LONDON - HydrogenOne Capital Growth plc said on Monday it plans to list on the London Stock Exchange to raise 250 million pounds ($345.85 million) for investing in clean hydrogen projects.
HydrogenOne Capital was launched by JJ Traynor, a former Royal Dutch Shell executive, and Richard Hulf, who has worked at Exxon Mobil and been an energy fund manager at Artemis.
Hydrogen has long-been touted as a potential clean fuel as it only emits water vapour.
The company said it intends to provide access to clean hydrogen through investment in a diversified portfolio of hydrogen and complementary hydrogen focussed assets to deliver capital growth with a strong environment, social and governance (ESG) focus.
INEOS Energy has committed to buying shares worth 25 million pounds as a cornerstone investor, the fund said.
The company said it expects to publish a prospectus shortly for the 100 pence per share offering on the LSE's premium segment, and to close the issue by end July.
"HydrogenOne is for energy investors who want to move beyond fossil fuels now, not later, and deploy substantial growth capital into the energy transition," Traynor said in a statement.
It will be the first UK-listed investment company to focus on hydrogen assets and exclude fossil fuel producers, the company said.
($1 = 0.7229 pounds)
(Reporting by Huw Jones; Editing by Kirsten Donovan) ((firstname.lastname@example.org; +44 207 542 3326; Reuters Messaging: email@example.com))