A Chinese supplier of hydrogen used in fuel cell vehicles is considering launching NASDAQ early next year through a SPAC merger that would put it at a $1 billion valuation after the listing.
If the settlement with the petitioner is not disclosed, the Shenzhen State Fuel Cell Corporation (SFCC) will become the latest in a long line of electric vehicle companies to choose the short route. IPOs.
The agreement comes at a time when companies that have adopted the SPAC route are facing increasing scrutiny In the US, many electric vehicle companies have gone public in the past two years no good resultsled to the US Securities and Exchange Commission (SEC) launching investigations into allegations of misleading shareholders.
Prospects including Nikola, Lordstown Motors and Faraday Future were forced to reject projections and plans following allegations that they misled investors with unrealistic forecasts.
The SEC proposed new guidelines for monitoring these transactions in March.
SFCC, provide fuel cell system For commercial vehicles made by several Chinese companies, they expect sales to increase significantly this year. The company is working with local governments to build hydrogen refueling stations for commercial vehicles.
A fuel cell vehicle is an electric vehicle that is powered by a mixture of hydrogen and oxygen fuel. The technology that has emerged and prevailed over the past decade for passenger vehicles, has not been widely adopted in the US due to a lack of charging infrastructure, but is becoming increasingly common for buses and vehicles. heavy traffic.
But China, the world’s largest hydrogen producer and the third largest market for FCVs after Japan and South Korea, has a goal of bringing There will be 1 million FCV by 2035.
Toyota, Honda and other global automakers have also invested in research and development to bring fuel cell vehicles to market.
