News & media Cordiant Acquires HydrogenOne Capital LLP
Key addition to Cordiant’s Listed Fund Strategy and Energy Transition Franchise
Cordiant Group, the specialist global infrastructure investor, is pleased to announce the acquisition of HydrogenOne Capital LLP, a ‘clean hydrogen’ infrastructure specialist and the investment adviser for HydrogenOne Capital Growth plc (LSE: HGEN), the first London-listed clean hydrogen fund. Cordiant views this as a decisive move to bring investors (both public and private) opportunities in the clean hydrogen sector. Clean hydrogen is poised to become the dominant part of the world’s ca. $300 billion p.a. hydrogen market. This acquisition reflects Cordiant’s confidence in this large and critical industrial sector, both now and in the future. Hydrogen is also clearly part of Europe’s path to both greater energy security and a lower-carbon economy.
The transaction will see HydrogenOne Capital LLP rebranded as Cordiant HydrogenOne, within Cordiant’s Energy Transition division. Cordiant HydrogenOne will retain the existing investment advisory relationship, with no changes to the terms and conditions thereof, with HydrogenOne Capital Growth plc. This transaction expands Cordiant’s roster of UK-listed investment companies, while providing existing shareholders of HGEN the benefit of enhanced resources, broader market access, and a resilient pathway to realising the long-term value of HGEN’s investments in the clean hydrogen ecosystem.
“‘My partners and I are delighted that the HydrogenOne team is joining the Cordiant family. JJ, Richard and team bring deep domain expertise in hydrogen along with a powerful combination of investment expertise and operational skills. In combining Cordiant’s global investment capabilities with HydrogenOne’s deep technical knowledge in the hydrogen value chain, we look to build even more value for HydrogenOne shareholders even as we expand Cordiant’s skills and product offering in the energy transition infrastructure sector”, said Benn Mikula, Managing Partner and CEO of Cordiant Group.
With over $4 billion in committed capital under management, this transaction aligns with Cordiant’s established strategy of providing growth capital solutions within ‘Infrastructure 2.0’ in three focus sectors. These sectors – energy transition infrastructure, digital infrastructure, and agriculture value chain – are characterised by secular growth tailwinds, technology dynamism, a sustainability overlay, and require specialist expertise.
Industry veterans Dr JJ Traynor and Richard Hulf will bring their considerable hydrogen experience to Cordiant HydrogenOne, complementing Cordiant’s existing capabilities. Together, this transaction will offer Cordiant’s global investor base exposure to what we believe will be one of the defining investment opportunities at the nexus of the energy transition and energy security.
Dr JJ Traynor and Richard Hulf, Managing Directors, Co-Heads of Cordiant HydrogenOne, commented: “Through this partnership, Cordiant HydrogenOne has the opportunity to unlock substantial value-creating opportunities for shareholders, accelerating hydrogen infrastructure development. Our existing shareholders can benefit from enhanced resources, broader market access, and a resilient pathway to capturing the long-term economic potential inherent in the hydrogen sector. This is a strategic positioning at the frontier of a sector poised for growth, where innovation, technological advancements and climate imperatives converge”.
Whilst the hydrogen sector is seen to be navigating a critical inflection point in its technological and market development – suspended between genuine transformative potential and the realities of complex implementation – Cordiant believes that innovation, targeted policy support, and serious institutional investment are converging, creating a real pathway for scalable deployment. The global momentum towards decarbonisation is no longer a distant aspiration, but an urgent, tangible reality. The Hydrogen Council estimates that hydrogen could meet 18% of global energy demand by 2050, creating a market worth $2.5 trillion per annum.[1] McKinsey’s projections are equally optimistic, suggesting that by 2050, hydrogen could meet 19% of global energy demand, 30% of transportation fuel demand, and 15% of industrial energy demand.[2]
About Cordiant Capital:
Cordiant Group (“Cordiant”) is a specialist global infrastructure and real assets manager with a sector-led approach to providing growth capital solutions to promising mid-sized companies in Europe, North America and selected global markets. Since the firm’s relaunch in 2016, Cordiant, a partner-owned and partner-run firm, has developed a track record of exceeding mandated investment targets for its clients.
Cordiant focuses on the next generation of infrastructure and real assets: sectors (digital infrastructure, energy transition infrastructure and the agriculture value chain) characterised by growth tailwinds and technological dynamism. In addition, Cordiant applies a strong sustainability and ESG overlay to its investment activities.
With a mix of managed funds offering both value-add and core strategies in equity and direct lending, our sector investment teams (combining seasoned industry executives with traditional private capital investors) work with investee companies to develop innovative, tailored financing solutions backed by a comprehensive understanding of the sector and demonstrated operating capabilities. In this way, Cordiant aims to provide value to investors seeking to complement existing infrastructure equity and infrastructure debt allocations.
About Cordiant HydrogenOne:
Cordiant HydrogenOne (previously HydrogenOne Capital LLP) was founded in 2020 as an alternative investment firm focussed specifically on investing in hydrogen assets and their role in the energy transition. As a responsible investor, Cordiant HydrogenOne is committed to contributing to the energy transition through the financing of sustainable investments and by providing investment solutions that reduce carbon emissions. Cordiant HydrogenOne employs a fully integrated investment and asset management approach and integrates its focus on ESG criteria throughout the entire investment process.
Cordiant HydrogenOne is the Investment Adviser to HydrogenOne Capital Growth plc ‘the Company’, the first London-listed hydrogen fund investing in clean hydrogen for a positive environmental impact (LSE: HGEN). The Company was launched in 2021 with an investment objective to deliver an attractive level of capital growth by investing in a diversified portfolio of hydrogen and complementary hydrogen focused assets. The Company is listed on the London Stock Exchange’s main market (ticker: HGEN). The Company is an Article 9 climate impact fund with an ESG policy integrated in investment decisions and asset monitoring.
[1] Hydrogen Council. Hydrogen Market Estimates
[2] McKinsey & Company. Global Energy Perspective: Hydrogen Demand Projections.
