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(Borre, 16 March 2022)
Gen2 Energy AS (“Gen2 Energy”) is pleased to announce that it has raised approximately NOK 150 million through a private placement (the “Private Placement”) of new shares.
The Private Placement received solid support from existing shareholders as well as Gen2 Energy’s board of directors and employees, and UK-based hydrogen specialist investment funds HyCap Fund I SCSp (“HyCap”) and HydrogenOne Capital Growth plc (“HydrogenOne”), both investing through wholly-owned SPVs, were anchor investors in the Private Placement and have received certain anchor investor rights.
HyCap and HydrogenOne will both be represented in Gen2 Energy’s board of directors, and Gen2 Energy’s extraordinary general meeting (“EGM”) held yesterday 15 March 2022 elected Matthew Holgate (Principal, HyCap) and Richard Hulf (Managing Partner and Co-Founder, HydrogenOne) as new board members, effective from the time of registration of the share capital increase resolved by the EGM.
Jonas Meyer, Gen2 Energy’s CEO comments: “With this important vote of confidence in Gen2 Energy and validation of the company’s model for production and distribution of green hydrogen by such internationally renowned hydrogen players as HyCap and HydrogenOne, Gen2 Energy is poised to leverage its early mover position within green hydrogen in Norway to accelerate project development and growth. Gen2 Energy has a strong group of backers as we continue to develop our green hydrogen projects and progress towards construction of our initial production facility.”
Simon Hogan, Chairman of HydrogenOne says: “Gen2 Energy marks HydrogenOne’s first step into investment in hydrogen supply projects, and we are looking forward to working with the Gen2 Energy team to progress these exciting developments.”
Gen2 Energy plans to use the proceeds from the Private Placement to fund the development of the company’s portfolio of sustainable green hydrogen projects based on renewable energy (with total potential capacity of up to 700 MW) to a final investment decision stage, and for general corporate purposes.
Wikborg Rein Advokatfirma AS acted as legal adviser to the Company in connection with the Private Placement.
For further information, please contact:
Jonas Meyer, CEO: +47 928 58 525, email@example.com
Svein-Erik Figved, Head of Public Affairs and Communication: +47 982 21 007, firstname.lastname@example.org
About Gen2 Energy
Gen2 Energy is a Norwegian company dedicated to developing, building, controlling and operating an integrated value chain for green hydrogen. The company aims to establish large scale production capacity for green hydrogen based on 100 percent renewable energy, and to operate a reliable and efficient logistics network.
HyCap has a key focus on investing in the emerging green hydrogen economy and their investment strategy is to match supply and demand for hydrogen, with a focus on demand origination allowing the market to scale rapidly.
About HydrogenOne Capital
HydrogenOne’s investment objective is to deliver an attractive level of capital growth by investing in a diversified portfolio of hydrogen and complementary hydrogen focussed assets. The Company is listed on the London Stock Exchange’s main market.
This announcement is for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to subscribe for or buy any securities or a recommendation to buy or sell any securities of Gen2 Energy.
The distribution of this announcement and other information may be restricted by law in certain jurisdictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.