HydrogenOne trust 'creeps over the line' to raise £107m

INEOS to hold 23%

HydrogenOne Capital Growth (HGEN), the first dedicated trust to clean hydrogen, has raised £107.35m through its placing, with INEOS Energy providing 23% of that.

It expects the net proceeds of the issue to be £105.2m and the shares will be issued at 100p per share. The trust was targeting a £250m fundraising. When announced, INEOS Energy, the world's third-largest chemical company, committed to purchase 25 million ordinary shares, which would have represented 10% of the overall fundraising. Given the lower fundraising, the chemical company's commitment represents 23% of the overall fundraising. Specialist clean hydrogen trust sets sights on IPO The chemical company has also been granted co-investment rights over any additional capacity i...