Shenzhen State Fuel Cell Corporation eyes $1B US SPAC Deal

Shenzhen State Fuel Cell Corporation (a Chinese hydrogen fuel cell energy solution provider) is 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 US$1 billion.

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 hydrogen energy technologies 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 a 30kW-135kW class fuel cell power system, and the product’s 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 operations of hydrogen fuel vehicles and has passed the international lTAT16949:2019 quality management system certification.

In addition, the company is also actively working with the local government to construct hydrogen refuelling stations in multiple regions and cities to provide operational management and refuelling 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.