- H2B2 not only manufactures small and large scale electrolyzers,
but also offers its customers a full suite of customized end-to-end
energy solutions through its ability to design, build, own, and
operate fully integrated green hydrogen production facilities.
- The Company utilizes proprietary PEM electrolyzer technology
and is developing in-house, next-generation SOEC and AEM
technologies. H2B2 currently has capacity to deliver up to 200MW of
commercially available electrolyzers annually.
- H2B2 has a commercial footprint in California, Spain, Germany,
India and Colombia and aims to become a top tier green hydrogen
company over the next 5 years.
- H2B2 has been selected as a participant in the IPCEI Hy2Tech
(Important Projects of Common European Interest) program, through
which it has been approved by the European Commission to receive up
to € 25 million in public grants. The Company is further supported
by grant funding from the California Energy Commission, as well as
a growing pipeline of potential blue-chip global customers. As a
result, H2B2 is well positioned to become a global market leader in
the deployment of green hydrogen electrolysis facilities and
end-to-end green hydrogen solutions.
- With the growth in and deployment of zero or low carbon green
hydrogen solutions being underpinned by global support from
regulators and policy makers, the hydrogen energy market is
expected to reach a $10 trillion value by 2030[1] and installations
of electrolyzers are set to grow from 2 gigawatts currently to 242
gigawatts over the next eight years[2].
H2B2 Electrolysis Technologies (“H2B2” or the “Company”), a
leading developer and operator of green hydrogen production systems
for clean energy generation, and RMG Acquisition Corporation III
(Nasdaq: RMGC) (“RMG III”), a publicly-traded special purpose
acquisition company, announced today that they have entered into a
letter of intent (“LOI") for a potential business combination.
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Under the terms of the LOI, H2B2's shareholders would continue
holding substantially all of their equity in the combined public
company. RMG III and H2B2 expect to announce additional details
regarding the business combination when a definitive agreement is
executed, which is expected before the end of the first quarter
2023.
Since its founding in 2016, H2B2 has become a key player in the
green hydrogen energy sector. The company is expanding rapidly in
Europe, the United States, Latin America, Asia and the Middle East
and has secured a role in strategic projects. In particular, H2B2
has been selected as a participant in the IPCEI Hy2Tech (Important
Projects of Common European Interest) program, through which it has
been approved by the European Commission to receive up to € 25
million in public grants out of the € 5.4 billion that will be
invested.
In 2019, the California Energy Commission awarded H2B2 a grant
for the development of a green hydrogen production facility,
Sohycal plant, in Fresno, California. This 3MW plant is scheduled
to begin production in Q1 2023 and will become the first green
hydrogen plant, powered by H2B2, vertically integrated from the
photovoltaic production of electricity to the transportation and
dispensing of green hydrogen at the charging station.
In 2021 Colombia's Ecopetrol, one of the world's leading oil
companies, began working with H2B2 and recently incorporated the
Company into its group of strategic partners as part of its plan to
decarbonize and develop green hydrogen energy. H2B2 has also
recently entered the Indian market through a joint venture with GR
Promoter Group and the creation of GreenH.in Electrolysis.
The Company has reinforced its commitment to good corporate
governance by increasing the number of independent directors on its
board, including newly appointed chairman Antonio Vázquez, who has
four decades of experience in international business development.
Mr. Vázquez most recently was Chairman of IAG, the holding company
for Iberia, British Airways, Vueling and Aer Lingus, and president
of Iberia. The Company also recently appointed as CEO Anselmo
Andrade Fernández de Mesa, who has been part of the management team
since the Company was founded in 2016, including as its CFO until
2021 and Head of the Business Development division for the last two
years. Mr. Andrade earned a master's degree in finance through the
London School of Economics and Political Sciences.
As part of the Company’s transition to public ownership, Mr.
Andrade takes the reins from Felipe Benjumea Llorente, founder of
H2B2, who will assume the role of Strategic Advisor so that he can
continue to contribute to the development of the business
globally.
“The steps we are taking to finalize our business combination
with RMG III will represent a new era for our company and a great
step forward in accelerating the decarbonization of the energy
sector globally,” said Antonio Vázquez, Chairman of H2B2.
Anselmo Andrade added: “The Company will continue to distinguish
itself by bringing together a team with decades of experience in
the hydrogen energy sector and deploying its proprietary technology
as it continues its expansion."
RMG III’s Jim Carpenter said “RMG III is excited to be
partnering with a company that we believe has the potential to
become a global green hydrogen leader.”
Legal note
No assurances can be made that the parties will successfully
negotiate and enter into a definitive agreement, or that the
proposed transaction will be consummated on the terms or time frame
currently contemplated, or at all. Any transaction would be subject
to board and shareholder approval of both companies, regulatory
approvals, and other customary conditions. RMG III is holding an
extraordinary general meeting of its shareholders on January 10,
2023 to approve an extension of time for RMG III to complete an
initial business combination through May 9, 2023, and the proposed
transaction would be subject to approval of the extension proposal
by RMG III’s shareholders.
About H2B2 Electrolysis Technologies
H2B2 Electrolysis Technologies (“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. For more information,
visit www.H2B2.es or connect with us on Twitter or LinkedIn.
About RMG Acquisition Corporation III
RMG Acquisition Corporation III (Nasdaq: RMGC) (“RMG III”) is a
special purpose acquisition company (SPAC) affiliated with
Riverside Management Group, formed for the purpose of effecting a
merger, amalgamation, share exchange, asset acquisition, share
purchase, reorganization or similar business combination with one
or more businesses or entities. RMG III’s securities are listed on
NASDAQ, with $483M cash in trust raised through its IPO. For more
information about RMG III, please visit www.rmgacquisition.com.
Important Information and Where to Find It
RMG III has mailed to its shareholders of record as of November
22, 2022 a definitive proxy statement (the “Extension Proxy
Statement”) for an extraordinary general meeting of shareholders to
be held on January 10, 2023 to (i) extend the date by which RMG III
must consummate an initial business combination or, otherwise,
cease its operations (except for the purpose of winding up) from
February 9, 2023 to May 9, 2023 and (ii) allow RMG III, without
another shareholder vote, to elect to further extend the date to
consummate a business combination up to three times by an
additional month each time after May 9, 2023 for a total of up to
six months, to August 9, 2023, if RMG III has entered into a
definitive business combination agreement (the “Extension Amendment
Proposal”). Shareholders may obtain a copy of the Extension Proxy
Statement, without charge, by directing a request to: RMG
Acquisition Corp. III, 57 Ocean, Suite 403, 5775 Collins Avenue,
Miami Beach, Florida 33140. The Extension Proxy Statement can also
be obtained, without charge, at the U.S. Securities and Exchange
Commission’s (the “SEC”) website, www.sec.gov.
If a legally binding definitive agreement with respect to the
proposed transaction is executed, RMG III intends to file
preliminary and definitive proxy statements/prospectuses with the
SEC. The preliminary and definitive proxy statements/prospectuses
and other relevant documents will be sent or given to the
shareholders of RMG III as of the record date established for
voting on the proposed transaction. Shareholders will also be able
to obtain copies of the proxy statement/prospectus, without charge,
once available, at the SEC’s website at www.sec.gov or by directing
a request to: RMG Acquisition Corp. III, 57 Ocean, Suite 403, 5775
Collins Avenue, Miami Beach, Florida 33140. The information
contained on, or that may be accessed through, the websites
referenced in this press release is not incorporated by reference
into, and is not a part of, this press release.
RMG III urges investors, shareholders and other interested
persons to read the Extension Proxy Statement and, when available,
the preliminary and definitive proxy statements/prospectuses as
well as other documents filed with the SEC because these documents
do and will contain important information about RMG III, the
Extension Amendment Proposal, H2B2 and the proposed
transaction.
Participants in the Solicitation
RMG III and its directors and executive officers may be deemed
participants in the solicitation of proxies with respect to the
Extension Amendment Proposal and the potential transaction
described herein under the rules of the SEC. Information about the
directors and executive officers of RMG III is set forth in RMG
III’s Annual Report on Form 10-K for the fiscal year ended December
31, 2021, which was filed with the SEC on March 31, 2022.
Information regarding the persons who may, under the rules of the
SEC, be deemed participants in the solicitation of the shareholders
in connection with the potential transaction will be set forth in
the definitive proxy statement/prospectus when it is filed with the
SEC. These documents can be obtained free of charge from the
sources indicated above.
No Offer or Solicitation
This press release shall not constitute a solicitation of a
proxy, consent, or authorization with respect to any securities or
in respect of the proposed transaction. This press release shall
also not constitute an offer to sell or the solicitation of an
offer to buy any securities, nor shall there be any sale of
securities in any states or jurisdictions in which such offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
No offering of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities
Act of 1933, as amended, or an exemption therefrom.
Forward-Looking Statements
This press release includes certain statements that are not
historical facts but are forward-looking statements for purposes of
the safe harbor provisions under the United States Private
Securities Litigation Reform Act of 1995. Forward-looking
statements generally are accompanied by words such as “believe,”
“may,” “will,” “estimate,” “continue,” “anticipate,” “intend,”
“expect,” “should,” “would,” “plan,” “predict,” “potential,”
“seem,” “seek,” “future,” “outlook,” and similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters. These forward-looking statements
are based on various assumptions, whether or not identified in this
press release, and on the current expectations of the respective
management of RMG III and H2B2 and are not predictions of actual
performance. These forward-looking statements are provided for
illustrative purposes only and are not intended to serve as, and
must not be relied on as, a guarantee, an assurance, a prediction
or a definitive statement of fact or probability. Actual events and
circumstances are difficult or impossible to predict and will
differ from assumptions. Many actual events and circumstances are
beyond the control of RMG III or H2B2. Potential risks and
uncertainties that could cause the actual results to differ
materially from those expressed or implied by forward-looking
statements include, but are not limited to, the inability of RMG
III to enter into a definitive agreement with respect to an initial
business combination with H2B2 within the time provided in RMG
III’s amended and restated memorandum and articles of association;
the performance of H2B2’s business; the risk that the approval of
the shareholders of RMG III for the proposed transaction is not
obtained; failure to realize the anticipated benefits of the
proposed transaction, including as a result of a delay in
consummating the proposed transaction; the amount of redemption
requests made by RMG III’s shareholders and the amount of funds
remaining in RMG III’s trust account after satisfaction of such
requests; RMG III’s and H2B2’s ability to satisfy the conditions to
closing the proposed transaction; and those factors discussed in
RMG III’s public reports filed with the SEC, including its Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current
Reports on Form 8-K, the Extension Proxy Statement, as well as the
preliminary and the definitive proxy statements/prospectuses that
RMG III intends to file with the SEC in connection with the
proposed transaction. If any of these risks materialize or RMG
III’s or H2B2’s assumptions prove incorrect, actual results could
differ materially from the results implied by these forward-looking
statements. There may be additional risks that neither RMG III nor
H2B2 presently know, or that RMG III and H2B2 currently believe are
immaterial, that could also cause actual results to differ from
those contained in the forward-looking statements. In addition,
forward-looking statements reflect RMG III’s and H2B2’s
expectations, plans or forecasts of future events and views as of
the date of this press release. RMG III and H2B2 anticipate that
subsequent events and developments may cause their assessments to
change. RMG III and H2B2 specifically disclaim any obligation to
update or revise any forward-looking statements, except as required
by law. These forward-looking statements should not be relied upon
as representing RMG III’s or H2B2’s assessments as of any date
subsequent to the date of this press release. Accordingly, undue
reliance should not be placed upon the forward-looking
statements.
1 Per UBS research. 2
https://about.bnef.com/blog/a-breakneck-growth-pivot-nears-for-green-hydrogen
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230104005197/en/
H2B2 Investors Roberto Wilson Fernández
roberto.wilson@h2b2.es +34 645094134
Media Marisa Toro Marisa.toro@marlowinsight.com +34
607665625
RMG III Philip Kassin President & Chief Operating
Officer pkassin@rmginvestments.com +1(786) 359-4103
RMG Acquisition Corporat... (NASDAQ:RMGC)
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