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.
Lake Superior (NASDAQ:LKSPU) has filed for a $100 million SPAC as its CEO attempts to go three-for-three with SPACs that led to completed deals. This new vehicle has one right to a 1/6 share in each unit and some common features of a SPAC underwritten by Cohen & Company in this current climate. Although the...
At the SPAC of Dawn De-SPACs were among the biggest movers in yesterday’s stock market rally, but most of this momentum came on the backs of direct earnings performance. Only three US-listed companies had bigger one-day gains than quantum computing firm D-Wave’s (NYSE:QBTS) +51.2% jump. This came as the company announced $15 million in revenue...
EGH Acquisition Corp. (NASDAQ:EGHAU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EGHAU”, Friday, May 8, 2025. The new SPAC aims to combine with a target company in the energy transition or sustainability arena that help industries achieve efficiencies and decarbonization....
At the SPAC of Dawn Fed Chair Jerome Powell announced yesterday that the body intends to keep rates unchanged, earning him the moniker “FOOL” by US President Donald Trump. But, the announcement could bring some stability to market, which has seen macro factors pull it a variety of directions since the start of the year....
Tariffs, Trade Routes, and Tech: Freightos’ View from the Cargo Frontlines 2025 is shaping up to be a wild year for global trade, and few companies have a vantage point on the impacts of every-changing tariff policy quite like digital cargo-booking platform Freightos (NASDAQ:CRGO). This week, we catch up with Freightos CEO Zvi Schreiber. He shares...