(London) – The British chemical company Ineos wants to buy 25 million shares in the upcoming IPO of Hydrogenone Capital Growth Plc's hydrogen fund, which, according to information, corresponds to ten percent of the targeted fund amount of 250 million pounds (292 million euros). Ineos also purchases the right to appoint a director to the board and also acquires co-investment rights in the fund's projects.
Hydrogenone was founded in 2020 by JJ Traynor (formerly with Shell and Deutsche Bahn, among others) and Richard Hulf (including Exxon) to attract investors in the energy storage sector for the energy transition. The stock market listing is planned for the end of July (ticker HGEN). The fund is intended to invest in global hydrogen projects and hydrogen companies. This includes companies along the entire value chain, including manufacturers and suppliers of components and equipment as well as producers of fuel cells and electrolysers. Upon admission, Hydrogenone is expected to qualify for the London Stock Exchange's Green Economy Market, which includes companies that derive 50 percent or more of their annual revenue from global green economy products and services.
Ineos is the world's third largest chemical company with sales of $61 billion and 26.000 employees. According to its own information, the group produces around 300.000 tons of hydrogen every year, which is mainly produced as a by-product in chemical factories. Ineos is developing two more under the name “Project One” for three billion dollars chemical plants in the port of Antwerp. With its completion, the production capacity for hydrogen will increase to 400.000 tons per year.
In November 2020, Ineos launched a new business unit based in London to develop and build clean hydrogen capacity across Europe. The petrochemical group is involved, among other things, in the “HyNet North West” hydrogen and carbon capture and storage (CCS) project, which is being developed by a consortium in Great Britain. From 2025, HyNet North West is due to begin converting natural gas into low-carbon hydrogen at the Stanlow refinery, with carbon dioxide captured and stored offshore in the Liverpool Bay gas fields. A new pipeline network will then supply industry with the “blue” hydrogen, supply buses, trains and trucks with fuel and be used to generate electricity and heat for North West England and North Wales.
Through its participation in the Danish “Greensand” project, Ineos Energy aims to store up to eight million tonnes of carbon per year.
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https://www.ineos.com/news/ineos-group/ineos-energy-announces-cornerstone-backing-for-hydrogenone/
Photos
The British Ineos Group wants to establish a new supply center for clean hydrogen at the production site in Rafnes, Norway through its subsidiary Inovyn / © Inovyn
