strategic Report
Governance
Financial statements
Other information
The Group’s financial statements are presented in Sterling (£).
(a) Financial instruments
Financial assets are recognised in the Statement of Financial Position when the Company or Group become a party to the contractual provisions of the financial instrument. Financial liabilities are recognised in the Statement of Financial Position when the Company or Group become a party to the contractual provisions of the financial instrument.
The Group has designated certain financial assets and liabilities as at fair value through profit or loss (“FVTPL”). These are financial instruments that are not designated as hedging instruments.
Valuation of Listed Hydrogen Assets
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The valuation of the Group’s listed investments is based on quoted prices in active markets for identical assets. These are classified within Level 1 of the fair value hierarchy.
Valuation of the Limited Partnership
The Group holds an investment in a limited partnership. This investment is not publicly traded and therefore its fair value is determined using valuation techniques.
The valuation of the limited partnership investment is based on a discounted cash flow (“DCF”) model. The DCF model projects future cash flows and discounts them back to present value using an appropriate discount rate. The key assumptions used in the valuation include:
- Cash flow projections based on management’s best estimates of future performance.
- A discount rate reflecting the risk profile of the investment.
(b) Foreign currency
Functional and presentation currency
The financial statements of the Company and the Group are presented in Sterling (£), which is the functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into Sterling at the exchange rate ruling on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated into Sterling at the exchange rate ruling at that date. Foreign exchange gains and losses arising on translation are recognised in the Statement of Profit or Loss and Other Comprehensive Income. Non-monetary items measured at fair value are translated using the exchange rates at the date when fair value was determined.
(c) Income
Income represents the net gain or loss on investments. This is recognised when the Group is entitled to the income. Dividends are recognised when the right to receive payment is established.
Statement of Financial Position
| 2022 | 2021 | |
|---|---|---|
| Investments | ||
| Investment in listed entities | £75,373,508 | £69,382,411 |
| Investment in limited partnership | 33,791,283 | 25,527,836 |
| Total investments | 109,164,791 | 94,910,247 |
| Other assets | ||
| Other receivables | 165,466 | 104,107 |
| Prepayments | 26,479 | 17,351 |
| Total other assets | 191,945 | 121,458 |
| Total assets | 109,356,736 | 95,031,705 |
| Equity | ||
| Share capital | 36,219,029 | 36,219,029 |
| Share premium | 10,663,216 | 10,663,216 |
| Retained earnings | 50,711,182 | 37,227,498 |
| Total equity | 97,593,427 | 84,109,743 |
| Liabilities | ||
| Other payables | 442,691 | 301,176 |
| Accrued expenses | 10,293 | 3,120 |
| Deferred tax liabilities | 11,310,325 | 10,617,666 |
| Total liabilities | 11,763,309 | 10,931,962 |
| Total equity and liabilities | 109,356,736 | 95,041,705 |
The following table presents the fair value hierarchy for financial assets and liabilities measured at fair value on a recurring basis:
| As at 31 December 2022 | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|
| Financial Assets | ||||
| Investment in listed entities | £64,802,319 | £0 | £0 | £64,802,319 |
| Investment in limited partnership | £0 | £0 | £25,527,836 | £25,527,836 |
| Total Financial Assets | 64,802,319 | 0 | 25,527,836 | 90,330,155 |
| Financial Liabilities | ||||
| None | £0 | £0 | £0 | £0 |
| Total Financial Liabilities | 0 | 0 | 0 | 0 |
| As at 31 December 2021 | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|
| Financial Assets | ||||
| Investment in listed entities | £58,383,346 | £0 | £0 | £58,383,346 |
| Investment in limited partnership | £0 | £0 | £25,527,836 | £25,527,836 |
| Total Financial Assets | 58,383,346 | 0 | 25,527,836 | 83,911,182 |
| Financial Liabilities | ||||
| None | £0 | £0 | £0 | £0 |
| Total Financial Liabilities | 0 | 0 | 0 | 0 |
The Group has no financial liabilities measured at fair value.
The following table shows a reconciliation of the fair value measurements using significant unobservable inputs (Level 3):
| Investment in limited partnership | |
|---|---|
| Balance at 1 January 2022 | £25,527,836 |
| Additions | £8,263,447 |
| Fair value adjustments | £0 |
| Balance at 31 December 2022 | £33,791,283 |
| Balance at 1 January 2021 | £25,527,836 |
| Additions | £0 |
| Fair value adjustments | £0 |
| Balance at 31 December 2021 | £25,527,836 |
There were no significant changes in valuation techniques or unobservable inputs during the periods presented.
The Group’s exposure to credit risk and liquidity risk from financial instruments is discussed in Note 16.
Valuation of the Limited Partnership
The Group’s investment in the limited partnership is carried at fair value. The fair value is determined by the Directors using a discounted cash flow (“DCF”) methodology. The DCF model projects future cash flows and discounts them back to present value using an appropriate discount rate. The key assumptions used in the valuation include:
- Cash flow projections based on management’s best estimates of future performance.
- A discount rate reflecting the risk profile of the investment.
The fair value of the limited partnership is derived from the fair value of the underlying assets within the partnership, which include listed investments and other assets. The valuation methodology for the limited partnership’s underlying listed investments is based on quoted prices in active markets for identical assets (Level 1). The valuation methodology for other assets within the partnership involves a range of techniques including discounted cash flows and market multiples, as appropriate (Level 3).
The following table presents the fair value hierarchy for financial assets and liabilities measured at fair value on a recurring basis:
| As at 31 December 2022 | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|
| Financial Assets | ||||
| Investment in limited partnership | £0 | £0 | £33,791,283 | £33,791,283 |
| Total Financial Assets | 0 | 0 | 33,791,283 | 33,791,283 |
| Financial Liabilities | ||||
| None | £0 | £0 | £0 | £0 |
| Total Financial Liabilities | 0 | 0 | 0 | 0 |
| As at 31 December 2021 | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|
| Financial Assets | ||||
| Investment in limited partnership | £0 | £0 | £25,527,836 | £25,527,836 |
| Total Financial Assets | 0 | 0 | 25,527,836 | 25,527,836 |
| Financial Liabilities | ||||
| None | £0 | £0 | £0 | £0 |
| Total Financial Liabilities | 0 | 0 | 0 | 0 |
The fair value of the limited partnership investment is sensitive to changes in key unobservable inputs, including future cash flow projections and the discount rate used.
(b) Foreign currency
Functional and presentation currency
The financial statements of the Company and the Group are presented in Sterling (£), which is the functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into Sterling at the exchange rate ruling on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated into Sterling at the exchange rate ruling at that date. Foreign exchange gains and losses arising on translation are recognised in the Statement of Profit or Loss and Other Comprehensive Income. Non-monetary items measured at fair value are translated using the exchange rates at the date when fair value was determined.
(c) Income
Income represents the net gain or loss on investments. This is recognised when the Group is entitled to the income. Dividends are recognised when the right to receive payment is established.
The Group recognises income from its investments in accordance with IFRS 9 Financial Instruments. Investments held at fair value through profit or loss are re-measured at each reporting period. Any gains or losses arising from changes in fair value, interest and dividends are recognised in the Statement of Profit or Loss and Other Comprehensive Income.
The Group’s income is derived from its investment portfolio, which includes listed equities and debt instruments, as well as interests in unlisted entities.
The Group accounts for its investments at fair value through profit or loss. Changes in the fair value of these investments, including realised and unrealised gains and losses, are recognised in the Statement of Profit or Loss and Other Comprehensive Income.
The Group has no other sources of income.
Statement of Profit or Loss and Other Comprehensive Income
| 2022 | 2021 | |
|---|---|---|
| Income | ||
| Net gain on investments | £14,254,544 | £16,907,399 |
| Total income | 14,254,544 | 16,907,399 |
| Expenses | ||
| Investment management fees | (648,583) | (637,993) |
| Professional fees | (103,460) | (50,140) |
| Other administrative expenses | (80,382) | (62,962) |
| Total expenses | (832,425) | (751,095) |
| Profit before tax | 13,422,119 | 16,156,304 |
| Income tax expense | (2,184,000) | (3,231,260) |
| Profit for the year | 11,238,119 | 12,925,044 |
| Other comprehensive income | ||
| Items that may be reclassified subsequently to profit or loss | ||
| Exchange differences on translating foreign operations | 0 | 0 |
| Total other comprehensive income | 0 | 0 |
| Total comprehensive income for the year | 11,238,119 | 12,925,044 |
Notes to the consolidated financial statements
1. Basis of preparation and significant accounting policies
(a) Summary of valuation
| 2022 | 2021 | |
|---|---|---|
| £'000 | £'000 | |
| Limited Partnership | 1,213,358 | 1,202,152 |
| Funds under management | 1,012,225 | 1,007,898 |
| Other assets and liabilities | ||
| Investment properties | 1,213,358 | 1,202,152 |
| Valuation of investments | 1,213,358 | 1,202,152 |
| Investments: Cash and cash equivalents | ||
| Cash and cash equivalents | 1,213,358 | 1,202,152 |
| Debt | ||
| Fair value through profit or loss | 1,213,358 | 1,202,152 |
| Other financial liabilities | 1,213,358 | 1,202,152 |
| Loans and borrowings | 1,213,358 | 1,202,152 |
| Other liabilities | 1,213,358 | 1,202,152 |
| Total net assets | 1,213,358 | 1,202,152 |
(b) Movements in valuation
| £'000 | £'000 | |
|---|---|---|
| Investments: Cash and cash equivalents | 1,202,152 | 1,198,987 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,198,987 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| - Capital contributions | 1,012,225 | 1,007,898 |
| - Acquisitions | 1,012,225 | 1,007,898 |
| - Disposals | ||
| - Net realised gains on | 1,012,225 | 1,007,898 |
| Investments: Cash and cash equivalents | 1,012,225 | 1,007,898 |
| Opening balance | 1,202,152 | 1,1# NOW HydrogenOne Capital Growth plc Annual Report 2022 |
Company Overview
Strategic Report
Governance
Financial statements
Other information
either the DCF methodology or a combination of the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Unobservable input | Weighted DCF and Price of Recent Investment Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|
| Germany | ||
| Elcogen Group plc | DCF Discount rates | 12.5% |
| United Kingdom | Weighted DCF and Price of Recent Investment | |
| HiiROC Limited | Discount rates applied in full DCF valuation | 12.5% |
| HiiROC Limited | Weighting between Price of Recent Investment and DCF valuation | 12.5% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | |
| Discount rates applied in full DCF valuation | 12.5% | |
| Weighting between Price of Recent Investment and DCF valuation | 12.5% | |
| 12.5% | ||
| 12.5% | ||
| United Kingdom | Weighted DCF and Price of Recent Investment | |
| Flexion Energy Solutions Limited | Discount rates applied in full DCF valuation | 12.5% |
| Weighting between Price of Recent Investment and DCF valuation | 12.5% | |
| Germany | Weighted DCF and Price of Recent Investment | |
| HPS Hoganas | Discount rates applied in full DCF valuation | 12.5% |
| Weighting between Price of Recent Investment and DCF valuation | 12.5% | |
| Norway | Weighted DCF and Price of Recent Investment | |
| Hyon AS | Discount rates applied in full DCF valuation | 12.5% |
| Weighting between Price of Recent Investment and DCF valuation | 12.5% | |
| The Netherlands | Weighted DCF and Price of Recent Investment | |
| Hydrogenious Technologies GmbH | Discount rates applied in full DCF valuation | 12.5% |
| Weighting between Price of Recent Investment and DCF valuation | 12.5% |
FUTURE FUEL.
Company Overview
The Group’s investment strategy is focused on the hydrogen sector. In pursuit of this strategy, the Group has made a number of investments into various companies operating in the hydrogen value chain. The primary objective of the Group’s investment policy is to generate attractive returns for shareholders over the medium to long term by investing in companies which are strategically positioned to benefit from the global transition to clean energy, particularly in relation to hydrogen.
Investment Adviser fee
The Investment Adviser fee is calculated as 1.5% of the NAV of the Company (less any outstanding drawn debt) as at the end of each quarterly period. For the purposes of calculating the Investment Adviser fee, the Net Asset Value is calculated before the accrual of the Investment Adviser fee itself, but after the accrual of any performance fee, accrued interest and any other liabilities.
Financial statements
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF methodology and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF methodology and the price of recent investment.
Unobservable input
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
| :--------------------------------- | :----------------------------------------------------------- |
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation range from 11.0% to 12.5%. The weighting between the price of recent investment and the DCF valuation ranges from 75% to 100%.
| Discount rates applied in full DCF | Weighting between Price of Recent Investment and DCF valuation |
|---|---|
| 11.0% - 12.5% | 75% - 100% |
The discount rates applied in the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
Valuation of Investments
The valuation of the Group’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group’s investments are classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The valuation of the Limited Partnership’s investments is determined using either the DCF methodology or a combination of the DCF and a multiple of revenue methodology. The Weighted Average Cost of Capital (“WACC”) for the purposes of the DCF methodology was determined using a number of observable inputs and unobservable inputs. For the Limited Partnership’s underlying portfolio companies, the WACC was determined as follows:
| Entity | Valuation Method | Discount rates applied in full DCF valuation | Weighting between Price of Recent Investment and DCF valuation |
|---|---|---|---|
| Elcogen Group plc | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
| HiiROC Limited | DCF | 12.5% | 100% |
| Powerhouse Energy Group PLC | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| Flexion Energy Solutions Limited | Weighted DCF and Price of Recent Investment | 12.5% | 80% |
| HPS Hoganas | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hyon AS | Weighted DCF and Price of Recent Investment | 12.5% | 75% |
| Hydrogenious Technologies GmbH | Weighted DCF and Price of Recent Investment | 11.0% | 75% |
The Group has a single unobservable input which is the discount rate applied in the DCF valuation. The discount rates applied to the full DCF valuation are between 11.0% and 12.5%. The weighting between the price of recent investment and the DCF valuation is between 75% and 100%.
The Group assesses the sensitivity of its valuation to changes in these unobservable inputs. An increase in the discount rate of 1% would decrease the valuation of the investments by approximately £0.5m. A decrease in the weighting towards the price of recent investment of 10% would decrease the valuation of the investments by approximately £0.4m.
The Group has no unquoted investments for which the fair value is derived solely from unobservable inputs. The Group has no investments for which the fair value is derived solely from unobservable inputs. The fair value of the Group's investments is determined using a combination of the DCF# HydrogenOne Capital Growth plc Annual Report 2022
COMPANY OVERVIEW
STRATEGIC REPORT
(a) Analysis of charge in the year
| Directors’ Fees | Custodian Charges | Registrar’s Fees | Website Fees | Legal Fees | LSE Fees | |
| £ | £ | £ | £ | £ | £ | |
| Total revenue expenses | 1,790,831 | 1,238,278 | 1,287,296 | 1,708,703 | 1,710,142 | 1,214,514 |
| Capital transaction costs | 191,588 | 1,116 | ||||
| Total expenses | 1,982,419 | 1,239,394 | 1,287,296 | 1,708,703 | 1,710,142 | 1,214,514 |
| (Loss)/gain before income tax | ||||||
| Period to 30 June 2022 | Period to 30 June 2021 | Period to 30 June 2022 | Period to 30 June 2021 | Period to 30 June 2022 | Period to 30 June 2021 | |
| £ | £ | £ | £ | £ | £ | |
| Analysis of charge in the year | ||||||
| Audit fee | Other services | Audit fee | Other services | Audit fee | Other services | |
| (Loss)/gain before taxation | 1,979,408 | 1,207,762 | 1,235,632 | 1,668,510 | 1,666,992 | 1,195,027 |
| Taxation | ||||||
| Profit/(loss) for the year | 1,979,408 | 1,207,762 | 1,235,632 | 1,668,510 | 1,666,992 | 1,195,027 |
| Gain/(loss) on revaluation of investments | ||||||
| (Loss)/gain on disposal of investments | ||||||
| (Loss)/gain on disposal of assets | ||||||
| Income/(loss) from investments | ||||||
| Losses on revaluation of investments | ||||||
| Impairment of investments | ||||||
| Unrealised gains/(losses) on financial instruments | ||||||
| Fair value change on financial liabilities at FVTPL | ||||||
| Loss on dilution of subsidiary | ||||||
| Unwinding of discount on liabilities | ||||||
| Unrealised gain on financial instruments | ||||||
| Fair value change on financial liabilities at FVTPL | ||||||
| Loss on dilution of subsidiary | ||||||
| Unwinding of discount on liabilities | ||||||
| Fair value loss on financial instruments designated at FVTPL | ||||||
| Net investment gains/(losses) | ||||||
| Investment income | ||||||
| Other income | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
| Net gains/(losses) on investments | ||||||
| Fair value adjustments on investments | ||||||
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| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
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| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
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| Net unrealised gains/(losses) on financial instruments | ||||||
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| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
| Net gains/(losses) on financial assets and liabilities at FVTPL | ||||||
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| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | ||||||
| Profit/(loss) on ordinary activities after tax | ||||||
| Profit/(loss) for the year | ||||||
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| Net unrealised gains/(losses) on financial instruments | ||||||
| Net gain/(loss) on disposal of investments | ||||||
| Profit/(loss) on ordinary activities before tax | # FUTURE FUEL. NOW |
HydrogenOne Capital Growth plc Annual Report 2022
Investment Adviser
| | | # Conclusion
| | | | | # HydrogenOne Capital Growth plc Annual Report 2022
Market Risks
(i) Currency risk
The Group operates internationally and is exposed to currency risk arising from various operational, investing and financing activities. The Group has investments denominated in currencies other than Sterling.
The following table details the Group’s principal monetary assets and liabilities denominated in foreign currencies at 31 December 2022.
| Currency | EUR | USD |
|---|---|---|
| Listed Hydrogen Assets | £10,101,101 | £10,101,101 |
| EUR | £10,902,102 | £10,902,102 |
| GBP | £15,805 | £15,805 |
| USD | £12,118 | £12,118 |
| Total assets | £10,101,101 | £10,101,101 |
| EUR | £10,902,102 | £10,902,102 |
| GBP | £15,805 | £15,805 |
| USD | £12,118 | £12,118 |
| Total liabilities | £10,902,102 | £10,902,102 |
The Partnership’s non Pound Sterling denominated net assets are exposed to fluctuations in exchange rates. As at 31 December 2022, the Group’s net assets, after taking account of hedging instruments, were not significantly impacted by currency fluctuations. This position is expected to remain broadly consistent in the foreseeable future.
(ii) Interest rate risk
The Company and Group have no significant interest-bearing financial assets or liabilities with exposure to variable interest rates.
As at 31 December 2022, the Group’s net assets included a £12,000,000 facility, which is non-interest bearing and repayable on demand by the lender to the Company and Group. The exposure to interest rate changes is therefore considered minimal.
(iii) Price risk
Listed Hydrogen Assets
The Group is exposed to the risk of fluctuations in the market prices of its listed hydrogen assets. The fair value of the Group’s listed hydrogen assets was £59,978,111 at 31 December 2022, a decrease of £64,673,302 from 31 December 2021.
Key variable inputs of Listed Hydrogen Assets
The valuation of the listed hydrogen assets is sensitive to changes in the following key inputs:
- Selection of appropriate discount rates: The discount rates used reflect management’s assessment of the risks associated with the cash flows. A higher discount rate would result in a lower valuation.
- Selection of comparable companies: The selection of appropriate comparable companies for valuation purposes is subjective and can significantly impact the valuation.
- Application of valuation basis: The valuation basis is derived from a discounted cash flow (“DCF”) model. The Group’s investments are valued based on market prices where available. Where market prices are not readily available, the Group uses a DCF analysis. The Group considers its net assets to be the carrying value of the listed hydrogen assets.
Private Hydrogen Assets
The Group holds investments in unlisted companies in the hydrogen sector. These investments are exposed to the risk of fluctuations in the valuation of private hydrogen assets. The Group’s net assets reflect the carrying value of these unlisted assets.
Key variable inputs of Private Hydrogen Assets
The valuation of the private hydrogen assets is sensitive to changes in the following key inputs:
- Selection of appropriate discount rates: Discount rates are selected to reflect the specific risks of each investment.
- Selection of comparable companies: Comparable companies are used to provide a basis for valuation.
- Application of valuation basis: A DCF methodology is applied to value the underlying businesses of the investee companies. The Group’s net assets are derived from this valuation. Where a quoted price is available for an investment, the Group’s net assets reflect this quoted price.
Credit risk
The Group’s credit risk relates to its investments in unlisted companies and the risk of a counterparty failing to discharge its obligations. The Group’s investments in unlisted companies and its exposure to unlisted companies reflect the principal amount of capital invested.
| As at 31 December 2022 | As at 31 December 2021 | |
|---|---|---|
| Investments in unlisted companies | £21,983,097 | £21,983,097 |
| Partnership | £0 | £0 |
| Total | £21,983,097 | £21,983,097 |
The Group has no significant concentration of credit risk.
The Group’s unlisted investments are held by its subsidiary undertakings. These investments are subject to market fluctuations and the potential for impairment.
The Group has no significant exposure to any single counterparty that would represent a concentration of credit risk.
The Group’s subsidiary, Hydrogen Capital Partners LLP, provides advisory services to companies in the hydrogen sector. Its fee income is generated from advisory mandates, which are not subject to significant credit risk.# FUTURE FUEL. NOW
HydrogenOne Capital Growth plc Annual Report 2022
Company Overview
Strategic Report
Governance
Financial statements
Other information
Company Overview
Strategic Report
Governance
Financial Statements
Other Information
Strategic Report
Company Overview
The Company's principal activity is to invest in companies operating in the field of hydrogen and its value chain, from production to storage and transportation, and the end-use applications. The Company seeks to generate attractive, long-term capital growth for its Shareholders by investing in a portfolio of growth-oriented companies with a strong focus on sustainability and innovation. The Company's investment strategy is to identify and invest in companies that are well-positioned to benefit from the global transition to a hydrogen economy. The Company aims to achieve this by investing in companies with strong management teams, scalable business models, and significant growth potential.
The Company's investment objective is to provide Shareholders with attractive long-term capital growth.
The Company's investment policy is to invest in companies that operate in the field of hydrogen and its value chain. This includes companies involved in the production of hydrogen, storage and transportation of hydrogen, and end-use applications of hydrogen. The Company will seek to invest in companies that are at various stages of development, from early-stage growth companies to more established businesses.
The Company's investment strategy is to identify and invest in companies that are well-positioned to benefit from the global transition to a hydrogen economy. The Company aims to achieve this by investing in companies with strong management teams, scalable business models, and significant growth potential.
The Company will seek to achieve its investment objective through a combination of capital appreciation and income generation. The Company will seek to generate capital appreciation by investing in companies that are expected to grow their earnings and market share over the long term. The Company will seek to generate income by investing in companies that pay dividends or other forms of income.
The Company's investment in hydrogen companies is driven by the significant growth potential of the hydrogen economy. The Company believes that hydrogen will play a crucial role in the global transition to a low-carbon economy, and that companies operating in the hydrogen value chain will benefit from this transition.
The Company's investment strategy is to focus on companies that are at the forefront of innovation in the hydrogen sector. The Company will seek to invest in companies that are developing new technologies, or that are using existing technologies in innovative ways.
The Company's investment strategy is also to focus on companies that are sustainable and that have a strong focus on environmental, social, and governance (ESG) factors. The Company believes that companies that are sustainable and that have a strong focus on ESG factors are more likely to be successful in the long term.
The Company's investment portfolio will be diversified across a range of geographies and sub-sectors within the hydrogen value chain. The Company will seek to invest in companies that are at various stages of development, from early-stage growth companies to more established businesses.
The Company's investment in hydrogen companies is a long-term strategy. The Company believes that the hydrogen economy will take time to develop, and that it will take time for the companies in which it invests to achieve their full potential. The Company will therefore seek to invest for the long term, and will seek to support its portfolio companies in their growth and development.
Liquidity risks
The Directors consider that the Group maintains adequate liquidity for its present requirements. The Group's liquidity risk is managed by the Directors through regular monitoring of cash flow forecasts and ensuring that sufficient cash and cash equivalents are available to meet its obligations as they fall due. The Group’s principal financial instruments are cash and cash equivalents and investments.
The Group’s exposure to liquidity risk is also managed by the Directors by investing in a diversified portfolio of liquid assets. The Group aims to maintain sufficient cash and cash equivalents to meet its short-term obligations. The Group’s financial liabilities are primarily trade and other payables, which are expected to be settled within normal trading terms.
The Group’s strategy for managing liquidity is to ensure that it always has sufficient liquidity to meet its liabilities when due. The Group’s cash flow is predictable, and the Group’s investments are generally liquid. The Group’s financial liabilities are primarily trade and other payables, which are expected to be settled within normal trading terms.
The Group maintains sufficient liquidity to meet its liabilities as they fall due. The Group’s cash flow is predictable, and the Group’s investments are generally liquid. The Group’s financial liabilities are primarily trade and other payables, which are expected to be settled within normal trading terms.
Operational risk
Operational risk is the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events. This definition includes legal risk and excludes strategic and reputational risk. The Board manages operational risk through the establishment and monitoring of internal controls, risk management policies and procedures, and a programme of internal audit. The Group has adopted a comprehensive approach to operational risk management, which involves identifying, assessing, and mitigating potential operational risks.
The Group's operational risk management framework is designed to ensure that all operational risks are identified, assessed, and managed in a timely and effective manner. The Group's operational risk management framework includes the following key components:
- Risk identification: The Group identifies operational risks through a variety of methods, including risk assessments, incident reporting, and regular reviews of internal processes.
- Risk assessment: The Group assesses operational risks by considering the likelihood and impact of each risk.
- Risk mitigation: The Group mitigates operational risks through the implementation of appropriate controls and procedures.
- Risk monitoring: The Group monitors operational risks on an ongoing basis to ensure that controls are effective and that risks are managed appropriately.
The Group has a dedicated team responsible for managing operational risk. This team works closely with business units to identify and assess operational risks, and to develop and implement appropriate mitigation strategies.
The Group's operational risk management framework is subject to regular review and enhancement to ensure that it remains effective and up-to-date. The Group's operational risk management framework is also subject to internal and external audit.
The Group's operational risk management framework is designed to ensure that all operational risks are identified, assessed, and managed in a timely and effective manner. The Group's operational risk management framework includes the following key components:
- Risk identification: The Group identifies operational risks through a variety of methods, including risk assessments, incident reporting, and regular reviews of internal processes.
- Risk assessment: The Group assesses operational risks by considering the likelihood and impact of each risk.
- Risk mitigation: The Group mitigates operational risks through the implementation of appropriate controls and procedures.
- Risk monitoring: The Group monitors operational risks on an ongoing basis to ensure that controls are effective and that risks are managed appropriately.
The Group has a dedicated team responsible for managing operational risk. This team works closely with business units to identify and assess operational risks, and to develop and implement appropriate mitigation strategies.
The Group's operational risk management framework is subject to regular review and enhancement to ensure that it remains effective and up-to-date. The Group's operational risk management framework is also subject to internal and external audit.
Assets
| | |
Strategic Report
Company Overview
The Company's principal activity is to invest in companies operating in the field of hydrogen and its value chain, from production to storage and transportation, and the end-use applications. The Company seeks to generate attractive, long-term capital growth for its Shareholders by investing in a portfolio of growth-oriented companies with a strong focus on sustainability and innovation. The Company's investment strategy is to identify and invest in companies that are well-positioned to benefit from the global transition to a hydrogen economy. The Company aims to achieve this by investing in companies with strong management teams, scalable business models, and significant growth potential.
The Company's investment objective is to provide Shareholders with attractive long-term capital growth.
The Company's investment policy is to invest in companies that operate in the field of hydrogen and its value chain. This includes companies involved in the production of hydrogen, storage and transportation of hydrogen, and end-use applications of hydrogen. The Company will seek to invest in companies that are at various stages of development, from early-stage growth companies to more established businesses.
The Company's investment strategy is to identify and invest in companies that are well-positioned to benefit from the global transition to a hydrogen economy. The Company aims to achieve this by investing in companies with strong management teams, scalable business models, and significant growth potential.
The Company will seek to achieve its investment objective through a combination of capital appreciation and income generation. The Company will seek to generate capital appreciation by investing in companies that are expected to grow their earnings and market share over the long term. The Company will seek to generate income by investing in companies that pay dividends or other forms of income.
The Company's investment in hydrogen companies is driven by the significant growth potential of the hydrogen economy. The Company believes that hydrogen will play a crucial role in the global transition to a low-carbon economy, and that companies operating in the hydrogen value chain will benefit from this transition.
The Company's investment strategy is to focus on companies that are at the forefront of innovation in the hydrogen sector. The Company will seek to invest in companies that are developing new technologies, or that are using existing technologies in innovative ways.
The Company's investment strategy is also to focus on companies that are sustainable and that have a strong focus on environmental, social, and governance (ESG) factors. The Company believes that companies that are sustainable and that have a strong focus on ESG factors are more likely to be successful in the long term.
The Company's investment portfolio will be diversified across a range of geographies and sub-sectors within the hydrogen value chain. The Company will seek to invest in companies that are at various stages of development, from early-stage growth companies to more established businesses.
The Company's investment in hydrogen companies is a long-term strategy. The Company believes that the hydrogen economy will take time to develop, and that it will take time for the companies in which it invests to achieve their full potential. The Company will therefore seek to invest for the long term, and will seek to support its portfolio companies in their growth and development.
Liquidity risks
The Directors consider that the Group maintains adequate liquidity for its present requirements. The Group's liquidity risk is managed by the Directors through regular monitoring of cash flow forecasts and ensuring that sufficient cash and cash equivalents are available to meet its obligations as they fall due. The Group’s principal financial instruments are cash and cash equivalents and investments.
The Group’s exposure to liquidity risk is also managed by the Directors by investing in a diversified portfolio of liquid assets. The Group aims to maintain sufficient cash and cash equivalents to meet its short-term obligations. The Group’s financial liabilities are primarily trade and other payables, which are expected to be settled within normal trading terms.
The Group’s strategy for managing liquidity is to ensure that it always has sufficient liquidity to meet its liabilities when due. The Group’s cash flow is predictable, and the Group’s investments are generally liquid. The Group’s financial liabilities are primarily trade and other payables, which are expected to be settled within normal trading terms.
The Group maintains sufficient liquidity to meet its liabilities as they fall due. The Group’s cash flow is predictable, and the Group’s investments are generally liquid. The Group’s financial liabilities are primarily trade and other payables, which are expected to be settled within normal trading terms.
Operational risk
Operational risk is the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events. This definition includes legal risk and excludes strategic and reputational risk. The Board manages operational risk through the establishment and monitoring of internal controls, risk management policies and procedures, and a programme of internal audit. The Group has adopted a comprehensive approach to operational risk management, which involves identifying, assessing, and mitigating potential operational risks.
The Group's operational risk management framework is designed to ensure that all operational risks are identified, assessed, and managed in a timely and effective manner. The Group's operational risk management framework includes the following key components:
- Risk identification: The Group identifies operational risks through a variety of methods, including risk assessments, incident reporting, and regular reviews of internal processes.
- Risk assessment: The Group assesses operational risks by considering the likelihood and impact of each risk.
- Risk mitigation: The Group mitigates operational risks through the implementation of appropriate controls and procedures.
- Risk monitoring: The Group monitors operational risks on an ongoing basis to ensure that controls are effective and that risks are managed appropriately.
The Group has a dedicated team responsible for managing operational risk. This team works closely with business units to identify and assess operational risks, and to develop and implement appropriate mitigation strategies.
The Group's operational risk management framework is subject to regular review and enhancement to ensure that it remains effective and up-to-date. The Group's operational risk management framework is also subject to internal and external audit.
Assets
| | | # HydrogenOne Capital Growth plc Annual Report 2022
Company Overview
Strategic Report
Governance
Financial statements
Other information
Glossary
Page 197
- AIF: An investment vehicle under AIFMD. Under AIFMD (see below) HydrogenOne Capital Growth plc is classified as an AIF.
- AIFM: Alternative Investment Fund Manager.
- AIFMD: Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulation (EC) No 1060/2009 and Regulation (EU) No 1095/2010. This Directive was implemented in the UK.
- AGM: Annual General Meeting. A meeting held once a year which shareholders can attend and where they can vote on resolutions to be put forward at the meeting and ask the Directors questions about the company in which they are invested.
- Company: HydrogenOne Capital Growth plc (“HGEN”).
- Depositary: An entity that is appointed to safeguard a company’s assets.
- Discount/Premium to NAV: The amount, expressed as a percentage, by which the share price is less/more than the net asset value per share.
- Dividend Income: Income receivable from an investment in shares.
- Ex-dividend Date: The date from which you are not entitled to receive a dividend which has been declared and is due to be paid to shareholders.
- ESG: Environmental, Social and Governance (“ESG”) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. Environmental criteria consider how a company performs as a steward of nature. Social criteria examine how it manages relationships with employees, suppliers, customers, and the communities where it operates. Governance deals with a company’s leadership, executive pay, audits, internal controls, and shareholder rights.
- FCA: The Financial Conduct Authority. The independent body that regulates the financial services industry in the UK.
- GCC: The Cooperation Council for the Arab States of the Gulf, also known as the Gulf Cooperation Council.
- GHG: Greenhouse Gases.
- Gross Asset Value: The aggregate value of the total assets of the Company, including the gross asset value of any investments held in the HydrogenOne Partnership attributable to the Company’s interest in the HydrogenOne Partnership on a look-through basis from time-to-time, calculated in accordance with the Company’s valuation policy.
- Index: A basket of stocks which is considered to replicate a particular stock market or sector.
- Investment Company: A company formed to invest in a diversified portfolio of assets.
- Investment Trust: An investment company which is based in the UK and which meets certain tax conditions which enables it to be exempt from UK corporation tax on its capital gains. The Company is an investment trust.
- Liquidity: The extent to which investments can be sold at short notice.
- Listed/Quoted Hydrogen Assets: Investments in quoted or traded Hydrogen Assets, which will predominantly be equity securities but may also be corporate debt and/or other financial instruments.
- Net Assets: An investment company’s assets less its liabilities.
- Net Asset Value per Ordinary Share: Net assets divided by the number of Ordinary Shares in issue (excluding any shares held in treasury).
- Offtake Agreement: A purchaser of electricity and/or renewable obligation.
- Ordinary Shares in issue: The Company’s ordinary shares in issue.
- Portfolio: A collection of different investments held in order to deliver returns to shareholders and to spread risk.
- Unquoted Hydrogen Assets: Investments in unquoted Hydrogen Assets, which may be operational companies or hydrogen projects (completed or under construction).
- Relative Valuation: Measurement of returns relative to an index.
- Share Buyback: A purchase of a company’s own shares. Shares can either be bought back for cancellation or held in treasury.
- Share Price: The price of a share as determined by a relevant stock market.
- Treasury Shares: A company’s own shares which are available to be sold by a company to raise funds.
- Volatility: A measure of how much a share moves up and down in price over a period of time.
Page 198
Directors and advisers
Directors (all Non-Executive)
- Mr David Witherington (Chairman)
- Mr Philip Giesler
- Mr Tim Jordan
- Ms Jane Davies
Administrator and Company Secretary
- The Pavilions (formerly Sanne Fund Services (UK) Limited)
12 Castle Street
St Peter Port
Guernsey
GY1 3UF
T: +44 (0)1481 734060
Alternative Investment Fund Manager (AIFM)
- FundRock Management Company (Guernsey) Limited (formerly Sanne Fund Management (Guernsey) Limited)
1st Floor, Dorey Court
St Peter Port
Guernsey
GY1 3UT
T: +44 (0)1481 723833
Broker
- Shore Capital Stockbrokers Limited
125 Old Broad Street
London
EC2N 1AR
T: +44 (0)20 7408 4090
Solicitors to the Company
- Osborne Clarke LLP
1 London Bridge
London
SE1 9BG
T: +44 (0)20 7107 5000
Investment Adviser
- HydrogenOne LLP
12 Castle Street
London
EC2M 5PP
T: +44 (0)20 7933 8211
Custodian
- The Royal Bank of Scotland plc
145 Bishopsgate
London
EC2M 3UR
T: +44 (0)20 7648 5487
Registrar
- The Pavilions (formerly Sanne Fund Services (UK) Limited)
The Pavilions
12 Castle Street
St Peter Port
Guernsey
GY1 3UF
T: +44 (0)1481 734060
Independent Auditor
- BDO LLP
55 Baker Street
London
NW1 6DS
T: +44 (0)20 7486 4751
Page 199
Report of the Alternative Investment Fund Manager
Material change
FundRock Management Company (Guernsey) Limited (formerly Sanne Fund Management (Guernsey) Limited) as AIFM) must disclose in the Annual Report, details of material changes to the information set out under AIFMD. For these purposes, there are no material changes effective during the period to be noted to the information set out in the Prospectus.
Remuneration disclosures
The Company is categorised as an EU Alternative Investment Fund (“AIF”). The AIFMD seeks to regulate managers of AIFs, such as the Company. It imposes obligations on AIFMs who manage AIFs in a member state of the European Economic Area (“EEA state”), or who market shares in AIFs to investors who are domiciled, or with a registered office, in an EEA state. Under the AIFMD, an AIFM must be appointed and must comply with various organisational, operational and transparency requirements.
FundRock Management Company (Guernsey) Limited has been appointed to act as AIFM to the Company. FundRock Management Company (Guernsey) Limited is responsible for fulfilling the role of the AIFM and ensuring the Company complies with the AIFMD requirements. Details of the total amount of remuneration for the financial year, split into fixed and variable remuneration, paid by the AIFM to its staff, and the number of beneficiaries, are made available to Shareholders on request.
Page 200
Notice of Annual General Meeting
Annual General Meeting
The Annual General Meeting will be held at The Pavilions, 12 Castle Street, St Peter Port, Guernsey, GY1 3UF at 10:00 am on Wednesday, 12 October 2022 for the following purposes:
- To receive and consider the Directors' Report and the audited financial statements for the year ended 30 June 2022 and the report of the Independent Auditor thereon.
- To receive and consider the report of the AIFM and the audited financial statements of the Company for the year ended 30 June 2022.
- To re-elect Mr David Witherington as a Director of the Company.
- To re-elect Mr Philip Giesler as a Director of the Company.
- To re-elect Mr Tim Jordan as a Director of the Company.
- To re-elect Ms Jane Davies as a Director of the Company.# Notice of Annual General Meeting
BUSINESS
To re-elect Afkenel Schipstra as a Director of the Company.
To re-elect Abigail Rotheroe as a Director of the Company.
To reappoint KPMG Channel Islands Limited as auditor to the Company.
To authorise the Directors to fix the remuneration of the auditor until the conclusion of the next Annual General Meeting of the Company.
That “Act”) to allot shares in the Company, or to grant rights to subscribe for or convert any security into shares in the value of the Company’s issued share capital (excluding treasury shares) on the date on which this resolution is passed; and b. the authority given by this resolution: ii. unless renewed, revoked or varied in accordance with the Act, shall expire at the conclusion of the Annual of passing of this resolution save that the Company may, before such expiry, make any offer or enter into an agreement which would or might require the allotment of shares in the Company, or the grant of rights to subscribe for or to convert any security into shares in the Company, after such expiry and the Directors may allot shares in the Company or grant rights to subscribe for or to convert any security into shares in the Company in pursuance of such an offer or agreement as if such authority had not expired. a. shall be limited to the allotment of equity securities or the sale of treasury shares up to an aggregate nominal capital (excluding treasury shares) on the date on which this resolution is passed; c. shall expire at the same time as the Allotment Authority, save that the Company may, before expiry of the power conferred on the Directors by this resolution, make an offer or agreement which would or might require equity securities to be allotted or treasury shares to be sold after such expiry and the Directors may allot equity securities or sell treasury shares in pursuance of such an offer or agreement as if such power had not expired.
T days’ notice, provided that this authority shall expire at the conclusion of the Company’s next Annual General Meeting after the date of the passing of this resolution.
For and on behalf of Apex Listed Companies Services (UK) Limited
Company Secretary
London
Notice of Annual General Meeting
FUTURE FUEL. NOW
HydrogenOne Capital Growth plc Annual Report 2022
Company Overview
Strategic Report
Governance
Financial statements
Other information
Website address
available from www.hydrogenonecapitalgrowthplc.com.
Entitlement to attend and vote
am on am on the day two days prior to the adjourned meeting, shall be entitled to vote at the meeting.
Appointment of Proxies
place It is recommended that shareholders appoint the ‘Chairman of the Meeting’ as their proxy where possible. If you electronic proxy appointment service. In the case of joint members, only one need sign the Form of Proxy. The vote of the senior joint member will be accepted to the exclusion of the votes of the other joint members. For this purpose, seniority will be determined by the order in which the names of the members appear in the register of members in respect of the joint shareholding.
withheld. It should be noted that a vote withheld is not a vote in law and will not be counted in the calculation of the proportion of votes ‘For’ and ‘Against’ a resolution. If you do not indicate how your proxy should vote, he/she can exercise his/her discretion as to whether, and if how so how, he/she votes on each resolution, as he/she will do in respect of any other business (including amendments to resolutions) which may properly be conducted at the meeting.
Appointment of proxy
- by logging on to www.investorcentre.co.uk/eproxy and following the instructions;
- by completing a hard copy form of proxy that accompanies this annual report; or
- in the case of CREST members, by utilising the CREST electronic proxy appointment service in accordance with the procedures set out below.
In order for a proxy appointment to be valid a form of proxy must be completed. In each case the form of proxy must be am on
Appointment of Proxy through CREST
CREST members who wish to appoint a proxy or proxies through the CREST electronic proxy appointment service may do so for the meeting to be held on the above date and any adjournment(s) thereof by using the procedures described in the CREST Manual. CREST Personal Members or other CREST sponsored members, and those CREST members who have appointed a voting service provider(s), should refer to their CREST sponsor or voting service provider(s), who will be able to take the appropriate action on their behalf. In order for a proxy appointment or instruction made using the CREST service to be valid, the appropriate CREST message (a “CREST Proxy Instruction”) must be properly authenticated in accordance with Euroclear UK & International Limited’s specifications and must contain the information required for such instructions, as described in the CREST Manual. The message, regardless of whether it constitutes the appointment of a proxy or an amendment to the instruction given to a previously appointed proxy, must, in order to be valid, be transmitted so as to be received by the For this purpose, the time of receipt will be taken to be the time (as determined by the timestamp applied to the message by the CREST Applications Host) from which the Company’s agent is able to retrieve the message by enquiry to CREST in the manner prescribed by CREST. After this time any change of instructions to a proxy’s appointee through CREST should be communicated to the appointee through other means.# Notes to the notice of Annual General Meeting
CREST members and, where applicable, their CREST sponsors or voting service providers should note that Euroclear UK & International Limited does not make available special procedures in CREST for any particular messages. Normal system timings and limitations will therefore apply in relation to the input of CREST Proxy Instructions.
It is the responsibility of the CREST member concerned to take (or, if the CREST member is a CREST personal member or sponsored member or has appointed a voting service provider(s), to procure that this CREST sponsor or voting service provider(s) take(s)) such action as shall be necessary to ensure that a message is transmitted by means of the CREST system by any particular time. In this connection, CREST members and, where applicable, their CREST sponsors or voting service providers are referred, in particular, to those sections of the CREST Manual concerning practical limitations of the CREST system and timings.
All messages relating to the appointment of a proxy or an instruction to a previously appointed proxy, which are received by Euroclear UK & International Limited after 1.00 p.m. on Tuesday 25 April 2023 (the “Proxy Instruction Cut Off Time”) will be deemed to be received on the next business day. The Company will not be responsible for any failure of CREST to deliver a Proxy Instruction by the Proxy Instruction Cut Off Time.
Appointment of a proxy through Proxymity
If you are an institutional investor you may be able to appoint a proxy electronically via the Proxymity platform, a process which has been agreed by the Company and approved by the Registrar. For further information regarding Proxymity, please visit www.proxymity.io. You will be able to use the Proxymity platform to direct your vote in accordance with your instructions and to receive voting confirmations.
It is important that you read these carefully as you will be bound by them and they will govern the electronic appointment of your proxy. Proxymity will then contract with your underlying institutional account holder directly to accept their vote instructions through the platform.
Termination of proxy appointments
In order to revoke a proxy instruction, you will need to inform the Company. Please send a signed hard copy notice clearly stating your intention to revoke your proxy appointment to Computershare Investor Services PLC, The Pavilions, Bridgwater Road, Bristol, BS13 8AE.
If you submit more than one valid proxy appointment in respect of the same Ordinary Shares, the appointment received last before the latest time for receipt of proxies will take precedence.
Nominated persons
Where you have been nominated by a member of the Company to receive communications from the Company and you have had conferred on you by that member rights in relation to voting (a "Relevant Member") to be appointed or to have someone else appointed as a proxy for the Relevant Member’s Ordinary Shares, and you are, or are nominated by, a member of the Company and you have been nominated by a member of the Company to enjoy information rights (Relevant Member) to be appointed or to have someone else appointed as a proxy for your Relevant Member’s Ordinary Shares, and you are, or are nominated by, a member of the Company, you should contact the member of the Company that nominated you to seek their instructions as to the exercise of voting rights.
• If you either do not have such a right or if you have such a right but do not wish to exercise it, you may have a right under an agreement between you and the Relevant Member to give instructions to the Relevant Member as to the exercise of voting rights.
• Where you have been nominated by a member of the Company to receive communications from the Company and you have had conferred on you by that member rights in relation to voting, and you have such a right but do not wish to exercise it, you may have a right under an agreement between you and the Relevant Member to give instructions to the Relevant Member as to the exercise of voting rights.
• Where you have been nominated by a member of the Company to receive communications from the Company and you have had conferred on you by that member rights in relation to voting, and you have such a right but do not wish to exercise it, you may have a right under an agreement between you and the Relevant Member to give instructions to the Relevant Member as to the exercise of voting rights.
If you are a person who has been nominated under the arrangements referred to above and you have not been provided with a form of proxy, you should contact your custodian or broker) and you should continue to contact them (and not the Company) regarding any changes or queries relating to your personal details and your interest in the Company (including any administrative matters). The only exception to this is where the Company expressly requests a response from you. If you are not a member of the Company but you have been nominated by a member of the Company to enjoy information rights, you do not have a right to appoint any proxies under the procedures set out in the notes to the form of proxy.
Questions at the meeting
Unless:
• answering the question would interfere unduly with the preparation for the meeting or involve the disclosure of confidential information;
• the answer has already been given on a website in the form of an answer to a question; or
• it is undesirable in the interests of the Company or the good order of the meeting that the question be answered.
Shareholders will be entitled to ask questions relating to the business of the Company or the business being dealt with at the meeting unless:
• answering the question would interfere unduly with the preparation for the meeting or involve the disclosure of confidential information;
• the answer has already been given on a website in the form of an answer to a question; or
• it is undesirable in the interests of the Company or the good order of the meeting that the question be answered.
Issued Shares and total voting rights
As at 31 December 2022, the issued share capital of the Company was 1,659,236,382 ordinary shares of £0.0001 each ("Ordinary Shares") with total voting rights of 1,659,236,382. As at 31 December 2022, the Company held no ordinary shares in treasury.
The voting rights attach to the Ordinary Shares. In accordance with Article 70 of the Company's articles of association, on a show of hands every holder of Ordinary Shares who (being an individual) is present by a person, by proxy or (being a corporation) is present by a duly authorised representative, not being himself a member, shall have one vote. On a poll every holder of Ordinary Shares who is present in person or by proxy shall have one vote for every Ordinary Share held by him.
Communication
Except as provided above, members who have general queries about the meeting should use the following means of communication (no other methods of communication will be accepted):
- Telephone: Should you wish to speak to a member of the Company’s Investor Relations team, please call +44 (0)20 3370 1271. Calls may be recorded and monitored randomly for security and training purposes.
- in writing to Computershare.
Where you have been nominated by a member of the Company to receive communications from the Company and you have had conferred on you by that member rights in relation to voting, and you have such a right but do not wish to exercise it, you may have a right under an agreement between you and the Relevant Member to give instructions to the Relevant Member as to the exercise of voting rights. Any queries relating to your personal details or your interest in the Company should continue to be directed to Computershare Investor Services PLC (acting as the Company’s Registrar, administrator and depositary) using the details provided in the contact section of the annual report and accounts, and not to the Company directly, unless you are a member of the Company or you have been nominated by a member of the Company to enjoy information rights (in which case you should also contact your custodian or broker) and you should continue to contact them (and not the Company) regarding any changes or queries relating to your personal details and your interest in the Company (including any administrative matters). The only exception to this is where the Company expressly requests a response from you. If you are not a member of the Company but you have been nominated by a member of the Company to enjoy information rights, you do not have a right to appoint any proxies under the procedures set out in the notes to the form of proxy.
Contents
hydrogenonecapitalgrowthplc.com
Company overview
About us
Highlights
Portfolio at a glance
Chairman’s statement
Strategic report
The role of clean hydrogen in the energy transition
Investment objective, policy, process and strategy
Business model and KPIs
Investment Adviser’s Report
Introduction
Portfolio summary
Portfolio review, performance and valuation
Market commentary and outlook
Environmental, Social and Governance
Introduction from the Chair
ESG highlights and our impact
Metrics and methodology
Strategy
The role of clean hydrogen
ESG policy
ESG KPIs
HydrogenOne’s approach to ESG
Case Study – Strohm
Case Study – Thierbach project
ESG credentials
Stakeholder engagement (Section 172 Statement)
Risk and risk management
Governance
Board of Directors
Directors’ Report
Corporate Governance
Directors’ Remuneration Policy
Directors’ Remuneration Implementation Report
Report of the Audit and Risk Committee
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Financial statements
Parent and consolidated statement of comprehensive income
Parent and consolidated statement of financial position
Parent and consolidated statement of changes in equity
Parent and consolidated statement of cash flows
Notes to the financial statements
Other Information
Alternative Performance Measures
Glossary
Directors and advisers
Report of the Alternative Investment Fund Manager
Notice of Annual General Meeting
Notes to the notice of Annual General Meeting
hydrogenonecapitalgrowthplc.com
HydrogenOne Capital Growth plc
Registered Office:
Premier Oil plc
10 Old Park Lane
London W1K 1QR
Directors:
John Davies, Neil4
George Watson, Chris Wood
Company Secretary:
Neil4 George Watson
Registrars:
Computershare Investor Services PLC
The Pavilions
Bridge water Road
Bristol BS13 8AE