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.
Terms Tracker for the Week Ending June 27, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. June continued its late-month rally with another five SPAC IPOs pricing this week, bringing the monthly total to 10 and the 2025 year-to-date count to...
Blueport (NASDAQ:BPACU) has filed for a $69 million SPAC that would bring another first-time sponsor team to market. The new SPAC is offering investors a right to a 1/6 share in each unit and it will have 15 months to complete a business combination. It is underwritten by Alliance Global Partners and will not be...
At the SPAC of Dawn The markets appear to poised to continue a rosy week with futures in the green in anticipation of PCE inflation readings. Space is one of the sectors feeling the most love recently and launch services firm Rocket Lab (NASDAQ:RKLB) is keeping up the momentum, scheduling two launches within 48 hours...
FIGX Acquisition Corp. (NASDAQ:FIGXU) announced the pricing of its $131 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “FIGXU”, Friday, June 27, 2025. The new SPAC aims to seek out a financial services target with a particular focus on wealth and asset managers with the potential to...
Yorkville Acquisition Corp. (NASDAQ:YORKU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “YORKU”, Friday, June 27, 2025. The new SPAC plans to combine with a target company in the telecom, media or technology sectors. Yorkville Acquisition Corp.’s management team is led...