Corporate Energy team advises HydrogenOne on double private equity investments

3 minute read
05 January 2022

Our Corporate Energy team has advised clean hydrogen-dedicated investment fund HydrogenOne Capital Growth plc ("HydrogenOne") on its latest private equity investments in two innovative hydrogen companies.

This includes a £10 million investment in HiiROC Limited ("HiiROC"), a supplier of clean hydrogen production technology, and a £9 million investment in NanoSUN Limited ("NanoSUN"), a mobile hydrogen storage and refuelling systems supplier to hydrogen consumers.

HiiROC's technology converts biomethane or natural gas into clean hydrogen and carbon black, through a proprietary electrolysis process using thermal plasma. This results in zero CO2 hydrogen production, known as 'turquoise hydrogen'. NanoSUN's novel mobile Pioneer Hydrogen Refuelling Stations provide a flexible and low cost connection between hydrogen customers, such as truck stops, and concentrated hydrogen supply sources.

Principal associate Stephen Bowman led the Gowling WLG team to advise HydrogenOne on these investments, working with corporate energy partner and co-leader of the firm's Hydrogen Group, Gareth Baker, Hannah Gough (associate, corporate), Luke Kempton (partner, IP), Mathilda Davidson (director, IP) and Catherine Haworth (associate, IP).

Stephen Bowman said: "We're delighted to have once again worked with HydrogenOne on these two deals, having also advised the business earlier this year on its first private equity investment as well as its £107.35 million fundraise and listing on the premium-listing segment of the London Stock Exchange's Main Market. HydrogenOne has an exciting pipeline and we're looking forward to working with the team on future projects."

Gowling WLG's multi-disciplinary Energy team has a market-leading reputation and operates seamlessly around the globe. The deal is another example of the team's position in the energy sector and follows a series of recent mandates, including advising Berenberg on its £210 million Harmony Energy Income Trust IPO, Brockwell Energy on its sale of an onshore wind farm development to global renewable energy developer, service provider and distributor BayWa and Eelpower on its £100 million joint venture with NextEnergy Solar Power.

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