Hydrogen Central

LOI for H2B2 Electrolysis Technologies, a Leading Developer and Operator of Green Hydrogen Production Systems for Clean Energy Generation, to Go Public on the NASDAQ via a Business Combination with RMG Acquisition Corporation III

H2B2 Electrolysis Technologies hydrogen

H2B2 Electrolysis Technologies (“H2B2” or the “Company”), a leading developer and operator of green hydrogen production systems for clean energy generation, and RMG Acquisition Corporation III (Nasdaq: RMGC) (“RMG III”), a publicly-traded special purpose acquisition company, announced that they have entered into a letter of intent (“LOI”) for a potential business combination.

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 announce additional details regarding the business combination when a definitive agreement is executed, which is expected before the end of the first quarter 2023.

Since its founding in 2016, H2B2 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. In particular, H2B2 has been selected as a participant in the IPCEI Hy2Tech (Important Projects of Common European Interest) program, through which it has been approved by the European Commission to receive up to € 25 million in public grants out of the € 5.4 billion that will be invested.

In 2019, the California Energy Commission awarded H2B2 a grant for the development of a green hydrogen production facility, Sohycal plant, in Fresno, California. This 3MW plant is scheduled to begin production in Q1 2023 and will become the first green hydrogen plant, powered by H2B2, vertically integrated from the photovoltaic production of electricity to the transportation and dispensing of green hydrogen at the charging station.

In 2021 Colombia’s Ecopetrol, one of the world’s leading oil companies, began working with H2B2 and recently incorporated the Company into its group of strategic partners as part of its plan to decarbonize and develop green hydrogen energy. H2B2 has also recently entered the Indian market through a joint venture with GR Promoter Group and the creation of GreenH.in Electrolysis.

The Company has reinforced its commitment to good corporate governance by increasing the number of independent directors on its board, including newly appointed chairman Antonio Vázquez, who has four decades of experience in international business development.

Mr. Vázquez most recently was Chairman of IAG, the holding company for Iberia, British Airways, Vueling and Aer Lingus, and president of Iberia. The Company also recently appointed as CEO Anselmo Andrade Fernández de Mesa, who has been part of the management team since the Company was founded in 2016, including as its CFO until 2021 and Head of the Business Development division for the last two years.

Mr. Andrade earned a master’s degree in finance through the London School of Economics and Political Sciences. As part of the Company’s transition to public ownership, Mr. Andrade takes the reins from Felipe Benjumea Llorente, founder of H2B2, who will assume the role of Strategic Advisor so that he can continue to contribute to the development of the business globally.

Antonio Vázquez, Chairman of H2B2, said:

The steps we are taking to finalize our business combination with RMG III will represent a new era for our company and a great step forward in accelerating the decarbonization of the energy sector globally.

Anselmo Andrade added:

The Company will continue to distinguish itself by bringing together a team with decades of experience in the hydrogen energy sector and deploying its proprietary technology as it continues its expansion.

Jim Carpenter, RMG III’s said:

RMG III is excited to be partnering with a company that we believe has the potential to become a global green hydrogen leader.

Legal note

No assurances can be made that the parties will successfully negotiate and enter into a definitive agreement, or that the proposed transaction will be consummated on the terms or time frame currently contemplated, or at all. Any transaction would be subject to board and shareholder approval of both companies, regulatory approvals, and other customary conditions.

RMG III is holding an extraordinary general meeting of its shareholders on January 10, 2023 to approve an extension of time for RMG III to complete an initial business combination through May 9, 2023, and the proposed transaction would be subject to approval of the extension proposal by RMG III’s shareholders.

About H2B2 Electrolysis Technologies

H2B2 Electrolysis Technologies (“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. For more information, visit www.H2B2.es or connect with us on Twitter or LinkedIn.

About RMG Acquisition Corporation III

RMG Acquisition Corporation III (Nasdaq: RMGC) (“RMG III”) is a special purpose acquisition company (SPAC) affiliated with Riverside Management Group, formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. RMG III’s securities are listed on NASDAQ, with $483M cash in trust raised through its IPO. For more information about RMG III, please visit www.rmgacquisition.com.

Highlights:

  • H2B2 not only manufactures small and large scale electrolyzers, but also offers its customers a full suite of customized end-to-end energy solutions through its ability to design, build, own, and operate fully integrated green hydrogen production facilities.
  • The Company utilizes proprietary PEM electrolyzer technology and is developing in-house, next-generation SOEC and AEM technologies. H2B2 currently has capacity to deliver up to 200MW of commercially available electrolyzers annually.
  • H2B2 has a commercial footprint in California, Spain, Germany, India and Colombia and aims to become a top tier green hydrogen company over the next 5 years.
  • H2B2 has been selected as a participant in the IPCEI Hy2Tech (Important Projects of Common European Interest) program, through which it has been approved by the European Commission to receive up to € 25 million in public grants. The Company is further supported by grant funding from the California Energy Commission, as well as a growing pipeline of potential blue-chip global customers. As a result, H2B2 is well positioned to become a global market leader in the deployment of green hydrogen electrolysis facilities and end-to-end green hydrogen solutions.
  • With the growth in and deployment of zero or low carbon green hydrogen solutions being underpinned by global support from regulators and policy makers, the hydrogen energy market is expected to reach a $10 trillion value by 2030[1] and installations of electrolyzers are set to grow from 2 gigawatts currently to 242 gigawatts over the next eight years[2].

Letter of intent for H2B2 Electrolysis Technologies, a Leading Developer and Operator of Green Hydrogen Production Systems for Clean Energy Generation, to Go Public on the NASDAQ via a Business Combination with RMG Acquisition Corporation III, MIAMI BEACH, Fla. & MADRID, Spain, January 4, 2022

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