HL Acquisitions Corp. (Nasdaq: HCCH) (“HL”), a special purpose
acquisition company, and Fusion Fuel Green PLC (“Fusion Fuel”), an
emerging leader in the production of green hydrogen, jointly
announced today that they have closed their previously announced
business combination (the “Business Combination”). The Business
Combination was approved at the annual general meeting of HL’s
stockholders held on Friday, December 4.
Beginning on Thursday, December 10, 2020, the Class A ordinary
shares and warrants of Fusion Fuel Green PLC, the post-combination
company, are expected to begin trading on the Nasdaq Global Market
under the ticker symbols “HTOO” and “HTOOW,” respectively. HL’s
units, ordinary shares, warrants and rights ceased trading on the
Nasdaq Capital Market on December 9, 2020.
Fusion Fuel has spent the last several years developing a
process and technology to produce emissions-free green hydrogen
using concentrated photovoltaic (“CPV”) technology. Through its
proprietary microelectrolyzer technology, Fusion Fuel is able to
capture and utilize the thermal energy generated by CPV solar
modules to enhance the efficiency of the electrolysis process and
produce green hydrogen at costs meaningfully cheaper than today’s
conventional electrolyzers.
“This marks a significant step in the evolution of our company,”
commented João Teixeira Wahnon, Head of Business Development at
Fusion Fuel. “This transaction will allow Fusion Fuel to expand our
production capacity, begin our international expansion, as well as
fund the development of our scale demonstrator project, GreenGas
Evora, which will be the first green hydrogen project in Portugal.
Fusion Fuel has already received a Production License for Evora
from the Portuguese Department of Energy and we expect to commence
construction before year end. This project is part of the
Portuguese National Strategy for Hydrogen and was recently
announced by the Secretary of State for Energy at a conference
organized by ECO/Advocatus.”
Frederico Figueira de Chaves, Chief Financial Officer of Fusion
Fuel, remarked: “The Business Combination along with our recently
announced strategic joint venture with EREE Desarrollos
Empresariales SL positions us to capitalize on the many emerging
opportunities in Spain, as we seek to build a broad footprint in
the green hydrogen industry. We are already in advanced stages of
negotiation with several large consumers of hydrogen in Spain and
hope to establish our presence there in the very near future.”
Jeffrey Schwarz, Chief Executive Officer of HL, added, “We are
incredibly excited to complete the Business Combination with Fusion
Fuel and to provide the company with significant capital and
strategic support that will enable to it accelerate the
implementation of its business plan. The hydrogen market really
started to pick up steam in the second half of 2020, and we feel
Fusion Fuel is now well-positioned to become a leading supplier of
both green hydrogen and electrolyzer technology to consumers of
hydrogen all over the world.”
The transaction will result in net proceeds of approximately $70
million to Fusion Fuel, including through a $25 million fully
committed PIPE.
Graubard Miller served as legal advisor and EarlyBird Capital
served as financial advisor to HL. Fearnley Securities served as
placement agent on the PIPE offering. Feinberg Hanson LLP, Arthur
Cox, and Lisbonlaw Avogados served as legal advisors to Fusion
Fuel.
Forward-looking Statements Certain statements made in
this release are “forward looking statements” within the meaning of
the “safe harbor” provisions of the United States Private
Securities Litigation Reform Act of 1995. When used in this press
release, the words “estimates,” “projected,” “expects,”
“anticipates,” “forecasts,” “plans,” “intends,” “believes,”
“seeks,” “may,” “will,” “should,” “future,” “propose” and
variations of these words or similar expressions (or the negative
versions of such words or expressions) are intended to identify
forward-looking statements. These forward-looking statements are
not guarantees of future performance, conditions or results, and
involve a number of known and unknown risks, uncertainties,
assumptions and other important factors, many of which are outside
HL’s or Fusion Fuel’s control, that could cause actual results or
outcomes to differ materially from those discussed in the
forward-looking statement, including, among other things, the
ability to maintain the listing of Fusion Fuel’s securities on
Nasdaq or another national securities exchange following the
business combination, changes adversely affecting the businesses in
which Fusion Fuel is engaged, management of growth, general
economic conditions, including changes in the credit, debit,
securities, financial or capital markets, the impact of COVID-19 or
other adverse public health developments on Fusion Fuel’s business
and operations, and the other risks and uncertainties set forth in
the definitive proxy statement/prospectus filed by each of HL and
Fusion Fuel on November 10, 2020. You are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date of this press release.
Use of Social Media as a Source of Material News Fusion
Fuel intends to post a copy of the press release on its LinkedIn
profile and/or its website (www.fusion-fuel.eu) and other social
media outlets. Fusion Fuel uses, and will continue to use, its
LinkedIn profile, website, press releases, and various social media
channels, as additional means of disclosing information to
investors, the media, and others interested in Fusion Fuel. It is
possible that certain information that Fusion Fuel posts on social
media or its website, or disseminates in press releases, could be
deemed to be material information, and Fusion Fuel encourages
investors, the media and others interested in Fusion Fuel to review
the business and financial information that Fusion Fuel posts on
its social media channels, website, and disseminates in press
releases, as such information could be deemed to be material
information.
HL Acquisitions Corp. Company Contact:
Benjamin
Schwarz
Vice President of Business
Development
(212) 486-8100ben@hlacquisitions.com
Fusion Fuel Green PLC Investor Relations Contact:Gateway
Investor RelationsCody Slach and Georg Venturatos(949)
574-3860ir@fusion-fuel.eu
Fusion Fuel Green PLC Company Contact:Frederico Figuera de
ChavesChief Financial Officer+351 215 818
802fchaves@fusion-fuel.eu
Fusion Fuel Green (NASDAQ:HTOO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Fusion Fuel Green (NASDAQ:HTOO)
Historical Stock Chart
From Apr 2023 to Apr 2024