Benzinga | Sep 22, 2020 08:04AM EDT

AMCI Acquisition Corp. Enters Into Non-Binding Letter Of Intent To Acquire A Fuel Cell Technology Company

On July 31, 2020, AMCI Acquisition Corp. (NASDAQ:AMCI) (the "Company") entered into a non-binding letter of intent (the "Letter of Intent") with an innovation-driven, high-growth, fuel cell technology company (the "Target") for an initial business combination.

The Target is developing fuel cell technology that the Company believes will be a key to unlocking the hydrogen economy. The Company will seek to advance the development and manufacturing of the Target's critical components for a diversified range of high-growth new energy markets, including transportation, off-grid, aviation, and the hydrogen economy, to respond to significant and immediate market opportunities.

The Target is led by an experienced management team that expects to deliver innovative technology through partnerships with internationally recognized research centers. The Company's management team believes the Target is an attractive investment opportunity given the Target's next generation fuel cell technology, which the Company believes will be an essential component needed to unlock the hydrogen economy and increase investor demand for the acceleration of decarbonization.

William Hunter, the Company's Chief Executive Officer, said "The Target is a highly innovative player in the rapidly expanding next generation fuel technology space. We expect that this acquisition will allow us to drive significant value creation by participating in such an exciting and high demand sector."

Completion of the transaction is subject to, among other matters, the completion of due diligence, the negotiation of a definitive agreement providing for the transaction, satisfaction of the conditions negotiated therein and approval of the transaction by the Company's stockholders. Accordingly, there can be no assurance that a definitive agreement will be entered into or that the proposed transaction will be consummated.