H2B2 Electrolysis Technologies, a Spain-based manufacturer of electrolysers and developer of fully-integrated green hydrogen plants, has reached a deal to go public via a USD-750-million (EUR 686.2m) merger with blank-check firm RMG Acquisition Corp III (NADAQ:RMGC), or RMG III, the two said on Thursday.
The price is subject to an adjustment based on the results of a separate capital increase of at least USD 40 million, which H2B2 will conduct before the merger. The capital hike will be led by Natixis Partners Iberia SA, a Spanish unit of French investment bank Natixis, and BCW Securities LLC, an affiliate of RMG III.
Do you know we have a daily hydrogen newsletter? Subscribe here for free!
Overall, the merger and the capital raise are expected to fund H2B2’s execution on its near-term project pipeline, the company said.
The merger is expected to close in the second half of 2023, subject to approval by H2B2’s shareholders. According to the statement, stockholders representing a majority of H2B2 common stock have agreed to vote in favour of the deal. The merger has also been backed by the boards of directors of RMG III and H2B2.
Following completion, the combined company will be named H2B2 Electrolysis Technologies and will be listed on the Nasdaq Capital Market.
H2B2 first announced plans to become a public company via a merger with a blank check company in January.
Set up in 2016, H2B2 is a technology company specialising in the design, construction, ownership and operation of green hydrogen production facilities. The company is focused mainly on the US and European markets, but is also expanding in Latin America and Asia-Pacific.
(USD 1 = EUR 0.915)