Total net assets stood at £124.3 million at the end of the third quarter while cash reserves decreased £7.5 million from the previous quarter to £22.4 million, largely as a result of investing £8.4 million in offshore hydrogen and carbon dioxide (CO2) pipeline supplier Strohm Holding, along with sales on liquid equities and fund-related costs.

HydrogenOne reported a ‘stable performance’ despite macro economic headwinds, and significant weakening of sterling against the US dollar and Euro.

Simon Hogan, Chairman, said, “The company’s invested private businesses continued to make steady progress in the quarter. Additionally we were pleased to see further supportive investment and legislative changes in the hydrogen industry, driving the energy transition.”

Its investment portfolio now encompasses Sunfire, Bramble Energy, Cranfield Aerospace Solutions, NanoSUN, HH2E and Gen2 Energy.

During the quarter, HydrogenOne was classified as an Article 9 Fund under the EU Sustainable Finance Disclosure Regulation and EU Taxonomy Regulation.

Policy makers continue to support hydrogen in the energy transition, from the $369bn allocated in the US to climate and energy proposals, through the Inflation Reduction Act, EU approval of the Important Project of Common European Interest (IPCEI) for the hydrogen value chain and announcement of a European Hydrogen Bank.