RMG Acquisition Corporation III (NASDAQ:RMGC) announced this morning that it has signed a letter of intent (LOI) to combine with hydrogen energy systems provider H2B2 Electrolysis Technologies.
The announcement comes just a few days before RMGC’s shareholder vote next Tuesday, January 10, to extend its timeline from February 9 to August 9.
Under the terms of the LOI, shareholders of H2B2 would continue holding all of their equity in the combined company. The parties expect to announce further details regarding the deal when a definitive agreement is executed, which is expected before the end of the first quarter 2023.
Founded in 2016, H2B2 is a global, vertically integrated provider of hydrogen energy systems, services, and equipment, with its own proprietary water electrolysis technology. The Company’s suite of products and services span the production and transport of hydrogen, from design through operation. Hydrogen is commercialized across a variety of sectors such as industrial, energy storage, mobility and residential.
Additionally, H2B2 has expanded its green energy business in Europe, the United States, Latin America, Asia and the Middle East and has secured a role in strategic projects. H2B2 was recently selected as a participant in the IPCEI Hy2Tech program, through which it will receive up to €25 million, or $26.5 million, in public grants from the European Commission.
The company has already established a strong record of funding and partnerships, including a grant from the California Energy Commission to build a green hydrogen production facility starting in Q1 2023. Additionally, H2B2 recently entered the Indian market through a joint venture with GR Promoter Group and partnered with Colombia’s Ecopetrol in 2021 to decarbonize and develop green hydrogen energy.
H2B2 expects the hydrogen energy market to hit a $10 trillion value by 2030 through the growth and deployment of zero or low-carbon green hydrogen solutions being underpinned by global support from regulators and policymakers.
Since RMGC’s deal is not at the “definitive agreement” stage, and is still just a non-binding LOI, SPACInsider will not consider this deal fully “announced”. As such, it will remain in the “Searching” category until a definitive agreement is signed.
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