In a deal with SPAC, AMCI Acquisition (NASDAQ:AMCI), fuel cell maker Advent Technologies agreed to go public via reverse merger which values the latter at ~$358M, including debt; AMCI holds ~$153M of cash in trust.
Deal expected to close in Q4 or early 2021.
Advent Tech holders are expected to roll over all of their equity in the deal; post closure company will retain the name Advent and trade on Nasdaq.
Advent shareholders will own 52%; Public SPAC owners and potential financing will occupy 31% and 5% respectively; Sponsor will own 12%.
Advent Technologies makes fuel cells and components that convert hydrogen and other renewable fuels into electricity; the technology provides zero emissions, carbon-neutral power for the automobile, aviation and power-generation markets.
Advent and AMCI are combining to advance the development and manufacturing of Advent’s platform technology that is based on high temperature proton exchange membranes.
Low cost drives adoption: Advent’s patented technology provides for significant advantage relative to peers, low cost industry provider able to take market share from battery and ICE vehicles.
The company has a highly attractive pipeline with more than 60% of 2025 MEA sales projected to come from 2020 customers:
Source: Seeking Alpha – Advent Technologies to stage IPO via reverse merger with SPAC