Rochester, N.Y.-based fuel cell startup Hyzon Motors is set to go public in a SPAC deal that values the company at $2.7 billion.
Hyzon will raise approximately $626 million through a merger with Decarbonization Plus Acquisition, a “blank check” company led by Erik Anderson, the CEO of Seattle-based investment firm WestRiver Group.
Hyzon sells hydrogen zero-emission fuel-cell powered commercial vehicles such as trucks and busses.
SPAC mergers have become popular alternatives to the traditional process for initial public offerings, offering a faster path to going public. SPACs typically do not have an established business and are used to raise funds via public offering for a future merger or acquisition by a specific deadline. An estimated 219 SPACs raised $73 billion last year, according to research from Goldman Sachs reported by TechCrunch.
Other high-tech transportation startups such as Xos Trucks and Byton are also reportedly exploring SPAC deals.
