Ineos invests in clean hydrogen business
Ineos Energy is to invest £25 million in the stock market de but of edinburgh clean hydrogen business Hydrogenone Capital Growth.
Ineos will purchase 25 million shares in the forthcoming initial public offering of Hydrogenone, representing 10 per cent of the target fund raise of £250m.
The chemicals giant division will also have the right to appoint a nonexecutive director to the board and will have coinvestment rights in projects identified by Hydrogenone – which says it will be the first London-listed fund dedicated to clean hydrogen for the energy transition towards net zero carbon emissions by 2050.
Hydrogenone will provide access to clean hydrogen through investment in a diversified portfolio of hydrogen and complementary hydrogen-focused assets to deliver “capital growth with a strong sustainability focus”.
Additionally, the firm is expected to qualify for the London Stock Exchange's Green Economy Mark at admission, which recognises companies that derive at least half their total annual revenues from products and services that contribute to the global green economy.
Ineos claims to currently be Europe’s largest producer of hydrogen, making around 300,000 tonnes of hydrogen a year mainly as a co-product from its chemical manufacturing operations. It also says it is the region’s biggest existing operator of electrolysis, the critical technology to produce hydrogen for power generation, transportation, and industrial use.