HydrogenOne Capital Growth (HGEN) released its annual results for 2024, revealing operational progress within its portfolio but a decline in NAV by 12.2% to £116.4m, with a notable drop in the share price by 56.4%. Challenges included a 76% discount to NAV, impacted by a write-down of clean hydrogen developer HH2E. The company highlighted revenue growth in its private portfolio companies and successful fundraising activities totaling around £500m in 2024. Despite setbacks, HGEN maintained its SFDR Article 9 classification, emphasizing over 132,800 tonnes of CO₂e emissions avoided in 2024. Looking ahead, the board is assessing alternatives post the breakdown of a planned combination, with a continued positive outlook on the hydrogen sector. The market acknowledges the challenges but recognizes the potential in HGEN's portfolio, suggesting the share price could re-rate strongly in the future.