Hydrogen and electric commercial vehicle maker, Giga Carbon Neutrality (GCN), aims to merge with a shell corporation.
GCN has signed a Letter of Intent (LOI) with a Special Purpose Acquisition Company (SPAC) to work towards a definitive agreement for a merger of both companies.
If the discussions are successful, GCN will merge its new energy mobility solutions – both battery and hydrogen powered logistics vehicles, specialist vehicles and buses – and mobile stationary energy storage capabilities with SPAC to form a new publicly traded company.
GCN CEO, Richard Martin, said the letter represents a new stage in the business’ development.
“This [LOI] with our potential SPAC merger partner ushers in an important new phase in the GCN growth story,” he said.
“We are committed to expeditiously bring the negotiations with our future partners to a successful conclusion.”
GCN reports to be an intelligent commercial mobility and clean energy technology company which makes running clean, reliable vehicle fleets easy for industrial and commercial transportation companies.
The company’s portfolio includes battery-electric and hydrogen powered vehicles, marine vessels, clean energy storage, charging and refuelling infrastructure support.
Last year, GCN announced it would be launching 21 different battery-electric and hydrogen fuel-cell powered vehicles by the end of 2023.
The manufacturer designs its vehicles at a research and development centre in Hangzhou, China, and has developed its own proprietary hydrogen fuel-cell technology.