DUNE Dune Acquisition Corporation

The Port of Brownsville, Texas, the largest land-owning public port authority in the United States, last month submitted an application seeking $15 million in funding under the U.S. Department of Transportation’s (“DOT”) Charging and Fueling Infrastructure Discretionary Grant Program (“CFI”).  Global Hydrogen Energy LLC (“Global Hydrogen”) was selected as the Port’s private hydrogen project development partner. Grant award decisions are expected later this summer.

If selected by DOT for this competitive grant, the Port and Global Hydrogen will work with a team of experienced local partners to construct hydrogen infrastructure, capable of generating and dispensing tons of hydrogen per day, which will be made available to the Port’s tenants, to commercial businesses and to the public.  The low-carbon hydrogen produced by this project has the potential to reduce net carbon dioxide (CO2) emissions of the Port and end users of the hydrogen by up to several thousand tons per year through its use as an energy carrier for fleets of fuel-cell electric heavy duty vehicles, such as long-haul trucks, transit buses, locomotive rail and refuse collection trucks, which are transitioning to zero emission powertrains.

The DOT’s competitive CFI program, created by the Infrastructure Investment and Jobs Act, passed in 2021, provides $2.5 billion over five years to deploy alternative fueling infrastructure, such as hydrogen infrastructure, in publicly accessible locations near population centers.

The Port of Brownsville, officially known as the Brownsville Navigation District (the “BND”), holds the distinction of being both the largest land-owning public port authority in the United States and the nation’s only deep-water seaport located on the U.S.-Mexico border.  The BND is also a significant truck and rail destination, as the nation’s 11th and 12th most-trafficked port when measured by truck and commercial rail border crossings, respectively. In 2021, the BND processed approximately 8.9 million short tons of domestic and foreign cargo. 

“Global Hydrogen is pleased to have been selected as the Brownsville Navigation District’s private hydrogen development partner and we look forward to continuing to work with the Port’s Commissioners and executive leadership. If the BND is selected for this grant, we believe establishing hydrogen infrastructure in Brownsville will provide significant opportunities for the public and other key constituents as we seek to accelerate towards a zero emission transportation future,” said William B. Nance, Founder and Chief Executive Officer of Global Hydrogen.

Global Hydrogen, which seeks to be a leader in the sustainable energy transition as a next-generation industrial gas supplier, previously announced on May 15, 2023 that it had entered into a definitive agreement for a business combination with Dune Acquisition Corporation (Nasdaq: DUNEU, DUNE, DUNEW) (“Dune”), a special purpose acquisition company, which would result in Global Hydrogen becoming a publicly listed company.  The combined company will be called Global Gas Corporation upon the closing of the business combination and its common stock is expected to be listed on The Nasdaq Capital Market under the new ticker symbol “HGAS”.

About Global Hydrogen

Headquartered in New York and founded in 2023, Global Hydrogen seeks to be a leader in the sustainable energy transition as a next-generation industrial gas supplier. Global Hydrogen is a 100% minority-owned business that targets both privately and publicly-funded hydrogen development and carbon recovery projects, including projects supported by local, county, state, and national-level governments. Global Hydrogen primarily targets renewable waste as feedstock to generate the industrial gases it sells, and seeks arrangements with owners of wastewater treatment plants, food waste processing facilities, agricultural farms, and landfills as well as producers and distributors of renewable natural gas. For additional information, visit globalhydrogen.co.

About Dune Acquisition Corporation

Dune Acquisition Corporation was founded by its Chief Executive Officer, Carter Glatt, to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

Additional Information and Where to Find It

The proposed business combination with Global Hydrogen (the “Business Combination”) will be submitted to Dune’s stockholders for their consideration. On July 17, 2023, Dune filed with the Securities and Exchange Commission (the “SEC”) a revised preliminary proxy statement (the “Revised Preliminary Proxy Statement”) in connection with the proposed Business Combination. This document does not contain all the information that should be considered in regard to the proposed Business Combination and is not intended to form the basis of any investment decision or any other decision in respect of the proposed Business Combination. Dune’s stockholders, Global Hydrogen’s unitholders and other interested persons are advised to read the Revised Preliminary Proxy Statement and any further amendments thereto and the definitive proxy statement and other documents filed in connection with the proposed Business Combination, when available, as these materials contain, and will contain, as applicable, important information about Global Hydrogen, Dune and the proposed Business Combination. When available, the definitive proxy statement and other relevant materials for the proposed Business Combination will be mailed to stockholders of Dune as of a record date to be established for voting on the proposed Business Combination. Dune stockholders and Global Hydrogen unitholders are also able to obtain copies of the Revised Preliminary Proxy Statement, and will be able to obtain copies of the definitive proxy statement and other documents filed with the SEC, when available, without charge, at the SEC’s website at www.sec.gov, or by directing a request to Dune’s secretary at 700 S. Rosemary Avenue, Suite 204, West Palm Beach, FL 33401, (917) 742-1904.

Participants in Solicitation

Dune and its directors and executive officers may be deemed participants in the solicitation of proxies from Dune’s stockholders with respect to the proposed Business Combination. A list of the names of those directors and executive officers and a description of their interests in Dune is contained in Dune’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which was filed with the SEC on April 10, 2023, as amended by Amendment No. 1 to Dune’s Annual Report on Form 10-K/A, which was filed with the SEC on July 17, 2023, each of which is available free of charge at the SEC’s website at www.sec.gov. To the extent such holdings of Dune’s securities may have changed since that time, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Additional information regarding the interests of such participants is contained in the Revised Preliminary Proxy Statement, and will be contained in any further amendments to the Revised Preliminary Proxy Statement and the definitive proxy statement and other documents filed in connection with the proposed Business Combination, when available. These documents can be obtained free of charge from the sources indicated above.

Global Hydrogen and its managers and executive officers may also be deemed to be participants in the solicitation of proxies from Dune’s stockholders with respect to the proposed Business Combination. A list of the names of such managers and executive officers and information regarding their interests in the proposed Business Combination are contained in the Revised Preliminary Proxy Statement, and will be contained in any further amendments to the Revised Preliminary Proxy Statement and the definitive proxy statement and other documents filed in connection with the proposed Business Combination, when available.

Cautionary Note Regarding Forward-Looking Statements

This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” “will,” “shall,” “seek,” “result,” “become,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean a statement is not forward looking. Indications of, and guidance or outlook on, future earnings, dividends or financial position or performance are also forward-looking statements. These forward-looking statements include, but are not limited to: (1) references with respect to the anticipated benefits of the proposed Business Combination and inferences of closing timing; (2) the anticipated benefits and expected timing of the grant award decisions in connection with the BND’s funding application to DOT; (3) current and future potential commercial and customer relationships; and (4) anticipated demand for the combined company’s product and service offerings. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Dune’s and Global Hydrogen’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability.

These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially, and potentially adversely, from those expressed or implied in the forward-looking statements. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Most of these factors are outside Dune’s and Global Hydrogen’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (i) the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive Unit Purchase Agreement dated May 14, 2023 governing the Business Combination between Dune and Global Hydrogen (the “Purchase Agreement”); (ii) the outcome of any legal proceedings that may be instituted against Dune and Global Hydrogen following the announcement of the Purchase Agreement and the transactions contemplated thereby; (iii) the inability of the parties to timely or successfully complete the proposed Business Combination, including due to failure to obtain approval of the stockholders of Dune, redemptions by Dune’s stockholders, certain regulatory approvals or the satisfaction of other conditions to closing in the Purchase Agreement; (iv) risks relating to the uncertainty of the projected financial information with respect to Global Hydrogen; (v) the occurrence of any event, change or other circumstance that could give rise to the termination of the Purchase Agreement or could otherwise cause the transaction to fail to close; (vi) the impact of the COVID-19 pandemic on Global Hydrogen’s business and/or the ability of the parties to complete the proposed Business Combination; (vii) the inability to maintain the listing of Dune’s shares on The Nasdaq Capital Market following the proposed Business Combination; (viii) the risk that the proposed Business Combination disrupts current plans and operations as a result of the announcement and consummation of the proposed Business Combination; (ix) the ability to recognize the anticipated benefits of the proposed Business Combination, which may be affected by, among other things, competition, the ability of Global Hydrogen to grow and manage growth profitably, sell and expand its product and service offerings, implement its growth strategy and retain its key employees; (x) risks relating to Global Hydrogen’s operations and business, including the combined company’s ability to raise financing, hire employees, secure supplier, customer and other commercial contracts, obtain licenses and information technology and protect itself against cybersecurity risks; (xi) intense competition and competitive pressures from other companies worldwide in the industries in which the combined company will operate; (xii) litigation and the ability to adequately protect the combined company’s intellectual property rights; (xiii) costs related to the proposed Business Combination; (xiv) changes in applicable laws or regulations; and (xv) the possibility that Global Hydrogen or Dune may be adversely affected by other economic, business and/or competitive factors. The foregoing list of factors is not exhaustive, and there may be additional risks that neither Dune nor Global Hydrogen presently know or that Dune and Global Hydrogen currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Additional information concerning certain of these and other risk factors is contained in Dune’s most recent filings with the SEC, including Dune’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which was filed with the SEC on April 10, 2023, as amended by Amendment No. 1 to Dune’s Annual Report on Form 10-K/A, which was filed with the SEC on July 17, 2023, and in those documents that Dune has filed, or will file, with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained herein. In addition, forward-looking statements reflect Dune’s and Global Hydrogen’s expectations, plans or forecasts of future events and views as of the date of this press release. Dune and Global Hydrogen anticipate that subsequent events and developments will cause Dune’s and Global Hydrogen’s assessments to change. All subsequent written and oral forward-looking statements concerning Dune and Global Hydrogen, the transactions related to the proposed Business Combination or other matters attributable to Dune, Global Hydrogen or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. While Dune and Global Hydrogen may elect to update these forward-looking statements at some point in the future, each of Dune and Global Hydrogen expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in their expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based, except as required by law. These forward-looking statements should not be relied upon as representing Dune’s and Global Hydrogen’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Contacts

Dune Acquisition Corporationir@duneacq.com(917) 742-1904

William B. NanceGlobal Hydrogen Energy LLCir@globalhydrogen.co