Hyzon Motors and Decarbonization Plus Acquisition today announced a definitive agreement for a business combination.
Hyzon is a global supplier of zero-emissions hydrogen fuel cell powered commercial vehicles.
The transaction provides gross proceeds of up to approximately $626 million to the company, including a $400 million fully committed common stock PIPE at $10 per share, anchored by existing and new investors, including funds and accounts managed by BlackRock, the Federated Hermes Kaufmann Funds, Fidelity Management & Research Company, Wellington Management and Riverstone Energy Limited.
The pro forma implied enterprise value of the combined company would be $2.1 billion.
The deal is expected to close in the second quarter, pending approval of the SPAC’s shareholders.
Hyzon said 100 percent of its existing investors will roll their equity into the combined enterprise, with no secondary proceeds. Read more.
