Shenzhen State Fuel Cell Corporation (“SFCC” or the “Company”), a renowned Chinese producer of hydrogen fuel cell energy solutions, is considering going public via a merger with a Special Purpose Acquisition Company (“SPAC”).
The Company anticipates being listed on Nasdaq in the first quarter of 2023, with a market capitalization of $1 billion USD (equivalent to approximately 64.5 billion CNY).
Founded in 2016, SFCC is one of the leading hydrogen fuel cell energy solution providers, focusing on hydrogen fuel cell energy pack R&D and production, as well as other one-stop services for hydrogen fuel commercial vehicles. It holds almost 150 patents for critical hydrogen energy technologies and has contributed to the development of more than ten national standards and a number of group standards.
SFCC has completed the development of a 30kW-135kW class fuel cell power system, with positive development capacity and key technical indicators that are industry-leading. The company adheres to independent innovation under the new industrial transformation, focusing on fuel cell technology research, power system research and development, and industrialization, and realizing the leapfrog development of product technology introduction and accumulation to independent development.
Many well-known automotive manufacturers, including Dongfeng Motor, Sany Heavy Industry, Jiangling Automobile, Nanjing Jinlong, Dongfeng Liuqi, and others, have formed close partnerships with SFCC and have jointly introduced a variety of commercial vehicle models.
In Shenzhen, Tianjin, and other cities in 2019, logistics vans and large trucks fitted with SFCC fuel cell system goods were used. It is Shenzhen’s first fuel cell company to conduct mass commercial hydrogen fuel vehicle operations, and it has earned the international lTAT16949:2019 quality management system certification.
In addition, the Company is actively collaborating with local governments to build hydrogen refueling stations in a variety of regions and cities to provide commercial vehicle operation management and refueling services.
China recently announced the first “3 + 2” demonstration in 47 cities, headed by Beijing, Shanghai, Guangdong, Henan, and Hebei, as well as the announcement of the country’s first medium- and long-term growth strategy for the hydrogen energy vehicle sector. SFCC is predicted to achieve a considerable increase in firm performance and revenue in 2022, in terms of both policy and market.
If the listing process is successful, SFCC might become the second China-based hydrogen fuel cell energy solution provider to list on the New York Stock Exchange.
Over 600 SPAC IPOs have been conducted in 2021, raising more than US$162 billion in the capital, shattering all previous records. In 2020, the US stock market will have executed 237 SPAC IPOs, raising a total of $83.3 billion, a new high.
The fast-food chain “Burger King,” the entertainment magazine “Playboy,” the private aircraft firm “Virgin Galactic,” and the first hydrogen energy listed company “Nikola” are just a few of the well-known SPAC mergers.
SPACs, also known as “Blank-Check Companies” in the US capital market, is a unique financial vehicle. SPAC is a public-traded private equity fund. The founder initially forms a corporation and files a prospectus for an initial public offering. Within 12 to 24 months after the firm goes public through IPO funding, it will select target companies to combine with. The majority of SPACs will be listed on the Nasdaq or the NYSE.
