April 8 (Renewables Now) - HydrogenOne Capital Growth plc (LON:HGEN) has secured gross proceeds of GBP 21.5 million ( USD 28.1m/EUR 25.8m) via a placing with new and existing shareholders, the UK listed investment trust said on Friday.
As demand exceeded the company's existing shareholder authorities granted at the time of its initial public offering (IPO), a scaling back exercise was carried out. The placing, launched on April 4, saw the company issue close to 21.5 million ordinary shares at GBP 1 a share.
The hydrogen sector investor will use the proceeds to fund its immediate and near term pipeline.
HydrogenOne, which raised GBP 107 million in its IPO in July 2021, is considering a share issuance programme to fund its wider pipeline, which now stands at above GBP 500 million.
According to its chairman Simon Hogan, recent policy announcements have underscored the positive momentum in the hydrogen sector.