H2B2 Electrolysis Technologies (H2B2), a company dedicated to the development and operation of green hydrogen production systems for the generation of clean energy, has signed an agreement of intent with RMG Acquisition Corporation III (RMG) regarding a possible business integration, which that would allow it to be listed on the Nasdaq.
Last December 21stThe Sevillian company appointed Antonio Vázquez as president, who had already held a similar position in Iberia and IAG in the past. That same day, the appointment of Felipe Benjumea Llorente as CEO, with the aim of “facing the strategic challenges derived from the growth of the hydrogen economy and the company itself”.
The possible landing of H2B2 on the Nasdaq has meant that, just a few days after being appointed CEO, Felipe Benjumea is going to leave this position for the benefit of Anselmo Andrade, until now head of business development. “As part of the company’s transition process to public ownership, Anselmo Andrade takes the reins from Felipe Benjumea Llorente, founder of H2B2, who will assume the role of strategic advisor and continue contributing to the development of the business globally,” explained the signature in the statement through which he released the news.
As detailed in the biography available on his website, the former president of Abengoa has been linked to the hydrogen firm for years and after the move, he would resume his initial role. “After the end of my stage at Abengoa, I joined H2B2 as a strategy advisor and firm defender of hydrogen as a complementary energy vector to other future technologies,” he specifies.
The terms of the deal with the publicly traded special purpose acquisition firm (SPAC) show that H2B2 shareholders would continue to maintain their substantial stake in the integrated company. In this sense, RMG and H2B2 expect to announce additional details about this business integration when the definitive agreement is formalized, which is expected to happen before the end of the first quarter of 2023.
Jim Carpenter, president and director of RMG, has highlighted the firm’s enthusiasm for partnering “with a company that has the potential to become a world leader in green hydrogen.”
“The steps we are taking to finalize our business integration with RMG III will represent a new era for our company and is a great step forward in accelerating the decarbonization of the energy sector globally,” said Antonio Vázquez, president of H2B2.
In turn, Anselmo Andrade, the new CEO of H2B2, added that the company will continue to distinguish itself by having a team with decades of experience in the hydrogen energy sector and deploying its patented technology as it continues to expand.
Latest company milestones
H2B2 became part of the IPCEI Hy2Tech (Important Projects of Common European Interest) strategic project in November. “H2B2 was the only Spanish SME selected by the European Commission to participate in the largest European initiative linked to hydrogen, in which a total of 5,400 million euros will be invested, becoming a strategic company in the area of hydrogen technology”, details the company. Of the total funds, H2B2 will be eligible for grants of up to 25 million euros.
Earlier in 2019, the California Energy Commission relied on H2B2 and is currently developing a green hydrogen production facility, Sohycal, in the Fresno area. “This 3MW plant is scheduled to start production in the first quarter of 2023 and will become the first plant, promoted by H2B2, vertically integrated from the photovoltaic production of electricity to its transportation and dispensing at the service station.”
