HydrogenOne today announces that its investment adviser HydrogenOne Capital LLP (the "Investment Adviser") has entered into a conditional agreement to sell its business and assets to a wholly owned subsidiary of Cordiant Capital Inc ("Cordiant"), a specialist global infrastructure and real assets manager (the "Transaction"). The Board of HydrogenOne Capital Growth plc, the first London-listed fund investing in clean hydrogen for a positive environmental impact, is pleased to announce its support for the Transaction. Completion of the Transaction is subject to certain regulatory approvals, expected in early 2025, following which the Company will change its name to Cordiant HydrogenOne plc.
The Investment Adviser and Cordiant expect the Transaction will result in an acceleration in the Company's market access and capabilities. Importantly, the Investment Adviser has confirmed to the Company that the Investment Adviser's senior management team and personnel will remain unchanged once the Transaction is completed, and there will be no impact on the existing management and operations of the Investment Adviser and the Company. The Investment Adviser and the Company remain focused on advising on the portfolio and managing cost base to deliver growth and maximise shareholder value. Please see the section headed 'Further details of the Transaction' below for more details.
Cordiant is a specialist global infrastructure and real assets investment manager, with a sector-led approach to providing growth capital solutions to promising mid-sized companies in Europe, North America and select global markets. With over $4 billion in committed capital under management, Cordiant invests in three focus sectors of 'infrastructure 2.0' - energy transition infrastructure, digital infrastructure, and agriculture value chain. These three sectors are characterised by secular growth tailwinds, technology dynamism, sustainability, and require specialist expertise and experience.
The Cordiant group has experience in UK listed funds as investment manager to Cordiant Digital Infrastructure Limited (CORD: LSE), which listed on the Main Market of the London Stock Exchange in 2021 and has successfully raised and deployed c.£800 million of equity.
Simon Hogan, Chairman of HydrogenOne Capital Growth plc, commented: "Having carefully considered the merits of the Transaction with Cordiant for the Company, the Board is firmly of the view that it will support the Company's future development and is in the best interest of shareholders. We are, as such very supportive of this Transaction and look forward to continuing to work with the existing management team, in addition to the wider team from Cordiant, to deliver value for shareholders."
Dr JJ Traynor and Richard Hulf, Managing Directors, Co-Heads of Cordiant HydrogenOne, an Investment Adviser to the Company, commented: "Through this partnership, Cordiant HydrogenOne has the opportunity to unlock substantial value-creating opportunities for shareholders, accelerating hydrogen infrastructure development. Our existing shareholders can benefit from enhanced resources, broader market access, and a resilient pathway to capturing the long-term economic potential inherent in the hydrogen sector. This is a strategic positioning at the frontier of a sector poised for growth, where innovation, technological advancements and climate imperatives converge."
Benn Mikula, Managing Partner and CEO of Cordiant, commented: "My partners and I are delighted that the HydrogenOne team is joining the Cordiant family. JJ, Richard and team bring deep domain expertise in hydrogen along with a powerful combination of investment expertise and operational skills. In combining Cordiant's global investment capabilities with HydrogenOne's deep technical knowledge in the hydrogen value chain, we look to build even more value for HydrogenOne shareholders even as we expand Cordiant's skills and product offering in the energy transition infrastructure sector."
