RMG Acquisition Corporation III (RMGC) Adjourns Extension Vote

RMG Acquisition Corporation III (NASDAQ:RMGC) announced this morning that it adjourned its special meeting to extend its transaction deadline to 10 am ET January 11.

The SPAC’s record date remains November 22 and the ballot is to be the same, but the move may give investors more time to consider the the LOI that RMG III announced with hydrogen technology company H2B2 four days ago.

Unlike the many SPAC targets looking to power heavy trucks with hydrogen, Seville, Spain-based H2B2 is developing power solutions for specific sites and grids. It is working to build a self-supplying energy system for a Dutch hospital and is also developing power stations in Colombia and recently received $26.5 million in EU grants.

H2B2 expects the hydrogen energy market to hit a $10 trillion value by 2030 through the growth and deployment of zero or low-carbon green hydrogen solutions being underpinned by global support from regulators and policymakers.

The company is also recently launched a joint venture in India, which could potentially see some synergies with renewables-focused Indian utility ReNew Energy. ReNew closed a combination with RMG II in August 2021.