Ineos to invest £25m in hydrogen fund’s £250m IPO
Jim Ratcliffe: investing in clean energy
Ineos, the chemicals group controlled by billionaire Sir Jim Ratcliffe, is investing at least £25 million in the IPO of a hydrogen-dedicated investment fund.
HydrogenOne Capital Growth wants to raise £250 million via a placing and offer.
It was set up 14 months ago by JJ Traynor, a former Deutsche Bank oil and gas analyst who also worked in investor relations at Royal Dutch Shell for 12 years, and Richard Hulf, a former fund manager at Artemis and a chartered engineer.
Mr Hulf said the fund would invest in both private companies that would like help to go public, and projects that aimed to help clusters of heavy industry and transport move away from fossil fuels.
Ineos is Europe’s largest producer of hydrogen, with an annual output of around 400,000 tonnes.