H2B2 Electrolysis Technologies and RMG Acquisition III announced today that they have entered into a letter of intent for a potential business combination. This news comes less than a week before the SPAC’s Jan. 10 shareholder vote to extend its merger deadline from Feb. 9 to Aug. 9.
H2B2 is a developer and operator of green hydrogen production systems for clean energy generation.
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 execute a definitive agreement before the end of the first quarter 2023, according to a press release.
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, Latin America, Asia and the Middle East and has secured a role in strategic projects.
RMG III raised $420 million in a February 2021 IPO. Read more.
Source: RMG Acquisition III Inks LOI to Combine with H2B2 Electrolysis Technologies