H2B2 Electrolysis Technologies to go public in $750 mln SPAC deal

RMG Acquisition III

11/05/2023 23:15

May 11 (Reuters) - Renewable fuel services firm H2B2
Electrolysis Technologies Inc will go public in a $750 million
merger deal with blank-check firm RMG Acquisition Corp III
 RMGC.O , the companies said on Thursday. 
    H2B2, which operates in the green hydrogen sector that has
attracted large investments in recent years, is primarily
focused on the U.S. and European markets.
     The company said the deal, expected to close in the second
half of 2023, would help it execute its near-term project
pipeline and allow it to scale up operations.    
    A special-purpose acquisition company, or SPAC, is a
publicly listed shell firm that raises funds with the intention
of merging with a private company within two years of floating
its shares, taking the private firm public.
    The SPAC sector has seen a downtrend since last year after
several deals were scrapped as market turbulence due to
inflation and rising interest rates spooked startups looking to
go public.
    

 (Reporting by Sourasis Bose in Bengaluru
Editing by Vinay Dwivedi)
 ((Sourasis.Bose@thomsonreuters.com;))