Redwheel will receive a fixed fee of GBP1 million/year, plus 1% of the realization value of an investment, if it is equal to or greater than the prevailing net asset value, or 0.75% if the sale value is lower.
If the sale price is higher, then it will receive an additional 5% of the premium achieved.
HydrogenOne has investments across the hydrogen value chain in Europe, including German electrolyzer manufacturer Sunfire, pipeline company Strohm and fuel cell producer Elcogen.
It also had an investment in German renewable hydrogen production company HH2E, which filed for self-administration in November after failing to secure additional funding to advance its projects, with no funds returned to investors.
HydrogenOne wrote off GBP7.1 million in HH2E.
H2Apex has since acquired HH2E's 100-MW Lubmin electrolyzer project and plans to complete the facility.
HydrogenOne put its portfolio net asset value at GBP116 million at the end of 2024.
Platts, part of S&P Global Energy, assessed the cost of green hydrogen production via alkaline electrolysis in Germany, backed by renewable power purchase agreements, at Eur8.68/kg ($10.00/kg) on July 29, down from a peak of over Eur14.50/kg in mid-December.
The assessment reflects one possible pathway for producing EU Renewable Energy Directive-compliant green hydrogen.
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