Green Hydrogen firm H2B2 to go public through $750 mn SPAC agreement

16 May 2023 CW Team

H2B2 Electrolysis Technologies, a Spanish firm that develops green hydrogen projects and manufactures electrolyzers, has entered into a $ 750 million business combination agreement with RMG Acquisition Corp III, a special acquisition company (SPAC). The deal is subject to the completion of a capital raise of at least $ 40 million, a cashless warrant exchange by RMG III, and approval from RMG's shareholders.

It is expected to be finalised in the latter half of 2023. According to Anselmo Andrade, CEO of H2B2, the deal will help the company strengthen its international business and operational capabilities worldwide. The capital raise will finance H2B2's near-term project pipeline and enable the firm to scale its operations to meet expected demand growth. Natixis Partners Iberia and BCW Securities are leading the capital raise transaction.

H2B2 is expanding in Latin America and the Asia-Pacific region, in addition to its primary focus on the US and European markets.

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