United Hydrogen Group and AFJK announce merger to accelerate hydrogen solutions
United Hydrogen Group Inc., a leader in hydrogen energy solutions, has entered into a definitive business combination agreement with Aimei Health Technology Co., Ltd (AFJK), a special purpose acquisition company. This pivotal agreement values the combined entity at approximately $1.6 billion and aims to enhance United Hydrogen’s position on the Nasdaq Stock Market following the transaction.
Established in Shanghai in 2017, United Hydrogen has carved a niche in providing comprehensive hydrogen solutions, spanning the entire value chain from production to application. The company is at the forefront of the energy transition, offering innovative solutions for energy generation, storage, and transportation aimed at achieving zero-carbon business targets.
The business combination involves a significant equity transaction, with United Hydrogen’s current shareholders rolling 100% of their equity into the newly formed holding company, Pubco. Post-transaction, United Hydrogen’s shareholders are expected to own approximately 94% of Pubco, assuming no redemptions by AFJK’s public shareholders. The deal is slated for completion in the third quarter of 2024, subject to approvals from shareholders of both companies and other customary closing conditions.
Xie Junheng, CEO of AFJK, expressed enthusiasm for the partnership, highlighting United Hydrogen’s robust involvement in the hydrogen industry as a key factor in the decision. “We are particularly impressed by their extensive knowledge and involvement in the hydrogen industry, which supports their comprehensive solutions,” Junheng stated. Ma Xia, founder of United Hydrogen, shared his vision for the company, emphasizing the commitment to a sustainable future and the strategic alignment with AFJK.
This business combination is poised to create a significant impact in the burgeoning hydrogen market. By leveraging AFJK’s resources and United Hydrogen’s expertise, the partnership is well-positioned to capitalize on the increasing global shift towards sustainable energy solutions. The integration of advanced hydrogen technologies and the expansion into new markets are expected to drive substantial growth and innovation.