Hydrogen vehicle manufacturer Hyzon Motors will soon become a publicly listed company as a result of a $2.7bn special purpose acquisition company (SPAC) deal with Decarbonization Plus Acquisition Corporation.
Announced today (9th Feb), the transaction is anticipated to generate gross proceeds of up to approximately $626m, assuming minimal redemptions by DCRB’s public stockholders, all of will be used to fund operations and growth.
Hyzon Motors said the decision will help its strategy in the hydrogen transportation sector.
Craig Knight’s leadership will remain intact and he will now be CEO of the combined company, overseeing its strategic growth initiatives and expansion. He will work alongside Hyzon’s current executive team.
The Board of Directors of the combined company will include representation from Hyzon and DCRB.
Commenting on the merger, George Gu, Chairman and Co-Founder of Hyzon said, “This business combination will enable us to expand deployments of our zero-emission hydrogen fuel cell powered heavy vehicles globally, and to continue leading the hydrogen transition.”
“We are incredibly excited about the dynamic mobility category as municipalities and Fortune 100 companies are rapidly embracing hydrogen as the essential pathway to a net-zero economy.”
“The number of countries cementing and then enhancing their national hydrogen strategies expands almost weekly, and we are extremely encouraged by both investor and public interest in the hydrogen economy.”
Robert Tichio, Chairman of the Board of DCRB and a Partner at Riverstone Holdings LLC, added, “We look forward to working with Craig and the entire team at Hyzon to advance the company’s mission of Zero Emissions with Zero Compromise.”
“As a differentiated, pure-play, hydrogen powered mobility company and an emerging leader in the trucking industry, Hyzon is a perfect match for DCRB’s investment criteria and represents a further expansion of Riverstone’s 15-year franchise in low-carbon investments.”
“When forming this investment vehicle our objective was clear: to identify a truly exceptional company that is decarbonizing the global economy, disrupting an established industry with the commercialisation of innovative technologies, and is well aligned with ESG principles. We found that company in Hyzon.”
The transaction has been unanimously approved by the boards of Hyzon and DCRB. Completion of the proposed transaction is subject to customary closing conditions, including the approval of DCRB’s stockholders, and is expected to occur in the second calendar quarter of 2021.