HydrogenOne Capital Growth to pursue London listing

The firm's aim is to raise £250m via a placing, an offer for subscription and an intermediaries offer.

Those funds would in turn be used to target a diversified portfolio of hydrogen assets out of what the company said was an investible universe of approximately $90bn.

The targeted total return from what it termed as "distinctive opportunities in risk-diversified" hydrogen and related businesses was 10-15%.

Those investments would be predominantly private but would also hydrogen focussed listed assets from across global markets.

INEOS Energy would act as the cornerstone investor with an investment of £25m.

Management also expected the company to qualify for the London Stock Exchange's Green Economy Mark upon admission, which recognises those organisations which derive 50% or more of their total annual sales from products and services which contribute to the global green economy.

Panmure Gordon was acting as sponsor, financial adviser and joint bookrunner, with Kepler Cheuvreux acting as joint bookrunner in relation to the flotation.