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Fusion Welcome — Fuel, S.A.

Closed (deSPAC)

Green hydrogen production

What it is
A private company in green hydrogen production preparing to list via a SPAC merger. Full profile in progress.
What it’s doing now
Merging with HL Acquisitions Corp. (HCCH) — closed (despac), announced Aug 25, 2020.
What you should know
Data is still being assembled for this company — what is shown below is everything we have verified so far.
Profile in progress — we only publish what we can verify in filings, and for this company that work isn’t finished. Identity and deal facts above are current; business detail, financials and peers will appear as the filings are parsed.

The deal it’s entering

Fusion Welcome — Fuel, S.A. is merging with HL Acquisitions Corp. (HCCH) currently marked Closed (deSPAC).

Headline equity value$163M
Post-close tickerHTOO

How to read these numbers: headline vs effective valuation · what a definitive agreement commits

What exactly is being valued, and at what

Was this deal done at an expensive or a cheap valuation?

SpacBrain’s read on the price

No multiple can be computed

We hold no revenue figure in US dollars for Fusion Welcome — Fuel, S.A., so there is nothing to divide the price by and no multiple can be struck. It is not recorded as pre-revenue either — this is a gap in our record, not a finding that the company has no sales. The deal values it at $162.6M regardless.

We have not extracted a revenue figure for this company from its filings yet. That is our gap, not a statement about the business.

What the buyers are paying for the whole company$162.6M

Announced equity value (net debt unknown).

Divided by what the company actually sells in a yearno revenue figure on file

Not extracted from the filings yet.

= what this deal pays for every dollar of those salesno multiple

Not computable — no revenue figure has been extracted from the filings yet.

What the stock market pays for its closest listed peersno comparable multiple

No listed comparable carries a revenue multiple we can use.

What qualifies the figures above

  • The target's cash and debt are not in the filings we have, so this is an equity value used as a stand-in for enterprise value.

Common questions

Is Fusion Welcome — Fuel, S.A. going public?

Fusion Welcome — Fuel, S.A. has an approved merger with the SPAC HL Acquisitions Corp. (HCCH), announced Aug 25, 2020. The combined company expects to trade as HTOO. Deal status: Closed (deSPAC).

What is Fusion Welcome — Fuel, S.A.'s SPAC deal valuation?

The announced headline equity value is $163M.

Was Fusion Welcome — Fuel, S.A. bought at an expensive or a cheap valuation?

We hold no revenue figure in US dollars for Fusion Welcome — Fuel, S.A., so there is nothing to divide the price by and no multiple can be struck. It is not recorded as pre-revenue either — this is a gap in our record, not a finding that the company has no sales. The deal values it at $162.6M regardless.

Does Fusion Welcome — Fuel, S.A. have revenue?

The filings we've parsed don't state a usable revenue figure yet; this profile is updated as new documents land.

Educational content, not investment advice.