Bramble Energy Collapse Deals £11M Blow to Hydrogen Capital Growth as Administrator Appointed

• Bramble Energy enters administration after failing to secure new investment, wiping out Hydrogen Capital Growth's £11m equity stake
• The fuel cell firm's collapse follows unsuccessful fundraising efforts, despite commercial interest from major OEMs including Toyota

Hydrogen Capital Growth plc (HGEN) has confirmed that hydrogen fuel cell developer Bramble Energy has filed for administration after failing to raise further capital. The announcement comes following an accelerated sale process that ultimately attracted no viable solvent bids, despite what the board described as “a number of parties [showing] initial interest.”

The collapse hits HGEN’s portfolio hard, with the firm holding a 12.5% fully diluted equity stake in Bramble—valued at £11 million as of 31 March 2025—representing 9% of its total net asset value (NAV). In the absence of a sale or financing rescue, HGEN now expects the value of its holding in Bramble to be reduced to zero. No debt was owed to Bramble, limiting further financial exposure, but the equity write-down marks a significant setback for the fund’s green hydrogen strategy.

HGEN's board expressed disappointment, pointing to the fact that Bramble’s technology had been undergoing evaluation by Toyota as part of ongoing commercial engagement. Despite this and broader optimism around hydrogen fuel cells for mobility and distributed energy, “Bramble has been unable to secure more attractive offers or funding,” the board noted in a statement.

 

Bramble Energy Collapse Deals £11M Blow to Hydrogen Capital

Bramble Energy Collapse Deals £11M Blow to Hydrogen Capital - Fuelcellsworks