RMG Acquisition III Files Proxy on H2B2 Deal

RMG Acquisition III today filed a proxy outlining its proposed merger with H2B2 Electrolysis Technologies, a vertically integrated provider of hydrogen systems, services and equipment.

The closing purchase price is $750 million, subject to adjustment.

Since its founding in 2016, H2B2 said it has become a key player in the green hydrogen energy sector. The company is expanding rapidly in Europe, the United States, , Asia and the Middle East and has secured a role in strategic projects.

As of June, H2B2 is expecting to post a net loss of $16.6 million in fiscal 2023 on revenues of $15.8 million, according to estimates contained in the proxy. However, the company is projecting revenue of $206.8 in 2025.

RMG III raised $420 million in a February 2021 IPO, though the trust is now down to about $10 million, as noted in the proxy. The SPAC faces an Aug. 9 completion deadline. Read more.


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Source: RMG Acquisition III Files Proxy on H2B2 Deal