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Sichenzia Ross Ference Carmel LLP is advising Infintium Fuel Cell Systems Inc. on a blank-check company consolidation deal that values the hydrogen fuel cell technology provider at $130 million.

Infintium's Merger with Goldenstone Acquisition

South Carolina-based Infintium has agreed to merge with special purpose acquisition company Goldenstone Acquisition Ltd., represented by Loeb & Loeb LLP, to create a new entity — Infintium Fuel Cell Systems Holdings Inc. — which will be listed on the Nasdaq, according to a Wednesday statement.

The boards of both companies have approved the merger, which is expected to be completed by the first quarter of 2025.

Infintium Fuel Cell Systems $130M SPAC Merger : A Look at Infintium's Background

Founded in 2007, Infintium serves a clientele that includes Fortune 500 industrial and automotive companies, such as Mercedes-Benz, Ford, and BMW.

"With more than 15 years of research and development investment, and over six years and 1.8 million operating hours of validated performance and safety track record, Infintium's hydrogen fuel cell systems have proven to be a reliable source of carbon-free energy for material-handling forklifts in large distribution warehouses and manufacturing facilities," said Chris Feng, chair and CEO of Infintium.

Hydrogen fuel cell systems, which generate electricity without creating carbon dioxide emissions from conventional gas and diesel engines, have the potential to replace lead-acid and lithium batteries in transportation vehicles, particularly for heavy-duty applications such as material handling, medium and long haul trucking, and construction and mining equipment.

Infintium Fuel Cell Systems $130M SPAC Merger : Deal Details and Future Prospects

Under the terms of the deal, existing Infintium stockholders will roll 100% of their equity into the combined company. Cash proceeds of approximately $18 million will be used to secure new manufacturing facilities and expand sales and marketing efforts.

"As hydrogen fuel cells are poised to play an increasingly important role in powering and decarbonizing industrial transportation, we believe Infintium is well positioned to become a world leader in providing hydrogen-powered solutions for the sector," said Eddie Ni, CEO of Goldenstone.

Deal team information was not immediately available on Thursday.