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HL Acquisitions Corp. (Nasdaq: HCCH) and Fusion Fuel Green PLC have successfully completed their business combination, now trading under new ticker symbols HT00 and HTOOW on Nasdaq. The transaction will provide Fusion Fuel approximately $70 million in net proceeds, enhancing its production capacity and supporting international expansion. Fusion Fuel has developed a unique green hydrogen production process utilizing concentrated photovoltaic technology, positioning it for growth within the hydrogen market, which gained traction in late 2020.
HL Acquisitions Corp. (Nasdaq: HCCH) announced that its shareholders approved the business combination with Fusion Fuel Green PLC. No public shares were redeemed during this process. Following the closing of the transaction, HL’s units will separate into ordinary shares, warrants, and rights, with ordinary shares trading as Class A shares on Nasdaq under new symbols. The transaction includes a private placement raising approximately $25.1 million through the issuance of 2,450,000 Fusion Fuel shares. The combination aims to establish a significant player in the Green Hydrogen market.
HL Acquisitions Corp (NASDAQ: HCCHU) announced a partnership between Fusion Fuel Green plc and EREE Desarrollos Empresariales SL to establish Fusion Fuel Spain. This joint venture aims to deploy innovative micro-electrolyzer technology for producing green hydrogen in Spain. Leveraging Spain's abundant solar resources, the project aligns with EU decarbonization targets, offering competitive pricing for green hydrogen production. Spain's Green Hydrogen Strategy includes substantial goals for electrolyzer capacity and emissions reductions by 2030.
HL Acquisitions Corp. (Nasdaq: HCCH) announced its annual general meeting on December 4, 2020, to vote on the proposed business combination with Fusion Fuel Green plc. The definitive proxy statement has been filed with the SEC, and proxy materials are being mailed to shareholders as of November 4, 2020. CEO Jeffrey Schwarz emphasized the importance of shareholder votes and expressed gratitude for their support. The press release also contains forward-looking statements regarding potential risks related to the transaction and market conditions.
HL Acquisitions Corp. (Nasdaq: HCCH) has received overwhelming shareholder approval (99.9%) to extend the deadline for completing its business combination with Fusion Welcome – Fuel, S.A. from October 2, 2020, to January 2, 2021. This extension aims to provide additional time for the merger, which focuses on the innovative Green Hydrogen sector. Fusion Fuel Green Limited has filed an amended registration statement with the SEC, with hopes for timely clearance to schedule a special shareholder meeting for final approval.
HL Acquisitions Corp. (NASDAQ: HCCHU) announced that it is seeking shareholder approval for an extension to finalize its initial business combination with Fusion Fuel, moving the deadline from October 2, 2020, to January 2, 2021. CEO Jeffrey Schwarz expressed disappointment over the delay but noted progress regarding the SEC comments on their proxy statement. The recent approval of Portugal's Renewable Gases Legislation is seen as a significant step for the green hydrogen sector, enhancing potential opportunities for HL and Fusion Fuel in this emerging market.
HL Acquisitions Corp (NASDAQ: HCCHU) and Fusion Fuel Green have finalized a private placement of 2.45 million shares at $10.25 each, raising $25.1 million. The closing aligns with their Business Combination Agreement. Notably, the minimum cash retention requirement from HL's trust fund has been removed, easing conditions for the merger. The deal enhances Fusion Fuel's position in the Green Hydrogen sector and allows it to focus on expanding production capacity. The transaction is expected to close by early Q4 2020, following necessary shareholder approvals.
