HydrogenOne Capital Growth intends to list on the London Stock Exchange in order to generate 250 million pounds ($345.85 million) for clean hydrogen investment.

HydrogenOne Capital was founded by JJ Traynor, a former executive at Royal Dutch Shell, and Richard Hulf, a former Exxon Mobil employee and Artemis energy fund manager.

Hydrogen has long been regarded as a potentially clean fuel source due to the fact that it emits only water vapour.

The company stated that it seeks to expand access to clean hydrogen by investing in a varied portfolio of hydrogen and complementary hydrogen-related assets in order to generate capital growth while maintaining a strong focus on the environment, social and governance (ESG).

INEOS Energy has committed to investing 25 million pounds in the fund as a cornerstone investor, the fund announced.

The company stated that it intends to file a prospectus for the 100 pence per share sale on the London Stock Exchange’s premium section shortly and to complete the offering by the end of July.

“HydrogenOne is for energy investors who want to move beyond fossil fuels now, not later, and deploy substantial growth capital into the energy transition,” Traynor said in a statement.