Year ended 31 December 2024 Year ended 31 December 2023 | |||||||
Revenue | Capital | Total | Revenue | Capital | Total | ||
Notes | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
(Losses)/gains on investments | 4 | ( | ( | ||||
Losses on currency | |||||||
movements | ( | ( | ( | ( | |||
Gross investment (losses)/ | |||||||
gains | ( | ( | |||||
Income | 5 | ||||||
Total (losses)/gains | ( | ( | |||||
Investment Adviser fee | 6 | ( | ( | ( | ( | ||
Other expenses | 7 | ( | ( | ( | ( | ( | ( |
(Loss)/profit before finance | |||||||
costs and taxation | ( | ( | ( | ( | |||
Finance costs | |||||||
Operating (loss)/profit before taxation | ( | ( | ( | ( | |||
Taxation | 8 | ||||||
(Loss)/profit for the year | ( | ( | ( | ( | |||
(Loss)/return per Ordinary | |||||||
Share (basic and diluted) | 12 | ( | ( | ( | ( |
31 December | |||
2023 | |||
£’000 | £’000 | ||
Assets | |||
Non-current assets | |||
Investments held at fair value through profit or loss | 4 | ||
Current assets | |||
Cash and cash equivalents | |||
Trade and other receivables | 9 | ||
Total current assets | |||
Total assets | |||
Current liabilities | |||
Trade and other payables | 10 | ( | ( |
Total liabilities | ( | ( | |
Net assets | |||
Equity | |||
Share capital | 11 | ||
Share premium account | |||
Capital reserve | ( | ||
Revenue reserve | ( | ( | |
Total equity | |||
Net asset value per Ordinary Share | 13 |
Share | ||||||
Share | premium | Capital | Revenue | |||
Capital | account | reserve | reserve | Total | ||
Notes | £’000 | £’000 | £’000 | £’000 | £’000 | |
Opening balance as at 1 January 2024 | ( | |||||
Loss for the year | ( | ( | ( | |||
Closing balance as at 31 December 2024 | ( | ( | ||||
For the year ended 31 December 2023 | Share | |||||
Share | premium | Capital | Revenue | |||
Capital | account | reserve | reserve | Total | ||
Notes | £’000 | £’000 | £’000 | £’000 | £’000 | |
Opening balance as at 1 January 2023 | ( | |||||
Profit/(loss) for the year | ( | |||||
Closing balance as at 31 December 2023 | ( |
Year ended | Year ended | |
31 December | 31 December | |
2024 | 2023 | |
£’000 | £’000 | |
Cash flows from operating activities | ||
Interest income | ||
Dividend income | ||
Management expenses | ( | ( |
Foreign exchange (losses)/gains | ( | ( |
Decrease in trade and other receivables | ||
(Decrease)/increase in trade and other payables | ( | |
Net cash flow used in operating activities | ( | ( |
Cash flows from investing activities | ||
Purchase of investments | ( | ( |
Sale of investments | ||
Net cash flow used in investing activities | ( | ( |
Decrease in cash and cash equivalents | ( | ( |
Cash and cash equivalents at start of year | ||
Cash and cash equivalents at end of year |
31 December | 31 December | |
2024 | 2023 | |
£’000 | £’000 | |
Investments held at fair value through profit or loss | ||
Listed Hydrogen Assets | – | 2,322 |
Limited Partnership | 113,729 | 125,861 |
Closing valuation of financial assets at fair value through profit or loss | 113,729 | 128,183 |
£’000 | £’000 | |
Opening valuation of financial assets at fair value through profit or loss | 128,183 | 106,673 |
Less opening unrealised gain on investments | (10,606) | (1,426) |
Opening cost of financial assets at fair value through profit or loss | 117,577 | 105,247 |
Additions, at cost – Listed Hydrogen Assets | – | 74 |
Additions, at cost – Limited Partnership | 4,959 | 12,398 |
Disposals, at cost - Listed Hydrogen Assets | (7,620) | (142) |
Disposals, at cost – Limited Partnership | (2,600) | – |
Cost of financial assets at fair value through profit or loss at the end of the year | 112,316 | 117,577 |
Unrealised loss on investments – Listed Hydrogen Assets | – | (5,299) |
Unrealised gain on investments – Limited Partnership | 1,413 | 15,905 |
Closing valuation of financial assets at fair value through profit or loss | 113,729 | 128,183 |
£’000 | £’000 | |
Movement in unrealised gains/(loss) – Listed Hydrogen Assets | 5,299 | (1,277) |
Movement in unrealised (loss)/gains – Limited Partnership | (14,492) | 10,457 |
Realised loss on investments – Listed Hydrogen Assets | (5,680) | (30) |
Total (loss)/gains on investments | (14,873) | 9,150 |
31 December 2024 | ||||
Level 1 | Level 2 | Level 3 | Total | |
£’000 | £’000 | £’000 | £’000 | |
Listed Hydrogen Assets | – | – | – | – |
Limited Partnership | – | – | 113,729 | 113,729 |
– | – | 113,729 | 113,729 |
31 December 2023 | ||||
Level 1 | Level 2 | Level 3 | Total | |
£’000 | £’000 | £’000 | £’000 | |
Listed Hydrogen Assets | 2,322 | – | – | 2,322 |
Limited Partnership | – | – | 125,861 | 125,861 |
2,322 | – | 125,861 | 128,183 |
31 December | 31 December | |
2024 | 2023 | |
£’000 | £’000 | |
Opening balance | 125,861 | 103,006 |
Investment in Limited Partnership | 4,959 | 12,398 |
Distribution from Limited Partnership | (2,600) | – |
Movement in unrealised gains on investment in Limited Partnership | (14,491) | 10,457 |
Closing balance | 113,729 | 125,861 |
31 December | 31 December | |
2024 | 2023 | |
£’000 | £’000 | |
Investment in Private Hydrogen Assets | 113,490 | 126,206 |
Plus/(minus): net other assets/(liabilities) | 239 | (345) |
NAV of the Limited Partnership | 113,729 | 125,861 |
Value of | |||||
Country of | Investment | Primary valuation | Significant unobservable | ||
Name | Incorporation | £’000 | technique | inputs | Range input |
Sunfire GmbH | Germany | 32,337 | DCF | Discount rates | 10.6-10.7% |
United | |||||
Elcogen Group plc | Kingdom | 21,019 | DCF | Discount rates | 8.6-8.7% |
United | |||||
HiiROC Limited | Kingdom | 23,925 | DCF | Discount rates | 12.8-13.0% |
Strohm Holding BV | Netherlands | 13,885 | DCF | Discount rates | 13.5-13.6% |
United | |||||
Bramble Energy Limited | Kingdom | 9,908 | DCF | Discount rates | 15.3-15.5% |
Cranfield Aerospace | United | ||||
Solutions Limited | Kingdom | 12,366 | DCF | Discount rates | 16.8-16.9% |
United | |||||
Swift Hydrogen Limited* | Kingdom | 50 | Net Assets | n/a | n/a |
Value of | |||||
Country of | Investment | Primary valuation | Significant unobservable | ||
Name | Incorporation | £’000 | technique | inputs | Range input |
Sunfire GmbH | Germany | 27,068 | DCF | Discount rates | 11.3%-12.4% |
United | |||||
Elcogen Group plc | Kingdom | 24,430 | DCF | Discount rates | 13.1%-13.9% |
Strohm Holding BV | Netherlands | 19,719 | DCF | Discount rates | 14.4%-15.4% |
United | |||||
HiiROC Limited | Kingdom | 13,701 | DCF | Discount rates | 13.8%-14.9% |
Cranfield Aerospace | United | ||||
Solutions Limited | Kingdom | 11,870 | DCF | Discount rates | 17.5%-18.6% |
United | |||||
Bramble Energy Limited | Kingdom | 10,621 | DCF | Discount rates | 16.0%-17.1% |
Discount rates | |||||
(project SPVs & | 12.0%; and | ||||
HH2E AG | Germany | 6,971 | DCF | Company) | 16.5%-17.6% |
Probability | Discount rates | ||||
weighted approach | applied in DCF | 15.3%-15.9% | |||
incorporating DCF, | Net Assets | n/a | |||
United | indicative offers and | ||||
NanoSUN Limited | Kingdom | 5,428 | net assets* | Weighting | 10%-50% |
Discount rates | |||||
(project SPVs & | 12.0%; and | ||||
GEN2 Energy AS | Norway | 4,443 | DCF | Company) | 16.7%-17.6% |
HH2E Werk Thierbach | Loan principal and | ||||
GmbH | Germany | 1,955 | accrued interest | N/a | N/a |
Effect on fair value of investments | |||
£’000 | |||
31 December | 31 December | ||
Unobservable input | Possible reasonable change in input | 2024 | 2023 |
Discount rates applied in full DCF valuation | +1% | (4,624) | (7,767) |
-1% | 5,794 | 8,584 | |
Weighting between DCF, indicative offers | |||
and Net Asset valuation | +/- 10% weighting to DCF | - | 968/(968) |
+/- 10% weighting to indicative | |||
offers | - | 124/(124) | |
+/- 10% weighting to Net Assets | 1,092/(1,092) |
Year ended | Year ended | |
31 December | 31 December | |
2024 | 2023 | |
£’000 | £’000 | |
Overseas dividend income | 1 | 1 |
Bank interest | 127 | 211 |
Total income | 128 | 212 |
Year ended 31 December 2024 | Year ended 31 December 2023 | |||||
Revenue | Capital | Total | Revenue | Capital | Total | |
£’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
Investment Adviser fee | 34 | – | 34 | 144 | – | 144 |
Year ended | Year ended | |
31 December | 31 December | |
2024 | 2023 | |
£’000 | £’000 | |
Administration & Secretarial Fees | 209 | 205 |
Other expenses | 181 | 191 |
Directors’ Fees | 173 | 173 |
Audit Fees | 168 | 162 |
AIFM Fees | 109 | 97 |
PR & Marketing | 107 | 262 |
Brokers Fees | 60 | 66 |
Custodian Charges | 50 | 50 |
D & O Insurances | 44 | 47 |
Printing Fees | 38 | 38 |
Website Fees | 32 | 39 |
Registrar’s Fees | 21 | 21 |
LSE Fees | 20 | 15 |
Legal Fees | 12 | 30 |
Total revenue expenses | 1,224 | 1,396 |
Expenses charged to capital: | ||
Capital transaction costs | 3 | 500 |
Total expenses | 1,227 | 1,896 |
Year ended 31 December 2024 | Year ended 31 December 2023 | |||||
Revenue | Capital | Total | Revenue | Capital | Total | |
£’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
Overseas tax | – | – | – | – | – | – |
Total tax charge for the year | – | – | – | – | – | – |
Year ended 31 December 2024 | Year ended 31 December 2023 | |||||
Revenue | Capital | Total | Revenue | Capital | Total | |
£’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
(Loss)/profit on ordinary activities | ||||||
before taxation | (1,130) | (15,101) | (16,231) | (1,328) | 8,645 | 7,317 |
Corporation tax at 25% (2023: | ||||||
23.55) | (283) | (3,775) | (4,058) | (312) | 2,033 | 1,721 |
Effects of: | ||||||
Non-taxable (gains)/losses on investments | – | 3,774 | 3,774 | – | (2,151) | (2,151) |
Excess management expenses | ||||||
not utilised in year | 283 | – | 283 | 312 | 30 | 342 |
Disallowable expenses | – | 1 | 1 | – | 88 | 88 |
Total tax charge | – | – | – | – | – | – |
31 December | 31 December | |
2024 | 2023 | |
£’000 | £’000 | |
Prepayments | 42 | 41 |
Other receivables | 7 | 10 |
49 | 51 |
Notes to the parent and consolidated | ||
financial statements | ||
31 December 2024 | 31 December 2023 | |||
Nominal value of | Nominal value of | |||
Allotted, issued and fully paid Ordinary Shares of | shares | shares | ||
1p each: | No. of shares | (£) | No. of shares | (£) |
Brought forward | 128,819,999 | 1,288,199.99 | 128,819,999 | 1,288,199.99 |
Closing balance as at 31 December | 128,819,999 | 1,288,199.99 | 128,819,999 | 1,288,199.99 |
Year ended 31 December 2024 | Year ended 31 December 2023 | |||||
Revenue | Capital | Total | Revenue | Capital | Total | |
£’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
(Loss)/profit for the year(£’000) | (1,130) | (15,101) | (16,231) | (1,328) | 8,645 | 7,317 |
Return per Ordinary Share | (0.88)p | (11.72)p | (12.60)p | (1.03)p | 6.71p | 5.68p |
31 December | 31 December | |
2024 | 2023 | |
£’000 | £’000 | |
Net Asset Value (£’000) | 116,439 | 132,670 |
Ordinary Shares in issue | 128,819,999 | 128,819,999 |
NAV per Ordinary Share | 90.39p | 102.99p |
Ordinary Shares at | Ordinary Shares at | |
31 December | 31 December | |
2024 | 2023 | |
Simon Hogan | 40,000 | 40,000 |
Afkenel Schipstra | 10,100 | 10,100 |
Abigail Rotheroe | 10,000 | 10,000 |
David Bucknall | – | – |
31 December 2024 | 31 December 2023 | |||||||
Other assets | Other assets | |||||||
Investments | Cash | & liabilities | Total | Investments | Cash | & liabilities | Total | |
Currency | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 |
Danish Krone | – | – | – | – | 180 | – | – | 180 |
Euro | – | – | – | – | 806 | – | – | 806 |
Korean Won | – | – | – | – | 501 | – | – | 501 |
Norwegian Krone | – | – | – | – | 259 | – | – | 259 |
Swedish Krona | – | – | – | – | 3 | – | – | 3 |
US Dollar | – | – | – | – | 213 | – | – | 213 |
– | – | – | – | 1,962 | – | – | 1,962 |
31 December 2024 | 31 December 2023 | |||||
Interest | Non-interest | Interest | Non-interest | |||
bearing | bearing | Total | bearing | bearing | Total | |
£’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
Assets | ||||||
Cash and cash equivalents | 2,833 | – | 2,833 | 4,626 | – | 4,626 |
Trade and other receivables | – | 49 | 49 | – | 51 | 51 |
Investments held at fair value through profit or loss – Listed | ||||||
Hydrogen Assets | – | – | – | – | 2,322 | 2,322 |
Investments held at fair value through profit or loss – Limited | ||||||
Partnership | – | 113,729 | 113,729 | – | 125,861 | 125,861 |
Total assets | 2,833 | 113,778 | 116,611 | 4,626 | 128,234 | 132,860 |
Liabilities | ||||||
Trade and other payables | – | (172) | (172) | – | (190) | (190) |
Total liabilities | – | (172) | (172) | – | (190) | (190) |
31 December | 31 December | |
2024 | 2023 | |
£’000 | £’000 | |
Trade and other receivables | 49 | 51 |
Cash and cash equivalents | 2,833 | 4,626 |
Total | 2,882 | 4,677 |
31 December 2024 | 31 December 2023 | |||||
Less than | Less than | |||||
1 year | 1-5 years | Total | 1 year | 1-5 years | Total | |
£’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
Assets | ||||||
Investments at fair value through profit or loss – Listed Hydrogen | ||||||
Assets | – | – | – | 2,322 | – | 2,322 |
Investments at fair value through profit or loss – Limited Partnership | – | 113,729 | 113,729 | – | 125,861 | 125,861 |
Trade and other receivables | 49 | – | 49 | 51 | – | 51 |
Cash and cash equivalents | 2,833 | – | 2,833 | 4,626 | – | 4,626 |
Total assets | 2,882 | 113,729 | 116,611 | 6,999 | 125,861 | 132,860 |
Liabilities | ||||||
Trade and other payables | (172) | – | (172) | (190) | – | (190) |
Total liabilities | (172) | – | (172) | (190) | – | (190) |
Effective | Country of | Issued share | Registered | |||
Subsidiary name | ownership | ownership | Principal activity | capital | address | |
General | ||||||
partner of | ||||||
HydrogenOne | 4th Floor, | |||||
Capital Growth | 140 | Aldersgate | ||||
HydrogenOne Capital Growth | United | Investments | Street, London, | |||
(GP) Limited | 100% | Kingdom | (1) LP | £1 | EC1A 4HY | |
General | ||||||
partner of | ||||||
HydrogenOne | 4th Floor, | |||||
Capital Growth | 140 | Aldersgate | ||||
HydrogenOne Capital Growth | United | Investments | Street, London, | |||
Investments (1A) GP LLP | 100% | Kingdom | (1A) LP | £10 | EC1A 4HY |
Total assets | |||||||
as at 31 | |||||||
December | |||||||
Value of | 2024 | Effective | |||||
Purpose of | Country of | investment | (unaudited) | ownership | Registered | ||
Name | the entity | Incorporation | £’000 | £’000 | (% rounded) | address | |
Sunfire GmbH | Electrolyzer | Germany | 32,337 | 250,033 | 4% | Gasanstaltstraße | |
producer | 2 01237 | Dresden, | |||||
Germany | |||||||
Elcogen Group plc | Solid oxide fuel | United Kingdom | 21,019 | 54,600 | 8% | Highdown House, | |
cell supply | Yeoman Way, | ||||||
Worthing, | |||||||
West Sussex, | |||||||
BN99 3HH | |||||||
Strohm Holding BV | Supplier of | Netherlands | 13,885 | 63,062 | 15% | Monnickendamkade | |
thermoplastic | 1, 1976 | EC IJmuiden | |||||
composite | |||||||
pipe | |||||||
HiiROC Limited | Supplier | United Kingdom | 23,925 | 4,225 | 5% | 22 Mount Ephraim, | |
of clean | Tunbridge Wells, Kent, | ||||||
hydrogen | TN4 | 8AS | |||||
production | |||||||
technology | |||||||
Cranfield Aerospace | Aviation | United | 12,366 | 13,588 | 29% | Hanger 2, Cranfield | |
Solutions Limited | design and | Kingdom | Airport, Cranfield, | ||||
maintenance | Bedfordshire, | ||||||
MK43 0AL |
Total assets | ||||||
as at 31 | ||||||
December | ||||||
Value of | 2024 | Effective | ||||
Purpose of | Country of | investment | (unaudited) | ownership | Registered | |
the entity | Incorporation | £’000 | £’000 | (% rounded) | address | |
Bramble Energy | Printed Circuit | United Kingdom | 9,908 | 10,303 | 12% | 6 Satellite Business |
Limited | Board fuel cell | Village, Fleming Way, | ||||
solutions | Crawley, England, | |||||
RH10 9NE | ||||||
Swift Hydrogen | Hydrogen | United Kingdom | 50 | N/a | 100% | 6th Floor 125 London |
Limited | storage | Wall, London, England, | ||||
intellectual | England, EC2Y 5AS | |||||
property |
Total assets | ||||||||
as at 31 | ||||||||
December | ||||||||
Value of | 2023 | Effective | ||||||
Purpose of | Country of | investment | (unaudited) | ownership | Registered | |||
Name | the entity | Incorporation | £’000 | £’000 | (% rounded) | address | ||
Sunfire GmbH | Electrolyzer | Germany | 27,068 | 157,197 | 5% | Gasanstaltstraße | ||
producer | 2 01237 | Dresden, | ||||||
Germany | ||||||||
Elcogen Group plc | Solid oxide fuel | United | 24,430 | 51,445 | 9% | Highdown House, | ||
cell supply | Kingdom | Yeoman Way, | ||||||
Worthing, | ||||||||
West Sussex, | ||||||||
BN99 3HH | ||||||||
Strohm Holding BV | Supplier of | Netherlands | 19,719 | 62,082 | 20% | Monnickendamkade | ||
thermoplastic | 1, 1976 | EC IJmuiden | ||||||
composite | ||||||||
pipe | ||||||||
HiiROC Limited | Supplier | United | 13,701 | 14,398 | 6% | 22 Mount Ephraim, | ||
of clean | Kingdom | Tunbridge Wells, | ||||||
hydrogen | Kent, TN4 8AS | |||||||
production | ||||||||
technology | ||||||||
Cranfield Aerospace | Aviation | United | 11,870 | 17,291 | 29% | Hanger 2, Cranfield | ||
Solutions Limited | design and | Kingdom | Airport, Cranfield, | |||||
maintenance | Bedfordshire, | |||||||
MK43 0AL | ||||||||
Bramble Energy | Printed Circuit | United | 10,621 | 21,361 | 12% | 6 Satellite Business | ||
Limited | Board fuel cell | Kingdom | Village, Fleming Way, | |||||
solutions | Crawley, England, | |||||||
RH10 9NE | ||||||||
HH2E AG | Supplier | Germany | 6,971 | 11,077 | 11% | HRB 167243, | Kaiser- | |
of green | Wilhelm-Straße 93, | |||||||
electrolysis | 20355 | Hamburg | ||||||
and energy | ||||||||
storage | ||||||||
facilities | ||||||||
NanoSUN Limited | Supplier | United | 5,428 | 5,045 | 22% | Abraham Heights | ||
of mobile | Kingdom | Farm, Westbourne | ||||||
hydrogen | Road, Lancaster, | |||||||
storage and | LA1 5EF | |||||||
refueling | ||||||||
systems | ||||||||
GEN2 Energy AS | Green | Norway | 4,443 | 11,203 | 7% | Raveien 205, 3184 | ||
Hydrogen | Borre, Norway | |||||||
development |
Total assets | |||||||||
as at 31 | |||||||||
December | |||||||||
2023 | Effective | ||||||||
investment | (unaudited) | ownership | Registered | ||||||
£’000 | £’000 | (% rounded) | address | ||||||
HH2E Werk Thierbach | Supplier | Germany | 1,955 | 9,389 | 15% | HRB 167243, | Kaiser- | ||
GmbH | of green | Wilhelm-Straße 93, | |||||||
electrolysis | 20355 | Hamburg | |||||||
and energy | |||||||||
storage | |||||||||
facilities |