The transaction is expected to advance the development of Advent’s fuel cell technology for a wide range of markets
Advent to merge with AMCI. (Credit: Pixabay/Gerd Altmann.)
Advent Technologies, a fuel cell and hydrogen technology company, has announced that it has entered into an agreement to merge with AMCI Acquisition.
AMCI Acquisition is a special purpose acquisition company and the merger will result in Advent becoming a subsidiary of AMCI.
With AMCI’s expertise, the capital from the transaction is expected to advance the development and manufacturing of Advent’s fuel cell technology for the markets of transportation, aviation and off-grid power generation.
Advent’s fuel cells are claimed to work with the currently available lower-carbon fuels such as methanol, ethanol, natural gas and zero-carbon liquid fuels to be available in the near future.
Advent CEO Vasilis Gregoriou said: “We are very excited about this transaction and believe the business combination with AMCI will allow Advent to advance the development and manufacturing of our platform technology to unlock the hydrogen economy.
“Our fuel cell technology addresses the biggest problems of the hydrogen economy: the cost of infrastructure and the total cost of ownership.
“Our products are already in the market and we believe that the exposure and access to capital from the Nasdaq listing will allow us to accelerate product and business development efforts.”
The deal values Advent at $358m
The transaction values Advent at $358m pro forma post-money enterprise value at a share price of $10.
Advent’s current management team will continue to operate the combined company.
The deal is expected to be closed in this year’s last quarter or early next year, subject to approval from the shareholders of both Advent and AMCI and other customary closing conditions.
AMCI CEO William Hunter said: “We are incredibly excited to partner with Advent and drive the next phase of its growth. As an innovation-driven company, Advent is led by an experienced management team with deep technical knowledge and a strategy of becoming the leader in material and components innovation for the fuel cell industry.
“Advent is well positioned for significant growth opportunities given its proven business model and complementary technology across multiple markets. We expect that the combination will allow us to drive significant value creation by participating in such a dynamic and high-demand sector.”