NEW YORK, NY, Dec. 10, 2020 (GLOBE NEWSWIRE) — HL Acquisitions Corp. (Nasdaq: HCCH) (“HL”), a particular goal acquisition firm, and Fusion Gas Inexperienced PLC (“Fusion Gas”), an rising chief within the manufacturing of inexperienced hydrogen, collectively introduced right now that they’ve closed their beforehand introduced enterprise mixture (the “Enterprise Mixture”). The Enterprise Mixture was accredited on the annual common assembly of HL’s stockholders held on Friday, December 4.
Starting on Thursday, December 10, 2020, the Class A peculiar shares and warrants of Fusion Gas Inexperienced PLC, the post-combination firm, are anticipated to start buying and selling on the Nasdaq World Market beneath the ticker symbols “HTOO” and “HTOOW,” respectively. HL’s items, peculiar shares, warrants and rights ceased buying and selling on the Nasdaq Capital Market on December 9, 2020.
Fusion Gas has spent the final a number of years creating a course of and know-how to supply emissions-free inexperienced hydrogen utilizing concentrated photovoltaic (“CPV”) know-how. By means of its proprietary microelectrolyzer know-how, Fusion Gas is ready to seize and make the most of the thermal power generated by CPV photo voltaic modules to reinforce the effectivity of the electrolysis course of and produce inexperienced hydrogen at prices meaningfully cheaper than right now’s typical electrolyzers.
“This marks a major step within the evolution of our firm,” commented João Teixeira Wahnon, Head of Enterprise Growth at Fusion Gas. “This transaction will enable Fusion Gas to develop our manufacturing capability, start our worldwide enlargement, in addition to fund the event of our scale demonstrator venture, GreenGas Evora, which would be the first inexperienced hydrogen venture in Portugal. Fusion Gas has already obtained a Manufacturing License for Evora from the Portuguese Division of Power and we anticipate to begin building earlier than yr finish. This venture is a part of the Portuguese Nationwide Technique for Hydrogen and was lately introduced by the Secretary of State for Power at a convention organized by ECO/Advocatus.”
Frederico Figueira de Chaves, Chief Monetary Officer of Fusion Gas, remarked: “The Enterprise Mixture together with our lately introduced strategic three way partnership with EREE Desarrollos Empresariales SL positions us to capitalize on the various rising alternatives in Spain, as we search to construct a broad footprint within the inexperienced hydrogen trade. We’re already in superior phases of negotiation with a number of giant shoppers of hydrogen in Spain and hope to ascertain our presence there within the very close to future.”
Jeffrey Schwarz, Chief Govt Officer of HL, added, “We’re extremely excited to finish the Enterprise Mixture with Fusion Gas and to offer the corporate with important capital and strategic help that can allow to it speed up the implementation of its marketing strategy. The hydrogen market actually began to select up steam within the second half of 2020, and we really feel Fusion Gas is now well-positioned to turn out to be a number one provider of each inexperienced hydrogen and electrolyzer know-how to shoppers of hydrogen all around the world.”
The transaction will lead to internet proceeds of roughly $70 million to Fusion Gas, together with by way of a $25 million absolutely dedicated PIPE.
Graubard Miller served as authorized advisor and EarlyBird Capital served as monetary advisor to HL. Fearnley Securities served as placement agent on the PIPE providing. Feinberg Hanson LLP, Arthur Cox, and Lisbonlaw Avogados served as authorized advisors to Fusion Gas.
Sure statements made on this launch are “ahead wanting statements” inside the which means of the “protected harbor” provisions of the USA Non-public Securities Litigation Reform Act of 1995. When used on this press launch, the phrases “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “could,” “will,” “ought to,” “future,” “suggest” and variations of those phrases or comparable expressions (or the detrimental variations of such phrases or expressions) are meant to determine forward-looking statements. These forward-looking statements aren’t ensures of future efficiency, situations or outcomes, and contain quite a lot of recognized and unknown dangers, uncertainties, assumptions and different vital elements, a lot of that are exterior HL’s or Fusion Gas’s management, that would trigger precise outcomes or outcomes to vary materially from these mentioned within the forward-looking assertion, together with, amongst different issues, the flexibility to keep up the itemizing of Fusion Gas’s securities on Nasdaq or one other nationwide securities trade following the enterprise mixture, modifications adversely affecting the companies by which Fusion Gas is engaged, administration of progress, common financial situations, together with modifications within the credit score, debit, securities, monetary or capital markets, the affect of COVID-19 or different adversarial public well being developments on Fusion Gas’s enterprise and operations, and the opposite dangers and uncertainties set forth within the definitive proxy assertion/prospectus filed by every of HL and Fusion Gas on November 10, 2020. You might be cautioned to not place undue reliance on these forward-looking statements, which converse solely as of the date of this press launch.
Use of Social Media as a Supply of Materials Information
Fusion Gas intends to put up a replica of the press launch on its LinkedIn profile and/or its web site (www.fusion-fuel.eu) and different social media retailers. Fusion Gas makes use of, and can proceed to make use of, its LinkedIn profile, web site, press releases, and numerous social media channels, as extra means of exposing info to traders, the media, and others curious about Fusion Gas. It’s doable that sure info that Fusion Gas posts on social media or its web site, or disseminates in press releases, might be deemed to be materials info, and Fusion Gas encourages traders, the media and others curious about Fusion Gas to overview the enterprise and monetary info that Fusion Gas posts on its social media channels, web site, and disseminates in press releases, as such info might be deemed to be materials info.
HL Acquisitions Corp. Firm Contact:
Vice President of Enterprise Growth
Fusion Gas Inexperienced PLC Investor Relations Contact:
Gateway Investor Relations
Cody Slach and Georg Venturatos
Fusion Gas Inexperienced PLC Firm Contact:
Frederico Figuera de Chaves
Chief Monetary Officer
+351 215 818 802