Hyzon Motors Inc., a fuel cell truck startup, has agreed to go public via a merger with Decarbonization Plus Acquisition Corp., according to people with knowledge of the matter.
The special purpose acquisition company has held discussions about raising new equity to support the transaction that values the combined entity at more than $2 billion, some of the people said, requesting anonymity because the talks are private. A deal could be announced within the next week.Representatives for Hyzon and Decarbonization Plus declined to comment. Shares of the SPAC pared a gain of as much as 26% in early trading Friday, trading up 18% to $16.25 as of 10:22 a.m. in New York.
Decarbonization Plus, a vehicle sponsored by an affiliate of private equity firm Riverstone Holdings and led by Erik Anderson, raised about $226 million in an October initial public offering. It said at the time it wanted to find a target “whose principal effort is developing and advancing a platform that decarbonizes the most carbon-intensive sectors.” link
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