June 20 Reuters Green energy company United Hydrogen Group said on Thursday it would be listing its shares on the Nasdaq via a blankcheck merger that values the company at 1.6 billion.

The deal with blankcheck firm Aimei Health Technology will make United Hydrogen one of the few Chinabased companies rushing to U.S. bourses after tensions eased between the two countries39; regulators.

Founded in 2017, the hydrogen energy producer and distributor, which helps businesses lower their carbon emissions, has seen a bump in demand as businesses worldwide shift to more sustainable sources of energy. Its revenue more than doubled to 13.1 million last year, the company said.

The merger with Aimei Health, which raised nearly 70 million in its initial public offering last year, is expected to close in the third quarter.

Blankcheck firms, also known as special purpose acquisition companies, have no business operations other than hunting for a private company for a merger.

They use the proceeds from their IPO for the deal, which results in the private company going public.

Reporting by Niket Nishant in Bengaluru; Editing by Shreya Biswas

Source Reuters