New York-headquartered Global Hydrogen Energy said in a May 15 news release that it plans to go public with a planned merger with special purpose acquisition company Dune Acquisition Corp. in a deal valued at $112 million.

The hydrogen pure-play and carbon recovery project developer mainly targets renewable waste as feedstock to generate industrial gases to sell. The proposed merger, which has been approved by Dune’s Board of Directors as well as managers and unitholders of Global Hydrogen, is expected to close the second half of 2023 subject to approval by Dune’s stockholders and customary closing conditions, the news release stated.

Upon closing, the combined company will be called Global Gas Corp. and be listed on Nasdaq under the new ticker symbol HGAS.