HydrogenOne Capital Growth - Hydrogen options maturing

HydrogenOne (HGEN) holds a distinctive and concentrated portfolio of assets across the entire hydrogen value chain (95% private, 2% public). In its FY23 results, its NAV and NAV per share increased 6% y-o-y to £132.7m and 103p, respectively. Total revenue from its portfolio companies grew 125% y-o-y to £74m. Throughout FY23 the fund continued with follow-on investments, totalling £10.6m. It had a cash position of £4.6m at end-FY23 and an additional £2.3m in listed hydrogen companies. The fund currently trades at a 57% discount to NAV.

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