RMG Acquisition III in a regulatory filing included an investor presentation highlighting its proposed merger with H2B2 Electrolysis Technologies, a vertically integrated provider of hydrogen energy systems, services and equipment.
At deal announcement in May, the closing purchase price was $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, Latin America, Asia and the Middle East and has secured a role in strategic projects.
As of June, H2B2 was expecting to post a net loss of $16.6 million in fiscal 2023 on revenues of $15.8 million, according to estimates contained in a proxy filed by RMG III. However, the company is projecting revenue of $206.8 million in 2025.
RMG III raised $420 million in a February 2021 IPO, though the trust was down to about $10 million as of July, which was noted in a proxy filing at that time. Read more.
