Published On: Mon, May 17th, 2021

Transportation solutions provider Giga Energy to merge with Yunhong in $7.3bn deal

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, an industrial and commercial transportation solutions provider, has agreed to merge with , a blank check company, in a deal worth $7.35 billion.

The parties have executed a definitive share exchange agreement, under which Giga Energy (formerly known as Ares Motor Works) will be acquired by Yunhong International and the latter will be the surviving business.

The deal enables Giga Energy to become a publicly listed company through the merger.

Li Yubao – the Chairman of Yunhong International said: “We are excited about the business combination with Giga Energy as we truly believe in what Giga Energy stands for and their execution capabilities.”

Transportation solutions provider Giga Energy to merge with Yunhong in $7.3bn deal

Transportation solutions provider Giga Energy to merge with Yunhong in $7.3bn deal. Photo courtesy of Tumisu from Pixabay.

Giga Energy intends to market fuel cell and also advanced battery industrial and commercial transportation products. Its future products are planned to be directly and indirectly produced via its subsidiaries.

The product portfolio of Giga Energy includes designs for commercial transportation and advanced hydrogen and battery technologies for energy usage, production, and management.

Giga Energy intends to have its future base of operations in Hangzhou in China.

Subject to the closing of the merger, Giga Energy has secured an equity investment of $307,692,000 from Harvest Tech (UK), a private investor, in exchange of a 5.23% stake prior to the closing date of the exchange agreement.

– CEO of Giga Energy said: “This Exchange Agreement with Yunhong International is the next step in Giga Energy’s plan to create its vision of the carbon neutral future.

“We expect the business combination with Yunhong International to help Giga Energy to continue the growth of its industrial and transportation solution business in Asia.”

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