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INEOS to back HydrogenOne’s plan to float on the London Stock Exchange

Date: July 07, 2021 Sunil Jha Sunil Jha
INEOS to back HydrogenOne’s plan to float on the London Stock Exchange 
On Monday, HydrogenOne Capital Growth reportedly announced its plans to list the company on the London Stock Exchange (LSE) to raise over £250 million ($345.85 million) to invest in clean hydrogen, which is a fuel source that is expected to play a key role in the global energy transition.



According to reports, HydrogenOne has already secured the backing of the chemicals and energy giant INEOS, which has agreed to buy £25 million ($34.6 million) worth of shares as a cornerstone investor.



Although hydrogen has long been promoted as a possible clean fuel since it produces only water vapor as a byproduct, it remains a niche industry that primarily finds use in oil refineries and other markets.



According to the International Energy Agency (IEA), usage of hydrogen-based fuels must increase dramatically by 2050 in order to fulfill U.N. backed objectives of net-zero greenhouse gas emissions.



HydrogenOne stated that it seeks to provide clean hydrogen accessibility via investment in a diverse portfolio of hydrogen as well as complementary hydrogen concentrated assets, delivering capital expansion while maintaining a strong focus on environmental, social, and governance (ESG).



JJ Traynor, co-founder of HydrogenOne, stated that the company is for energy investors who want to migrate away from fossil fuels now, not later and push significant growth capital in the global energy transition.



Traynor added, the company would invest largely in projects developed by private enterprises, which are now the major promoters of hydrogen technology.



It will be the first publicly traded investment firm in the United Kingdom to concentrate solely upon hydrogen assets, completely excluding fossil fuel producers.



Traynor also stated that the firm believes it will be able to deploy substantially more capital in the future.



Brian Gilvary, INEOS Energy Venture CEO, stated that for INEOS, as the largest hydrogen producer in Europe, the investment provides access to different projects in what is projected to be one of the fastest expanding industries.



Source credit: https://www.reuters.com/world/uk/hydrogenone-plans-london-listing-invest-hydrogen-projects-2021-07-05/

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Sunil Jha

Sunil Jha has been a part of the content industry for close to two years. Having previously worked as a voice over artist and sportswriter, he now focuses on writing articles for newsorigins.com, across a slew of topics, ranging from technology to trade and finance. With a business-oriented educational background, Sunil brings forth the expertise of deep-dive research and a strategic approach in his write ups.