Fuel-Cell Maker Advent Technologies Agrees to SPAC Merger

(Bloomberg) -- Fuel cell maker Advent Technologies Inc. has agreed to go public through a reverse merger with a special purpose acquisition company, or SPAC.

The deal with AMCI Acquisition Corp. values Advent Technologies at roughly $358 million, including debt, the companies said in a statement Tuesday, confirming an earlier report by Bloomberg News.

“We are incredibly excited to partner with Advent and drive the next phase of its growth,” said William Hunter, AMCI’s chief executive officer, in the statement.

Advent Technologies makes fuel cells and components that convert hydrogen and other renewable fuels into electricity, according to its website. The technology provides zero emissions, carbon-neutral power for the automobile, aviation and power-generation markets.

Advent Technologies holders are expected to roll over all of their equity in the deal, the companies said. The boards of both companies unanimously support the transaction, which is expected to close in the fourth quarter of 2020 or early 2021, subject to certain condition, including approval by shareholders in both companies, they said.

SPACs, also known as blank-check companies, have gained popularity as a path to the public market among early stage electric vehicle firms and related sectors like battery makers, materials producers and software companies.

AMCI raised $200 million through an initial public offering in 2018. In July, the blank check company said it had entered into a non-binding letter of intent for a business combination with an unnamed “innovation-driven, high-growth, fuel cell technology company.”

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