HydrogenOne backs Norwegian green hydrogen developer

London-listed fund takes minority stake in Gen2 Energy in its first investment in green hydrogen production

London-listed listed investment fund HydrogenOne Capital Growth has bought a minority stake in Gen2 Energy, a Norwegian developer of green hydrogen production capacity, for £3.3mn ($4mn). The investment, which is subject to approval by Gen2’s existing shareholders, forms part of a funding round through which Gen2 expects to raise at least NOK140m ($16mn). The deal marks HydrogenOne’s first investment in green hydrogen production since its launch via a £107mn ($143mn) IPO in London in July last year. 700MW – Gen2 Energy’s project pipeline Gen2 is developing several green hydrogen projects in Norway based on the country’s excess supply of hydroelectric power. The company says it has a total