New York, NY, April 26, 2022 (GLOBE NEWSWIRE) -- Shenzhen State Fuel Cell Corporation (“SFCC” or the "Company"), a leading Chinese hydrogen fuel cell energy solution provider, is mulling going public through a merger with a Special Purpose Acquisition Company (“SPAC”).
The Company expects it will be listed on Nasdaq around the first quarter of 2023 at the earliest, with an estimated valuation 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 that focuses on the R&D and manufacturing of hydrogen fuel cell energy pack as well as providing other one-stop services for hydrogen fuel commercial vehicles. It has nearly 150 intellectual property patents for key technologies of hydrogen energy, and has participated in the formulation of more than 10 national standards and a number of group standards.
At present, SFCC has completed the development of 30kW-135kW class fuel cell power system, and the product positive development capacity and core technical indicators have reached the industry-leading level. Under the new industrial transformation, the company adheres to independent innovation, focusing on fuel cell technology research, power system research and development and industrialization, and realizing the leapfrog development of product technology introduction and technology accumulation to independent development.
SFCC has established deep cooperation with many well-known automobile manufacturers, such as Dongfeng Motor, Sany Heavy Industry, Jiangling Automobile, Nanjing Jinlong, Dongfeng Liuqi and so on, and jointly launched a number of commercial vehicle models.Among them, logistics vehicles and heavy trucks equipped with SFCC fuel cell system products have been operated in Shenzhen, Tianjin and other places in 2019. It is the first fuel cell enterprise in Shenzhen to carry out mass commercial operation of hydrogen fuel vehicles and has passed the international lTAT16949:2019 quality management system certification.
In addition, the Company is also actively working with local government to construct hydrogen refueling stations in multiple regions and cities to provide operation management and refueling services for commercial vehicles.
Recently, China has announced the first "3 + 2" demonstration in 47 selected cities led by Beijing, Shanghai, Guangdong, Henan, Hebei, and released China's first medium-and long-term development plan for hydrogen energy vehicle industry. In the case of both policy and market, SFCC is expected to achieve significant growth in company performance and revenue in 2022.
SFCC will potentially become the second China based hydrogen fuel cell energy solution provider to land on U.S. stock market if the listing process goes successfully.
Throughout 2021, over 600 SPAC IPOs have been completed and more than US$162 billion in funds have been raised which breaks all previous records. In 2020, the U.S. stock market has completed a total of 237 SPAC IPOs, raising a record amount of US$83.3 billion.
Some well-known SPAC mergers include the fast-food brand “Burger King”, entertainment magazine “Playboy”, private aerospace company “Virgin Galactic”, and first hydrogen energy listed company “Nikola”.
SPAC is a special financial instrument in the U.S. capital market, commonly known as “Blank-Check Companies”. SPAC is essentially a listed private equity fund. The founder first set up a company and submits an initial public offering prospectus. Once the company goes public through IPO financing, it will find target companies to merge with within 12 to 24 months. Most SPACs will get listed on either Nasdaq or NYSE.
Contact Information:
Adam Liu, Impact IR Inc.
adam.liu@irimpact.com
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