INEOS to purchase stakes in HydrogenOne IPO

INEOS, a British multinational energy firm, said it will purchase 25 million shares in the forthcoming IPO of HydrogenOne, which will provide 10 percent of the target fund raise of £250 million (US $346.40).

“The INEOS investment in HydrogenOne will help to accelerate and diversify INEOS’ existing clean hydrogen strategy,” Brian Gilvary, Executive Chairman of INEOS Energy. INEOS claims to be the largest hydrogen producer in Europe. They said they produce making around 300,000 tonnes of hydrogen a year.

The company said in a statement on Monday that it will also have the right to appoint a non-executive director to the Board of HydrogenOne and will also have co-investment rights in projects identified by HydrogenOne.

HydrogenOne is “expected” to qualify for the London Stock Exchange's Green Economy Mark which recognises companies that derive 50 percent or more of their total annual revenues from global green economy.